Capital Markets | Capital Expenditure | Drilling Program-Rig Count | Capital Expenditure - 2018
Chevron Doubling Permian Spending for 2018
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Chevron has detailed its 2018 plans.
Highlights:- 2018 Capex: $18.3 billion (down -8% from $19.8 billion spent in 2017)
US Upstream: $6.6 billion (50% or $3.3B will be spent on Permian ops / $1.0 billion will be spent on other unconventionals) International Upstream: $9.2 billionChevron CEO Michael Wirth commented: "We’re advancing development of our unconventional resources, particularly in the U.S. Permian Basin, where we have a leading position. We’re seeing reserves grow, costs shrink, efficiencies expand and production rise."
Permian BasinThe $3.3 billion planned Permian budget is more than double what Chevron spent in 2017 ($1.5 billion).
The company is currently running 16 rigs across its Permian asset. Below is a map showing the development areas where the company is…
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