San Ramon, Calif.-based Chevron said Dec. 7 its consolidated upstream spending in 2023 is expected to be $11.5 billion, including $8.0 billion in U.S. and $4.0 billion in Permian Basin. The total is at the high end of 2022-26 guidance and more than 25 percent above 2022 spending.
Chairman and CEO Mike Wirth said, “We’re maintaining capital discipline while investing to grow both traditional and new energy supplies. Our 2023 capex budgets are consistent with our long-term plans to deliver higher returns and lower carbon. Our capex budgets remain in line with prior guidance despite inflation.”