Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A Expenses [USD, Millions]

R&D Expenses [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

b29efd8ec9dd3671657a8ee5a105d8fbf942bd46de0eba47969e6010e052944f

Chevron Corporation is a global energy company that manages investments in subsidiaries and affiliates engaged in integrated energy and chemicals operations. The company is involved in exploring, developing, producing, and transporting crude oil and natural gas, as well as refining crude oil into petroleum products and manufacturing renewable fuels **[0001193125-24-110233_d576159ds4a.htm:345]** **[0000093410-24-000059_cvx-20240930.htm:16]** **[0000093410-24-000013_cvx-20231231.htm:134]**. Chevron's business activities are divided into two main segments: Upstream and Downstream, with the upstream segment being the primary contributor to its earnings **[0001193125-24-046223_d576159ds4.htm:386]** **[0001193125-24-110233_d576159ds4a.htm:397]**.

1. **Upstream** - Focuses on exploring, developing, producing, and transporting crude oil and natural gas. Includes activities related to liquefaction, transportation, and regasification associated with liquefied natural gas (LNG), and carbon capture and storage.
2. **Downstream** - Involves refining crude oil into petroleum products, marketing crude oil, refined products, and lubricants. Also includes manufacturing and marketing renewable fuels, and transporting crude oil and refined products by various means, including pipeline and marine vessels.

8598dc7cdebb90c96e99652f817c5808e9f8e24a29bfe445ccde4e9a26a82432

| Metric / Period | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Net Crude Oil & NGL Production** | U.S.: 895  **[0000093410-23-000003_a12312022ex9918-k.htm:3]** , Intl: 852  **[0000093410-23-000003_a12312022ex9918-k.htm:3]**  | U.S.: 877  **[0000093410-23-000066_cvx-20230331.htm:30]** , Intl: 849  **[0000093410-23-000066_cvx-20230331.htm:30]**  | U.S.: 916  **[0000093410-23-000079_cvx-20230630.htm:44]** , Intl: 827  **[0000093410-23-000079_cvx-20230630.htm:44]**  | U.S.: 1,028  **[0000093410-23-000088_cvx-20230930.htm:43]** **[0000093410-23-000088_cvx-20230930.htm:37]** , Intl: 803  **[0000093410-23-000088_cvx-20230930.htm:43]** **[0000093410-23-000088_cvx-20230930.htm:37]**  | U.S.: 1,164  **[0000093410-24-000006_a12312023ex9918-k.htm:2]** , Intl: 851  **[0000093410-24-000006_a12312023ex9918-k.htm:2]**  | U.S.: 1,130  **[0000093410-24-000021_cvx-20240331.htm:43]** , Intl: 838  **[0000093410-24-000021_cvx-20240331.htm:43]**  | U.S.: 1,132  **[0000093410-24-000040_cvx-20240630.htm:49]** , Intl: 823  **[0000093410-24-000040_cvx-20240630.htm:49]**  | U.S.: 1,156  **[0000093410-24-000059_cvx-20240930.htm:51]** , Intl: 834  **[0000093410-24-000059_cvx-20240930.htm:51]**  |
| **Net Natural Gas Production** | U.S.: 1,790  **[0000093410-23-000003_a12312022ex9918-k.htm:3]** , Intl: 5,800  **[0000093410-23-000003_a12312022ex9918-k.htm:3]**  | U.S.: 1,742  **[0000093410-23-000066_cvx-20230331.htm:30]** , Intl: 5,775  **[0000093410-23-000066_cvx-20230331.htm:30]**  | 5,480  **[0000093410-23-000079_cvx-20230630.htm:38]**  | U.S.: 2,275  **[0000093410-23-000085_a09302023ex9918-k.htm:2]** , Intl: 5,616  **[0000093410-23-000085_a09302023ex9918-k.htm:2]**  | U.S.: 2,604  **[0000093410-24-000006_a12312023ex9918-k.htm:2]** , Intl: 5,661  **[0000093410-24-000006_a12312023ex9918-k.htm:2]**  | U.S.: 2,657  **[0000093410-24-000017_a03312024ex9918-k.htm:2]** **[0000093410-24-000021_cvx-20240331.htm:43]** , Intl: 5,610  **[0000093410-24-000017_a03312024ex9918-k.htm:2]** **[0000093410-24-000021_cvx-20240331.htm:43]**  | U.S.: 2,643  **[0000093410-24-000035_a06302024ex9918-k.htm:2]** **[0000093410-24-000040_cvx-20240630.htm:43]** , Intl: 5,378  **[0000093410-24-000035_a06302024ex9918-k.htm:2]** **[0000093410-24-000040_cvx-20240630.htm:43]**  | U.S.: 2,694  **[0000093410-24-000059_cvx-20240930.htm:51]** **[0000093410-24-000055_a09302024ex9918-k.htm:2]** , Intl: 5,550  **[0000093410-24-000059_cvx-20240930.htm:51]** **[0000093410-24-000055_a09302024ex9918-k.htm:2]**  |
| **Net Oil-Equivalent Production** | 3,010  **[0000093410-23-000003_a12312022ex9918-k.htm:3]**  | 2,980  **[0000093410-23-000066_cvx-20230331.htm:28]**  | 2,959  **[0000950142-23-002083_eh230384172_ex9901.htm:0]** **[0000093410-23-000076_a06302023ex9918-k.htm:0]**  | 3,146  **[0000093410-23-000085_a09302023ex9918-k.htm:0]**  | 3,392  **[0000093410-24-000006_a12312023ex9918-k.htm:2]**  | 3,346  **[0000093410-24-000017_a03312024ex9918-k.htm:0]**  | 3,292  **[0000093410-24-000035_a06302024ex9918-k.htm:0]**  | 3,364  **[0000093410-24-000055_a09302024ex9918-k.htm:0]**  |
| **Total Refined Product Sales** | 2,680  **[0000093410-23-000003_a12312022ex9918-k.htm:4]**  | 2,712  **[0000093410-23-000063_a03312023ex9918-k.htm:2]**  | 2,750  **[0000093410-23-000079_cvx-20230630.htm:39]**  | 2,734  **[0000093410-23-000085_a09302023ex9918-k.htm:2]** **[0000093410-23-000088_cvx-20230930.htm:38]**  | 2,735  **[0000093410-24-000006_a12312023ex9918-k.htm:2]**  | 2,678  **[0000093410-24-000017_a03312024ex9918-k.htm:2]** **[0000093410-24-000021_cvx-20240331.htm:43]**  | 2,812  **[0000093410-24-000035_a06302024ex9918-k.htm:2]** **[0000093410-24-000040_cvx-20240630.htm:49]**  | 2,819  **[0000093410-24-000059_cvx-20240930.htm:51]** **[0000093410-24-000055_a09302024ex9918-k.htm:2]**  |
| **Refinery Crude Unit Inputs** | U.S.: 888  **[0000093410-23-000003_a12312022ex9918-k.htm:4]** , Intl: 653  **[0000093410-23-000003_a12312022ex9918-k.htm:4]**  | U.S.: 890  **[0000093410-23-000063_a03312023ex9918-k.htm:2]** , Intl: 628  **[0000093410-23-000063_a03312023ex9918-k.htm:2]**  | U.S.: 962  **[0000093410-23-000076_a06302023ex9918-k.htm:2]** , Intl: 623  **[0000093410-23-000076_a06302023ex9918-k.htm:2]**  | U.S.: 961  **[0000093410-23-000085_a09302023ex9918-k.htm:2]** , Intl: 625  **[0000093410-23-000085_a09302023ex9918-k.htm:2]**  | U.S.: 923  **[0000093410-24-000006_a12312023ex9918-k.htm:2]** , Intl: 629  **[0000093410-24-000006_a12312023ex9918-k.htm:2]**  | U.S.: 878  **[0000093410-24-000017_a03312024ex9918-k.htm:2]** , Intl: 651  **[0000093410-24-000017_a03312024ex9918-k.htm:2]**  | U.S.: 900  **[0000093410-24-000035_a06302024ex9918-k.htm:2]** , Intl: 650  **[0000093410-24-000035_a06302024ex9918-k.htm:2]**  | U.S.: 995  **[0000093410-24-000055_a09302024ex9918-k.htm:2]** , Intl: 628  **[0000093410-24-000055_a09302024ex9918-k.htm:2]**  |

