Chevron cuts Permian spending, slowing production growth, contrasting Trump's energy goals.

Chevron plans to cut capital spending in the Permian Basin to $4.5-$5 billion in 2025, a 10% decrease, slowing down production growth. This move, which aims to boost free cash flow, contrasts with President-elect Trump's goal to increase American energy output. The reduction could be beneficial for OPEC and allies as it may help in controlling the oversupply of oil, which has caused oil prices to drop by 18% since April. Despite the cut, Chevron expects to increase production in the Permian next year, though at a slower pace than previous years.

3 months ago
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