project delivery sees US majors trading places

摘要

Chevron’s restrained capital expenditure (capex) strategy has found more favour among shareholders than ExxonMobil’s expansive capex plans in recent years, but the frms’ difering fortunes on mega-projects may prompt a rethink by investors. ExxonMobil is bringing on line a giant ofshore feld in Guyana ahead of schedule, while Chevron grapples with a massive unexpected cost overrun in Kazakhstan. ExxonMobil is bucking the rest of the majors’ commitment to capital constraint as it pursues a plan unveiled last year under chief executive Darren Woods, stepping up capex to accelerate large project developments targeting an ambitious mid-2020s output target of 5mn b/d of oil equivalent (boe/d) to deliver long-term free cash fow.