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Chief Executive Officer Mike Wirth surprised investors by restoring the million-barrel Permian target.
(Bloomberg) Chevron Corp. revived aspirations to pump 1 million barrels a day in the Permian Basin after drastic budget and job cuts trimmed operating costs.
Chevron plans to ramp up investment in North America’s biggest oil field through 2025, reversing the pandemic-driven production decline, the company said in an investor presentation Tuesday. Chief Executive Officer Mike Wirth surprised investors by restoring the million-barrel Permian target only a year after it disappeared from the company’s guidance as Covid-19 crashed energy markets.
The California oil titan expects its Permian wells to generate $3 billion in free cash flow by the middle of the decade, assuming international crude prices average $50 a barrel. The region straddling West Texas and New Mexico incurred the deepest spending cuts in last year’s pullback amid the oil market’s unprecedented collapse.
The review could chart the future of U.S. energy development for decades to come.
(Bloomberg) The Biden administration is beginning its comprehensive study of whether and how the U.S. government sells drilling rights on federal land and waters, a review that could chart the future of U.S. energy development for decades to come.
The Interior Department said it would hold a forum on leasing as it outlined its first formal steps on the review Tuesday, roughly six weeks after President Joe Biden ordered the agency to pause selling oil and gas leases. The move responds to appeals from both oil industry leaders and environmentalists who have pressed the administration for clarity on the leasing review.