CLAIM #19169 · CVX (CVX) · 2024Q4 earnings call · Jan 31, 2025 · due Jan 31, 2027
“So despite all the activity we've seen in that region, we'll see production up by 25% over the next two years and something closer to 50% by 2030.”
Michael Wirth · CEO
How to check this claim
Look at: Natural gas/production volumes from the Eastern Mediterranean (Israel) region (Tamar/Leviathan assets), as disclosed by the company
It came true if: Regional production up approximately 25% (within 20-30%) over two years from the January 2025 baseline
Where: Company-disclosed production figures for Israel/Eastern Mediterranean assets (10-K/earnings call commentary)
In context
“the region and hopefully a lasting piece for the people there. The headline is there's no real change to our plans, John. We expect projects that are in execution at both Tamar and Leviathan to come online by the end of the year or into early 2026. There was a pipelay vessel that was demobilized during kind of the height of the conflict. That vessel will be remobilized here during the first half of this year to complete the work that it had underway. So the next leg of growth after those two projects would be a Leviathan expansion. We're currently in feed for that. It would be a significant growth in production for Leviathan. Still work to be done but that's a project that would come online towards the end of this decade and continue to step up the production on that asset significantly. So despite all the activity we've seen in that region, we'll see production up by 25% over the next two years and something closer to 50% by 2030. Operator: Thank you. We'll take our next question from Jean Ann Salisbury with Bank of America. Jean Ann Salisbury : The ramp is basically tracking to your expectations or even exceeding them and when you might have any more to share about potential debottlenecking potential? Mike Wirth : Jean, you came off mute partly into your question, and you're -- I caught the part about ramp and debottlenecking. Were you asking about FGP? Jean Ann Salisbury : Yes, yes. Mike Wirth : Okay. Good. Yeah. So look, we're a little bit more than a week into this at this point. And so it's very early days. But I will tell you, the operations have been very stable. This is a big complex process operation with crude stabilization, some fractionation, obviously, the high-pressure sour gas injection and temperatu”
Verify independently
SEC filings for CVX ↗ · Claim quote is verbatim from the 2024Q4 earnings call.