5a78fbb3b86f3ce9aabbbb1f24d7af2a6e3b82aa4a8810fca05f8b29cf0be9fa

| Metric [USD Million] | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States        | **124,277**  **[0001193125-24-046223_d576159ds4.htm:447]**  | **33,176**  **[0000093410-23-000088_cvx-20230930.htm:18]**  | **29,166**  **[0000093410-23-000079_cvx-20230630.htm:18]**  | **29,121**  **[0000093410-23-000066_cvx-20230331.htm:13]**  | N/A     | N/A     | N/A     | N/A     |
| International        | **121,865**  **[0001193125-24-046223_d576159ds4.htm:447]**  | **31,662**  **[0000093410-23-000088_cvx-20230930.htm:18]**  | **29,242**  **[0000093410-23-000079_cvx-20230630.htm:18]**  | **30,302**  **[0000093410-23-000066_cvx-20230331.htm:13]**  | N/A     | N/A     | N/A     | N/A     |

f59958f5751d8c5a7e48803f99b51c36d79b07bc9beaed9851d09f00511cf707

d05b9b2af1bfec20244f4e623097c87af63d5ac320994b45870f6a9dec297666

d40be73fecbad03953a01e5209d1e4ce84f1b3e62995a6bc0697f689c5c81ac1

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

a11efd2ccb4f87a3723d0e3b18cec540c2e942e56e9e96acf3cba7bbf6a52ad5

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Upstream**         | N/A     | **12,311**  **[0000093410-23-000066_cvx-20230331.htm:13]**  | **10,145**  **[0000093410-23-000079_cvx-20230630.htm:18]**  | **10,858**  **[0000093410-23-000088_cvx-20230930.htm:18]**  | **45,742**  **[0000093410-24-000013_cvx-20231231.htm:135]**  | **11,436**  **[0000093410-24-000021_cvx-20240331.htm:15]**  | **10,546**  **[0000093410-24-000040_cvx-20240630.htm:18]**  | **11,883**  **[0000093410-24-000059_cvx-20240930.htm:18]**  |
| **Downstream**       | N/A     | **36,501**  **[0000093410-23-000066_cvx-20230331.htm:13]**  | **37,035**  **[0000093410-23-000079_cvx-20230630.htm:18]**  | **41,032**  **[0000093410-23-000088_cvx-20230930.htm:18]**  | **151,038**  **[0000093410-24-000013_cvx-20231231.htm:135]**  | **35,117**  **[0000093410-24-000021_cvx-20240331.htm:15]**  | **38,995**  **[0000093410-24-000040_cvx-20240630.htm:18]**  | **37,016**  **[0000093410-24-000059_cvx-20240930.htm:18]**  |
| **All Other**        | N/A     | **30**  **[0000093410-23-000066_cvx-20230331.htm:13]**      | **36**  **[0000093410-23-000079_cvx-20230630.htm:18]**      | **32**  **[0000093410-23-000088_cvx-20230930.htm:18]**      | **133**  **[0000093410-24-000013_cvx-20231231.htm:135]**      | **27**  **[0000093410-24-000021_cvx-20240331.htm:15]**      | **33**  **[0000093410-24-000040_cvx-20240630.htm:18]**      | **27**  **[0000093410-24-000059_cvx-20240930.htm:18]**      |

e66f492e58ab367464e69a161a23385dbbda111a025d45ced595b385cee4d08d

1. With net debt ticking up in Q3 and considering the volatile commodity markets, how do you plan to balance continued shareholder returns with maintaining a strong balance sheet, especially if commodity prices decline over the next few years?  **[CVX_3405478_8]** 

2. Given the advancements in ultra-high pressure and temperature technology in the Gulf of Mexico, can you quantify the potential upside to your longer-term production and resource opportunities, and how might this impact your production targets?  **[CVX_3405478_10]** 

3. In light of the challenging regulatory environment in California leading to refinery closures, have you considered shutting down capacity in the state, and how do you anticipate these developments will affect your downstream profitability and operations in the region?  **[CVX_3405478_14]** 

4. As major capital projects conclude, such as those in Kazakhstan, do you anticipate a significant decrease in capital expenditures over the next 2-3 years, and how will this influence your growth strategy and free cash flow generation?  **[CVX_3405478_13]** 

5. With complex commissioning work still ahead for the TCO start-up and recognizing the risks involved, can you provide specific milestones that will indicate when the project is largely de-risked, and when investors can expect reliable production ramp-up?  **[CVX_3405478_3]** 

