Chevron's 2014 capex budget seen near $36B

|About: Chevron Corporation (CVX)|By:, SA News Editor

Chevron (CVX -0.7%), criticized for spending more than expected this year, likely will stick with a budget in the neighborhood of $33B-$36B in 2014, analysts say.

CEO John Watson was non-committal on whether CVX's $36.7B 2013 budget would be a peak, Raymond James analysts say of their meeting, but "reading between the lines... the 2014 budget will be in the $33B-$36B range."

CVX takes a selective approach to capital allocation, Watson told the analysts, providing several examples of projects on the back burner, such legacy Vietnam acreage from the Unocal takeover.

Energy investors have worried about escalating spending by oil majors, so it's not clear if Watson's show of relative budgetary restraint will placate them.