Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year. Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages. Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year, a 15% increase from 2021, the company said in an investor presentation on Friday. That’s up from the previous plan for a 10% increase in the region. The second-largest U.S. driller joins Continental Resources Inc., Hess Corp. and Matador Resources Co. in signaling plans to boost shale production amid sky-high crude and gas prices. “We are seeing some cost increases in the Permian but it’s very manageable,” Chief Financial Officer Pierre Breber said during an interview. Chevron is now “back on the trajectory […]