Why Chevron Is Scaling Back Its Permian Footprint ...Middle East

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Why Chevron Is Scaling Back Its Permian Footprint
source : OILPRICE ( Middle East ) () 41
Chevron is approaching a production plateau in the Permian Basin—America’s top oil field—and expects this shift to generate billions in free cash flow, according to Bloomberg. The company is cutting back on drill rigs and frack crews as it nears its long-term target of 1 million barrels of oil equivalent per day, which it expects to sustain through 2040. “We’re going from growth to cash generation,” said Bruce Niemeyer, president of Chevron’s shale business. “We’re already in the earliest phases…

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