07:45 AM EDT, 04/09/2025 (MT Newswires) -- Chevron ( CVX ) is planning to ramp up the use of "triple-frac," a means of fracturing subterranean rock in three wells simultaneously in the Permian basin to contain time and costs related to oil production, Reuters reported Wednesday, citing an interview with Chevron ( CVX ) completions operations manager Jeff Newhook.

Newhook reportedly said Chevron ( CVX ) plans to use the technique on up to 60% of its wells in the basin, compared with 20% in 2024.

Triple-frac cuts production time by 25% and costs by 12% per well, the media outlet quoted Newhook as saying.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)