US oil major Chevron has posted its fourth quarter results for 2023, with it reporting that it produced more oil and gas last year than it has in any year of its long history.
Chevron’s total worldwide oil-equivalent production reached an average of 3.1 million barrels per day (bpd) last year, a rise of 4% on the previous year. This was mostly driven by a 14% increase in US-based production, including a 10% rise in the Permian Basin alone, as well as the company’s acquisition of PDC Energy. The company is also planning to increase its Permian production by a further 10% this year.
Chevron also increased its proven net oil-equivalent reserves by 980 million barrels, thanks to acquisitions and discoveries in the Permian Basin. Chevron, which also makes the Texaco lubricant and grease range, also returned a record amount to its shareholders, with this being 18% higher than the record set last year.
The chief executive and chairman of Chevron, Mike Wirth, said about the results:
“In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history. We also strengthened our portfolio with traditional and new energy acquisitions to help meet the growing demand for affordable, reliable, and ever-cleaner energy.”
Although the financial results are down on last year, when high oil prices boosted the profit margins for oil companies, Chevron, Shell and ExxonMobil have all now posted better-than-expected results for the final quarter of last year.
