Chevron's Bold Energy Plan: Confidence Amidst Uncertainty
Update: 2025-11-13
Description
Chevron, a leading oil company, unveiled its future plans on November 13th, showcasing a blend of optimism and caution in the energy market. Despite forecasts of lower oil prices next year, Chevrons CEO expressed confidence, predicting better days ahead. The company plans to cut capital expenditures by $1 billion, reducing the annual range to $18-$21 billion through 2030, acknowledging market uncertainty. However, Chevron aims to boost oil and gas production by 2-3% annually through 2030, expecting continued demand growth and shrinking global supplies. The company plans to maintain stable production in the U.S. Permian shale basin without increasing investment, relying on improved drilling techniques. Chevron is also increasing its exploration budget by 50% over the next few years, betting on sustained fossil fuel demand, contrasting with the broader energy transition push.
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