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Texas Shale Forces Big Oil Cost Revolution, Chevron CEO Says

  • Deepwater, LNG needs to get cheaper to compete, Wirth says
  • Never-ending belt tightening seen as key in time of transition
The Chevron Corp. Permian Trove Is Changing U.S. Shale
Photographer: Daniel Acker/Bloomberg
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For Mike Wirth, the future of Big Oil lies at home, under the dusty fields of West Texas.

As he celebrates his first year as chief executive of Chevron Corp., Wirth sees the Permian Basin as a plentiful source of high-quality crude for years to come, but that’s not all. The low break-even costs to pump in the Permian are forcing Chevron to be more efficient everywhere, Wirth said, from the deepwater platforms in the Gulf of Mexico to its liquefied natural gas plants.