Chevron Corporation (CVX) announced yesterday, a $39.8 billion capex budget for 2014, which is almost $2 billion lower than the total expected investment for 2013.
Capex for 2014 is expected to decline because two of the company’s most capital-intensive LNG projects in Western Australia have already seen a peak in their construction activity this year, lowering financing requirements for 2014. The Gorgon LNG project is at 75% completion while the Wheatstone project is 25% complete. Gorgon is expected to start production by mid-2015 while initial production at Wheatstone is expected by 2016.
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