Earnings Highlights CVX & XOM

Chevron (CVX)
Worldwide production was relatively flat from a year ago as the impacts of asset sales were mostly offset by growth in the Permian Basin (12 percent) and in the Gulf of America (7 percent). The company expects growth to resume in the Permian basin in the second quarter of 2025 with higher frac activity.

In the Delaware Basin, where 80% of the company’s 2024 activity was focused, Chevron saw an overall 20% improvement in well productivity compared to 2023. The company continues to see strong performance in the Texas and New Mexico programs, with improved completions and artificial lift designs resulting in better-than-expected productivity. In 2025, Chevron’s planned Delaware Basin program is approximately 50% weighted to activity in New Mexico. Well performance in the Midland Basin was lower year-on-year.


ExxonMobil (XOM)
Compared to the fourth quarter 2024, earnings increased $258 million driven by stronger natural gas and oil realizations, lower exploration costs and seasonally lower expenses, partly offset by the absence of favorable tax and divestment impacts. Permian and Guyana growth continues to drive earnings improvement.