On Wednesday, US oil producer Chevron Corp. announced its increases in spending budget on new oil and gas projects and shareholder returns in 2022.
Spending on energy projects next year would be raised by 20% to USD15 billion. It was still lower than the pre-pandemic level plan of USD20 billion and also at the lower end of Chevron's previous USD15-17 billion/year guidance range.
At its US Permian Basin operations, the company plans to spend USD3 billion out of the approximately USD8 billion allocated to oil and gas producing assets next year. Another USD2 billion will be deployed in its Tengiz field in Kazakhstan.
Chevron’s share buyback guidance range is raised to USD3-5 billion/year, up from the USD2-3 billion set in July. This marks the return of the company’s investor-friendly buyback program to the pre-pandemic levels.
