Shear‐wave amplitude variation with offset (AVO) analysis can be used to map changes in density, shear‐wave velocity, and fracturing at reservoir scale by allowing the influence of each factor to be separately extracted from the observed seismic response. Weighted least‐squares inversion of the anisotropic reflection coefficients was implemented to find the shear‐wave splitting coefficient and velocity‐contrast parameters. A time‐lapse nine‐component, 4‐D seismic survey acquired over Vacuum field in Lea County, New Mexico, was used to test our methodology of shear‐wave AVO analysis and to compare the results with well production and azimuthal P‐wave AVO analysis. Weighted least‐squares shear‐wave AVO stacks of the splitting parameter were found to be excellent predictors of well fluid‐production performance, implying a strong link between seismically inferred fracturing and reservoir‐scale permeability of the San Andres dolomites at Vacuum field. Analysis of the shear‐wave velocity contrast indicated the presence of a second set of open fractures to the south of a carbon dioxide injector well where a 4‐D anomaly associated with injection had been observed.