iMetal

Offshore assets will provide the bulk of Chevron Corp.’s expected 2026 production growth of 7-10%, executives said Jan. 30.

In conjunction with fourth-quarter results, chief executive officer Mike Wirth and his team said they are planning to hold flat 2026 production in the Permian basin at a little more than 1 MMboe/d, a level the company first hit in second-quarter 2025. The company’s holdings in the Bakken will create most of the remaining growth in shale and tight production, which is expected to be 130,000 boe/d more than 2025’s number.

Chevron reorganized its businesses last year to group all its shale and tight assets, which also include operations in the Denver-Julesburg basin and Argentina, in one business group. The focus there and more broadly across the business, Wirth said, is on driving efficiencies, including from Hess Corp. team members brought in last summer.

“We’ve got to drive break-evens down because we’re in a commodity business. We can never forget that. And we’ve got to apply base business excellence to everything that we do,” Wirth said on a conference call with analysts. “I see people, practices, technology, standards being shared.”