The two biggest U.S. oil companies tried to outdo each other on Tuesday, boastin...
NEW YORK - The two biggest U.S. oil companies tried to outdo each other on Tuesday, boasting about their prowess in shale to lure investors to their side.
Chevron expects shale production from the basin to reach 600,000 barrels per day by the end of next year, 59 percent above current production, and 900,000 bpd by the end of 2023, it said at its annual meeting with equity analysts in New York. The Permian Basin pumps around 4 million barrels per day now and IHS Markit expects it to hit 5.4 mbd in 2023, more than the total production of any OPEC country other than Saudi Arabia.
Oil companies are trying to win back investors after years of underperforming other industrial sectors and the S&P 500. The weighting of energy shares in the S&P 500 index fell to 6 percent in 2018, from 8.4 percent four years earlier. The company also raised its estimate of its reserves in the Permian, in Texas and New Mexico, to 16.2 billion barrels of recoverable resources from 9 billion.bit.ly/2tOctMyThe company’s annual capital expenditure is expected to be in the range of $19 billion to $22 billion between 2021 and 2023.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Chevron, Exxon Mobil Tighten Their Grip on FrackingChevron expects to more than double its production in the oil field at the heart of the American fracking boom, the latest sign that the next era of shale is likely to be led by the major oil companies.
Leer más »
Exxon and Chevron just announced big plans to surge oil and gas output from top US fieldExxon aims to produce 1 million barrels a day from the Permian Basin by 2024, while Chevron is targeting 900,000 bpd over the next five years.
Leer más »
Exclusive: Exxon adds veteran traders to bulk up oil trading - sourcesExxon Mobil Corp has hired veteran crude traders Mitch Rubinstein and Michael Pa...
Leer más »
Exxon Mobil finds Cyprus's largest gas discovery to dateExxon Mobil Corp has discovered natural gas off the coast of Cyprus, a find auth...
Leer más »
Big US chains called out for selling tobacco to kidsUS health authorities on Monday announced new steps to pressure 15 leading retail chains that regularly sell tobacco products to underage consumers. The US Food and Drug Administration released a list of problem actors among US retailers that includes major gasoline chains such as Exxon and BP, big
Leer más »
Chevron woos investors with pledge of higher returns from shaleU.S. oil major Chevron Corp on Tuesday pledged to restrain spending and return m...
Leer más »
Chevron, Exxon Mobil Tighten Their Grip on FrackingChevron expects to more than double its production in the oil field at the heart of the American fracking boom, the latest sign that the next era of shale is likely to be led by the major oil companies.
Leer más »
Exxon and Chevron just announced big plans to surge oil and gas output from top US fieldExxon aims to produce 1 million barrels a day from the Permian Basin by 2024, while Chevron is targeting 900,000 bpd over the next five years.
Leer más »