Chevron CEO Mike Wirth said Friday that his company does not plan to increase capital expenditures in the U.S., though he believes the incoming Trump administration will help “reduce the regulatory burden” for oil and gas companies.
His comments — during an interview with the international think tank Atlantic Council — came after Chevron announced Thursday that it plans to reduce capital spending in the Permian Basin by as much as 10 percent. The basin is the country’s most prolific oil and gas region.
Wirth said that decrease will not translate to a dip in production.
“Actually, we’re going to grow more production with spending less,” Wirth said Friday. “The fact that our spending will come down a little bit next year doesn’t mean our production will — our production actually will grow because we’ve become more capital efficient.”
