Chevron -- The King of the Permian

[Marina Schwarz + 1,576]

Chevron is the supermajor with the biggest acreage in the Permian and it's making good use of this acreage, it seems, partly by sheer luck. It'd been sitting on some of these acres for decades before the shale revolution. I am wondering about the 9,000-foot, 2-mile well. There's been talk that too long laterals are not good for the pumps. Still, I liked this quote:

Bruce Niemeyer, Chevron’s corporate vice president of strategic planning, who until recently oversaw the Permian business, says the company wasn’t slow; it was smart. “We were ready to let others spend their money and work through those 5,000 ways how not to make a light bulb before the opportunity to make money really presented itself,” he says. “The decision to hold the Permian Basin was very deliberate.”

[Rodent + 1,424]

4 hours ago, Marina Schwarz said:

Chevron is the supermajor with the biggest acreage in the Permian and it's making good use of this acreage, it seems, partly by sheer luck. It'd been sitting on some of these acres for decades before the shale revolution. I am wondering about the 9,000-foot, 2-mile well. There's been talk that too long laterals are not good for the pumps. Still, I liked this quote:

Bruce Niemeyer, Chevron’s corporate vice president of strategic planning, who until recently oversaw the Permian business, says the company wasn’t slow; it was smart. “We were ready to let others spend their money and work through those 5,000 ways how not to make a light bulb before the opportunity to make money really presented itself,” he says. “The decision to hold the Permian Basin was very deliberate.”

Well, that's a nice thought, anyway. I wonder if it really was deliberate. Still, regardless of the whys, the whats sure are lovely for Chevron.

[Marina Schwarz + 1,576]

Yep. Even if it was a result of just ignoring these assets of course they would take credit. Who wouldn't? I was surprised Chevron is so big in the Permian, though. Definitely good for them.