Chevron raises 2019 budget to $20 Billion; First time in 4 years

(BY: IRINA SLAV, OILPRICE.COM) -- For the first time in four years, Chevron will spend more in 2019 than in the current year, with total spending at US$20 billion, the company said in a statement. This compares with US$18.3 billion for this year.

The strong position of the company in the Permian was one driver of this decision, but some of its international operations also supported the hike.

“Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basin position, additional shale and tight development in other basins and our major capital project at TCO in Kazakhstan,” Chevron’s chief executive and chairman Michael K. Wirth, said.

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