Chevron Announces Second Quarter 2023 Performance Highlights

San Ramon, Calif., July 23, 2023 — Chevron Corporation provided second quarter 2023 performance highlights.

Permian Basin production of 772,000 barrels of oil equivalent per day set a new quarterly record. Early 2023 Permian well performance in company-operated assets is on track with our full year guidance. The company’s deep resource inventory and advantaged royalty position is expected to deliver strong cash flow through 2040.

The major projects at the company’s 50 percent owned affiliate, TengizChevroil LLP, are 98 percent complete, with approximately 66 percent progress on pre-startup commissioning activities. Cost and schedule guidance is unchanged.

Quarterly shareholder distributions were a record $7.2 billion, including dividends of $2.8 billion and share repurchases of $4.4 billion (over 27 million shares repurchased during the quarter and nearly 50 million shares year-to-date).

The company expects to close the acquisition of PDC Energy, Inc. in August 2023.

Source: Chevron

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