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Chevron Ramps up Permian Basin Oil Growth

OIL

Chevron is increasing its oil production in the Permian basin, targeting 10% growth in 2024 and aiming to hit 1m b/d from the region in 2025.

  • “We are in the best parts of the Permian,” CFO Pierre Breber told Bloomberg. “Our growth is higher likely than the basin average, but it is representative of our activity level and the activity level of our partners.”
  • Chevron said that Permian production will fall in H1 before ramping up to 0.9m b/d in December, and 1m b/d in 2025.
  • Chevron is the US’ second -largest oil exporter.

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