Big Oil To Pour Billions Into The Permian Basin -- December 17, 2022

Link here.

Billions ... with a "b." 

So, what's this all about?

Alex Kimani.

XOM:

• $25 billion CAPEX for 2023;
• more than 70% of its capital investments will be deployed in the US Permian basin, Guyana, Brazil and LNG projects across the globe.
• will help increase the company's upstream production by 550,000 boepd to 4.2 million boepd by 2027 with half of that from high return regions in the Permian Basin and other high-return reegioosn.

CVX:

• $17 billion CAPEX for 2023;
• up more than 25% from 2022;
• still much lower than the $30 billion annual average of the 2012 - 2109 period