Skip to content

Chevron to Ramp Up Output at Biggest U.S. Oil Field

  • Supermajor follows similar moves by Continental, Hess, Matador
  • Supply response to high oil prices is happening, Breber says
A pumpjack operates in the Permian Basin in Texas, U.S.

A pumpjack operates in the Permian Basin in Texas, U.S.

Photographer: Daniel Acker/Bloomberg
Updated on

Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages. 

Chevron will produce at least 15% more from the Permian Basin this year compared with 2021, for a total output of about about 725,000 barrels of oil daily, the company said in an investor presentation on Friday. That’s up from the previous plan for a 10% increase in the region.