Chevron quarter was marked by record production levels in the Permian Basin, contributing to an 11% increase in worldwide production compared to the same period last year.

Chevron’s factory model approach, involving drilling multiple wells from a single pad, has significantly increased efficiency and reduced costs. Looking ahead, Chevron aims to enhance secondary recovery techniques to further boost production, continuing the trend of innovation in shale development.

Chevron is undertaking more development in the New Mexico portion of the Delaware Basin this year.

Mike Wirth, Chevron’s CEO, discussed in a resent interview the robust and growing global demand for oil, driven by economic expansion in key regions like the U.S., China, and Europe.

The Ballymore Project is described as a significant subsea tieback to Chevron’s existing Blind Faith facility in the U.S. Gulf of Mexico. It’s expected to produce over 150 million barrels of oil-equivalent during its lifespan and aims to add up to 75,000 barrels per day of crude oil production upon completion.

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.