San Ramon, Calif.-based Chevron said recently it will spend about $5 billion in the Permian Basin in its 2024 upstream capital program.  The corporation announced capital spending of $15.5 billion to $16.5 billion and an affiliate capital expenditure budget of about $3 billion for 2024.  Upstream spending is expected to be about $14 billion – two-thirds in the U.S.

Mike Wirth, chairman and CEO, said Dec. 6, “We’re maintaining capital discipline in both traditional and new energies.”

Downstream spending for Chevron for 2024 is expected to be about $1.5 billion, including 80 percent in U.S.  Included in the budgets is about $2 billion for lower carbon capex to lower the carbon intensity of traditional operations and grow new energy business lines.

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