The US oil giant Chevron announced it would cut its capital expenditures for 2025 to 14.5 to 15.5 billion dollars, a decrease from this year's budget of 15.5 to 16.5 billion dollars. This marks the first reduction since the pandemic-induced drop in oil prices in 2021. This coincides with the inauguration of Donald Trump, who announced an aggressive energy policy. Chevron plans to invest between 4.5 and 5 billion dollars in the Permian Basin, the key production area of the USA, in 2025, down from the 5 billion dollars in 2024. The company cites a focus on free cash flow rather than production growth as a reason for this decision. Despite the reduced investments, Chevron aims to further increase production in the Permian Basin, exceeding the 1 million barrels of oil equivalent per day mark for the first time in 2024. "The capital budget for 2025 and our structural cost reductions underline our commitment to cost and capital discipline,” said Chevron CEO Mike Wirth. He emphasized that Chevron would continue investing in “high-yield, lower-carbon projects” to secure the growth of free cash flow. As part of a restructuring program targeting savings of 2 to 3 billion dollars by the end of 2026, Chevron plans to budget restructuring costs of 700 to 900 million dollars for the fourth quarter of 2024. An additional 400 to 600 million dollars are expected from write-downs and asset sales. The investment reduction also reflects uncertainties in the global oil market. Oil prices have recently fallen, while OPEC maintains its production cuts, raising concerns about oversupply. Analysts emphasize that US oil producers are increasingly making decisions based on economic factors and want to avoid a new production wave in a weak market. Chevron’s restraint contrasts with Trump’s promises to maximize American energy production. After his election victory, Trump announced plans to lead the USA to "energy dominance" through increased fossil fuel production. However, market analysts point out that the White House’s influence on production is limited, as companies are guided by commercial realities. Chevron will continue to expand offshore production in the Gulf of Mexico, where production at the deep-water-based Anchor platform recently started. ExxonMobil, the largest producer in the Permian Basin, will present its plans for 2025 next week, which is expected to provide further insights into the future dynamics of US oil production.