2/1/25
Chevron (CVX)
Chevron continues the trend of reporting strong US growth. For 2024 they exited the year at just about 1 mmboed in the Permian, and are guiding 9-10% growth in 2025, with reduced CAPEX. They mentioned that they are achieving these results at 40% fewer rigs than just “a few years ago.” Most of their onshore effort is in the Permian, though they are reporting nearly 400 mboed from the DJ basin, and are guiding nearly 300 mboed in the GOM by 2026 on an unstated base.
Overall US production only increased 48 mboed YOY, with strong Permian growth offset by weather-related shutins in the GOM.