96c8baa74b7c568ae7f82896e66fb2eaca31c35202872369e1df38dda089087b

**Net Crude Oil & NGL Production**

**Net Natural Gas Production**

**Net Oil-Equivalent Production**

**Refinery Crude Unit Inputs**

c97650962f7a1c4f3e569601322eb4cfe45c9a8cb26578e29947f14ffcd48461

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024
- **Guidance**:
  1. **Share Repurchases**: $4 billion to $4.75 billion  **[CVX_3405478_2]** .
  2. **Production Growth**: Full-year average expected at the top end of 4% to 7%  **[CVX_3405478_2]** .
  3. **Affiliate Dividends**: Around $1 billion  **[CVX_3405478_2]** .
  4. **Proceeds from Asset Sales**: About $8 billion before taxes  **[CVX_3405478_2]** .
  5. **Capital Expenditure (CapEx)**: $14 billion to $16 billion  **[CVX_3405478_13]** .
  6. **Structural Cost Reductions**: $2 billion to $3 billion by the end of 2026  **[CVX_3405478_2]** .
  7. **Permian Basin Production**: 1 million barrels per day next year  **[CVX_3405478_4]** .
  8. **Eastern Mediterranean Projects**: Completion expected late next year  **[CVX_3405478_17]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q4 2024 and FY 2024
- **Guidance**:
  1. **Production Growth**: Full-year about 15%; Q4 average around 940,000 barrels per day  **[CVX_3396199_1]** .
  2. **Capital Expenditures (CapEx)**: Organic CapEx at $3.9 billion for the quarter; targeting close to $5 billion  **[CVX_3396199_3]** **[CVX_3396199_18]** .
  3. **Maintenance and Turnarounds**: Heavier-than-usual maintenance in Q3  **[CVX_3396199_3]** .
  4. **Working Capital**: About half to unwind in the second half, primarily in Q4  **[CVX_3396199_3]** .
  5. **Share Repurchases**: $17.5 billion annual guidance rate  **[CVX_3396199_3]** .
  6. **Affiliate Dividends**: Around $1 billion in Q3  **[CVX_3396199_3]** .
  7. **Asset Sales**: Aligned with full-year guidance  **[CVX_3396199_3]** .
  8. **Free Cash Flow Growth**: 10% growth expected  **[CVX_3396199_12]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  1. **Capital Spend**: Long-term around $16 billion; current year $15.5 billion to $16.5 billion  **[CVX_3381138_18]** .
  2. **New Energies Investment**: $10 billion from 2022-2028  **[CVX_3381138_18]** .
  3. **Production**: Worldwide up over 12%; U.S. up 35%  **[CVX_3381138_2]** .
  4. **Share Repurchases**: $17.5 billion annual rate post-Hess vote  **[CVX_3381138_2]** .
  5. **Free Cash Flow from TCO**: $4 billion in 2025; $5 billion in 2026  **[CVX_3381138_3]** .
  6. **Affiliate Dividends**: $1 billion to $1.5 billion in Q2  **[CVX_3381138_3]** .
  7. **Permian Basin Production**: Exit year around 900,000 barrels a day  **[CVX_3381138_6]** .
  8. **Cash Balance**: Targeting $5 billion  **[CVX_3381138_7]** .
  9. **Divestment Program**: 1% to 2% of capital employed  **[CVX_3381138_10]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Production Growth**: 4% to 7% increase  **[CVX_3371762_3]** .
  2. **Capital Expenditures (CapEx)**: Unchanged from December budget  **[CVX_3371762_3]** .
  3. **Affiliate Dividends**: Estimated around $4 billion  **[CVX_3371762_3]** **[CVX_3362542_9]** .
  4. **Share Repurchases**: $17.5 billion annual rate post-Hess vote  **[CVX_3381138_2]** .
  5. **Permian Basin Production**: Full-year around 770,000 to 780,000 barrels per day  **[CVX_3362542_10]** .
  6. **TCO Project**: First phase startup in Q2  **[CVX_3371762_1]** .
  7. **Dividend Growth**: 8% increase  **[CVX_3371762_3]** .

f971d1169cce415c8c3c58fcadd6e1b9d638415dfbd44667c309844b0d8d22ca

Upstream

- United States

- International

Downstream

All Other

Total Revenue

08207803c83abd87d40b0257635de428e4f445236e57da9cb06a7ec1f7d35ce6

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

05638d16d5632e286fb4fb6e598f0c7faa4cb5ebf380b05032dd953b7230d62c

| Name               | Position                                      | Start Date       | Short Bio                                                                                                                                                                                                 |
|--------------------|-----------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Michael K. Wirth   | Chairman of the Board and CEO                 | February 2018    | Michael K. Wirth is the Chairman of the Board and Chief Executive Officer of Chevron Corporation. He joined Chevron as a design engineer in 1982 and has held various senior management and executive positions  **[0000093410-24-000013_cvx-20231231.htm:68]** **[0001193125-24-046223_d576159ds4.htm:524]** .                        |
| Pierre R. Breber   | Vice President and CFO                        | April 2019       | Pierre R. Breber has been serving as the Vice President and Chief Financial Officer of Chevron Corporation since April 2019. He will be succeeded by Eimear P. Bonner on March 1, 2024  **[0000093410-24-000013_cvx-20231231.htm:68]** **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-080599_d576159ds4a.htm:391]** **[0001193125-24-110233_d576159ds4a.htm:392]** .                                          |
| Mark A. Nelson     | Vice Chairman                                 | February 2023    | Mark A. Nelson is the Vice Chairman at Chevron Corporation. He has held various executive roles, including Executive Vice President of Strategy, Policy & Development  **[0001193125-24-080599_d576159ds4a.htm:391]** **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-110233_d576159ds4a.htm:392]** **[0000093410-24-000013_cvx-20231231.htm:68]** .                                                          |
| A. Nigel Hearne    | Executive Vice President, Oil, Products & Gas | October 2022     | A. Nigel Hearne is the Executive Vice President, Oil, Products & Gas at Chevron Corporation. He previously served as President of Chevron Eurasia Pacific Exploration & Production  **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-080599_d576159ds4a.htm:391]** **[0000093410-24-000013_cvx-20231231.htm:68]** **[0001193125-24-110233_d576159ds4a.htm:392]** .                                              |
| Eimear P. Bonner   | Vice President and CFO (effective)            | March 1, 2024    | Eimear P. Bonner has been serving as Vice President at Chevron since August 2021 and will assume the position of Vice President and Chief Financial Officer effective March 1, 2024  **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-080599_d576159ds4a.htm:391]** **[0001193125-24-110233_d576159ds4a.htm:392]** **[0000093410-24-000013_cvx-20231231.htm:68]** .                                             |
| Jeff B. Gustavson  | Vice President, Lower Carbon Energies         | August 2021      | Jeff B. Gustavson is the Vice President of Lower Carbon Energies at Chevron Corporation. His primary area of responsibility is Lower Carbon Solutions  **[0001193125-24-080599_d576159ds4a.htm:391]** **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-110233_d576159ds4a.htm:392]** **[0000093410-24-000013_cvx-20231231.htm:68]** .                                                                           |
| Balaji Krishnamurthy| Vice President                                | October 2022     | Balaji Krishnamurthy is a Vice President at Chevron Corporation. He has held various roles, including Vice President of Strategy & Sustainability  **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-080599_d576159ds4a.htm:391]** **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-110233_d576159ds4a.htm:392]** **[0000093410-24-000013_cvx-20231231.htm:68]** .                                                                               |
| Rhonda J. Morris   | Vice President and Chief Human Resources Officer | February 2019 | Rhonda J. Morris is the Vice President and Chief Human Resources Officer at Chevron Corporation. Her primary areas of responsibility include Human Resources, Diversity, and Inclusion  **[0001193125-24-080599_d576159ds4a.htm:391]** **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-110233_d576159ds4a.htm:392]** **[0000093410-24-000013_cvx-20231231.htm:68]** **[0000093410-23-000009_cvx-20221231.htm:62]** .                                      |
| R. Hewitt Pate     | Vice President and General Counsel            | August 2009      | R. Hewitt Pate is the Vice President and General Counsel at Chevron Corporation. His primary areas of responsibility include Law, Governance, and Compliance  **[0001193125-24-093570_d576159ds4a.htm:391]** **[0001193125-24-080599_d576159ds4a.htm:391]** **[0001193125-24-046223_d576159ds4.htm:381]** **[0001193125-24-110233_d576159ds4a.htm:392]** **[0000093410-24-000013_cvx-20231231.htm:68]** .                                                                   |

