(Adds reason for delay, level of estimate spending, quote from spokesman, other details)
HOUSTON -(Dow Jones)- Chevron Corp. (CVX) will announce its capital expenditure program at the end of January and not in December due to significant changes in market conditions, the company said Monday.
The second-largest U.S. oil company by market value also said its capital program will remain steady with its 2008 program of $22.9 billion.
"Chevron will be announcing its 2009 capital program at the end of January," said Mickey Driver, Chevron's spokesman. "We are doing so because the market conditions have changed significantly, and we are now reexamining our business plans in light of changes in the business environment."
The San Ramon, Calif.-based company has previously said it would announce its capital program for next year in mid-December.
The board of directors of Chevron must approve the company's business plans and the next available opportunity for them to do so will be at the end of next month, Driver added.
For some analysts, Chevron's announcement is reasonable given the current credit crisis and the drastic drop in oil prices, which traded below $50 Monday.
"This makes a lot of sense," said Phil Weiss, analyst at Argus Research in New York. "It will give them more time to see if conditions improve."
-By Isabel Ordonez, Dow Jones Newswires; 713-547-9207; isabel.ordonez@dowjones.com
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(END) Dow Jones Newswires
December 01, 2008 17:07 ET (22:07 GMT)

Publié le 01 Décembre 2008 Copyright © 2008 Dowjones