MAAT INDEX

CLAIM #19240 · CVX (CVX) · 2025Q3 earnings call · Oct 31, 2025 · due Dec 31, 2026

We've got no change to our plans to moderate growth and focus on cash generation.

Michael Wirth · CEO

PENDING
graded after results covering Dec 31, 2026 are reported

How to check this claim

Look at: Permian Basin production growth rate and capital expenditure trend, year-over-year

It came true if: Permian production growth moderates versus prior-year pace (i.e., growth rate declines or plateaus rather than accelerates), consistent with flat-to-lower capex allocated to growth

Where: Company quarterly earnings release and 10-K/10-Q segment disclosures (Permian production volumes and capex)

In context

Instructions] We'll go first to Sam Margolin with Wells Fargo. Sam Margolin: I expect we'll probably reserve kind of strategic and long-dated questions for the November day. So we'll stick to the quarter. Maybe in the Permian, good production result there. Capital efficiency has been kind of an ongoing talking point and the distinction between co-op and NOJV acreage. Can you elaborate a little bit on what drove the Permian result? And if you're seeing some better results in the field? Or if it's just part of a broader kind of industry trend of efficiency gains? Michael Wirth: Yes. So look, we had a strong quarter. We're 60,000 barrels a day over the 1 million-barrel where we said we kind of moved towards a plateau. It really highlights the efficiency gains. The team continues to deliver. We've got no change to our plans to moderate growth and focus on cash generation. We're focused on executing the program as efficiently as possible. Production is an outcome there. It will move up and down. I would expect we're going to see some quarters where it's back down a little bit based on when we're popping wells. But we've been able to continue to deliver strong performance with fewer rigs, fewer completion spreads, a lot of progress on little things including technology. And I think you'll hear more about this from Mark when we get together at Investor Day. So performance across the portfolio, co-op, NOJV, royalty has been strong, and we expect to move into 2026 with good momentum. Operator: We'll take our next question from Devin McDermott with Morgan Stanley. Devin McDermott: Mike, I wanted to ask you about Kazakhstan. My understanding is you had the chance

Verify independently

SEC filings for CVX · Claim quote is verbatim from the 2025Q3 earnings call.