Chevron Unveils Capital Program

Chevron Corp. announced a $5.9-billion capital and exploratory spending program for 1997, the largest in company history. The San Francisco-based company also said that 1996 operational earnings are expected to reach a new record. During the year, the company achieved its highest level of liquids production in 10 years, and expects that additions to proved reserves of oil and gas will exceed its production for the year. Net liquids production during 1996 should reach 1.04 million barrels per day. Chevron plans to invest about $3.6 billion, or 60% of the total capital program, in worldwide exploration and production. The company will also invest about $1.3 billion in U.S. exploration and production, up 15% from 1996. The worldwide exploration and production program includes major projects in the U.S. Gulf of Mexico, Kazakhstan, Britain’s North Sea and Canada.