Chevron (CVX) signs a joint development agreement for 104K acres in the Permian Basin in west...

|About: Chevron Corporation (CVX)|By:, SA News Editor

Chevron (CVX) signs a joint development agreement for 104K acres in the Permian Basin in west Texas to be operated by Cimarex Energy (XEC). CVX will pay $60M for 50% of XEC's Triple Crown gathering system and a 50% interest in wells drilled this year. The move secures access for CVX to key infrastructure for its expanded Permian position.