Chevron’s plans increased investment in both traditional and new energy projects, while prioritizing cash flow and shareholder returns. Chevron plans to spend $15.5- $16.5 billion on organic capex and $3 billion on affiliate projects in 2024, totaling $18.5 billion.
- Upstream spending focuses on U.S. shale and tight plays, Permian Basin, and the Anchor project in the Gulf of Mexico.
- Downstream and lower carbon capex are focused on U.S. operations and renewable diesel expansion.
- Nearly half of affiliate capex supports Kazakhstan’s FGP/WPMP project and Chevron Phillips Chemical projects.
- Chevron sees durable free cash flow growth and continued shareholder returns, with higher capex expected after the Hess acquisition closes.