HEADLINES: Chevron Sells Permian Acres; US Crude’s Record Pace

Chevron is set to sell 5% of its Permian acreage. Will there be more? Meanwhile, how high will U.S. crude production go over the next year? And, don’t count out offshore just yet.

In this week’s video, Chevron is selling 64,500 net acres in the Permian Basin to private equity-backed Sabinal Energy. Just how much was the deal worth, and will Chevron be selling off more acreage in the basin? Analysts weigh in.

Also in the Permian Basin, Parsley Energy has been busy making smaller trade that are adding up. The company isn’t alone, either as other companies are making smaller scale transactions in the basin.

Meanwhile, EIA is forecasting good things for oil production in the U.S. despite Harvey wrath on the Gulf Coast. Just how high will production rise in 2018? Hint: it’s been a long time since we’ve seen this kind of output.

Finally, don’t count out offshore just yet. One CEO says there are positive trends of looming resurrection.

Sources:

• Chevron Sells Shard Of Permian Basin Monolith To Sabinal Energy
• Trade Secrets: Parsley Deals Amass 5,600 Permian Basin Acres
• EIA Predicts Record For US Crude Production Despite Harvey
• OPEC Sees Higher 2018 Oil Demand; Trims Output
• Positive Trends Emerge For Offshore Sector, Recovery Timing Unknown