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 are the main areas where the company is planning to cut capital expenditures?

How many rigs were running in the Permian at the beginning of the year, and how many are currently operational?

What impact is expected on Permian production in 2021 due to the CapEx cuts?

What factors are contributing to the expected reductions in production aside from capital changes?

What is the anticipated reduction in production for the month of May?