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Chevron Aims For $39.8 Billion Budget For 2014

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Bloomberg
December 12, 2013

Chevron Corp. (NYSE: CVX) plans to trim capital spending by 5.2% to $39.8 billion next year amid rising labor costs, increased drilling outlay and currency fluctuations from Canada to Iraq.

The budget for floating platforms, oil-refinery repairs, pipelines and rig rentals compares with 2013 estimated outlay of $42 billion, San Ramon, Calif.-based Chevron said Dec. 11 in a statement. The cost estimate for the Gorgon natural gas export complex in Australia rose 4% to $54 billion, the second increase in 13 months. Weather and logistical delays will postpone startup of ...


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