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**Quarterly guidance for Q4 2024:**
- **Share Repurchases**: $4 billion to $4.75 billion  **[CVX_3405478_2]** (no prior guidance)  
- **Affiliate Dividends**: $1 billion  **[CVX_3405478_2]** (no prior guidance)  
- **Proceeds from Asset Sales**: $8 billion before taxes  **[CVX_3405478_2]** (no prior guidance)

**Annual guidance for FY 2024:**
- **Production Growth**: Full-year average expected at the top end of 4% to 7%  **[CVX_3405478_2]** (lowered from about 15%  **[CVX_3396199_1]** )  
- **Capital Expenditure (CapEx)**: $14 billion to $16 billion  **[CVX_3405478_13]** (no prior guidance)  
- **Structural Cost Reductions**: $2 billion to $3 billion by the end of 2026  **[CVX_3405478_2]** (no prior guidance)  
- **Permian Basin Production**: 1 million barrels per day next year  **[CVX_3405478_4]** (no prior guidance)  
- **Eastern Mediterranean Projects**: Completion expected late next year  **[CVX_3405478_17]** (no prior guidance)  

190fffed585ce9eaca170ae40052fb9d582928c64125ad347d395cd7e6ed0c0a

| Program Details         | Program 1       |
|-------------------------|-----------------|
| Approval Date           | January 25, 2023  **[0000093410-24-000059_cvx-20240930.htm:53]**  |
| End Date/Duration       | No fixed expiration date  **[0000093410-24-000059_cvx-20240930.htm:53]**  |
| Total additional amount | **$75 billion**  **[0000093410-24-000059_cvx-20240930.htm:53]**  |
| Remaining authorization | **$53.1 billion** as of September 30, 2024  **[0000093410-24-000059_cvx-20240930.htm:53]**  |
| Details                 | The program took effect on April 1, 2023. It aims to return capital to shareholders, improve financial metrics, and signal management's confidence in the company's future prospects.  **[0000093410-24-000059_cvx-20240930.htm:53]** **[0000093410-23-000009_cvx-20221231.htm:83]** **[0000093410-23-000066_cvx-20230331.htm:36]** **[0000093410-24-000040_cvx-20240630.htm:51]** **[0000093410-23-000079_cvx-20230630.htm:46]** **[0000093410-24-000021_cvx-20240331.htm:45]** **[0000093410-22-000075_cvx-20220930.htm:46]** **[0000093410-23-000088_cvx-20230930.htm:46]** **[0000093410-22-000066_cvx-20220630.htm:45]** **[0000093410-24-000013_cvx-20231231.htm:92]**  |

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United States

- Upstream

- Downstream

- All Other

International

Intersegment Elimination US

Intersegment Elimination Int

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8d50da1894e23bd575cd15e746dc68295d3f800ddc6bf930e184b4b2229fdfd5

- Total Revenue: $57,712 million (+18% YoY) [6 vs. 4]  
- Operating Income (EBIT): $6,059 million (+73% YoY) [6 vs. 4]  
- Net Income: $3,239 million (+43% YoY) [6 vs. 4]  
- EPS (Diluted): $1.84 (+51% YoY) [6 vs. 4]  
- Share Repurchases: $4,600 million (up from -$3,397 million YoY) [17 vs. 10]  

482de22b3a3d1bae389f68500f197f39b2b7d4bfa9d9d9cef3e203e315151d3c

| Name                        | Start Date | End Date | Reason for Change |
|-----------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP | 1935  **[0000093410-24-000013_cvx-20231231.htm:112]**    | Present  | Current auditor   |

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- Total Revenue: $48,926 million (−6% YoY)  **[0000093410-23-000088_cvx-20230930.htm:18]** **[0000093410-24-000059_cvx-20240930.htm:48]**   
- Upstream Segment: $22,060 million (**+103%** YoY)  **[0000093410-23-000088_cvx-20230930.htm:18]** **[0000093410-24-000059_cvx-20240930.htm:18]**   
- Operating Income (EBIT): $6,489 million (−26% YoY)  **[0000093410-23-000088_cvx-20230930.htm:6]** **[0000093410-24-000059_cvx-20240930.htm:6]**   
- Net Income: $4,487 million (**−31%** YoY)  **[0000093410-23-000088_cvx-20230930.htm:6]** **[0000093410-24-000059_cvx-20240930.htm:6]**   
- EPS (Diluted): $2.48 (−29% YoY)  **[0000093410-23-000088_cvx-20230930.htm:6]** **[0000093410-24-000059_cvx-20240930.htm:6]**   
- US Region: $31,035 million (−6% YoY)  **[0000093410-23-000088_cvx-20230930.htm:18]** **[0000093410-24-000059_cvx-20240930.htm:18]**   

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- **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.  **[CVX_3396199_12]**
- **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.  **[CVX_3396199_18]** **[CVX_3396199_10]**
- **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.  **[CVX_3396199_8]** **[CVX_3396199_14]**

aab76828adeb4ede930546c33095f748e458163bc47e88f1addc08e5777085e9

- **Regulatory challenges in California could negatively impact Chevron's downstream operations and future investments.** Michael Wirth stated that it's "very tough to justify any new investments in that system, and it's only getting tougher" due to ill-conceived state policies ( **[CVX_3405478_14]** ).
- **Potential oversupply in the LNG market may lead to lower margins for Chevron.** Michael Wirth mentioned that "it doesn't look like 2025 is setting up to be a particularly tight market" because of healthy inventories and new supply coming online, affecting LNG prices ( **[CVX_3405478_15]** ).
- **The Tengizchevroil (TCO) project still faces significant complex commissioning work, posing risks of delays or overruns.** Michael Wirth acknowledged that "there is still significant complex commissioning work still ahead," and there's no "magic threshold" where the project is entirely de-risked ( **[CVX_3405478_3]** ).

