Chevron cuts refinery budget, El Paso outlay grows

Chevron Corp set out Thursday a 2010 budget that is 5 percent smaller, with $900 million less for refineries, while El Paso Corp ( EP - news - people )'s expanded budget to finish key projects weighed on the natural gas company's shares.

Both U.S. companies' budgets will be helped by this year's drop in raw materials and service costs in the industry after years of steady inflation, though a leading consultancy said this week that the downward pressure on costs would end soon.

Chevron, the second-largest U.S. oil company, set a $21.6 billion capital budget that allocates $17.3 billion for exploration and production, and $3.4 billion for downstream.

Read Full Article from Forbes

- Posted: 2009-12-10 14:19:28

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