Phoenix68
Well-Known Member
- Joined
- Mar 12, 2022
- Messages
- 12,329
"Chevron Corp. plans to slow production growth in the biggest U.S. oil field next year in the most definitive sign yet that President-elect Spanky faces an uphill battle to ramp up American energy output.
Chevron will reduce capital expenditures in the Permian Basin to between $4.5 billion and $5 billion in 2025, a drop of as much as 10%, the company said in a statement Thursday. Globally, the oil explorer expects to spend about $17 billion compared to $19 billion this year in the first budget cut since 2021.
“Production growth is reduced in favor of free cash flow,” Chevron said in the statement.
The Permian region of West Texas and New Mexico has been one of the world’s fastest-growing sources of oil over the past decade and now pumps more than 6 million barrels a day, putting it ahead of Iraq, the No. 2 OPEC producer. Independent drillers drove the initial shale revolution but supermajors such as Chevron eventually glommed on to the basin’s potential."
Chevron will reduce capital expenditures in the Permian Basin to between $4.5 billion and $5 billion in 2025, a drop of as much as 10%, the company said in a statement Thursday. Globally, the oil explorer expects to spend about $17 billion compared to $19 billion this year in the first budget cut since 2021.
“Production growth is reduced in favor of free cash flow,” Chevron said in the statement.
The Permian region of West Texas and New Mexico has been one of the world’s fastest-growing sources of oil over the past decade and now pumps more than 6 million barrels a day, putting it ahead of Iraq, the No. 2 OPEC producer. Independent drillers drove the initial shale revolution but supermajors such as Chevron eventually glommed on to the basin’s potential."
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![obama-biden.144644[1].webp](https://www.houseofpolitics.com/data/attachments/18/18242-ac4b0c7106c2daeb664d5c09c42b144a.jpg?hash=Pmk60NWKpQ "obama-biden.144644[1].webp")
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"CHECK-MATE, LARDASS!!!!!"
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"CHECK-MATE, LARDASS!!!!!"
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