As Exxon and Chevron focus more on shareholder returns and less on speculative spending, they are both reining in investments in large international oil projects and focusing more on investing in the Americas.
Chevron says it'll use 70% of its capital allocation for production on oil fields in the U.S., Argentina and Canada, while Exxon says they will allocate a similar portion of their budget to places like the Permian Basin, Brazil and LNG projects, The Wall Street Journal . Both companies are moving out of places like Asia, West Africa, Russia and parts of Latin America, the report says.
It marks the end of an era where oil companies would search globally for oil to add to their booked reserves. Exxon has already sold or proposed to sell assets in Chad, Cameroon, Egypt, Iraq and Nigeria, the report says. They mark the largest sales for the company since 2018 and come as part of an overall plant to try and offload at least $15 billion in assets.
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