Houston-based Chevron said recently U.S. production in first quarter exceeded 2025Q1 after the recent acquisition of Hess Corp. and growth in Permian Basin and Gulf of Mexico. Net oil-equivalent production during Q1 was up 388,000 boed to 2.024 million boed. Production in 2025Q4 was 2.055 million boed.
Capex in Q1 was higher than last year because of spending on Hess legacy assets partially offset by lower spending in Permian Basin.
Mike Wirth, chairman and CEO, said May 1, “Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution. Strong operational results in the U.S., particularly following the integration of Hess and continued growth in Gulf of Mexico and Permian Basin, drove higher production while maintaining financial flexibility… We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations.”
With a focus in Permian and elsewhere on capital and operating efficiency, Wirth said, Chevron is targeting 2026 production growth of 7-to-10 percent. Chevron’s Permian assets produced 1.03 million boed in Q1 – the fifth consecutive quarter for Permian production to top 1 million boed.