Chevron increased its investment in Permian Basin by $4 billion

Reuters:
Oil major Chevron Corp will next year invest around $4 billion to ramp up its crude production in the Permian Basin area of the United States, a company executive said on Monday.

Ryan Krogmeier, Chevron’s vice president of crude supply and trading, told the S&P Global Platts APPEC conference in Singapore that the company would increase its output from the Permian Basin, largely situated in Texas and New Mexico, to over 400,000 barrels per day over the next few years.
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Chevron was one of the first majors to see the potential in the Permian fracking fields.  Previously it had invested more heavily in offshore production mainly in the Gulf of Mexico.

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