Bloomberg Talks
Chevron CEO Mike Wirth Talks Fourth-Quarter Earnings
Feb 2, 2024
Chevron CEO Mike Wirth discusses fourth-quarter earnings, acquisition of Hess, potential future deals, and being a legacy industry. Topics include Chevron's buyback plans in the market, geopolitical risks, and the current state of the oil market.
11:04
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Quick takeaways
- Chevron expects to reach a production of 1 million barrels per day by 2025, attributing their growth to exceptional execution and record production levels globally, particularly in the Permian region.
- Chevron aims to maintain a plateau in production after reaching 1 million barrels per day in 2025, allowing for a reduction in capital investment, emphasizing the importance of capital discipline and lessons learned from commodity markets.
Deep dives
Permian driving strong growth in oil production
The Permian region has experienced remarkable growth, with a 14% increase in oil production. Chevron's growth forecast indicates an expected production of 1 million barrels per day by 2025. The company attributes this growth to exceptional execution and record production levels globally, particularly in the Permian region. This strong performance has enabled Chevron to return a record $26 billion to shareholders, highlighting their commitment to capital discipline and consistent growth.
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