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A&D - Analyst Notes - March 13, 2019
Chevron (CVX; $119.58-Feb. 28; Buy; PT-$133) While our deep-dive analysis into CVX's Permian basin does highlight a smaller core footprint than the headline ~1.7mm net acres and is dominated by lower working interest JVs (TPHe 600-650k net core acres), it still should be enough to continue accelerating rigs after the current period of pause (at 20 rigs until 2020), resulting in core inventory in the top-quartile of Permian E&Ps. The question, however, is will the company be able to maintain......
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