Chevron Hikes Spending 25% for 2023, Led by U.S. Upstream

December 9, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Amid relentless pressure from the Biden administration, other governments and shareholders to reinvest its record-busting profits in production, Chevron Corporation (NYSE:CVX) (San Ramon, California) plans to boost its 2023 organic capital expenditures 25% from the current calendar year. But it also made room for the lower-carbon efforts for which it has faced equal, if not more intense, pressure from the same people.

Industrial Info is tracking more than $56 billion worth of active Chevron projects worldwide, including more than $17 billion worth in the U.S. alone. Chevron is budgeting $14 billion for capital spending (capex) next year, including $11.5 billion in its upstream businesses and $1.9 billion in its downstream businesses. More than 20% of upstream capex is for projects in the Gulf of Mexico, where Chevron expects to finish construction on a major project in mid-2023. Chevron also plans to spend $3 billion for its equity affiliates in 2023, including its much-anticipated U.S. Gulf Coasts II petrochemical project.

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