As industry watchers await the next blockbuster M&A deal while oil companies move from exploration to development mode in the Permian Basin, one of its biggest players is sticking with its “opportunistic approach.”

“We’re not under any pressure to transact and I think we demonstrated that earlier this year—not to name any specific situations—but I think we proved that out,” Jeff Gustavson, vice president of Chevron Corp.’s midcontinent business unit, told attendees of Barclays 2019 CEO Energy-Power Conference on Sept. 4. “That said, we’re always looking. We’ll take an opportunistic approach, like we always have, to M&A and that includes what’s going on in the Permian Basin. I’m not saying we will transact, but we’re always looking.”

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