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Chevron Eyes Permian Acceleration; Plans to Double Output by YE 2023

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| Tuesday,March 05,2019

Chevron has detailed its future plans and outlook, which is centered on increased output in the Permian Basin.

Significant Growth in the Permian

Similar to a recent announcement by Exxon, Chevron is also looking to bolster its Permian output (the company has doubled its Permian portfolio over the last two years).

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.

2024 Development Plan

Category	2023	2024 Est. Initial	Updated 2024 Guidance	%Difference (2023 vs 2024)
Total Capital Expenditure($mm)


Production Daily Equivalent(boe/d)

Click here for More Planned 2024 Activity

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Corporate Production Rates

Significant Growth in the Permian

Rigs Count Continues to Climb

2024 Development Plan

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