Chevron’s Wirth Reaffirms 1 Million-barrel Daily Permian Basin Production Target

Speaking at CERAWeek, Chevron CEO Mike Wirth also called current market conditions ‘reoptimization’ as oil prices soar adding that there is no global shortage of supplies.

“We’ve got enough oil in the world, we’ve got enough gas in the world,” said Mike Wirth, chairman and CEO of Chevron, on March 7.  (Source: Image of Wirth speaking at an earlier event by Bloomberg / Chevron Facebook)

HOUSTON—Speaking at CERAWeek by S&P Global March 7, Chevron CEO Mike Wirth reaffirmed his company’s increasing production goals in the Permian Basin to 1 MMbbl/d by 2025, and 1.2 MMbbl/d “for a couple of decades” after that.

Wirth said that this year, Chevron is expecting to grow production by 10% compared to 2021, up to 600,000 bbl/d in the Permian Basin combined with $15 billion in capex, up by more than 20% over last year.

“We’ve guided to reach a million barrels a day by 2025,” Wirth said. “It was actually a pre-COVID expectation. We had an analyst day last week and showed a plateau of, you go down a few years after [2025], [production will be] in the neighborhood of 1.2 million barrels a day. That goes as far as our chart goes, a couple of decades.”

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Brian Walzel

Brian Walzel is senior editor for Hart Energy’s E&P Plus.