f8574fae954f47bff1b2d9687fa864d8e9f2dd7b53a01d17b6b9ed1d9bdf124e

1. **Hess Acquisition Uncertainty**  
   **Q:** Why not close the Hess deal now if confident in legal position?  
   **A:** Chevron is proceeding with the Hess acquisition as per the deal structure, which includes conditions precedent like concluding any arbitration. Integration planning is going well, but they will execute the transaction as written. They acknowledge the timing is unfortunate but are confident in their legal position.  **[CVX_3405478_5]** 

2. **$2–3 Billion Cost Savings Plan**  
   **Q:** How will you achieve the $2–3 billion cost savings?  
   **A:** The cost savings program includes portfolio actions like asset sales (e.g., Canada, Alaska, Congo) and improvement initiatives across the organization. The first $2 billion comes from firm plans, while the additional $1 billion is an aspirational target from ongoing initiatives. Savings will be realized over the next few years, with full benefits by 2027.  **[CVX_3405478_7]** 

3. **Future CapEx Plans**  
   **Q:** Is CapEx expected to decline materially in coming years?  
   **A:** Chevron's CapEx has already reduced from **$40 billion a decade ago to around $18.5 billion** today. As major projects like TCO conclude, affiliate CapEx will come down next year. They plan to stay disciplined, with an unchanged guidance range of **$14–16 billion**, and will provide more details after completing their business plan.  **[CVX_3405478_13]** 

4. **Sale of Canadian Assets**  
   **Q:** Why sell Canadian assets if adding long-cycle resources like Hess?  
   **A:** The sale of the Canadian assets was opportunistic; the buyer made an attractive offer for both the Duvernay and AOSP assets. While Chevron values long-cycle assets, they continually high-grade their portfolio and were willing to divest non-core assets at fair value.  **[CVX_3405478_6]** 

5. **Permian Basin Outlook**  
   **Q:** Can you discuss Permian growth and future focus?  
   **A:** Chevron's Permian production remains strong, with new wells outperforming expectations. As they approach **1 million barrels per day next year**, the focus will shift from growth (which has been around **15% CAGR**) to maximizing free cash flow. Capital spending in the Permian is expected to decrease, emphasizing efficiency and productivity gains.  **[CVX_3405478_4]** 

6. **Balance Sheet and Shareholder Returns**  
   **Q:** How does the balance sheet support shareholder returns amid volatility?  
   **A:** Chevron maintains a strong balance sheet with net debt under **12%**. They are comfortable using the balance sheet to support shareholder returns, including a share repurchase run rate of **$17.5 billion**. Their financial priorities focus on sustaining and increasing the dividend, reinvesting in organic projects, maintaining a strong balance sheet, and returning excess cash to shareholders.  **[CVX_3405478_8]** 

7. **TCO Startup Progress**  
   **Q:** Is TCO startup largely de-risked now?  
   **A:** Chevron is making great progress at TCO, delivering predictable commissioning and startup activities. While significant complex commissioning work remains, every quarter reduces risk. Key milestones have been achieved, and they're on track to begin startup procedures in the first quarter, with cost and schedule guidance unchanged.  **[CVX_3405478_3]** 

8. **California Downstream Operations Impact**  
   **Q:** How are California policies affecting your refineries?  
   **A:** Chevron criticized California's policies, stating they discourage investment and constrain supply, potentially leading to higher prices. While their California refineries are competitive and have operated for over a century, Chevron will continue to evaluate options but noted it's tough to justify new investments in that system.  **[CVX_3405478_14]** 

9. **Gulf of Mexico Opportunities**  
   **Q:** How is technology unlocking new resources in the Gulf?  
   **A:** Advancements like the **20,000 psi technology** at the Anchor project open up opportunities in ultra-high-pressure fields. About **20%** of Chevron's exploration portfolio requires such capabilities. They're also using ocean bottom node seismic and AI tools to improve exploration and development, indicating significant remaining potential in the Gulf of Mexico.  **[CVX_3405478_10]** 

10. **Eastern Mediterranean Operations**  
    **Q:** How are current events affecting operations in the East Med?  
    **A:** Safety is the first priority. Expansion projects at Tamar and Leviathan have faced delays due to contractor demobilization amid regional risks. Despite this, Chevron expects to complete these projects late next year and is meeting all supply commitments to customers.  **[CVX_3405478_17]** 

11. **Turnaround Performance Improvements**  
    **Q:** Are turnaround successes at TCO and Gorgon repeatable?  
    **A:** The improved turnaround performance is due to process enhancements, rigorous scope management, use of digital tools, benchmarking, and expertise sharing. For example, the Gorgon Train 2 turnaround was a **14% improvement** in duration, and **8 out of 9** turnarounds met first quartile duration targets, indicating repeatable success.  **[CVX_3405478_11]** 

12. **LNG Market Outlook**  
    **Q:** What is the LNG market outlook and your exposure?  
    **A:** LNG demand is growing, but high inventories suggest that **2025 may not be tight**. Chevron's LNG portfolio is over **80% contracted**, primarily on oil-indexed pricing with long-term contracts to North Asia. They have less than **20%** spot exposure, mainly from West Africa.  **[CVX_3405478_15]** 

13. **DJ Basin Potential**  
    **Q:** Are there opportunities for scale in the DJ Basin?  
    **A:** Chevron is pleased with the DJ Basin's performance and integration of acquisitions. They have become the largest operator there, with production expected to remain at **400,000 barrels a day through the end of the decade**. While further acquisitions aren't a priority, they focus on driving value from the asset.  **[CVX_3405478_9]** 

14. **Chemicals Business Performance**  
    **Q:** What's driving the improvement in the chemicals business?  
    **A:** Polyethylene chain margins have strengthened over the year due to supply disruptions and steady demand growth. Chevron Phillips Chemical (CPChem) benefits from competitive ethane-based feedstocks. Despite previous market oversupply, margins are improving, and long-term fundamentals are viewed positively.  **[CVX_3405478_16]** 

15. **Cost Reductions and Relocation**  
    **Q:** Does relocating to Texas affect cost reductions?  
    **A:** The relocation is not seen as a threat to cost reductions. Chevron is thoughtfully migrating work over time, utilizing technology, and considering different locations, including global capability centers. The goal is to improve efficiency without disrupting operations.  **[CVX_3405478_12]** 

16. **Permian Non-Operated Interests**  
    **Q:** Is there a two-speed system in Permian operations?  
    **A:** Chevron has seen strength across all three components of their Permian business: operated, joint venture, and royalty interests. While performance varies, there's no significant variation to suggest a two-speed system among operators in the basin.  **[CVX_3405478_18]** 

