Chevron Prioritizes Cash Flow Over Growth in Permian ...Middle East

Chevron has effectively reached its long-term production goal of 1 million barrels of oil equivalent per day (boe/d) in the Permian Basin—and from here, it’s shifting gears. According to Bruce Niemeyer, president of Chevron’s shale business, the company now plans to hold production steady through 2040 while cutting rigs and frack crews—locking in $5 billion in annual free cash flow by 2027. That number isn’t just aspirational. Chevron has already reduced its rig count from 13 to 9 and cut frack crews from 4 to 3 this…

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