Chevron today said it would spend between $17 billion and $22 billion per year on capital projects in 2017 and 2018 as it wraps up major projects and shifts toward smaller scale assets. The company last year announced it would reduce capex in 2016 by 24% to $26.6 billion in response to the oil market downturn.
Chevron VP of Upstream Jay Johnson said in a statement the company would focus more of its spending on short-cycle, high-return activity in areas such as the Permian Basin. Chevron yesterday said it achieved first LNG production at its vast Gorgon LNG facility off the coast of Australia.
MORE DRILLING & EXPLORATION: ExxonMobil to cut capex by 25% this year
