Chevron officials state that the company will move on more projects in the Permian Basin area of West Texas and Southeastern New Mexico.

According to the Midland Reporter-Telegram, CEO John Watson announced recently that Chevron will put more of its budget into the Permian Basin while cutting back in other areas.

Watson predicted by 2020 that they could pump up to 350,000 barrels a day out of the Permian Basin area, up from its current 125,000 barrels a day.