Houston-based Chevron said last week its production in Permian Basin is expected to grow up to 10 percent this year despite less investment. Chevron’s capital spending was $15.8 billion in 2023 and $16.4 billion in 2024, but it is forecast at $14 billion to $16 billion in 2025. The company set oil and gas production records in 2024, including an increase of 18 percent in Permian Basin.
Mike Wirth, chairman and CEO, said Feb. 3, “I think you can depend on us to remain very disciplined, and we’re getting more for every dollar we’re spending… The Permian is growing with 40 percent fewer rigs than our plans contained just a few years ago.” Wirth said output in Permian is expected to grow 9 to 10 percent this year and “a little bit less than that” in 2026. He said Chevron’s assets in Permian will produce more than 1 million boed “for many, many years into the future.”
Chevron’s total production in 2025 is forecast to grow 6 to 8 percent from about 3.34 million boed in 2024.
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