Chevron is planning to grow its production from the USA’s Permian Basin by up to 10% this year, Bloomberg reported on Friday.
Citing CEO Mike Wirth, the report said the growth in volumes would come despite the company’s reduction in capex in the region.
The company is targeting 1 million boepd of production in the Permian Basin in 2025.
Meanwhile it plans to decrease capex in the basin to around USD 4.5 billion-5 billion in 2025, representing a fall of around 10%.
Chevron is a key player in the Permian Basin, a play which contributes around 45% of the USA’s national oil production. The company’s net acreage stands at around 2.1 million acres, or around 8,500 square kilometres.
Chevron released its Q4 2024 report on Friday, reporting USD 3.2 billion in earnings in the quarter – up from USD 2.3 billion in the same period of 2023. The company’s global hydrocarbons production grew by 7% from Q4 2023 to Q4 2024.