Houston-based Chevron said last week its worldwide and U.S. net oil-equivalent production set annual records in 2025. The Hess acquisition added 261,000 boed while Chevron legacy operations added another 124,000 driven by growth in the Permian Basin and project ramp-ups at TCO in Kazakhstan and in the Gulf of America. Chevron said the Permian Basin delivered on its production target of 1 million barrels of oil equivalent per day.
Mike Wirth, chairman and CEO, said Jan. 30, “2025 was a year of significant achievement. We successfully integrated Hess, started major projects, delivered record production and reorganized our business. This resulted in industry-leading free cash flow and superior shareholder returns despite declining oil prices.”
Capex was higher in 2025 primarily due to Chevron’s spend on Hess legacy assets after its acquisition and investments in U.S. data center power solutions more than offsetting lower spend in downstream.
In fourth quarter, U.S. production was up 409,000 boed from a year ago primarily due to the Hess deal, higher production in Gulf of America after start-up of major deepwater projects, and growth in Permian Basin.
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