San Ramon, Calif.-based Chevron said in its upstream business in 2022 it will spend $8 billion on currently producing assets, including $3 billion for unconventional development in Permian Basin. Also, its $15.3 billion capital and exploratory spending program for 2022 (20 percent more than is expected in 2021) will include $1.5 billion for other global shale and tight assets, $3 billion for major capital projects and $800 million in lower carbon spending.
CEO Mike Wirth said Dec. 1, “We’re sizing our capital program at a level consistent with plans to sustain and grow the company as the global economy continues to recover… We’re a better company than we were just a few years ago. We’re more capital- and cost-efficient, guided by a clear and consistent objective to deliver higher returns and lower carbon.”