Chevron Turns to the Permian for the Next Phase of Its Growth
Chevron held its annual analyst day on March 5 and sought to answer questions about its longer-term growth plans by providing guidance through 2023. It announced plans that call for production growth of 3%-4% CAGR through 2023 (including previously announced growth of 4%-7% in 2019) while increasing capital spending to $19 billion-$22 billion per year from 2021 to 2023, from the $18 billion-$20 billion it expects to spend per year through 2020. It already announced a $20 billion capital budget f...Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
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