This segment is from Thursday's edition of 'Digging for Value', in which sector analysts Joel South and Taylor Muckerman discuss energy & materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays & Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.
Don't worry Chevron (NYSE:CVX) investors, $2 billion isn't that much in comparison to the company's overall spending budget. Unfortunately, that $2B is being tacked on to the previously updated Gorgon LNG budget of $52B. Since the project's birth, spending estimates have risen 46%. That being said, the entire increase can't be blamed on Chevron. Currency valuations have played a part as well. Royal Dutch Shell (NYSE:RDS-A) is also getting in on the Australian LNG project boom. Its Prelude FLNG ship recently shoved off from its dry dock.
For more, tune in to the video below.
You can also follow Taylor on Twitter @t_Muckerman.
Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool recommends Chevron. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.