6d3994a17b6df34951a924039c4aae32757a1777f45ae260836d3e92a21863a2

- The **CEO could not provide specific data comparing current cost structure to pre-pandemic levels**, making it difficult to assess cost management and **indicating possible challenges in controlling costs**.  **[CVX_3371762_10]**
- **Midstream infrastructure issues in the Permian Basin**, such as weather-related problems, regulatory items, and gas processing constraints, could **adversely affect future production growth**.  **[CVX_3371762_12]**
- The company has been **hitting the low end of production guidance in recent years**, and upcoming **asset sales may offset production growth**, raising concerns about their ability to meet growth targets.  **[CVX_3371762_17]** **[CVX_3371762_19]**

a45a993703eecec94c59b7aa9630cb8f96594080899384c25a2eed8e4769ceb0

- **Chevron is increasing its oil production with high-margin barrels, benefiting from recent acquisitions like Hess and expecting to add towards half a million barrels in the next 2 to 3 years, while maintaining a low breakeven price in the low $50s per barrel.**  **[CVX_3371762_17]**
- **The company continues to return significant cash to shareholders, with record share buybacks of almost $15 billion last year (about 5% of shares outstanding), and an 8% increase in dividends, more than twice their nearest peer and greater than the S&P 500.**  **[CVX_3371762_17]** **[CVX_3371762_20]**
- **Chevron is achieving operational efficiencies in key assets like the Permian Basin, improving drilling and completion times, and expects to reach 1 million barrels per day in the Permian by 2025 without significantly increasing capital spending.**  **[CVX_3371762_5]** **[CVX_3371762_9]**

d619f74ec51cbd13f60f9a7ba2c7fbc6822489bc903de3de84dfdd027cffea7e

- **Uncertainty around the Hess acquisition due to arbitration timing**: The specific scheduling and timeline for the arbitration tribunal regarding the Hess acquisition have not been established, potentially delaying the transaction closure.  **[CVX_3381138_17]**
- **Challenging regulatory environment in California hindering future investments**: Chevron acknowledges that the policy environment in California is not favorable for new investments, which could impact operations and growth in the West Coast refining market.  **[CVX_3381138_16]**
- **Reliance on government policies for renewable energy projects may impact returns**: Chevron's renewable energy investments, such as biofuels and green hydrogen projects, are heavily influenced by government policies like the Renewable Fuel Standard and the Inflation Reduction Act, making them different from traditional businesses and potentially affecting returns.  **[CVX_3381138_15]**

170c0407dcc86290807d6992152dca429d5f4ca887dc792910642921b26b3aa5

- **Strong performance in the Permian Basin**, with production at **859,000 barrels per day** in the first quarter, better than expected, and an expected exit rate of **900,000 barrels per day** by year-end.  **[CVX_3381138_6]**
- **Successful integration of PDC Energy**, capturing **$500 million** in capital expenditure synergies, **$100 million more** than initial guidance, and ahead of pace for the incremental **$1 billion** in annual free cash flow.  **[CVX_3381138_13]**
- **Significant future cash flow from Tengizchevroil (TCO)**, expecting **$4 billion** of free cash flow in **2025** and **$5 billion** in **2026** at **$60 Brent**, as the WPMP and FGP projects progress on schedule.  **[CVX_3381138_3]**

73e6a11a672566111017d3a97e525febc3523ce2c4e77dafdef327197be61612

1. **Tengiz Project Impact**  
   **Q:** What are the incremental benefits from the WPMP start-up at Tengiz?  
   **A:** Chevron is pleased with the progress at Tengiz, with the initial start-up of WPMP increasing production reliability and plant capacity.  **[CVX_3381138_3]**  The first PBF compressor is online, processing crude after converting the first metering station, leading to strong well performance.  **[CVX_3381138_3]**  This enhances confidence in keeping the plants full throughout the year, despite upcoming turnarounds.  **[CVX_3381138_3]**  Financially, as the project starts up, CapEx is expected to decline, boosting free cash flow to **$4 billion in 2025 and $5 billion in 2026** at $60 Brent.  **[CVX_3381138_3]**  This will flow to Chevron through dividends and loan repayments from TCO.  **[CVX_3381138_3]** 

2. **Permian Performance**  
   **Q:** What drove the better-than-expected performance in the Permian, and what's the outlook?  
   **A:** First-quarter Permian production was **859,000 barrels per day**, down just 1% from Q4 but stronger than anticipated.  **[CVX_3381138_6]**  Factors included strong company-operated performance, improved reliability reducing base decline, shorter frac-to-POP times increasing well count, and better royalty production.  **[CVX_3381138_6]**  Chevron expects to exit the year around **900,000 barrels per day** with confidence from adding another frac spread and more wells online.  **[CVX_3381138_6]**  The company is not facing takeaway capacity constraints due to secured capacity.  **[CVX_3381138_8]** 

3. **Divestment Program**  
   **Q:** What's the expected cadence for divestments given the Hess deal is on hold?  
   **A:** Chevron historically divests about **$2 billion per year**, aligning with past guidance.  **[CVX_3381138_10]**  The planned $10–$15 billion in divestments upon closing the Hess transaction still stands but is pending closure.  **[CVX_3381138_10]**  Current divestments, independent of the Hess deal, include exits from Myanmar, Congo, Canadian unconventionals (Duvernay), and the Haynesville shale, aiming to high-grade the portfolio.  **[CVX_3381138_10]** 

4. **Venezuela Operations**  
   **Q:** How will reinstated export bans on Venezuela impact Chevron?  
   **A:** Recent changes to export bans do not affect Chevron, as there have been no changes to General License 41, which governs Chevron's operations in Venezuela.  **[CVX_3381138_9]**  Since the license was issued over a year ago, production at joint ventures increased from **120,000 to 180,000 barrels per day**.  **[CVX_3381138_9]**  Financially, Chevron records earnings when it receives cash, which is modest, less than 2% of cash flow from operations in 2023.  **[CVX_3381138_9]** 

5. **Hess Acquisition Timeline**  
   **Q:** Can you explain the timeline and arbitration for the Hess acquisition?  
   **A:** The Hess acquisition process includes three key steps: the shareholder vote in May, progress on regulatory approval with the FTC expected by midyear, and arbitration scheduling determined by the tribunal.  **[CVX_3381138_17]**  Hess has requested the tribunal hear the case in Q3 with an outcome in Q4, allowing for closure shortly thereafter.  **[CVX_3381138_17]** 

6. **DJ Basin Production**  
   **Q:** Can you comment on DJ Basin production and any political risks?  
   **A:** First-quarter DJ Basin production exceeded **400,000 barrels per day**, higher than long-term guidance.  **[CVX_3381138_13]**  Strong production resulted from bringing more wells online in Q4 and less weather-related downtime.  **[CVX_3381138_13]**  Chevron plans to maintain plateau production around 400,000 barrels per day.  **[CVX_3381138_13]**  On political risks, Chevron works closely with Colorado legislators and remains confident in responsible development despite occasional policy noise.  **[CVX_3381138_13]** 

7. **Capital Spending on New Energies**  
   **Q:** What percent of capital spend is directed towards New Energies, and how do margins compare?  
   **A:** Chevron plans to spend about **$10 billion** on New Energies from 2022 through 2028, within a disciplined capital program averaging **$16 billion** per year.  **[CVX_3381138_18]**  The majority of spending remains on traditional energy due to current demand.  **[CVX_3381138_18]**  While returns in new energy projects are influenced by policy incentives, Chevron invests where it sees confidence in achieving good returns over time.  **[CVX_3381138_18]** 

