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Chevron predicts growth with expectation of 900,000bpd Permian output by 2023

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Chevron have announced expectations for cash flow growth, disciplined spend and expanding production over the next five years at their annual Security Analyst Meeting.

A significant factor in the company’s positive outlook is the strong performance of the Permian basin, where the company has doubled its portfolio over the past two years. 

Following significant investment in the Permian basin over the last 2 years, Chevron are now expecting to see an output of 600,000 bpd by the end of next year and 900,000bpd within five years
(Image via Chevron)

Chevron claim that they’re expecting an unconventional net oil-equivalent production of 600,000 barrels per day by the end of next year, and 900,000 bpd by the end of 2023.

They’re predicting higher returns, stronger cash flows and increased value in the area thanks to the deployment of new technologies and their unique position in the area. 

“[Chevron’s interest in the Permian is] characterized by long-held acreage, zero-to-low royalty on more than 80% of our land position and minimal drilling commitments” said Jay Johnson, executive VP of upstream.

In addition to the Permian growth, the company also touched on their investments including a ratable capital program and a returns-driven approach to capital allocation.

“We expect to deliver a three to four percent compound annual production growth rate through 2023,” said Johnson.

“Our strong resource base gives us the flexibility and choices that allow us to fund the projects we believe will yield the best returns.”

Chevron's Permian output along with capital programs and other investments are expected to lead to significant returns over the next five years, according to the company's claims at their annual Security Analyst Meeting
(Image via Chevron)

“Chevron is in an exceptional position to deliver industry-leading value to shareholders,” said Michael Wirth, chairman and CEO.

“Our advantaged portfolio is driving strong production growth with lower execution risk, higher cash flow and increased cash returns to shareholders.

“We’ve refocused our investment priorities, and expect 70% of this year’s spend to deliver cash flow within two years.”

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Chevron predicts growth with expectation of 900,000bpd Permian output by 2023 - Time to read 2 min
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