Chevron (CVX) Q4 2025 Earnings Call Transcript
View original at finance.yahoo.comChevron (CVX) Q4 2025 Earnings Call Transcript Image source: The Motley Fool. Date Friday, January 30, 2026 at 11 a.m. ET Call participants Chairman and Chief Executive Officer — Michael K…
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Bakken target is approximately 200,000 bbl/day plateau with 60% long lateral wells in 2026 and 90% by 2027
80% confidence85% of new Permian wells will use chemical surfactant treatments in 2026, targeting 100% by 2027
80% confidenceOffshore production will increase approximately 200,000 bbl/day in 2026 from Guyana, Gulf of America, and Eastern Mediterranean
80% confidenceWe're entering 2026 from a position of strength
80% confidenceChemical surfactant treatments show 20% improvement in 10-month cumulative recovery and 10% uplift over well life
80% confidenceVenezuela operations have potential for up to 50% production growth over next 18-24 months pending US authorizations
80% confidenceDividend and CapEx breakeven is below $50 Brent
80% confidenceUS refinery throughput achieved highest level in 20 years
80% confidenceExisting well treatments in Permian show 5-8% production decline mitigation with 300 treatments completed
80% confidenceTotal shareholder returns 2022-2025 exceeded $100 billion in dividends and buybacks
80% confidence2025 was highest full-year worldwide and US production in company history
80% confidenceEastern Mediterranean gross resource is 40+ TCF across core assets
80% confidenceLeviathan currently adding 200 million CF/day near-term with expansion to 2.1 BCF/day by end of decade
80% confidenceVenezuela production increased 200,000+ bbl/day since 2022 with current gross production of approximately 250,000 bbl/day
80% confidence60%+ of cost savings come from durable efficiency gains
80% confidence2025 cost reduction achieved $1.5 billion saved with $2 billion+ annual run rate
80% confidenceChevron is bigger, stronger, and more resilient than ever
80% confidenceProduction growth excluding Hess achieved 6-8% at top end of guidance in 2025
80% confidence2026 production guidance is 7-10% increase year-over-year excluding asset sales
80% confidence2026 cost reduction target is $3-4 billion expanded from original target
80% confidenceTengiz expected to generate $6 billion Chevron-share free cash flow in 2026 at $70 Brent
80% confidenceBakken reduced rigs from 4 to 3 with similar output
80% confidenceAdjusted free cash flow was $20 billion for 2025, up 35% year-over-year excluding asset sales despite oil prices down 15%
80% confidenceDrilling efficiency in Permian doubled since 2022
80% confidenceGulf of America target is 300,000 bbl/day oil equivalent by 2026
80% confidenceTengiz expected to grow 30,000 bbl/day in 2026
80% confidencePermian Basin achieved 1 million bbl/day oil equivalent and will maintain plateau at 1 million+ bbl/day in 2026
80% confidenceReserve replacement ratio leads peer group on 5-year and 10-year basis
80% confidenceVenezuela refining sends 50,000 bbl/day to Pascagoula with capacity for 100,000+ bbl/day additional to Pascagoula and El Segundo
80% confidenceEastern Mediterranean combined projects will deliver 25% production increase and doubling of earnings and free cash flow by 2030
80% confidence