Chevron to Increase Spending on New Oil and Gas Projects by 20%

Chevron 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.

Sabrina Valle, Reuters

U.S. oil producer Chevron Corp. on Dec. 1 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 range set in July.

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