• Chevron expects 10% free cash flow growth, supporting future dividend increases and share buybacks, reflecting confidence in delivering long-term earnings and cash flow growth.
• Permian Basin production is exceeding expectations, averaging over 870,000 barrels per day in the first half of 2024 due to improved efficiencies and accelerated activity, leading to more production per unit of capital input; full-year production guidance has been raised.
• Major projects like FGP in Kazakhstan, expected to start up in first half of 2025, along with exploration opportunities in the Gulf of Mexico, Eastern Mediterranean, and West Africa, are set to drive future production growth and add value.

• Chevron faced operational issues at its Gorgon and Wheatstone LNG facilities in Q2 2024, including unplanned downtime due to equipment failures and gas leaks, which impacted production and may indicate potential reliability concerns.
• The renewable diesel market is currently oversupplied with declining credit values both at federal and state levels, affecting Chevron's margins in this segment; their Geismar renewable diesel plant expansion may face challenging economics upon start-up.
• Early well results in the Midland Basin were lower versus last year as Chevron tested new zones, which could impact production performance and suggests potential challenges in optimizing development strategies in this area.

1. Capital Allocation Priorities
   Q: How will you prioritize the use of cash given low leverage and rising free cash flow?
   A: Our financial priorities remain consistent: first, growing the dividend, which we've done for 37 years ; second, investing in profitable growth efficiently ; third, maintaining a strong balance sheet—we're currently underleveraged but comfortable modestly relevering within historical ranges ; and finally, returning surplus cash to shareholders through buybacks. These priorities will not change.

2. Permian Production Growth
   Q: Provide more details on the Permian's increased fourth-quarter outlook.
   A: The Permian is performing strongly, averaging over 870,000 barrels per day in the first half of 2024, slightly up from Q4 last year. About 80% of our program is in the Delaware Basin, where performance is up year-on-year due to improved efficiencies like the triple frac technique, reducing costs and cycle times. While some first-half Midland Basin results were below expectations, we're applying learnings and have confidence in delivering strong performance in 2025.

3. Cost Efficiency Gains
   Q: What potential do you see for further cost efficiency gains in the next 2-3 years?
   A: We've reduced unit operating expenses to about $16 per barrel, down 5% from 2022. We're focusing on energy usage reductions, electrifying rigs in the Permian, implementing energy efficiency projects in refineries, and optimizing supplier contracts. We plan further unit cost reductions by leveraging technology and data advancements to improve efficiency and asset productivity.

4. Kazakhstan FGP Progress and OPEC Quotas
   Q: Are there risks of OPEC quotas limiting growth from Kazakhstan's FGP project?
   A: We comply with all country requirements and haven't received any indication from Kazakhstan about curtailments related to OPEC+. Our intent is to produce at full capacity to maximize revenue for both Kazakhstan and Chevron. We'll monitor developments, but currently, we have nothing from the government suggesting limitations.

5. Gulf of Mexico High-Pressure Development
   Q: What challenges have you faced with the new 20,000 PSI development in the Gulf of Mexico?
   A: Operating at this pressure requires larger, heavier equipment with greater wall thickness. We've worked closely with suppliers to develop and qualify technology that meets our standards and regulatory requirements. Through partnerships and proprietary technology, we've delivered the first 20,000 PSI subsea well completion, ensuring safe and reliable operations.

6. Hess Acquisition Arbitration
   Q: Is there a compromise to shorten the arbitration timeline regarding the Hess acquisition?
   A: While a sensible compromise could be a foundation for resolution, we're now in the arbitration process, and that path is being followed. We previously sought an outcome accommodating all parties' interests, but it doesn't appear that will happen. The specifics are confidential, and we can't comment further.

7. Future Exploration Opportunities
   Q: Which exploration areas are you most excited about?
   A: We're enthusiastic about the Gulf of Mexico, the Eastern Mediterranean, and West Africa. In the Gulf, we have significant leaseholds and expertise. In West Africa, particularly Namibia, we're drilling in the Orange Basin in Q4 2024, with completion in early 2025. We're also open to adding more acreage as opportunities arise.

8. Use of Technology for Efficiency
   Q: How are you utilizing technology to improve efficiency?
   A: Breakthroughs in data technology offer opportunities for efficiency and productivity improvements. We're electrifying rigs, optimizing artificial lift, and using proprietary technology for subsurface imaging. These efforts contribute to reducing costs and enhancing performance.

9. Downstream Market Outlook
   Q: What are you seeing in downstream markets post-turnaround?
   A: Product demand is decent globally, with oil demand up 1-2%. New refining capacity is coming online in various regions, and inventories are at or above 5-year levels. Margins are reverting towards mid-cycle, which we anticipated. In renewable fuels, markets are influenced by policy, and we face oversupply currently, but we're committed to this business long-term.

10. Venezuela Operations
    Q: Any comments on your role in Venezuela amidst the political situation?
    A: We're focused on the safety of our employees and asset integrity. We conduct business in compliance with Venezuelan and U.S. laws. Our joint ventures are producing around 200,000 barrels per day, and we're being repaid debt owed. We remain apolitical and aim to support the economy and people without engaging in politics.

[Note: Citations correspond to the document index numbers provided.]