Reported 20 days ago
Chevron Corp. has announced a slowing of production growth in the Permian Basin, the largest US oil field, for 2025, signaling challenges for President-elect Donald Trump's plans to increase American energy output. The company plans to reduce capital expenditures in the region by up to 10%, marking its first budget cut since 2021. While Chevron will still increase production next year, the growth rate will decelerate significantly, affecting projections for US oil output and reflecting a broader trend among oil majors to prioritize cash flow over rapid production increases.
Source: YAHOO