Energy
Chevron Is Cutting Low-Carbon Spending by 25% Amid Belt Tightening
- Oil driller trims green budget to $1.5 billion from $2 billion
- Chevron is prioritizing profits over oil production next year
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Chevron Corp. is cutting low-carbon investments by one-fourth as the oil explorer trims spending across the board and prioritizes profits over energy output.
Chevron plans to spend $1.5 billion on 2025 emission-reductions efforts and alternative energy initiatives, down from $2 billion this year, according to a statement. The reduction in low-carbon projects is more than twice the 11% cut to overall outlays announced late Thursday.