Chevron to spend $26 billion in capital expenditures

CNBC has posted an interview with Chevron CEO John Watson, in which he discusses Chevron’s growth plan. The company is slated to spend $26 billion in capital expenditures, up 20% from last year. Of particular interest are his comments on natural gas, which Chevron has focused on. Currently, natural gas is trading at a 75% discount to crude oil and the U.S. has abundant supplies, enough to last for over 100 years according to the Energy Information Administration. In addition, President Obama recently endorsed the plan of T. Boone Pickens to convert heavy-duty vehicles to run on natural gas instead of diesel.  There have been concerns over the development of these resources, however, due to possible pollution linked to the process of hydraulic fracturing.

You can watch the video here.

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