HOUSTON, Dec 1 (Reuters) - U.S. oil producer Chevron Corp(CVX.N)on Wednesday said it plans to increase spending on new oil and gas projects next year by 20% while also raising its shareholder returns.
Major oil companies are responding to a jump in profits this year, due to higher oil and gas prices, and have signaled they plan to increase outlays for drilling and carbon-reduction measures.
The San Ramon, California-based company also increased its share buyback guidance range to $3 billion-$5 billion per year, up from a$2-$3 billion rangeset in July.
The spending plan "reflects Chevron’s enduring commitment to capital discipline,” Chevron Chief Executive Michael Wirth said.
While the 2022 spending budget is higher than the $13 billion forecast for this year, it is at the low end of Chevron's previous $15 billion to $17 billion per year guidance range.
It will spend $3 billion next year at U.S. Permian Basin operations out of the approximately $8 billion allocated to oil and gas producing assets.
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