“We’ve been ramping up during the course of the first half of the year, and I think you’ll see us higher in the second half of the year, but likely end the year below our $15 billion budget.”

In context

“s interviewed recently talking about the tightness in the global oil market. I think you said something like I know to put words in his mouth, but any weakness in oil prices is going to be fleeting because of the under investment. And you guys obviously have stepped up your spending from COVID levels, but you’re still well below pre-COVID levels ‘16 through ‘19, let’s say. With your balance sheet where it is in the depth of opportunities that you obviously have that you’re not funding, how should we think about your continued commitment to the current CapEx level? Or do we see Chevron reengage in organic growth at some point? Pierre Breber: You should think that there is no change in our guidance. There is – our 2022 capital is on track. It’s likely to end up below our $15 billion budget. We’ve been ramping up during the course of the first half of the year, and I think you’ll see us higher in the second half of the year, but likely end the year below our $15 billion budget. Our guidance that we shared at our March Investor Day is $15 billion to $17 billion of organic capital investments through 2026. Our budget this year is around $15 billion. So we have $2 billion of room to increase activity and investment within the guidance. And then as Jay just described, our major capital project in Kazakhstan is winding down, it will decrease spending by about $1 billion, and that opens up another $1 billion. So we have – we will increase investment in activity next year. I expect that we’re doing that work right now. We will share the details in December when it’s finalized and approved by the Board. But we will increase it within the guidance. And that guidance enables us to sustain and grow the Upstream business, as we’ve talked about, 3% compounded annual growth r”