The legacy Permian Basin operations guided Chevron Corp. to record U.S. production in 2022, with natural gas and oil output from the play rising 16%.

Chevron earnings

CEO Mike Wirth led a conference call last week with the executive team to discuss fourth quarter and full-year performance. 

“We delivered record earnings and cash flow in 2022, while increasing investments and growing U.S. production to a company record,” Wirth said. Investments increased by more than 75% year/year, with U.S. production increasing to 1.2 million boe/d.

“We’re also investing to grow both traditional and new energy supplies to meet increasing demand for affordable, reliable and ever-cleaner energy,” Wirth said. 

The CEO, whose firm has LNG prospects around the world, including two liquefied natural...