December 9, 2024--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Though the bulk of the spending program for next year favors the U.S. upstream sector, Chevron Corporation (NYSE:CVX) (San Ramon, California) said it was favoring free cash flow over production gains for 2025.

The company said it was pegging capital spending for next year at around $17 billion on the high end, a $2 billion reduction from 2024 levels.