Chevron CEO Sees $100 Oil on Geopolitical Risks, Demand Chevron Corp. plans to increase Permian Basin production by about 10% this year from 2021 levels, among the biggest growth forecasts yet from any of America’s top shale producers. The company produced 608,000 barrels of oil equivalent a day from the Texas and New Mexico basin in 2021 and will grow that significantly this year after ramping up capital spending by 50%, executives said on a conference call Friday. Large independent oil producers such as Pioneer Natural Resources Co. and EOG Resources Inc. have flagged growth forecasts of 5% of lower. Chevron’s expected 2022 rate would mean keeping output at similar levels as recorded in the second half of last year. U.S. oil production has resumed growth following cutbacks and curtailments as the industry grappled with the pandemic over the past two years. Still, investors and OPEC+ are watching closely […]