“After completion of these projects, TCO is expected to deliver production greater than 1 million barrels of oil equivalent per day and generate about $5 billion of free cash flow – Chevron share at $60 Brent – in 2025.”

In context

“ts. In a few minutes, Pierre will share more details on our financials, which included return on capital employed greater than 12% for the eighth consecutive quarter and another quarterly record in shareholder distributions of more than $7 billion. At TCO, we're making good progress with commissioning and pre-start up activities, including introducing fuel gas to new facilities. In the third quarter, we expect mechanical completion for the Future Growth Project and to complete a major turnaround. Cost and schedule guidance is unchanged. Conversion of the field from high-pressure to low-pressure is expected to begin late this year and FGP is on track to start up by mid-next year. We have unused contingency which gives us confidence that we'll complete the project within the total budget. After completion of these projects, TCO is expected to deliver production greater than 1 million barrels of oil equivalent per day and generate about $5 billion of free cash flow – Chevron share at $60 Brent – in 2025. Chevron's Permian production set another record in the second quarter, about 5% above the previous quarterly high. We expect next quarter's production to be roughly flat before growing again in the fourth quarter, on track with our full-year guidance. Early 2023 well performance in our company-operated assets, in all three areas, is consistent with our plans. In New Mexico, we've put on production at 10 wells. Before year-end, we expect to POP an additional 30 wells with higher expected production rates. As a reminder, about half of Chevron's Permian production is company operated, with the balance non-operated and royalty production. While short-term well performance is one measure, we're focused on maximizing value from our unique, large resource base that is expected to deliver deca”