Chevron’s 2025 capital budget is about $2 billion less than its 2024 budget. https://stocks.apple.com/AyY6Kk64bTruuYn8rY1gqew
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The budget reduction in the Permian has been part of the plan for years. That bu is now out of its growth phase and they will invest just enough to keep production flat for as long as economically possible. People should have expected budget cuts once the Permian slowed drilling and Tengiz project was done.