Record-Breaking Quarter: Chevron CEO Mike Wirth Talks 2Q 2025 on CNBC

Strong Q2 Performance & Financial Resilience

• 💡 Chevron achieved record production in the Permian Basin (over 1 million barrels/day), across the US, and worldwide.
• 📈 Despite a 10% decrease in crude prices, free cash flow increased 15% quarter-on-quarter, demonstrating strong execution.
• ✅ The company is strategically positioned to thrive in all price environments due to consistent cost and capital discipline, with the lowest capital expenditure in over two years.

Strategic Growth & Shareholder Returns

• 🚀 Chevron projects $21 billion in free cash flow by 2026 at a $70 oil price, a significant increase from $8.5 billion in 2024.
• 💰 The company has consistently returned cash to shareholders, marking the 13th consecutive quarter of $5 billion or more through dividends and share buybacks.
• 📊 A strong balance sheet with 14% net debt and a double-A credit rating underpins reliable cash returns to shareholders.

Production Strategy & US Energy Policy

• 🎯 While continuing to invest in global production growth, Chevron plans for the Permian Basin to plateau at 1 million barrels/day to generate steady free cash flow with lower capital spend.
• 🇺🇸 US production has seen a 60% increase over the last couple of years, partly due to the integration of Hess, making the US the largest destination for capital investment.
• 🤝 The company benefits from an administration that recognizes American energy abundance, which supports economic competitiveness, security, and future AI dominance.

Powering AI & Future Energy Solutions

• ⚡ Chevron is deploying over 4 gigawatts of gas-fired turbine capacity in the US to support data center customers and hyperscalers, initially built off-grid.
• 🔋 The company holds a large acreage position in the Smackover formation for lithium extraction from brine, aiming to feed into battery production for the growing electrification market.
• 🌍 The US possesses an abundance of natural gas, capable of meeting domestic needs, new power demands, and supporting LNG exports to Europe and other allies for decades to come.