Chevron Joins Exxon in Lifting Budget as Oil Chase Heats Up (1)

Chevron Corp. followed rival Exxon Mobil Corp. in raising planned capital spending as the biggest US oil explorers seek to increase long-term crude production.

Global expenditures will reach a range of $18.5 billion to $19.5 billion in 2024, up from $17 billion this year, San Ramon, California-based Chevron said Wednesday. The Permian Basin will account for the largest portion of that investment at $5 billion.

Chevron’s financial performance was the strongest of all the oil supermajors through the pandemic, but its stock has declined roughly 20% this year — twice the drop seen for Exxon — as investors fretted ...