Despite a terrible second quarter highlighted by a $1.5 billion loss, officials with Chevron indicated that Permian is still a top capital priority. During the company’s second-quarter earnings call, corporate officials noted that Permian is “where we have a large royalty-advantaged acreage position.” Permian stretches from south of Lubbock, TX to south of Midland and Odessa, and into the southeastern part of New Mexico.
Specifically, Chevron has one million net acres in the Delaware Basin, and 500,000 net acres in the Midland Basin. According to Chevron Executive Vice President Jay Johnson, active drilling is taking place in both, with plans to add an eighth rig in August. Johnson added that the plan is to run six rigs in the Delaware Basin and four in the Midland Basin by the end of the year.
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