Chevron's Permian Triple-Frac

Chevron is significantly increasing its use of "triple-fracs" – a method of hydraulic fracturing where three wells are drilled from a single pad – in the Permian Basin, aiming to enhance oil and gas production efficiency. This strategy, coupled with extended lateral drilling, allows Chevron to access more resources with fewer drilling locations, thereby reducing surface footprint and operational costs. The company aims to implement triple-fracs in roughly half of its new wells in the Permian, a substantial increase from previous years. Chevron's executives highlight the improved resource recovery and economic benefits of this approach. These advancements contribute to Chevron’s goal of increasing production in the Permian to approximately 1 million barrels of oil equivalent per day by 2025. The Permian Basin, a major oil-producing region in the U.S., is experiencing increased competition and pressure to improve efficiency. Chevron's intensified use of triple-fracs reflects a broader industry trend toward optimizing well design and completion techniques to maximize production while minimizing environmental impact and operational expenses in this crucial shale play. This strategic shift positions Chevron to remain a leading player in the Permian Basin. find the original article here: https://finance.yahoo.com/news/chevron-triple-frac-half-permian-100928474.html