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Chevron (NYSE:CVX) stated Wednesday it set a FY 2023 capital spending price range of $17B, on the high finish of its $15B-$17B medium-term vary and up greater than 25% from anticipated spending in 2022.
Chevron (CVX) stated Upstream capex consists of greater than $4B for Permian Basin growth and ~$2B for different shale and tight property.
The price range additionally consists of ~$2B to tasks that scale back carbon emissions or elevate renewable fuels manufacturing capability, greater than double the 2022 price range.
The corporate’s complete spending subsequent yr shall be significantly above the 2020-21 pandemic years, however nonetheless roughly simply half the $30B annual common of the 2012-19 interval.
“Our capex budgets stay in keeping with prior steerage regardless of inflation,” Chairman and CEO Mike Wirth.
Chevron (CVX) shares have turn into costly, “buying and selling at a valuation the place it wants excessive double-digit long-term costs, one thing that historical past reveals is unlikely,” The Worth Portfolio writes in an evaluation printed on Looking for Alpha.
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