The oil price jump is driving a return to activity in the Permian
US majors target Permian cash cow
Lower 48 production in the Texas and New Mexico shale play is poised to generate a mountain of cash over the next half-decade
Oil and gas production from the Permian basin will drive a wall of free cash flow (FCF) over the next few years for the US majors and superindie ConocoPhillips, the companies are forecasting. “We can grow production from 600,000bl/d to 1mn bl/d,” says Pierre Breber, Chevron CEO. “If you think of the biggest growth that we have going forward, clearly it is in the Permian.” Chevron says the latest commodity price swing generated record quarterly FCF for the business in Q3 2021, higher than the strongest quarters in 2008 and 2011, when oil prices were well above $100/bl. The company is guiding more than $25bn in FCF over the next five years, driven by strong projected Permian performance. Che
Also in this section
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
27 March 2025
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
26 March 2025
Well-functioning democracies are required for healthier economies and a thriving oil industry
