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12/3/2020, 4:26 PM (Source: TeleTrader)
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Chevron to invest $300 million in energy transition

Chevron Corp. announced on Thursday its intention to invest $300 million in 2021 to advance the energy transition as part of its prioritization in investments of a growing long-term value.

Chevron's plans demonstrated the orientation to a "continued capital discipline," which would result in a decrease of the exploratory investment program for 2021 to $14 billion. The long-term forecast by 2025 indicates a lowered long-term forecast to between $14 billion and $16 billion per year. The group's previously targeted annual investments were within the range of $19 billion and $22 billion.

“Chevron remains committed to capital discipline with a 2021 capital budget and longer-term capital outlook that are well below our prior guidance," Chairman and CEO Michael Wirth noted in the report.

Breaking the News / CG