The acquisition continues a trend toward more concentration of Permian production in the hands of giant oil companies, which in recent years had fallen behind dozens of smaller and more nimble independents like Anadarko.

Chevron’s move is the third major acquisition in the Permian over the last three years and there have been many smaller ones. Exxon Mobil made a $6.6 billion acquisition of 275,000 acres in Permian fields in New Mexico in 2017, making it the most active driller in the basin until now. Last year Concho Resources bought RSP Permian for $9.5 billion, transforming two companies little known outside of Texas into a big new player.

Share prices of other small and medium size Permian-based oil companies soared on the news of the deal, with speculation that another major oil company, particularly Royal Dutch Shell, would move to increase its holdings. Parsley Energy and Pioneer Natural Resources closed up more than 11 percent on Friday.

Over the last four years, the annual capital investment in the Permian by the three big oil companies — Chevron, Exxon Mobil and Shell — climbed to more than $8 billion from less than $2 billion, according to IHS Markit, the energy consultancy. Adding BP, which gained a foothold in the Permian last year, the oil giants are expected to invest more than $10 billion in that field this year.

The biggest oil companies accounted for just 6 percent of total industry investment in 2014. This year, they are on track to increase their share to more than 15 percent.

“The bottom line is that the Permian is delivering for the majors, and they will keep pressing on that gas pedal,” said Raoul LeBlanc, IHS Markit’s executive director for energy. “Boundless capital allows them to invest heavily even as lower prices force smaller companies to retrench.”

The Permian produces roughly four million barrels of oil a day, slightly more than Ghawar. Saudi Aramco recently revealed in documents released as part of a bond sale that the daily production from that field was smaller than many people in the industry had estimated.