US oil supermajor Chevron will cut capital spending next year for the first time since the pandemic oil crash, dialling back its shale expansion plans just as Donald Trump enters office with a pledge to “drill, baby, drill”.
America’s second-biggest oil producer on Thursday announced a capex budget of $14.5bn-$15.5bn for 2025, down from $15.5bn-$16.5bn this year.
It is the first time Chevron has lowered spending since 2021, when producers were reeling from a pandemic-induced collapse in energy demand, and comes as oil prices retreat on fears of oversupply in the global market.
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