01172018Wed
Last updateTue, 16 Jan 2018 4pm

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End-User News

Chevron Investing Heavily in Permian Shale

Chevron chairman and CEO John Watson says that, within the next ten years, he “expects Chevron's production in the Permian to grow eightfold to more than 700,000 barrels of oil per day. By the end of next year, nine drilling rigs will join the 11 that Chevron already has poking holes into Permian land,” Reuters reports.

“It is all part of Watson's plan to methodically pump Chevron's more than 9 billion barrels of Permian oil, most of it owned outright by the company. That gives Chevron a cost advantage over rival Permian producers as the region in the past year has become the epicenter for the U.S. shale resurgence.” 

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