Chevron budgets spending of $15 billion in 2022

SAN RAMON, December 1, 2021 – Chevron has set aside USD 15 billion for its 2022 capital and exploratory spending programme, the US multinational announced on Wednesday.

The amount is 20% more than spending penned for 2021, with around USD 800 million considered low carbon spending.

The company plans to spend USD 12.6 billion in upstream operations, of which USD 8 billion is allocated to producing assets. This includes USD 3 billion for operations in the Permian Basin and USD 1.5 billion for worldwide shale and tight gas operations.

Around USD 3 billion of the upstream spend is for ongoing projects, such as Future Growth Project and Wellhead Pressure Management Project in Kazakhstan. The remaining USD 1.5 billion is put aside for exploration activities, early-stage development, midstream activities and carbon reduction programmes.

A total of USD 2.3 billion is penned for the company’s downstream operations, including refining, manufacturing petroleum products, marketing and transportation.

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