Posted on 04/26/2016 9:21:08 PM PDT by Impala64ssa
PERMIAN BASIN In the midst of a downturn in the oil industry, Chevron is set to invest billions.
According to a report by the Hobbs News-Sun, Chevron is planning on bringing massive, billion-dollar oil and gas projects to West Texas and eastern New Mexico.
Chevron CEO John Watson announced the company will put more of its budget in the Permian Basin while cutting costs elsewhere.
During an annual analyst meeting Watson predicted by 2020 Chevron could pump 350,000 barrels a day in West Texas which is almost triple their current 125,000 barrels a day.
Will there be layoffs?
Drill baby drill. I would love to break the Saudi’s grip.
There's always layoffs in the oil industry at one time or another. You gotta plan & expect that if you seek a career in that field. You can make a lot of money for a while but you better put some aside for down times.
Buy low sell high!
Reminds me of a bumper sticker during the first gulf war (Desert Storm):
“If it’s worth dying for it”s worth drilling for!”
Nice to see this happen. This is capitalism and resource development at work.
Off topic, but I’ve heard that California has among the biggest oil reserves of any state. But, due to memories of the Santa Barbara oil spill, and the fact that the liberals who run this state are opposed, we will not see any new oil projects in California any time soon.
California still.produces a lot of oil but those existing oil wells are declining in production.
I think a lot of it is very “heavy” crude.
NM ping list.
“”I think a lot of it is very heavy crude.””
Nope it’s good sweet WTI with a gravity running from 38 to 42.
I think you can count on it. Resources would need to be shifted to the onshore Permian Basin from somewhere else,...likely from offshore deepwater exploration.
We don’t have layoffs in the oil drilling industry, we have ‘busts’ that follow ‘booms’. Roughly 80% of the oil jobs from the Bakken boom are gone from just two years ago.
Chevron also invests a lot in Planned unParenthood.
Chevron also invests a lot in Planned unParenthood.
Yep very liberal company
“I think a lot of it is very heavy crude.”
Some, yes.
But, generally speaking, Permian and Delaware Basin Crude is “light sweet crude” — basically kerosine and natural gasoline.
The best of the best, in other words.
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