“We're going to increase in the Permian and in other locations.”

In context

“ng pieces that we see next year are that TCO spend starting to roll off, and some of that will be absorbed by the Permian, which we know is going to garner some more capital next year. So our question is, is capital trending to the higher end of that range? Is that more a reflection of Chevron responding to the macro environment? Or was that always part of the plan? And maybe just some inflation is pushing the capital a little higher? Pierre Breber: It was always part of the plan for us to increase investment coming out of COVID, as Mike just spoke about. We're in the final stages of approving our business plan and our capital budget. And as you said, we'll announce that in December. You should expect it to be near the top end of the range, again, consistent with what our plans have been. We're going to increase in the Permian and in other locations. We do have some cost inflation that is also -- will contribute to that. We'll share all those details when we announce in December. And that's about a 20% increase in next year relative to where we think we'll end up this year. So year-to-date, we're a little bit below our capital budget on an organic basis. And so that will result in about a 20% increase, which is very, again, in line with our guidance and consistent with increasing investment and growing energy supplies. Operator: And our next question will come from Neil Mehta with Goldman Sachs. Neil Mehta: The first question was around Kazakhstan, and Mike, would just love your perspective on how you're viewing the assets out there, both the development of Tengiz? And then as you think through vacating barrels via the CPC pipeline? M”