Achieved.
https://oilprice.com/Latest-Energy-News/World-News/Chevron-Prioritizes-Cash-Flow-Over-Growth-in-Permian.html
Sad that we need to learn about it from an external source first. Thanks for that Bruce.
7 replies (most recent on top)
They keep saying 1MM BOE
what is the rough split crude/NGL/gas?
@dk 0 PE's are pushing a plateau till 2040. This is a story that was put on a slide years ago and leaders still cling to it, no matter how much "innovation" will be required to achieve it.
I almost flipped backward in my seat when I read "...the company now plans to hold production steady through 2040...". I have to wonder what Chevron PEs are promoting this fairy tale. There hasn't been any shale play anywhere that's held a plateau like that for 15 years. Even big conventional oil fields (which don't require constant drilling and re-fracking) don't hold plateaus that long. The more likely scenario is that Permian production will start to decline no later than 2030, unless (contrary to the article) there's an infusion of capital and drilling, or, we continue to buy up other company's production.
Than Goodness for Hess or the rapid decline that is coming to the Permian will be hidden. Bruce may yet have to see is overhyping of how much the Permian can do 8 years ago catch up to him, Thankfully one person at the time knew the importance of getting more acreage albeit BOE's in the form of gas. When Tengiz goes and Perman declines we will be watching work like everyone else in calypso lands
Head in the sand OP
Uhhh we hit a million barrels at the end of 2024. Maybe ask Ryder why he didn’t announce it? Or if you just paid attention every earnings call?
I'm not in MCBU and it's common knowledge that we'd plateau at 1MM and rig count was dropping