Houston-based Chevron said Friday its production in Permian Basin reached 1 million boed for the first time in company history during second quarter.  That hits a target set by Chevron about five years ago.  Mike Wirth, CEO, said, “Second quarter results reflect continued strong execution, record production and exceptional cash generation.”  U.S. and worldwide production also set new company records.  U.S. output was 1.695 million boed in 2Q compared to 1.572 million boed last year primarily because of gains in Permian Basin and Gulf of Mexico.

Wirth said 2025 capital spending in Permian Basin will be “in the lower end” of Chevron’s guidance of $4.5 billion to $5 billion.  He said capex will further decline in 2026 as the company looks to “merely sustain production.”  Wirth added, “At some point, growth is less the objective than free cash flow, and we’re approaching that point.”

Chevron’s year-to-date production after two quarters was 1.666 boed compared to 1.573 million last year.

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