CVX made this disclosure as part of the announcement of its 2013 cap-ex budget of $36.7B, of which 90% is for upstream projects.
The share price is up about 2% since the Wednesday evening PR because investors and analysts knew the old Gorgon cost estimate was unrealistic and feared the real figure might be even higher than $52B. Among the reasons for the ballooning project cost are the labor shortage in Australia and the strength of the Australian dollar.