Chevron Announces 2021 Capital And Exploratory Budget - Quick Facts

(RTTNews) - Chevron Corp. (CVX) announced a 2021 organic capital and exploratory spending program of $14 billion. In the upstream business, approximately $6.5 billion is allocated to currently producing assets, including about $2 billion for Permian unconventional development.

The company lowered its longer-term capital guidance to $14 to $16 billion annually through 2025. The updated guidance is significantly lower than its previous guidance of $19 to $22 billion, which excluded Noble Energy. During the period, the company expects to increase investments in a number of Chevron's advantaged assets, including the Permian, other unconventional basins, and the Gulf of Mexico.