San Ramon, Calif.-based Chevron said last week it raised 2022 production growth in Permian Basin to 15 percent after Q1 when Chevron continued its recovery from the 2020 global pandemic. Permian unconventional production grew to a record 692,000 boed in 2022Q1, and chairman and CEO Mike Wirth said he expects production to increase to 700,000 to 750,000 boed for fullyear 2022. He said the increase primarily is due to a large inventory of DUC wells.
Chevron is forecasting production from Midland and Delaware basins to grow to about 1 million boed by 2025 and 1.5 million boed about 2030. The company plans to invest about $4 billion per year in the region (about 20 percent of capex).
“Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over first quarter last year,” Wirth said April 29. “We’re investing to grow both traditional and new energy business lines.” Chevron worldwide production was 3.06 million boed in 2022Q1.