Chevron Corp. pumps far less oil and gas than industry giant Exxon Mobil Corp. – but is spending a lot more to find energy and boost production.
Chevron, which has half the revenues of Exxon, said Friday that it plunked down $10.6 billion last quarter for capital and exploration costs. That is a notch higher than Exxon, which shelled out $10.5 billion during the same period. In a conference call, Chevron Chief Financial Officer Patricia Yarrington said the company’s spending this year would be about 10% higher than planned.
Both companies are spending at historic levels as they invest in massive projects aimed at boosting their oil and gas output, including plants in Australia that chill natural gas into liquid form for export. Exxon has still spent more through the first nine months of 2013 — $32.6 billion, compared with Chevron’s $28.9 billion. CVX.