Some large US oil companies are cutting capital expenditure in domestic shale basins, using unexpected gains from high oil prices to increase shareholder returns and repay debts rather than accelerate production growth. According to financial reports, Chevron and ConocoPhillips cut capital expenditure in the 48 states of the mainland by 10% in the first six months of this year, while Occidental Petroleum reduced its spending in the Permian Basin by 20% during the same period.

Some large US oil companies are cutting capital expenditure in domestic shale basins, using unexpected gains from high oil prices to increase shareholder returns and repay debts rather than accelerate production growth. According to financial reports, Chevron and ConocoPhillips cut capital expenditure in the 48 states of the mainland by 10% in the first six months of this year, while Occidental Petroleum reduced its spending in the Permian Basin by 20% during the same period.