Chevron CEO Mike Wirth recently appeared on CNBC’s Power Lunch with Brian Sullivan, where he shared his perspective on the current and future state of energy production. His remarks provided valuable insights into the role of U.S. liquefied natural gas (LNG), the growing demand for American gas, and the long-term transition of the global energy system.
The Permian Basin continues to be a cornerstone of Chevron’s upstream strategy, with the company reporting nearly 18% year-over-year production growth in Q4 2024.
At the Atlantic Council’s annual board forum, Chevron Chairman and CEO Mike Wirth delivered insights into the energy industry’s future, focusing on critical topics like the Permian Basin, capital efficiency, and the growing impact of artificial intelligence (AI) on energy demand.
Chevron Corporation and Shell plc have achieved a significant milestone with the launch of oil production from the Whale semi-submersible platform, located in the deep waters of the U.S. Gulf of Mexico. The Whale project is a joint venture between two of the world’s leading energy companies, marking a pivotal step in the ongoing development of deepwater resources and reinforcing the Gulf’s critical role in global energy supply.
Chevron Corp.’s decision to scale back production growth in the Permian Basin signals a pivotal moment for the U.S. shale industry, reflecting a broader shift toward financial discipline over rapid expansion. The move, which includes reducing capital expenditures by as much as 10% in 2025, highlights a maturing oil sector prioritizing shareholder returns and free cash flow amid fluctuating global demand.
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.
The bullish ratings from Mizuho Securities and RBC Capital reflect confidence in Chevron’s strategic initiatives, robust operational performance, particularly in the Permian region, and commitment to shareholder returns. Mizuho Securities’ Nitin Kumar, CFA, emphasized Chevron’s production growth, strategic project advancements, and cost management as key drivers for his Buy rating and $205 valuation.
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.
