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Chevron announces spending plan for 2012

PASCAGOULA — Chevron Corporation has unveiled a $32.7-billion capital and exploratory spending program for 2012.

Total investments for 2011 are estimated at $33 billion, reflecting approximately $28 billion in capital and exploratory expenditures and $4.5 billion for the acquisition of Atlas Energy Inc., which closed earlier in the year.

Capital spending of $3.6 billion in 2012 is budgeted for downstream operations. Investments include refinery projects geared toward improving returns by increasing energy efficiency and feedstock flexibility, and producing cleaner fuels. Investments also are targeted toward producing base oils at Pascagoula and expanding Oronite additives production in Singapore

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