CLAIM #19308 · CVX (CVX) · 2026Q1 earnings call · May 1, 2026 · due Dec 31, 2026
“With that capital, we are going to grow 7% to 10% production this year, so we are reconfirming that growth.”
Eimear Bonner · CFO
How to check this claim
Look at: Full-year total company production growth (oil-equivalent), year-over-year
It came true if: Production growth between 7% and 10% versus prior fiscal year
Where: Company-disclosed production figures (10-K / Q4 earnings release and call)
In context
“changed quarter over quarter, which makes a lot of sense. On the growth spending side, what would you need to see to shift spending, maybe add some capital in the Permian and move away from the plateau back toward growth in that asset? Eimear P. Bonner: Thanks, Devin. It comes back to staying consistent with our four financial priorities and being really disciplined through volatility. Today, we are not changing any of our capital allocation framework. We are not changing ranges, and we are happy with where we are. To recap: first, growing the dividend. This year, we grew it for the 39th consecutive year. Second, investing in the business in the most capital-efficient way. Our budget is $18 billion to $19 billion for the year, and we are on track. Our capital performance is really strong. With that capital, we are going to grow 7% to 10% production this year, so we are reconfirming that growth. Third, the balance sheet. It is in great health and will get stronger with higher cash generation. Fourth, the buyback, staying within the $2.5 billion to $3 billion per quarter range. With only eight weeks into the conflict, as Mike said, it is too early to have a different view on the fundamental outlook around price or to see whether it is structurally changing. When it comes to capital allocation, we are comfortable with where we are, and we are staying consistent and disciplined. Thanks, Devin. Operator: Thank you. We will take our next question from Doug Leggate with Wolfe Research. Doug Leggate: Thank you. Good morning, everyone. Mike and Eimear, I wonder if I could follow up on Devin’s question and ask for a little bit more color around two specific assets. You had some changes in”
Verify independently
SEC filings for CVX ↗ · Claim quote is verbatim from the 2026Q1 earnings call.