Chevron boosted its unconventional production by 50,000 barrels of oil equivalent per day in the third quarter on the strength of its operations in the Permian basin in Texas and the supermajor plans to further accelerate development on an asset executives believe could be worth more than $50 billion.
The California-based supermajor is currently running eight operated rigs on its acreage in the Permian and is picking up a ninth immediately and plans to run 10 by the end of 2016, Bruce Niemeyer, vice president of Chevron’s Mid-Continent unit, which includes the Permian, told investors.
