Chevron increases project spending budget for 2024

OIL major Chevron Corp said on Wednesday that it expects 2024 capital expenditure between US$18.5 billion and US$19.5 billion in 2024, a 11 per cent increased compared to this year.

The company expects total capital expenditures to rise to between US$19 billion and US$22 billion following the proposed acquisition of US rival Hess Corp closes next year.

Of the total, about US$5 billion will be devoted to its fast-growing Permian shale production operation, and another US$1.5 billion on other shale and tight oil business.

The increases reflect its acquisition of PDC Energy earlier this year. REUTERS