U.S. oil major Chevron Corp on Tuesday pledged to restrain spending and return m...
NEW YORK - U.S. oil major Chevron Corp on Tuesday pledged to restrain spending and return more cash to shareholders in a bid to lure investors, while forecasting strong annual production gains over the next five years.
Chevron on Tuesday at its annual meeting with equity analysts said it expects production to rise 3 percent to 4 percent annually through 2023, boosted by strong performance in the top U.S. shale field, the Permian Basin. The stakes are such that Exxon on Tuesday forecast shale production of 1 million barrels per day in the Permian as early as 2024, grabbing the spotlight on the day Chevron was making a case in its oil growth.
The company continues to focus on short-cycle projects like shale, said Biraj Borkhataria of RBC Europe Limited. Chevron’s Permian production at the end of 2018, some 377,000 barrels per day, was an 84 percent increase over a year earlier.
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