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May 25, 2014

.@Chevron sees Permian shale play in Texas as top 5 asset by 2020, vice chairman tells me in exclusive interview $CVX http://t.co/4L81gyzQHc

.@Chevron sees Permian shale play in Texas as top 5 asset by 2020, vice chairman tells me in exclusive interview $CVX http://t.co/4L81gyzQHc

May 25, 2014

Chevron sees Permian shale play as top five asset by 2020

NEW YORK (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) is making the oil-rich Permian shale formation a top investment priority, aiming to turn its West Texas acreage into one of its top five assets by 2020, Vice Chairman George Kirkland said in an interview.

The move is a return home of sorts for the second-largest U.S. oil company, which has operated in the Permian since the 1920s. But until now, it has been slow to follow rivals in West Texas who over the last five years have deployed new techniques to recover previously unreachable oil.

May 25, 2014
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