2024 was the hottest year ever recorded. In the same year, both ExxonMobil and Chevron hit new highs in oil production, exacerbating the crisis they publicly claim to be addressing
Global Witness analysis on the occasion of the US majors' annual general meeting today:
- ExxonMobil produced 4.3 million barrels of oil equivalent per day in 2024 – the highest output from the major in over a decade. Chevron posted 3.3 million bpd equivalent in 2024, the highest in company history
- Exxon plans to double Permian Basin output to 2.3 million bpd by 2030. Last year Chevron boosted production in the Permian Basin to 921,000 bpd – up 18% from 2023 – with plans to hit 1 million bpd in 2025
- 2024 marked the 42nd consecutive year that Exxon has grown shareholder returns; 2024 was the 37th year in a row that Chevron grew its dividend payout
Alexander Kirk, fossil fuels campaigner at Global Witness, said:
“Last year saw record temperatures supercharge devastating extreme weather across the world, ruining countless lives and livelihoods.
“ExxonMobil and Chevron, two of the largest fossil fuel companies, also marked 2024 with record or near-record oil production, nearly a decade after the Paris Agreement. This is not a coincidence.
“This is the result of unchecked greed in the fossil fuel industry, clamouring for shareholder value while their products make the only world we have increasingly inhospitable.
“It is beyond time that governments force oil and gas majors to cough up for the damage they've caused, by implementing robust and meaningful taxes on majors' profits and ruinous environmental impacts. We need to see these polluters pay."
Note to editors: All figures are sourced from ExxonMobil's and Chevron's 2024 annual reports unless otherwise stated.
