BAKU, Azerbaijan, December 19. Chevron has outlined its 2024 capital expenditure plans, with upstream spending expected to reach approximately $13 billion, Trend reports.
The majority of this investment—around two-thirds—will be directed toward the development of Chevron’s U.S. portfolio. Notably, the company is scaling back production growth in the Permian Basin, with expected spending between $4.5 billion and $5 billion. This is a reduction from previous budgets, as Chevron prioritizes free cash flow over expanded production.
In addition to the Permian Basin, the remaining U.S. investment will be split between the DJ Basin and the Gulf of Mexico. Chevron is continuing to ramp up its deepwater growth projects in the Gulf, which are expected to achieve offshore production of 300 thousand barrels of oil equivalent per day (mboed) by 2026.
Internationally, Chevron is allocating around $1 billion to Australia, including investments in the Gorgon backfill project. This highlights the company's ongoing focus on sustaining its global operations.
On the downstream side, Chevron’s capital expenditure is projected to be approximately $1.2 billion, with two-thirds of this allocated to U.S.-based projects. Additionally, the company has committed about $1.5 billion across its upstream and downstream budgets to reduce carbon intensity and support its New Energies initiatives, which align with Chevron’s long-term sustainability goals.
Corporate and other capital expenditures are expected to total around $0.7 billion as part of the overall investment strategy for 2024.