8. **Future Energy Fund III**  
   **Q:** What successes led to launching Future Energy Fund III, and how does it differ from prior funds?  
   **A:** After investing in over 30 companies through Funds I and II, Chevron launched the **$300 million** Future Energy Fund III to continue supporting innovation in energy transition technologies.  **[CVX_3381138_11]**  Prior funds focused on areas like industrial decarbonization and hydrogen, yielding both technological advancements and financial returns.  **[CVX_3381138_11]**  The new fund aims to invest in emerging technologies that complement Chevron's existing capabilities.  **[CVX_3381138_11]** 

9. **Renewable Projects**  
   **Q:** What supports confidence in the new renewable projects like biofuels and solar to hydrogen?  
   **A:** Chevron sanctioned two renewable projects: an oilseed processing plant in Louisiana (with Bunge) offering feedstock flexibility, and a green hydrogen project in California producing about **one metric ton per day**.  **[CVX_3381138_15]**  These projects leverage existing infrastructure and partnerships, aligning with Chevron's strategy to integrate across the value chain.  **[CVX_3381138_15]**  Regulatory incentives like the Low Carbon Fuel Standard and Inflation Reduction Act also underpin project economics.  **[CVX_3381138_15]** 

10. **West Coast Refining**  
    **Q:** How is Chevron viewing the West Coast refining market amid regulatory challenges?  
    **A:** Chevron maintains a strong position in California, operating refineries with advantaged logistics and strong brand presence.  **[CVX_3381138_16]**  Regulatory pressures have led to capacity reductions, tightening supply-demand balance and potentially elevating margins.  **[CVX_3381138_16]**  While Chevron continues to operate reliably in the state, it is cautious about new investments due to the regulatory climate.  **[CVX_3381138_16]** 

11. **Exploration in Namibia**  
    **Q:** What is Chevron's view on exploration opportunities in Namibia?  
    **A:** Chevron holds interests in Block 90 and newly acquired Block 82 offshore Namibia, on trend with recent industry discoveries.  **[CVX_3381138_4]**  Plans are to spud the first exploration well late this year or early next, with drilling completing in early 2025.  **[CVX_3381138_4]**  Chevron is encouraged by regional successes and sees strong prospectivity in these blocks.  **[CVX_3381138_4]** 

12. **Retail Marketing Strategy**  
    **Q:** Does the recent deal adding 200 retail stations signal a strategy shift?  
    **A:** Chevron entered agreements to add over 200 stations on the Gulf and West Coasts, supporting retailers' investments in brand conversion.  **[CVX_3381138_5]**  These are supply agreements, not owned assets, aligning with Chevron's model where it owns less than 5% of branded U.S. stations.  **[CVX_3381138_5]**  The deals are part of ongoing business to grow branded sales and do not represent a strategic shift.  **[CVX_3381138_5]** 

13. **Eastern Mediterranean Operations**  
    **Q:** Can you update on operations in the Eastern Mediterranean and Egypt exploration?  
    **A:** Operations in the Eastern Mediterranean are back to full capacity after a temporary shutdown.  **[CVX_3381138_12]**  Chevron is increasing production at Tamar and Leviathan fields by over **10%**, with further growth projects planned.  **[CVX_3381138_12]**  In Egypt, Chevron plans to appraise the Argus discovery and drill new exploration wells, seeing significant prospectivity in the region.  **[CVX_3381138_12]** 

14. **Cash Balance and Debt**  
    **Q:** Will Chevron repay the commercial paper issued in Q1, and what's the cash outlook?  
    **A:** Chevron issued commercial paper in Q1 for short-term liquidity due to timing of dividends and cash repatriation.  **[CVX_3381138_7]**  The company targets holding around **$5 billion** in cash, balancing liquidity needs without excess cash drag.  **[CVX_3381138_7]**  Repayment of commercial paper will depend on cash flows, but Chevron maintains access to ample liquidity.  **[CVX_3381138_7]** 

15. **TCO Project Risk Management**  
    **Q:** How does WPMP start-up at Tengiz help de-risk FGP ramp-up?  
    **A:** The successful commissioning and start-up processes of WPMP provide confidence for similar activities in FGP due to project integration and operational similarities.  **[CVX_3381138_14]**  Progress at WPMP, including strong field performance, reads across to de-risking FGP milestones and achieving planned production increases.  **[CVX_3381138_14]** 

145e029f8241383553763c77a69ed8f59de9f7d4403b9643d895c4d03e08ae20

- **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.**  **[CVX_3396199_19]**
- **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.**  **[CVX_3396199_13]**
- **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.**  **[CVX_3396199_10]**

5397ca01494c097e4941d3aaf069b9fa5faf6aa93329699dc40e2dd5a0531da3

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**  **[CVX_3396199_12]** ; second, **investing in profitable growth efficiently**  **[CVX_3396199_12]** ; third, **maintaining a strong balance sheet**—we're currently underleveraged but comfortable modestly relevering within historical ranges  **[CVX_3396199_12]** ; and finally, **returning surplus cash to shareholders through buybacks**.  **[CVX_3396199_12]**  These priorities will **not change**.  **[CVX_3396199_12]** 

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.  **[CVX_3396199_10]**  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.  **[CVX_3396199_10]**  While some first-half Midland Basin results were below expectations, we're applying learnings and have confidence in delivering strong performance in 2025.  **[CVX_3396199_10]** 

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.  **[CVX_3396199_7]**  We're focusing on energy usage reductions, electrifying rigs in the Permian, implementing energy efficiency projects in refineries, and optimizing supplier contracts.  **[CVX_3396199_7]**  We plan further unit cost reductions by leveraging technology and data advancements to improve efficiency and asset productivity.  **[CVX_3396199_7]** 

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+.  **[CVX_3396199_8]**  Our intent is to **produce at full capacity** to maximize revenue for both Kazakhstan and Chevron.  **[CVX_3396199_8]**  We'll monitor developments, but currently, we have nothing from the government suggesting limitations.  **[CVX_3396199_8]** 

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.  **[CVX_3396199_11]**  We've worked closely with suppliers to develop and qualify technology that meets our standards and regulatory requirements.  **[CVX_3396199_11]**  Through partnerships and proprietary technology, we've delivered the **first 20,000 PSI subsea well completion**, ensuring safe and reliable operations.  **[CVX_3396199_11]** 

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.  **[CVX_3396199_9]**  We previously sought an outcome accommodating all parties' interests, but it doesn't appear that will happen.  **[CVX_3396199_9]**  The specifics are confidential, and we can't comment further.  **[CVX_3396199_9]** 

