Chevron slows Permian production growth in strategic move to free up cash flow
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.