Chevron Increases 2023 Budget By 25% From 2022 Expected Spend

<h4>Chevron Increases 2023 Budget By 25&percnt; From 2022 Expected Spend<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Chevron Corporation has announced 2023 organic capital expenditure budgets of &dollar;14 billion for consolidated subsidiaries &lpar;capex&rpar; and &dollar;3 billion for equity affiliates &lpar;affiliate capex&rpar;&comma; which total near the high end of the company’s guidance range&period;<br &sol;>&NewLine;The company’s 2023 capex budget is up more than 25&percnt; from 2022 expected spend&comma; excluding acquisitions&period; Affiliate capex in 2023 is down modestly from 2022 expected spend&period; These budgets support Chevron’s objective to safely deliver higher returns and lower carbon and include approximately &dollar;2 billion in lower carbon capex&comma; more than double the 2022 budget&period;<br &sol;>&NewLine;&OpenCurlyDoubleQuote;We’re maintaining capital discipline while investing to grow both traditional and new energy supplies&comma;” said <a href&equals;"https&colon;&sol;&sol;punchng&period;com&sol;">Chevron Chairman and CEO Mike Wirth&period;<&sol;a> &OpenCurlyDoubleQuote;Our 2023 capex budgets are consistent with our long-term plans to safely deliver higher returns and lower carbon&period;”<br &sol;>&NewLine;Chevron’s 2023 capex budget assumes cost inflation that averages in the mid-single digits with certain areas higher&comma; such as the Permian Basin that assumes low double-digit cost inflation&period;<br &sol;>&NewLine;&OpenCurlyDoubleQuote;Our capex budgets remain in line with prior guidance despite inflation&comma;” Wirth continued&period; &OpenCurlyDoubleQuote;We’re winning back investors with capital efficient growth&comma; a strong balance sheet&comma; and more cash returned to shareholders&period;”<br &sol;>&NewLine;Upstream capex includes more than &dollar;4 billion for Permian Basin development and roughly &dollar;2 billion for other shale &amp&semi; tight assets&period; More than 20&percnt; of upstream capex is for projects in the Gulf of Mexico&period; Lower carbon capex across all segments totals around &dollar;2 billion&comma; including &dollar;0&period;5 billion to lower the carbon intensity of Chevron’s traditional operations and about &dollar;1 billion to increase renewable fuels production capacity&period;<br &sol;>&NewLine;Nearly half of affiliate capex is for Tengizchevroil’s FGP &sol; WPMP Project in Kazakhstan and about a third is for Chevron Phillips Chemical Company&comma; including the U&period;S&period; Gulf Coast II petrochemical project&period;<br &sol;>&NewLine;Chevron is one of the world’s leading integrated energy companies&period; We believe affordable&comma; reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world&period; Chevron produces crude oil and natural gas&semi; manufactures transportation fuels&comma; lubricants&comma; petrochemicals and additives&semi; and develops technologies that enhance our business and the industry&period; We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines&period;<&sol;p>&NewLine;