Chevron Sees Decade-Long Permian Plateau Without Tech Advancements

Chevron CEO Mike Wirth is confident that the company can maintain its current production levels in the Permian Basin for over a decade without any improvements in costs, technologies, or recovery rates.

In an interview at CERAWeek by S&P Global, Wirth stated that it's '100% possible' to sustain output of more than 1 million barrels of oil equivalent per day from a single play for well over a decade.

This is a significant achievement in the high-decline shale industry, where maintaining such levels is no small feat.