Chevron puts Permian at heart of its net-zero strategy
Robust FCF and driving down emissions in the shale patch are central planks in the US major’s journey towards low-carbon energy
Mounting production in the Permian basin is set to play a crucial role in Chevron’s pivot towards low-carbon energy, through driving down emissions and generating the free cash flow (FCF) needed to fund the decarbonisation push. The company’s Permian output is projected to almost double to over 1mn bl/d over the next five years. And the major expects upstream growth to lift FCF by more than 10pc annually, assuming an oil price above $50/bl. Like other big-name players in the US shale patch, Chevron consolidated its Permian footprint last year. The acquisition of US independent Noble Energy added another 92,000 net acres in the Midland and Delaware basins. After re-evaluating the pro forma b
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
