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Chevron Plans to Invest Billions in Permian Basin
CBS7 ^ | 4/26/16 | Alexa Dunson

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.


TOPICS: Business/Economy; US: New Mexico; US: Texas
KEYWORDS: chevron; energy; oil; texas

1 posted on 04/26/2016 9:21:08 PM PDT by Impala64ssa
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To: Impala64ssa

Will there be layoffs?


2 posted on 04/26/2016 9:23:44 PM PDT by 353FMG
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To: Impala64ssa

Drill baby drill. I would love to break the Saudi’s grip.


3 posted on 04/26/2016 9:29:16 PM PDT by boycott (--s)
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To: 353FMG
Will there be layoffs?

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.

4 posted on 04/26/2016 9:32:20 PM PDT by Smittie (Just like an alien, I'm a stranger in a strange land)
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To: Impala64ssa

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!”


5 posted on 04/26/2016 9:41:29 PM PDT by t4texas (-)
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To: Impala64ssa

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.


6 posted on 04/26/2016 10:08:52 PM PDT by Dilbert San Diego
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To: Dilbert San Diego

I think a lot of it is very “heavy” crude.


7 posted on 04/26/2016 10:24:45 PM PDT by Ernest_at_the_Beach
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To: CedarDave; leapfrog0202; Santa Fe_Conservative; DesertDreamer; OneWingedShark; CougarGA7; ...

NM ping list.


8 posted on 04/26/2016 10:45:12 PM PDT by LegendHasIt
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To: Ernest_at_the_Beach

“”I think a lot of it is very “heavy” crude.””

Nope it’s good sweet WTI with a gravity running from 38 to 42.


9 posted on 04/27/2016 2:55:17 AM PDT by Dusty Road (")
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To: Smittie
Will there be layoffs?

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.

10 posted on 04/27/2016 3:00:17 AM PDT by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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To: 353FMG

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.


11 posted on 04/27/2016 3:00:25 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Impala64ssa

Chevron also invests a lot in Planned unParenthood.


12 posted on 04/27/2016 3:52:19 AM PDT by al_c (Obama's standing in the world has fallen so much that Kenya now claims he was born in America.)
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To: al_c

Chevron also invests a lot in Planned unParenthood.


Yep very liberal company


13 posted on 04/27/2016 4:47:31 AM PDT by SPRINK
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To: Ernest_at_the_Beach

“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.


14 posted on 04/27/2016 8:50:23 AM PDT by TheThirdRuffian (Orange is the new brown)
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