“Over the next five years, we expect to develop over 2,200 net new wells, growing production while delivering return on capital employed near 30% and free cash flow greater than $5 billion in 2027 at $60 Brent.”

In context

“et another record in the second quarter, about 5% above the previous quarterly high. We expect next quarter's production to be roughly flat before growing again in the fourth quarter, on track with our full-year guidance. Early 2023 well performance in our company-operated assets, in all three areas, is consistent with our plans. In New Mexico, we've put on production at 10 wells. Before year-end, we expect to POP an additional 30 wells with higher expected production rates. As a reminder, about half of Chevron's Permian production is company operated, with the balance non-operated and royalty production. While short-term well performance is one measure, we're focused on maximizing value from our unique, large resource base that is expected to deliver decades of high-return production. Over the next five years, we expect to develop over 2,200 net new wells, growing production while delivering return on capital employed near 30% and free cash flow greater than $5 billion in 2027 at $60 Brent. Longer term, we've identified well over 6,000 economic net well locations that support a plateau greater than 1 million barrels per day through the end of next decade. Our deep resource inventory and advantaged royalty position allow us to optimize our development plans for high returns, incorporating learnings and technology improvements, as we expect to deliver strong free cash flow for years to come. In the deepwater Gulf of Mexico, the floating production unit at Anchor is on location and the project remains on track for first oil next year. We continue to build on our exploration success and were awarded the highest number of blocks in the most recent lease round. In the Eastern Med, our Aphrodite appraisal well in Cyprus met our expectations and we've submitted a development conc”