Chevron Plans to Reduce 2025 Capex by $2bn
Emmanuel Addeh in Abuja
Chevron has outlined its capital expenditure budget for 2025, indicating a $2 billion year-over-year reduction.
The company’s consolidated subsidiaries are set to receive an organic capex budget of between $14.5 billion and $15.5 billion, with an additional $1.7 billion–$2 billion earmarked for affiliate capex.
Chevron chairman and CEO Mike Wirth said: “The 2025 capital budget along with our announced structural cost reductions demonstrate our commitment to cost and capital discipline.
“We continue to invest in high-return, lower-carbon projects that position the company to deliver free cash flow growth,” globalData reported.
The upstream spending, of approximately $13 billion, will be invested in the US, with around two-thirds designated for developing Chevron’s domestic portfolio.
The Permian Basin, a key area for Chevron, will see a reduced budget of $4.5 billion–N5 billion as the company shifts its focus from production growth to enhancing free cash flow.
