U.S. oil company Chevron's shale allies are its secret weapon in Exxon race by Jennifer_Hiller
“We’re partners with all of the great operators,” said Scott Neal, a Chevron exploration executive. He declined to name any partners, besides Cimarex. Concho, Devon, EOG, Occidental and Exxon declined to comment.
Unlike conventional oil fields, however, shale wells decline quickly, producing most of their oil in the first few years, so fields such as the Permian Basin require constant, and costly, drilling just to keep production steady. In one formation near Midland, Chevron’s peak average production rate runs at 760 barrels per day for each well while rivals are producing at 705 bpd, according to IHS Markit.
It has been shedding assets in the North Sea, Africa and Asia and expects to sell up to another $10 billion worth of properties to focus on projects including the Permian, where it has controlled some of the best and cheapest acreage since the 1920s.
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