Chevron Corporation reported a decrease in first quarter 2024 earnings to $5.5 billion from $6.6 billion the previous year, attributed to lower margins on refined products and natural gas realizations.
Chevron New Energies, a division of Chevron U.S.A. Inc., announced a lead investment in ION Clean Energy, a Boulder-based technology company that provides post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system.
The simul-frac, also called a twin frac and other terms, has been warmly embraced across the US shale sector since it enables one fracture stage in two adjacent wells to be stimulated at the same time.
Chevron use multiwell pads, where we drill a series of horizontal wells in a single pad. Using hydraulic fracture stimulation, we complete several wells at the same time.
Chevron has a long history in the Permian Basin. Through our legacy companies, we’ve been active in the Permian since the early 1920s. Thanks to that history, new technology and the ingenuity of Chevron employees, Chevron’s Permian assets continue to be a growth engine for the company and well performance continues to improve. Meanwhile, Chevron is developing the Permian with respect for its environment and communities.
Chevron New Energies, a division of Chevron U.S.A. Inc., announced it is developing a 5-megawatt hydrogen production project in California’s Central Valley.
Chairman and chief executive officer Mike Wirth and his team are forecasting that California-based Chevron will exit this year with Permian production of about 900,000 boe/d, a figure projected to grow to 1 million boe/d in 2025. Driving that “strong momentum,” they said, is work to build the company’s inventory of drilled-but-uncompleted (DUC) wells and the planned addition of a fourth fracturing crew to go with its 12 rigs in the basin.
Chevron delivered a record 867,000 barrels per day (bpd) in the fourth quarter and, after a first-half dip in output, aims to pump about 900,000 bpd by year-end and reach 1 million bpd by 2025.
Chevron 2024 plan related to oil & gas
Chevron Corporation (NYSE: CVX) announced today that it has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron’s closing price on October 20, 2023.
