BAKU, Azerbaijan, February 3. Chevron's capital expenditures (capex) amounted to $15.8 billion in 2023, Trend reports.
According to the company, 2023 capex increased by 32 percent year-on-year ($12 billion), primarily driven by elevated investments in the US.
This includes approximately $450 million invested in PDC assets following the acquisition and around $650 million in inorganic spending, primarily related to acquiring a majority stake in ACES Delta, LLC, Chevron noted.
Meanwhile, Chevron's cash flow from operations declined compared to the previous year - from $49.6 billion to $35.6 billion.
As the company noted, this is primarily attributed to reduced commodity prices and narrower margins on sales of refined products. However, over the past three years, Chevron has generated over $110 billion in cash flow from operations and nearly $80 billion in free cash flow.
Chevron's earnings in 2023 amounted to $21.3 billion - a substantial drop of over $14 billion (40 percent) in its earnings year-on-year ($35.4 billion in 2022).
