Chevron Corp (CVX): CVX issues_2024 cap-ex guidance—2/3

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DewDiligence

Re: DewDiligence post# 928

Wednesday, 12/06/2023 5:39:37 PM

Wednesday, December 06, 2023 5:39:37 PM

CVX issues_2024 cap-ex guidance—2/3_of upstream in US:

https://finance.yahoo.com/news/chevron-announces-16-billion-2024-221500571.html

Upstream spending in 2024 is expected to be about $14 billion. Of this planned expenditure, two-thirds is allocated to the United States, including approximately $6.5 billion to develop Chevron’s U.S. shale and tight portfolio, of which around $5 billion is planned for Permian Basin development. About 25 percent of U.S. upstream capex is planned for projects in the Gulf of Mexico, including the Anchor project, which is expected to achieve first oil in 2024.

Plainly, CVX is avoiding undue geopolitical risk. CVX’s Tengiz production in Kazakhstan and its newfound interest in Guyana (via the Hess acquisition) incur ample risk already.

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