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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Bob A Louie who wrote (4767)12/10/1997 9:45:00 PM
From: Big Dog  Read Replies (2) of 95453
 
<<Texaco had planned capital spending of $3.5 billion in 1997, but overspent that by $300 million, the company said. Texaco has a total capital budget of $4.6 billion for 1998 and plans $26 billion for 1998-2002, of which 70 percent will go on the upstream sector, 26 percent on the downstream and 4.0 percent for other items. >>

My notes:
Planned capital spending for 1997 = 3.5 B
Actual total capital spending for 1997 = 3.8 B

Total capital budget for 1998 = 4.5 B
26 B divided by 5 yrs ('98-'02) = 5.2 B per year, or 0.7 B more than even budgeted for '98

4.5 ('98 budget) - 3.8 ('97 actual spending) = 0.7 B MORE than 1997

Please note that every year the majors (and minors I assume) make a new 5-yr budget with adjustments for the out years. Plus they over or under spend every year durin ghte course of the year as indicated above.
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