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Chevron To Cut D&C Activity in U.S. Shale In 2024; Here is Where.
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Chevron said expected organic capital expenditure range of $15.5 to $16.5 billion.
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.
Let's review.
As you might remember, Chevron acquired PDC Energy and Hess in 2023. PDC's spending was $800million with most of it going to the DJ asset.
Chevron spent $2billion on its "other shale & tight properties and inclusive of PDC's $800…
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