Chevron Corp. has earmarked $14 billion for organic capital investments and $3 billion for its affiliates in 2023, with most of the fundings budgeted for the Gulf of Mexico and the Permian Basin.


Nearly $2 billion of the capital expenditures (capex) also would be set aside for lower carbon projects, the San Ramon, CA-based major said. The spending is more than 25% higher than the initial spending forecast for 2022. 

“We’re maintaining capital discipline while investing to grow both traditional and new energy supplies,” said CEO Mike Wirth. “Our 2023 capex budgets are consistent with our long-term plans to safely deliver higher returns and lower carbon.”

The budget assumes that cost inflation “will average in the mid-single digits with certain areas higher, such as...