Despite delivering impressive shareholder returns, Oxy's share price fell 6% in early trading. The market was unimpressed by its dramatically increased capital budget now US$5 billion, up from US$3.9 billion. Most of this will go towards the Permian where it says greater efficiencies are driving productivity and it is accelerating appraisal and facility build out. The jump in capital guidance was not accompanied by a significant jump in production in 2018. Permian guidance is up 3% at mid point and total production up less than 1%, but it will add 17,000 boe/d in 2019.