Sam Marlin

Sam Marlin asked about Chevron's Permian production results, specifically inquiring about the drivers behind the strong performance, capital efficiency gains across co-op and NOJV acreage, and whether these improvements reflect better field results or broader industry trends.

Answer

Chairman and CEO Mike Wirth highlighted a strong quarter with production 60,000 barrels/day over the 1 million barrel plateau, attributing it to efficiency gains. He noted no change to plans to moderate growth and focus on cash generation, emphasizing progress in technology and fewer rigs/completion spreads. Wirth confirmed strong performance across co-op, NOJV, and royalty acreage, expecting good momentum into 2026.

Sam Marlin asked about the drivers behind Chevron's strong Permian production results, specifically inquiring about capital efficiency, performance differences between co-op and NOJV acreage, and whether the improvements reflect better field results or broader industry efficiency gains.

Answer

Chairman and CEO Mike Wirth highlighted strong Permian production, exceeding 1 million barrels a day, driven by efficiency gains. He stated that Chevron's plans to moderate growth and focus on cash generation remain unchanged, with continued strong performance achieved with fewer rigs and completion spreads, and advancements in technology. He expects some quarterly fluctuations but anticipates good momentum into 2026 across all acreage types.