Chevron will stick to the previously announced capital spending plan of $19 billion to $22 billion annually through 2024, setting it apart from chief U.S. rival Exxon Mobil, which is spending heavily to boost production. Chevron plans to distribute as much as $80 billion in cash to shareholders over the next five years, Wirth added. The top U.S. shale field will continue to drive Chevron’s oil growth, and the company expects “sustained production over 1 million barrels per day in the Permian through 2040 at relatively flat activity levels,” said Jay Johnson, executive vice president. …read more
Source:: Yahoo Finance
