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2017-09-25 13:05:00

CHEVRON'S INVESTMENT $4 BLN

CHEVRON'S INVESTMENT $4 BLN

REUTERS - Oil major Chevron Corp will next year invest around $4 billion to ramp up its crude production in the Permian Basin area of the United States, a company executive said on Monday.

Ryan Krogmeier, Chevron's vice president of crude supply and trading, told the S&P Global Platts APPEC conference in Singapore that the company would increase its output from the Permian Basin, largely situated in Texas and New Mexico, to over 400,000 barrels per day over the next few years.

"We will be investing roughly $4 billion, next year, of capital in the Permian Basin, and we plan to grow production over the next several years to well in excess of 400,000 bpd," he said.

Chevron expects crude oil output from all producers operating in Permian to rise by 1.4 million bpd in 2020, from 2.4 million bpd at present.

"The Permian is the powerhouse (of U.S. crude output growth)," Krogmeier added.

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Earlier:

 CHEVRON EARNINGS $1.45 BLN
July, 31, 14:10:00

CHEVRON EARNINGS $1.45 BLN

Chevron Corporation (NYSE: CVX) reported earnings of $1.5 billion ($0.77 per share – diluted) for second quarter 2017, compared with a loss of $1.5 billion ($0.78 per share – diluted) in the second quarter of 2016. Included in the quarter were impairments and other non-cash charges totaling $430 million, partially offset by gains on asset sales of $160 million. Foreign currency effects increased earnings in the 2017 second quarter by $3 million, compared with an increase of $279 million a year earlier.

 CHEVRON'S INVESTMENT DOWN 15%
December, 9, 18:30:00

CHEVRON'S INVESTMENT DOWN 15%

Chevron Corporation (NYSE:CVX) today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures.

 MAJORS DEBT'S RECORD
August, 24, 18:55:00

MAJORS DEBT'S RECORD

Exxon Mobil Corp.Royal Dutch Shell PLC, BP PLC and Chevron Corp. hold a combined net debt of $184 billion -- more than double their debt levels in 2014, when oil prices began a steep descent that eventually bottomed out at $27 a barrel earlier this year. Crude prices have rebounded since, but still hover near $50 a barrel.

 CHEVRON SELLS $5 BLN
August, 5, 18:30:00

CHEVRON SELLS $5 BLN

Energy giant is set to begin selling its offshore-China assets this month, the latest in a series of divestments in Asia. The company is looking to raise up to $10 billion globally from asset sales, a big chunk of which will come from its Asian upstream operations, as part of a broader effort to cut costs and adapt to an environment of lower oil prices.

 CHEVRON'S PROJECT: $36.8 BLN
July, 6, 18:10:00

CHEVRON'S PROJECT: $36.8 BLN

"The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company," said Chevron Chairman and Chief Executive Officer John Watson. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."

 CHEVRON: TRILLIONS OF DOLLARS
May, 25, 20:35:00

CHEVRON: TRILLIONS OF DOLLARS

“But when you sign agreements and create the impression that it’s going to be implemented when no one’s identified the trillions of dollars that it’s going to cost, it’s just not clear that’s going to deliver.”

 CHEVRON: MARKETS ARE BETTER
April, 12, 20:30:00

CHEVRON: MARKETS ARE BETTER

"Now we're seeing reductions in spending on shorter cycle projects, in other words immediate drilling activity," Watson said. "Rig rates in the US are down almost 80%, we're seeing decline in rig rates around the world and we're starting to see the supply response that everyone has expected. So we're seeing the markets come back into better balance [but] it may take more time."

 

 

 

 

Tags: CHEVRON, OIL, INVESTMENT, USA