Chevron to operate fewer Permian rigs than anticipated in 2024

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Chevron expects capital expenditures of around $5-billion next year due to higher activity levels, increased water handling facilities and lower inflation

on Wednesday said it expects to average 13 to 14 company-operated rigs in 2024 in the Permian, fewer than previously anticipated, but up on average from 2022.

The U.S. producer expects capital expenditures of around $5-billion next year due to higher activity levels, increased water handling facilities and lower inflation, it said in a presentation during a Barclays energy conference.The company’s production estimates were also helped by the acquisition of shale producer PDC Energy in early August, making Colorado one of Chevron’s top-five assets in terms of production and free cash flow.

The producer plans to deliver $400-million in annual capital expenditures efficiencies and $100-million in operational expenditures from the acquisition.Checking box will enable automatic data updates.

 

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