Texaco Announces $4.7 Billion Capex Plan

Texaco's capital and exploratory (capex) spending plan for the year 2000 will be $4.7 billion, according to Peter I. Bijur, chairman and CEO. The plan represents a 20 percent increase over estimated 1999 capex spending of $3.9 billion. Bijur said Texaco's capex plan, which includes subsidiaries and affiliates, calls for increased spending on the commercial development of high impact upstream projects in the Philippines, Kazakhstan, West Africa and the North Sea. This plan reflects the company's global strategy of focusing on high return, high margin projects.