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The more critical concern is whether a prolonged crude supply disruption will adversely impact the refinery's planned capital expenditure program (Clean Fuels Program) needed to comply with recently enacted low sulfur gasoline and diesel regulations.
The increased aggregate available credit together with Royal's cash flows are expected to support the planned capital expenditure program of $250-300 million per year for each of the next three years, including small and mid-sized acquisition, joint venture and start-up opportunities as they arise.
With reduced debt levels and a large base of exploration and development opportunities, the Company has enhanced its planned capital expenditure program for 1997.
The Company expects to replace the Dunvegan production as a result of its planned capital expenditure program expected to begin in the second half of 1995.