Guyana is making a major contribution to Chevron’s production growth following its acquisition of Hess, with Chief Financial Officer (CFO) Eimear Bonner saying the acquired portfolio adds about 250,000 barrels per day (b/d) to the company’s production.
Chevron reported US$12.1 billion in second-quarter earnings for 2026, and oil-equivalent production rose by 20% compared with the same period last year. The company attributed the increase mainly to the Hess assets, along with higher production from the Permian Basin and Gulf of America.
Overall, production was 292,000 b/d higher year over year, with the Hess acquisition accounting for most of the increase.
“Overall, about 250,000 barrels a day is the potential of the Hess portfolio…Guyana is a major asset within that portfolio. But that is part of the reason why we’ve been able to grow so much year over year,” Bonner said in a Bloomberg interview on August 5.
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Chevron plans to increase production by 7% to 10% this year. Bonner explained that the target was set before the recent changes in oil prices and has not been revised.
“Our plan was assumed growth, growing in the Gulf of America, so in the U.S., growing in Guyana. Growing in the eastern Mediterranean…Guyana is meaningfully contributing today. It was part of the Hess integration. We’re very pleased to be part of the venture. It’s got a strong queue of projects,” the CFO explained.
Chevron secured a position in the Stabroek Block after winning a legal battle with Exxon over Hess’ 30% stake. Following the 2025 arbitration, it completed its acquisition of Hess and joined ExxonMobil and CNOOC as a co-venturer. More than 11 billion barrels of oil equivalent have been discovered in the block since 2015, with production capacity exceeding 900,000 barrels per day.
The country may have already produced more than one billion barrels of oil since first oil in in December 2019.
