WTI: solidly above $51, again.
Staggering: I've always liked this graph; I've seen it before but have never posted it. Via twitter:
Chevron pivots to Permian. Mega-project era fades -- Reuters. Data points:
- Chevron is "hitting the accelerator on developing the company's vast Permian Basin holdings
- plans to make the Permian one of Chevron's biggest ventures
- some of the best things in Chevron's portfolio: shale -- the CEO
- their Permian has been owned a long time; free of royalties to landowners
- owning this land outright gives Chevron a cost advantage over rival Permian producers
- within the next decade, plans to grow the Permian eightfold to more than 700,000 bopd
- by the end of 2018, will add 9 more rigs to the already 11 rigs it has in the Permian
- total recoverable reserves: more than 9 billion bbls; almost all of it owned outright by the company
- market value estimated to be $43 billion (CEO's estimate): makes it more valuable than other Texas producers
- Chevron does not hedge oil production
- will boost spending in the Permian by 67% to $2.5 billion
- no concern about peak oil demand for at least the next 20 years -- CEO
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