Earnings Highlights CVX, SM, & XOM

Chevron (CVX)

Chevron’s Q2 2025 results reflect continued strong execution, record production, and exceptional cash generation. Permian Basin production increased to 1 million barrels of oil equivalent per day, and U.S. and worldwide production hit new company records. 

The completion of the Hess acquisition further strengthens Chevron’s diversified portfolio and positions the company to extend its production and free cash flow growth profile well into the next decade. Over the last five years, Chevron has nearly doubled production organically while capturing significant efficiencies.

Improved well and completion designs, reduced cycle times and technology deployment have led to a 30% reduction in development and production unit costs. Chevron expects costs to decline further as the company shifts its focus to free cash flow generation.

Due to strong performance in the company’s base business and solid execution, Chevron now expects production growth to be closer to the top end of its 6% to 8% guidance range, excluding Hess. In the Gulf of America, Chevron is ramping up production from recent major project start-ups.

In the Permian, Chevron achieved a significant production milestone and is beginning to moderate growth, reduce capex and increase free cash flow.

SM Energy (SM)

Strong performance from the Company's Uinta Basin assets was the primary driver for the production outperformance in Q2 2025, supported by efforts to improve transportation logistics and optimize takeaway capacity. Strides in efficiency gains have resulted in acceleration of activity across all assets. The company left its full year 2025 production guidance unchanged from the prior reporting quarter. 

ExxonMobil (XOM)

ExxonMobil achieved record production in the Permian and the company is on

track to meet its plans for this year. The company had record Q2 2025 production of 1.6 million oil-equivalent barrels per day in the Permian and is leading the industry in its plan to grow Permian production to 2.3 million oil equivalent barrels per day by 2030. This would equate to 7.5% annualized organic production growth in the Permian from now until 2030.

More than ever, ExxonMobil is leveraging technology to increase production, improve efficiency, and offset natural well declines.