Chevron plans to spend up to $19.5bn in 2024 in upstream and downstream operations, with the majority of this year’s funding allocated for upstream operations. The company plans to allocate around $14bn for its upstream operations, which will be divided between US operations and affiliates, with around $6.5 billion allocated for the development of its shale and tight portfolio, and $5bn for the Permian Basin. The remaining $3bn allocated for affiliates, including the Tengizchevroil FGP/WPMP project in Kazakhstan. Approximately 25% of the US upstream capital expenditure is intended for projects in the Gulf of Mexico, including projects such as the Anchor project. Chevron expects a downstream capital expenditure of approximately $1.5billion, with 80% of this allocation directed towards the US. The firm’s Chairman and CEO Mike Wirth stated that these investments are expected to support consistent free cash flow growth and return more cash to shareholders.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
