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

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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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