Investing in U.S. shale projects and maintaining capital discipline

  • Chevron raises its 2024 capex budget by 14% to $16 billion
  • Most of the budget will be spent in the U.S.
  • Chevron plans to boost production in U.S. shale projects
  • About $6.5 billion will be allocated to develop Chevron’s U.S. shale portfolio
  • Chevron aims to maintain capital discipline in both traditional and new energies
  • The company expects the investments to support durable free cash flow growth
  • Chevron’s deal to buy Hess Corp. for $53 billion will impact its capex budget
  • After the deal closes, Chevron plans to keep its yearly capex budget between $19 billion and $22 billion

Chevron Corp. has announced a 14% increase in its 2024 capital-expenditure budget, raising it to $16 billion. The majority of the budget will be allocated to boost production in U.S. shale projects, with approximately $6.5 billion dedicated to developing Chevron’s U.S. shale portfolio. Chevron aims to maintain capital discipline in both traditional and new energies, expecting these investments to support durable free cash flow growth. However, the company’s deal to acquire Hess Corp. for $53 billion will impact its capex budget. Once the deal is closed, Chevron plans to keep its yearly capex budget between $19 billion and $22 billion.

Public Companies: Chevron Corp. (CVX), Hess Corp. (HES)
Private Companies:
Key People: Mike Wirth (Chief Executive)

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Factuality Level: 8
Justification: The article provides specific information about Chevron’s 2024 capital-expenditure budget and its plans to boost production in U.S. shale projects. It includes quotes from Chevron’s Chief Executive and mentions the company’s deal to buy Hess Corp. The information provided seems to be based on official statements and announcements from Chevron.

Noise Level: 3
Justification: The article provides relevant information about Chevron’s 2024 capital-expenditure budget and its plans to boost production in U.S. shale projects. However, there is some filler content, such as the mention of text-to-speech technology and the request for feedback. The article lacks in-depth analysis, scientific rigor, and actionable insights.

Financial Relevance: Yes
Financial Markets Impacted: Chevron Corp.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to Chevron Corp.’s capital-expenditure budget, which is relevant to financial topics.

Reported publicly: www.marketwatch.com