Big Oil is investing more in U.S. shale, notless, after the recent tumble in crude prices.
ConocoPhillipssaid Monday it’s spending half its 2019 budget in the continental U.S., whileChevron Corp. is investing more at home than it’s done for more than a decade,with $3.6 billion going to the Permian Basin alone. Anadarko Petroleum Corp.and Hess Corp., bothglobal operators, plan to increase spending on their American assets more than40 percent.
Oil’s recent collapse caused “some different allocation going on withinthe budget,” Conoco Chief Executive Officer Ryan Lance said on Bloomberg TV.“We’re putting more toward our U.S. unconventional position,” he said,referring to shale.
