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
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term