Chevron Down to Five Rigs in Permian, CEO Wirth Says

The video discusses the impact of CapEx cuts on production, particularly in the Permian Basin, amid the COVID-19 pandemic. The company maintains its financial priorities and secure dividend while making prudent adjustments to capital spending. Production strategy focuses on flexible short-cycle activities, with a reduction in rigs and production expected. The company anticipates a flat production level by year-end, with potential declines in 2021 due to CapEx cuts and OPEC agreements.

What was the company's performance in the first quarter?

• The company decided to change its financial priorities.

• The company faced significant losses.

• It was a challenging quarter.

• It was a solid quarter with good results.

In which area is the company primarily cutting costs?

• Research and development

• Flexible short cycle activities

• International expansion

• Marketing and advertising

How many rigs were running in the Permian at the start of the year?

• 20 rigs

• 5 rigs

• 17 rigs

• 10 rigs

What is the expected trend for production by the end of the year?

• Production will cease entirely.

• Production will significantly increase.

• Production will remain flat compared to the start of the year.

• Production will double.

What external factor might influence production curtailments?

• The OPEC agreement

• The company's marketing strategy

• Increased demand for oil

• New technological advancements