Chevron: 2008 Capex Unchanged At $23B Despite Credit Crisis

Dow Jones Newswires

HONG KONG (Dow Jones Newswires), October 16, 2008

Chevron Corp. said Thursday it is keeping its capital expenditure commitment for this year at US $23 billion despite the global credit crisis.

Spokesman Kurt Glaubitz told Dow Jones Newswires in Hong Kong that the company is working on 40 projects, with equity interests in the projects of more than US $1 billion each.

Glaubitz said Chevron's cash on hand was US $8 billion at the end of the second quarter, and that the company has a credit facility of US $5 billion on which it hasn't drawn.

He also said the company isn't sure if the Chuandongbei gas field in southwestern China, in which it is the operator with a 49% stake in the field's operating license, will come online by the end of 2009 as called for by its partner in the gas field, PetroChina Co.

He said Chevron hasn't started relocating the villages above the field or finished the initial engineering work and exploration program on the field.

PetroChina owns the remaining 51% of the license.

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