SynMax Research:
Chevron (CVX)
Chevron delivered record production in Q3 2025 in the Permian due to strong execution and continued efficiency gains. The company now expects full-year average production growth at the top end of the 6% to 8% guidance range, excluding the Hess acquisition. To quote the CEO of Chevron, "I would expect we're going to see some quarters where it's back down a little bit based on when we're popping wells, but we've been able to continue to deliver strong performance with fewer rigs, fewer completion spreads, a lot of progress on little things, including technology".
ExxonMobil (XOM)
ExxonMobil achieved record production in both the Permian and Guyana in Q3 2025. Full-year 2025 Permian and total production outlooks are unchanged from the prior reporting quarter.
The company expects to be below the lower end of its full-year cash CapEx guidance for 2025. ExxonMobil is successfully using a new patented proppant for their wells in the Permian that is achieving stronger than expected well results. The company plans to use the new proppant for 50% of their wells in the Permian in 2026.