Chevron (CVX, Financial) is ramping up its use of a technique called “triple-frac” in the Permian Basin, aiming to speed up oil production and lower drilling costs, according to a report from Reuters.
The company started using the method — which fractures rock in three wells simultaneously — in March 2024. This year, Chevron plans to apply it to between 50% and 60% of its wells in the region, up from just 20% last year.
Jeff Newhook, a completions operations manager at Chevron, told Reuters the approach allows the company to bring each well online 25% faster, which results in a 12% cost savings per well.
While the triple-frac method uses the same total amount of water and sand as single-well fracking, it requires those materials to be delivered and deployed much faster. That's led to increased demand on Chevron's logistics network — about 60% more water and sand is needed per day to support the process.
Industry experts say speed matters in shale, where well production typically declines quickly. Companies that can complete and activate wells faster gain an edge in both output and returns.
