Major oil company, Chevron Corporation, has budgeted the biggest amount of money to be invested in oil in years, with a $20 Billion Oil Budget for 2019.
Michael K. Wirth, Chevron’s chief executive and chairman, has said:
“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.”
The stock for Chevron Corporation since 2015 is way up as well as the strong position of the company in the Permian, which has allowed them to make such budgeting for future growth.
“Our investments are anchored in high-return short-cycle projects, with more than two-thirds of spend projected to realize cash flow within two years.”
Michael K. Wirth has said.
Chevron is not only investing internationally in oil in 2019, they also have scheduled some $6 billion in shale in the United States.