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CLAIM #18902 · CVX (CVX) · 2023Q1 earnings call · Apr 28, 2023 · due Dec 31, 2023

We expect royalty production to be roughly flat, in the neighborhood of, a little bit over 100,000, maybe 110,000 barrels a day.

Michael Wirth · CEO

PENDING
graded after results covering Dec 31, 2023 are reported

In context

ey should speak on behalf of their operations. We certainly learned from those. But, we spent a pretty good amount of time at the Investor Day, talking about the learnings on a drill been uncompleted wells that had sat for a long time talking about the prior basis of design for the wells, including spacing and profit loading, talking about multi-venture development. And we've learned a lot from our own operations, and those learnings are augmented by the things that we learned from others. And so we talked about more single bench development, more activity. In New Mexico, we continue to be very focused on driving strong returns, and not optimizing to production or some other ther metric. Just to give you a little bit more guidance, Roger for this year, in terms of how to think about it. We expect royalty production to be roughly flat, in the neighborhood of, a little bit over 100,000, maybe 110,000 barrels a day. Most of that comes from the Pecos River area where we've got big operators, Oxy's largest operator in that area, but others that are well known operators in that area. And then we've got some that comes in from the Midland as well from big operators where there's a lot of visibility into what their plans are. Our COOP production growth, we expect to be mid-single digits for the full year. Maybe a touch higher than the midpoint of single digits and expect roughly 190 wells to be put on production this year, which is down a little bit from last year, maybe 10% from last year when our COOP production increased 35,000 barrels a day. We've got growth in the Texas side of the Delaware earlier in the year, the New Mexico side, later in the year, which follows the chart Pierre showed you with dri

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SEC filings for CVX · Claim quote is verbatim from the 2023Q1 earnings call.