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Permian E&P to Increase Rig Count to 20; Up From 13
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Chevron, provided some color on its plan for the permian during its 2Q17 call. The company re-iterated it's plan to ramp up to from 13 rigs currently to 20 rigs by 2018. The company currently has some 1.5 million net acres under lease spread across the entire permian basin. James Johnson provided some guidance on that plan below.
Chevron Acreage MapJames Johnson, EVP Upstream: "We're seeing very good performance out of the Permian. Our drive on capital efficiency and good execution is really paying off for us. We also have seen good performance from our new basis of design. It's early yet but the results are encouraging. As we look at our overall portfolio and as we finish the period of heavy capital spend that we've been on, we have a pretty youthful portfolio that allows us a…
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