Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[Timothy Smith]

$CVX The Permian as a driver of earnings is more important to Chevron, at nearly 6% of its worldwide production, than it is to Exxon Mobil (3.5%) and ConocoPhillips (2%), let alone Shell, BP and TOTAL which will realize no or next to no benefit in the basin in the next several years. As a dividend aristocrat, Chevron does not play the game of repeated public share offerings intertwined with production growth and full reinvestment of incoming cash flows into CapEx. Free cash flow generation is paramount. As a result, examining the company's production and investment plans offers insights about the Permian's true potential.