Chevron Corporation (NYSE:CVX) has deepened its long-term commitment to U.S. liquefied natural gas (LNG) exports by signing a new 20-year Sale and Purchase Agreement (SPA) with Energy Transfer (NYSE:ET). The agreement, announced on June 25, adds 1.0 million tonnes per annum (mtpa) to Chevron’s offtake from Energy Transfer’s proposed Lake Charles LNG facility, bringing its total contracted volume to 3.0 mtpa.
Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), has made a major move into the critical minerals space with the acquisition of 125,000 net acres in the Smackover Formation of Northeast Texas and Southwest Arkansas. The deal, involving TerraVolta Resources and East Texas Natural Resources (ETNR), positions Chevron as a key player in the growing U.S. domestic lithium supply chain.
The shale revolution has always been about doing more with less—more wells, more output, and more efficiency. Over the past decade, we’ve seen techniques like Simul-Frac and Triple Frac become standard tools to accelerate completions. But now, Chevron is taking the next step—not just in how fast we frac, but in how smartly we do it.
Chevron Corporation (NYSE: CVX) has announced it will lay off nearly 800 employees in Midland County, Texas, according to a notice filed with the Texas Workforce Commission. The layoffs, scheduled to take effect on July 15, 2025, are part of a broader plan to reduce the company’s global workforce by up to 20% by the end of 2026.
Chevron’s Q1 2025 earnings report, combined with a detailed analysis of rig activity data, paints a clear picture of a supermajor shifting gears. The emphasis? Sharpening operational efficiency, maximizing returns, and strategically adjusting to a lower-margin environment.
Chevron has begun scaling up a cutting-edge well completion strategy known as triple-frac, which fractures three wells at the same time. After a successful pilot in 2024, the company now plans to use the technique on 50% to 60% of its Permian wells in 2025—up from just 20% last year.
Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, has entered into a strategic joint venture with TG Natural Resources (TGNR) through the sale of a 70% interest in its East Texas natural gas assets. The $525 million transaction includes a $75 million upfront cash payment and a $450 million capital carry to fund future Haynesville Shale development.
As artificial intelligence (AI) continues its rapid expansion, one major challenge has emerged—powering the data centers that fuel its growth. AI-driven applications require immense computing power, and as a result, energy consumption has skyrocketed. Recognizing this need, Chevron, in collaboration with GE Vernova and Engine No. 1, is making a strategic move to supply natural gas-powered energy to AI data centers across the United States.
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.
