Houston-based Chevron said last week it increased upstream production in second quarter by 5 percent compared to 1Q and by 20 percent compared to 2025Q2, including record performance in Permian Basin. Chevron’s shale and tight portfolio produced about 1.7 million barrels per day, including more than 1 million b/d from Permian Basin. Capex in Permian this year is forecast for $3.5 billion, which is about 25 percent less spending per barrel of oil equivalent compared to 2025.
Mike Wirth, chairman and CEO, said July 31, “Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude oil throughput in our U.S. refineries, and exceptional reliability across key assets. We remain focused on cost discipline and long-term value creation.”
Production in 2Q was 4,070,000 boed compared to 3,858,000 boed in 1Q and 3,396,000 in 2025Q2. First half production was 3,965,000 boed compared to 3,374,000 last year.
Wirth added, “At the scale that we operate at now, we could grow these assets further, particularly in the Permian, if we choose. We are working for efficiency and productivity….” Of the Permian, he added, “There’s a lot of new initiatives, including optimizing artificial lift, real-time facility optimization, a new approach to ops and maintenance through an asset-tiering lens.”
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