In the third quarter of 2024, Chevron Corporation delivered strong financial results and operational milestones, including record production volumes, substantial shareholder returns, and strategic advancements in its Permian Basin operations. These achievements underscore Chevron’s commitment to long-term value creation through enhanced operations and key acquisitions, like PDC Energy, that are poised to further strengthen its portfolio.

In a significant move, Chevron Corp. has announced the sale of its stakes in the Athabasca Oil Sands Project and the Duvernay shale to Canadian Natural Resources Ltd. for a total of $6.5 billion.

Chevron has been making waves in the U.S. Gulf of Mexico, a region that is fast becoming a cornerstone of the company’s production growth. With ambitious plans to increase production to 300,000 net barrels of oil equivalent (BOE) per day by 2026, Chevron is leveraging advanced technology and strategic project execution to unlock the region’s vast potential.

Chevron quarter was marked by record production levels in the Permian Basin, contributing to an 11% increase in worldwide production compared to the same period last year.

Chevron’s factory model approach, involving drilling multiple wells from a single pad, has significantly increased efficiency and reduced costs. Looking ahead, Chevron aims to enhance secondary recovery techniques to further boost production, continuing the trend of innovation in shale development.

Chevron is undertaking more development in the New Mexico portion of the Delaware Basin this year.

Mike Wirth, Chevron’s CEO, discussed in a resent interview the robust and growing global demand for oil, driven by economic expansion in key regions like the U.S., China, and Europe.

The Ballymore Project is described as a significant subsea tieback to Chevron’s existing Blind Faith facility in the U.S. Gulf of Mexico. It’s expected to produce over 150 million barrels of oil-equivalent during its lifespan and aims to add up to 75,000 barrels per day of crude oil production upon completion.

Chevron Corporation reported a decrease in first quarter 2024 earnings to $5.5 billion from $6.6 billion the previous year, attributed to lower margins on refined products and natural gas realizations.