Exclusive With Chevron CEO: Big Oil Cost Revolution

Chevron plans to produce a fifth of its oil from the Permian by the mid-2020s, allocating 18% of its 2019 CapEx budget to the region. CEO Mike Worth highlights shale's impact on smarter operations and financial strategies. Chevron's financial resilience allows investment in shale despite price volatility, supported by cash flows from global projects. The company controls over 2 million acres in the Permian, emphasizing efficient and environmentally responsible production. Chevron aims to remain a key player in a stable oil market, focusing on efficiency and sustainability.

What percentage of its 2019 CapEx budget did Chevron allocate to the Permian region?

• 10%

• 18%

• 25%

• 30%

What was Chevron's approach to the Permian region 24 months ago?

• They conducted a pilot project.

• They ignored the region.

• They sold their assets there.

• They made large investments immediately.

How does Chevron's financial strategy differ from independent oil companies?

• Chevron is more affected by price volatility.

• Chevron can invest in shale regardless of oil prices.

• Chevron relies solely on Australian projects.

• Chevron avoids investing in shale.

How much land does Chevron control in the Permian region?

• 3 million acres

• 4 million acres

• 2 million acres

• 1 million acres

What is Chevron's perspective on future oil production and climate change?

• They plan to reduce oil production significantly.

• They believe efficient producers will dominate.

• They will stop oil production entirely.

• They will focus only on renewable energy.