This Oil Giant Is Making a Big Bet on the Permian Basin Next Year
The Permian Basin in western Texas has been a gold mine for the oil industry over the years. Initially discovered in 1921, the legacy oil play has churned out a whopping 29 billion barrels of oil over the past century. That said, its best days appear to be just on the horizon, thanks to the rise of new extraction techniques and technological advances that enable producers to unlock more of its oil for less money.
One company investing to make sure that the Permian's future is even brighter than its past is Chevron (NYSE: CVX). The oil giant holds one of the largest legacy acreage positions in the play, which it's starting to turn into a major growth driver. In fact, it's upping the ante on that bet by planning to pour $4 billion into the Permian Basin next year in a bid to double its output over the coming years.
Image source: Getty Images.
Source: Fool.com
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