Deadline extended. Looks like progress.
The Committee has continued its work following its update release of December 4 and is continuing to consult with the Trust’s advisors regarding steps to effectuate the Trust’s conversion or reorganization to a corporate structure. As part of this work, the Committee has been evaluating corporate governance terms that may be reflected in the organizational documents of the resulting corporation to be proposed as part of the Committee’s final recommendations to the Trustees. In light of the Committee’s positive ongoing deliberations, the Committee has extended its term through the end of January 2020.
Have a cool Yule! Wishing you all prosperity in 2020.
Chevron Corporation today announced a 2020 organic capital and exploratory spending program of $20 billion. The 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by Chevron’s world-class Permian Basin position, the company’s major capital project at TCO in Kazakhstan, and an advantaged queue of deepwater opportunities in the Gulf of Mexico.
In the upstream business, approximately $11 billion is forecasted to sustain and grow currently producing assets, including about $4 billion for Permian unconventional development and about $1 billion for other international unconventional development.
Looks like our team has been venturing off the beaten path (Dallas to Midland) a bit with recent stops in Houston and Carlsbad, NM.
Deliberations of the Committee have been productive and informative with the Committee having worked with the management team to develop the Trust’s investor presentation that is now available on the Trust’s website, www.tpltrust.com.
In consultation with the Trust’s advisors, the Committee unanimously recognized compelling reasons to move to a corporate structure. The Committee will continue to work with the advisors to make a final recommendation to the Trustees as to the structure of such conversion or reorganization.
I like the fact that the CC worked with management and CS on the deck that was recently released and presented. I also like the unanimous vote. All seems constructive. Thinking patience to get the exact final form and plan right is warranted.