Chevron (CVX) CEO says Permian production will be "a little bit" lower than planned in 2023
Corporate:
- Remain focused on returns and value, not production.
- Co. has capacity to do M&A, but it does not need to.
- Reaction to USD 75bln buyback is "overblown".
- Could increase buyback guidance range, "not adverse to doing that".
Demand commentary:
- Petroleum demand is recovering on China reopening.
- Gasoline demand is still a touch below pre-pandemic levels.
US:
- Mad Dog platform start up delayed from 2022 to 2023.
Kazakhstan:
- There was more "news than impact" regarding the CPC pipeline in 2022.
- Sees USD 1-3/bbl discounts on Kazak CPC crude oil; no constraints on loading or on throughput on Caspian pipeline.
Venezuela:
- Sees a "little more" ability to influence decisions in Venezuela.
- Venezuela output from Co. affiliates up to 90k BPD from 40k BPD.
- Too early to move guidance in Venezuela after change in license terms.
27 Jan 2023 - 16:30- Important- Source: Newswires
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