Chevron (CVX) Q4 2025 Earnings Call Transcript

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• Production growth excluding Hess achieved 6-8% at top end of guidance in 2025

  80% confidence

• Gulf of America target is 300,000 bbl/day oil equivalent by 2026

  80% confidence

• Tengiz expected to grow 30,000 bbl/day in 2026

  80% confidence

• Chemical surfactant treatments show 20% improvement in 10-month cumulative recovery and 10% uplift over well life

  80% confidence

• Venezuela operations have potential for up to 50% production growth over next 18-24 months pending US authorizations

  80% confidence

• Permian Basin achieved 1 million bbl/day oil equivalent and will maintain plateau at 1 million+ bbl/day in 2026

  80% confidence

• Reserve replacement ratio leads peer group on 5-year and 10-year basis

  80% confidence

• Dividend and CapEx breakeven is below $50 Brent

  80% confidence

• US refinery throughput achieved highest level in 20 years

  80% confidence

• Venezuela refining sends 50,000 bbl/day to Pascagoula with capacity for 100,000+ bbl/day additional to Pascagoula and El Segundo

  80% confidence

• Existing well treatments in Permian show 5-8% production decline mitigation with 300 treatments completed

  80% confidence

• 2025 was highest full-year worldwide and US production in company history

  80% confidence

• Drilling efficiency in Permian doubled since 2022

  80% confidence

• Eastern Mediterranean combined projects will deliver 25% production increase and doubling of earnings and free cash flow by 2030

  80% confidence

• Venezuela production increased 200,000+ bbl/day since 2022 with current gross production of approximately 250,000 bbl/day

  80% confidence

• 60%+ of cost savings come from durable efficiency gains

  80% confidence

• 85% of new Permian wells will use chemical surfactant treatments in 2026, targeting 100% by 2027

  80% confidence

• Offshore production will increase approximately 200,000 bbl/day in 2026 from Guyana, Gulf of America, and Eastern Mediterranean

  80% confidence

• 2026 production guidance is 7-10% increase year-over-year excluding asset sales

  80% confidence

• 2026 cost reduction target is $3-4 billion expanded from original target

  80% confidence

• Tengiz expected to generate $6 billion Chevron-share free cash flow in 2026 at $70 Brent

  80% confidence

• Total shareholder returns 2022-2025 exceeded $100 billion in dividends and buybacks

  80% confidence

• Bakken reduced rigs from 4 to 3 with similar output

  80% confidence

• Adjusted free cash flow was $20 billion for 2025, up 35% year-over-year excluding asset sales despite oil prices down 15%

  80% confidence

• Tamar increasing to 1.6 BCF/day, adding approximately 500 million CF/day

  80% confidence

• Leviathan currently adding 200 million CF/day near-term with expansion to 2.1 BCF/day by end of decade

  80% confidence

• Bakken target is approximately 200,000 bbl/day plateau with 60% long lateral wells in 2026 and 90% by 2027

  80% confidence

• Eastern Mediterranean gross resource is 40+ TCF across core assets

  80% confidence

• We've been a pivotal part of Venezuela's past. We're committed to the present, and we look forward to a continued partnership into the future

  80% confidence

• 2025 cost reduction achieved $1.5 billion saved with $2 billion+ annual run rate

  80% confidence

Data points we hold from this source