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Chevron announces US$15 billion capital and exploratory budget for 2022

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Oilfield Technology,

Chevron has announced a 2022 organic capital and exploratory spending programme of US$15 billion, at the low end of its US$15 to US$17 billion guidance range and up more than 20% from 2021 expected levels.

In the company's upstream business, approximately US$8 billion is allocated to currently producing assets, including about US$3 billion for Permian Basin unconventional development and approximately US$1.5 billion for other shale and tight assets worldwide. Additionally, US$3 billion of the upstream programme is planned for major capital projects underway, of which about US$2 billion is associated with the Future Growth Project and Wellhead Pressure Management Project (FGP / WPMP) at the Tengiz field in Kazakhstan. Finally, approximately US$1.5 billion is allocated to exploration, early-stage development projects, midstream activities and carbon reduction opportunities.

“The 2022 capital budget reflects Chevron’s enduring commitment to capital discipline,” said Chevron Chairman and CEO Mike Wirth. “We’re sizing our capital program at a level consistent with plans to sustain and grow the company as the global economy continues to recover.”

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