US supermajor Chevron expects investments of about $5 billion to achieve a production milestone of 1 million barrels of oil equivalent per day in the Permian basin in the US shale patch.

Chevron ended the fourth quarter of 2023 with a record output of 867,000 boepd in the Permian and the company is sticking with the prediction that it will hit 1 million boepd in 2025.