Chevron stated on its second-quarter 2025 earnings call that it has been producing in the most prolific basin for approximately a century, with operations spanning 2 million net acres. On 75% of the land, CVX owns mineral interests, and hence, it will not have to pay big royalties like many upstream players, thereby securing a cost advantage. In the Permian, CVX has been producing record oil equivalent volumes, aiding its upstream business.