Chevron Unveils $16 Bln Capex Budget For 2024

(RTTNews) - Chevron Corp. (CVX) announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries and an affiliate capital expenditure budget of about $3 billion for 2024.

Upstream spending in 2024 is expected to be about $14 billion. Downstream capex is expected to be roughly $1.5 billion, with 80 percent allocated to the United States.

With the acquisition of PDC Energy, Chevron announced an annual capex guidance range of $14 to $16 billion through 2027. On October 23, 2023, Chevron announced that it had entered into an agreement to acquire Hess Corporation.

The acquisition is expected to close in the first half of 2024. Following closing of the acquisition, Chevron's annual capex budget is expected to be between $19 billion and $22 billion.