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Chevron's 2014 capex budget seen near $36B

  • 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.
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