Chevron is reducing spending in the Permian Basin to prioritize cash flow, signaling a shift towards shareholder returns and cost control.
Chevron has reduced the amount of capital expenditure it will allocate for its operations in the Permian Basin next year, the company said in an update. The company said it planned to spend between $4.5 billion and $5 billion on production in the Permian, “as production growth is reduced in favor of free cash flow .” Total upstream spending for 2025 is planned at $13 billion, with the company’s total capex budget set in a range of between $14.5 billion to $15.5 billion.
Chevron also said in its update that it will book charges of between $1 billion and $1.5 billion in the fourth quarter, most of it attributable to restructuring costs related to plans for achieving structural cost cuts of $2 billion to $3 billion by 2026.
Permian Basin Capital Expenditure Cash Flow Production Growth Shareholder Returns Cost Control Restructuring Deepwater Wells Gulf Of Mexico
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