Houston-based Chevron produces about 1 million barrels per day of oil equivalent in Permian Basin, and Mike Wirth, chairman and CEO, said last week that level will likely stay “for a while.” He said Oct. 30 during the company’s third quarter operations report that Chevron hopes to improve production of Permian assets with drilling technology, new chemicals and more efficient spending.
Chevron has added more than 20 million acres to its portfolio since mid-2024 and uses AI tools to more quickly assess promising development candidates. Last year the company’s exploration capital expenses were about $1.2 billion after $1 billion each in 2023 and 2024. Officers said capex could increase by $500 million in 2027.
Chevron’s total production in 3Q averaged 3.98 million boed – down slightly from 2Q and 2025Q3 “in part because of the Iran war.” Chevron refineries set a throughput record of 1.09 million b/d and ran at 98 percent of capacity in 3Q. Wirth added, “We delivered strong operational performance and disciplined execution while continuing to invest to grow energy supply.”
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