(Bloomberg) — Chevron Corp. (CVX) plans to increase oil production by as much as 10% in the US Permian Basin this year despite reducing capital spending in the region, said Chief Executive Officer Mike Wirth.

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Full-year 2025 production from the most-prolific shale field will be 9% to 10% higher than the 2024 average, Wirth said during an interview. While that’s significant for a company that pumped the equivalent of 992,000 barrels of Permian oil a day in the fourth quarter, it marks a slowdown from the 16% compound annual growth rate of the last few years.

“We’ll grow but we’ll grow at a rate not quite that steep over the next couple of years and move toward a plateau,” Wirth said. The intent is to “build a large position” and be a “generator of strong cash flow.”

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