CVX

Chevron (NYSE:CVX) expects capital expenditure (capex) of $17 billion in 2023, which is at the high end of its guidance range of $15 billion to $17 billion and marks a 25% increase from the 2022 capex estimate, excluding acquisitions. Chevron is boosting its capex amid criticism from President Joe Biden, who slammed energy giants for using their record profits to pay hefty dividends instead of increasing production and bringing down oil prices. The 2023 capex budget includes $11.5 billion of upstream expenditure, $1.9 billion of downstream spending, and $0.6 billion of other expenditure. About $3 billion of the capital budget is meant for equity affiliates.
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