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**.  **[CVX_3396199_14]**  In the Gulf, we have significant leaseholds and expertise.  **[CVX_3396199_14]**  In West Africa, particularly **Namibia**, we're drilling in the Orange Basin in Q4 2024, with completion in early 2025.  **[CVX_3396199_14]**  We're also open to adding more acreage as opportunities arise.  **[CVX_3396199_14]** 

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.  **[CVX_3396199_7]**  We're electrifying rigs, optimizing artificial lift, and using proprietary technology for subsurface imaging.  **[CVX_3396199_7]** **[CVX_3396199_11]**  These efforts contribute to reducing costs and enhancing performance.  **[CVX_3396199_7]** **[CVX_3396199_11]** 

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%**.  **[CVX_3396199_13]**  New refining capacity is coming online in various regions, and inventories are at or above 5-year levels.  **[CVX_3396199_13]**  Margins are reverting towards mid-cycle, which we anticipated.  **[CVX_3396199_13]**  In renewable fuels, markets are influenced by policy, and we face oversupply currently, but we're committed to this business long-term.  **[CVX_3396199_13]** 

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.  **[CVX_3396199_15]**  We conduct business in compliance with Venezuelan and U.S. laws.  **[CVX_3396199_15]**  Our joint ventures are producing around **200,000 barrels per day**, and we're being repaid debt owed.  **[CVX_3396199_15]**  We remain apolitical and aim to support the economy and people without engaging in politics.  **[CVX_3396199_15]** 

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

df7480a1664d54a939256b8f25cff9bb37a369f1f6e3a964ef1b7dcffd3eef4d

1. **Hess Acquisition and Portfolio High Grading**  
   **Q:** Can you update us on integration with Hess and portfolio high grading?  
   **A:** Michael Wirth stated it's premature to comment before the transaction closes but mentioned that Hess has a tight portfolio of well-performing assets. He expects greater contributions to the **$10–15 billion** divestment target from legacy Chevron assets rather than from Hess assets after the deal closes.  **[CVX_3371762_7]** 

2. **Shareholder Returns and Buyback Plans**  
   **Q:** Will you continue majority free cash flow payouts and stable buybacks?  
   **A:** Michael Wirth emphasized their commitment to steady buybacks across the cycle, guiding toward **$10–20 billion** in share repurchases annually, moving to the top end of **$20 billion** post-Hess close. Pierre Breber added they aim to be steady, not procyclical, with record buybacks of almost **$15 billion** last year and increased the dividend by **8%**.  **[CVX_3371762_20]** 

3. **Production Guidance and Expected Growth Inflection**  
   **Q:** Does your production guidance imply a growth inflection point ahead?  
   **A:** Michael Wirth acknowledged that with upcoming contributions from TCO FGP startup and reaching **1 million barrels per day** in the Permian, they expect production growth but aim for realistic targets they expect to hit. They finished at the low end of guidance in previous years but are comfortable in the middle of the **4–7%** growth range this year.  **[CVX_3371762_19]** 

4. **TCO Project Update**  
   **Q:** Can you walk us through the TCO project progress and critical issues?  
   **A:** Michael Wirth confirmed that schedule and cost guidance remain unchanged for the TCO project. They are improving productivity, transferring learnings, and focusing on commissioning major equipment. The goal is to convert the field to lower back pressure, enhancing deliverability from wells and aiming to reach **1 million barrels a day**.  **[CVX_3371762_6]** 

5. **Permian CapEx Requirements to Reach 1 Million BOE/day**  
   **Q:** What CapEx is needed to reach 1 million BOE/day in the Permian?  
   **A:** Michael Wirth stated that at the current capital level of about **$5 billion**, they can reach **1 million BOE/day** in the Permian. He does not anticipate needing to increase towards $6 billion, emphasizing improved efficiency and capital discipline.  **[CVX_3371762_9]** 

6. **DJ Basin Growth and PDC Integration**  
   **Q:** What's the underlying growth rate in the DJ Basin post-PDC acquisition?  
   **A:** Michael Wirth reported they plan to hold DJ Basin production around **400,000 barrels per day**, with synergies from PDC integration on track or better than expected. They are transitioning to a standardized design focused on return on invested capital.  **[CVX_3371762_16]** 

7. **Permian Productivity Improvements and Infrastructure Issues**  
   **Q:** Are recent Permian improvements due to technology, and how are you addressing infrastructure issues?  
   **A:** Michael Wirth attributed productivity gains mainly to drilling and completion efficiencies rather than new technologies, though pilots are ongoing. They are addressing infrastructure issues by ensuring reliable performance downstream of wells and prioritizing operational enhancements to prevent constraints.  **[CVX_3371762_12]** 

8. **Permian Delaware Basin Type Curve Performance**  
   **Q:** Did Delaware Basin type curves meet your Capital Markets Day forecasts?  
   **A:** Michael Wirth confirmed that their type curves in the Delaware Basin, particularly in New Mexico, are performing as anticipated. Second-half POPs align with the type curve, reflecting strong subsurface performance consistent with previous guidance.  **[CVX_3371762_14]** 

9. **TCO Dividend Guidance and Cash Returns**  
   **Q:** Are TCO dividends stabilizing and contributing to cash flow?  
   **A:** Pierre Breber affirmed that TCO dividends are on a higher trajectory as capital winds down and production increases. Timing variations exist, but overall, cash returns from TCO are expected to grow significantly, with loan repayments adding around **$1 billion** to cash flow next year.  **[CVX_3371762_11]** 

10. **Increased Henry Hub Sensitivity and Gas Market Outlook**  
    **Q:** Why has Henry Hub sensitivity increased, and what's the gas outlook?  
    **A:** Pierre Breber explained the increased sensitivity is due to added gas production from PDC and associated gas from the Permian. Michael Wirth noted that gas markets are under pressure with high inventories and lower prices, contrasting with more balanced oil markets.  **[CVX_3371762_18]** 

11235e667e66396327eea058c5b50b28cf5a2ecf645b3f4279493238e0171134

- **Chevron is committed to returning significant cash to shareholders**, maintaining a share repurchase run rate of **$17.5 billion**  **[CVX_3405478_8]** , and has a **strong balance sheet** with **AA credit rating** and net debt below 12%  **[CVX_3405478_8]** .
- **Recent acquisitions like PDC Energy are exceeding expectations**, delivering more than **$1 billion in incremental free cash flow** since acquisition and exceeding synergy guidance by over **30%**  **[CVX_3405478_1]** . Chevron expects to **hold production at around 400,000 barrels of oil equivalent per day through the end of the decade**  **[CVX_3405478_1]** .
- **Major projects like TCO are progressing well**, with complex commissioning activities ongoing and initial startup activities expected in the **first quarter of 2025**, which will contribute to increased production and cash flow growth  **[CVX_3405478_3]** .

d43c793de4bc853e969bfbe5050a7d2be7598175333f253332cfe57736ac071f

Chevron Corp (CVX)

Financials