(Bloomberg) – Chevron Corp. followed competitor Exxon Mobil Corp. in raising planned capital spending as the biggest U.S. oil operators seek to increase long-term crude production.

Global expenditures will reach a range of $18.5 billion to $19.5 billion in 2024, up from $17 billion this year, San Ramon, California-based Chevron said Wednesday. The Permian basin will account for the largest portion of that investment at $5 billion.

Chevron’s financial performance was the strongest of all the oil supermajors through the pandemic, but its stock has declined roughly 20% this year — twice the drop seen for Exxon — as investors fretted about growth potential outside the Permian.

Chevron Chief Executive Officer Mike Wirth is attempting to remedy that by purchasing Hess Corp., which would secure Chevron a 30% stake in Exxon’s groundbreaking Guyana project. After the deal closes in the first half of next year, Chevron said Wednesday its annual budget will be in the range of $19 billion and $22 billion.

Although BP Plc and Shell Plc have pivoted back toward fossil fuels after investors planned hard pushes into greener initiatives, indications are the European companies won’t see significant oil growth in the medium term.

The U.S. supermajors, in contrast, aim to maintain their premium stock-market valuations by using last year’s record profits to increase production, notably in the Permian basin.