CEO mike wirth talks boosting oil production amid record demand — Chevron

Wirth detailed how Chevron is trying to increase the amount of oil it recovers in the Permian and other U.S. oil fields to further boost production and offset inflation.

To improve recovery rates, which are approximately 10%, Chevron is working on various drilling technologies and completion techniques. It currently produces more than 700,000 barrels of oil-equivalent per day in the Permian.

“If we can improve recoveries, that changes the entire economic equation in a very profound way,” Wirth said. “We’re working hard on that.”

Chevron expects to reach 1 million barrels of oil-equivalent per day in the Permian Basin by 2025.

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