General News | Production | Drilling Program-Rig Count
Chevron Eyes Permian Acceleration; Plans to Double Output by YE 2023
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Chevron has detailed its future plans and outlook, which is centered on increased output in the Permian Basin.
Significant Growth in the Permian
Permian unconventional net oil-equivalent production is now expected to reach 600,000 barrels per day by the end of 2020, and 900,000 barrels per day by the end of 2023 (see chart below).
This is growth of approximately +125% from its current Permian output of 400 BOEPD.
Rigs Count Continues to Climb
Much like Exxon, Chevron's Permian rig count has also been on a constant incline since 2016.
The company recently hit 21 rigs running in the basin in Q1 2019 (an addition of one over 2018). This is a +163% increase from Q1 2016.
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