Chevron has reduced the amount of capital expenditure it will allocate for its operations in the Permian Basin next year, the company said in an update. The company said it planned to spend between $4.5 billion and $5 billion on production in the Permian, “as production growth is reduced in favor of free cash flow.” Total upstream spending for 2025 is planned at $13 billion, with the company’s total capex budget set in a range of between $14.5 billion to $15.5 billion. This would be a decline from this year’s capex budget…
