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Chevron CEO was asked if all the good rock already drilled in the Permian. He laughed and said . . . .

BLA in Oil (General)

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BLA    + 1,666

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(edited)

CEO Michael Wirth's answer today was 

"Chevron owns about 10% of the Permian acreage and just upped their own recoverable reserves to 21Billion bbls.  Said Permian productive for decades to come.

*  EIA total estimate for Permian 40 Billion bbls. 

*  Pioneer Resources estimate for Permian 160 Billion bbls

*  Real Permian bbls closer to Pioneer 160 Billion.

 

Talked about efficiencies and technology.

Looks like virus will hasten consolidation.  I believe after shakeout consolidation WTI settles between $55 to $60 , Brent $60 to $65 with occasional dips or outbreaks on upside.

Edited by BLA
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