Chevron Corp. generated company-record natural gas and oil production in 2023, punctuating a broader U.S. industry trend. American gas and crude output both reached all-time highs last year and remained elevated early this year as exploration and production (E&P) companies were striving to meet mounting global demand, even amid soft near-term prices.

Chevron said it produced 3.1 million boe/d in 2023, driven by 14% growth in the United States. Total U.S. natural gas output exceeded 106 Bcf/d in the second half of the year, setting new peaks. Crude output did the same, climbing above 13 million b/d.

“We produced more oil and gas than in any other year in the company’s history,” CFO Pierre Breber said during the supermajor’s fourth quarter earnings call Friday. “We...