Chevron Just Revealed a 50% Spending Surge in Exploration Spending for Next Year. Here's What It Means for CVX Stock.
This is a significant development for long-term income-seeking investors.
Overview
Integrated oil and gas giant Chevron (NYSE:CVX) revealed plans to increase capital spending on exploration by more than 50% next year.
For investors, a strategy built around high-quality assets and backed by a company with 39 consecutive years of dividend increases is hard to overlook.
Details
Kevin McLachlan, Vice-President of Exploration at Chevron, told The Financial Times that this year's exploration budget has increased significantly as part of a shake-up of the exploration business, which has lately yielded disappointing results.
Source
Originally published at www.fool.com.
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