Daily Management Review

Chevron increases capital spending budget for next year


As energy production prices rise due to inflation and the firm actively invests in low-carbon fuel initiatives, Chevron Corp. announced on Wednesday that it has boosted its capital investment budget for 2023 by a double-digit percentage over the current year, to $17 billion.

Charles Hathaway
Charles Hathaway
Chevron is under growing pressure from the White House to increase its investment in fossil fuel reserves, similar to other American energy companies that have profited from rising fuel prices this year. The business is also getting ready to increase its activities in Venezuela.

Despite a rise in oil prices this year that has produced record earnings and allowed for the payment of record dividends to shareholders, the business stated that it will continue to spend in the $15 billion to $17 billion range.

Chevron CEO Michael Wirth stated, "We are preserving capital spending discipline by investing in the development of traditional and innovative energy sources."

source: bloomberg.com