Chevron Sets $14 Billion Budget for 2021 Amid Lower Spending Plans
December 03 2020 - 8:51AM
Dow Jones News
By Colin Kellaher
Chevron Corp. on Thursday unveiled a $14 billion organic capital
and exploratory budget for next year, as the oil giant continues to
reduce spending.
Chevron also lowered its longer-term spending guidance to a
range of $14 billion to $16 billion a year through 2025, adding
that it would continue to prioritize investments that are expected
to boost long-term value and deliver higher returns and lower
carbon.
The San Ramon, Calif., company said its 2021 budget includes
more than $300 million for investments to advance the energy
transition.
Chevron entered this year with a $20 billion spending plan, but
it slashed the budget to $16 billion in March amid plummeting
petroleum demand and an oil-price rout.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 03, 2020 08:36 ET (13:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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