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Chevron Slashes Capital Spending Plans In Lower Carbon Shift

Chevron Corp.  (CVX) – Get Report slashed its near-term capital spending forecasts Thursday as it looks to shift investment away from traditional crude oil markets and into lower carbon alternatives.

Chevron forecast a 2021 capital spend of around $14 billion including around $300 million in costs linked to the lower carbon transition. Chevron also cut its forecast for the next four years to a range of $14 billion to $16 billion in what it called a ‘significant reduction’ to its prior estimate of $19 billion to $22 billion for the same period.

“Chevron remains committed to capital discipline with a 2021 capital budget and longer-term capital outlook that are well below our prior guidance,” said CEO Michael Wirth. “With our major restructuring behind us and Noble Energy integration on track, we’re prepared to execute this program with discipline.” 

“Chevron is in a different place than others in our industry. We’ve maintained consistent financial priorities starting with our firm commitment to the dividend,” Wirth added. “We took early and swift action at the beginning of the pandemic to prudently allocate capital, reduce costs and protect our industry-leading balance sheet. And we’ve completed a major acquisition and restructuring that positions our company to deliver higher returns and grow long-term value.”

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