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Chevron Raised Expenditures On Expansion Projects

Chevron Corp. on Tuesday raised its cost targets for seven projects by $3.8 billion

US oil giant Chevron on Tuesday raised its cost targets for seven projects by $3.8 billion and indefinitely delayed two others amid record prices for energy services and equipment, the company said.

The increases bring estimated costs for the projects to $23 billion, up 20% from previous projections, Chief Executive David O'Reilly told analysts in New York. The company dropped target dates for beginning output at liquefied natural gas projects in Australia and Nigeria.

Chevron plans to spend $50 million a day this year to expand refineries and find new oil fields after the San Ramon, Calif.-based company's reserves fell to their lowest in at least nine years in 2007. The producer is drilling exploration wells from the Arctic to Australia and is testing new technology to extract more fuel from each barrel of oil.