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Chevron Revives Million-Barrel Permian Target After Cuts

  • Permian 2025 forecast about a year later than 2020 target
  • Chevron sees 10% per year free cash flow boost at $50 Brent
A Chevron gas station in El Segundo, California.

A Chevron gas station in El Segundo, California.

Photographer: Kyle Grillot/Bloomberg
Updated on

Chevron Corp. revived aspirations to pump 1 million barrels a day in the Permian Basin after drastic budget and job cuts trimmed operating costs.

Chevron plans to ramp up investment in North America’s biggest oil field through 2025, reversing the pandemic-driven production decline, the company said in an investor presentation Tuesday. Chief Executive Officer Mike Wirth surprised investors by restoring the million-barrel Permian target only a year after it disappeared from the company’s guidance as Covid-19 crashed energy markets.