Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Chevron Cuts Capex 20%; Makes Permian Revisions, Suspends Repurchases
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Chevron provided an update to its 2020 development and capex program.
- Reduces 2020 capital spending plan by $4 billion, or 20%
- Permian production guidance reduced by 20% to 125 Mboe/d
- Suspends share repurchases
- $2 billion in upstream unconventionals, primarily in the Permian Basin
- $700 million in upstream projects and exploration
- $500 million in upstream base business spread broadly across our U.S. and international assets
- $800 million in downstream & chemicals and other
- Prior guidance : 4Q 2020 Production : 635 Mboe/d
- Prior gudiance : Capex : $4,000 million
- Current Guidance : 4Q2020 Production : 510 Mboe/d
- Current Guidance : Capex : $2400 million (our estimate)
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