“In the deepwater Gulf of Mexico, the floating production unit at Anchor is on location and the project remains on track for first oil next year.”

In context

“e short-term well performance is one measure, we're focused on maximizing value from our unique, large resource base that is expected to deliver decades of high-return production. Over the next five years, we expect to develop over 2,200 net new wells, growing production while delivering return on capital employed near 30% and free cash flow greater than $5 billion in 2027 at $60 Brent. Longer term, we've identified well over 6,000 economic net well locations that support a plateau greater than 1 million barrels per day through the end of next decade. Our deep resource inventory and advantaged royalty position allow us to optimize our development plans for high returns, incorporating learnings and technology improvements, as we expect to deliver strong free cash flow for years to come. In the deepwater Gulf of Mexico, the floating production unit at Anchor is on location and the project remains on track for first oil next year. We continue to build on our exploration success and were awarded the highest number of blocks in the most recent lease round. In the Eastern Med, our Aphrodite appraisal well in Cyprus met our expectations and we've submitted a development concept to the government. At Leviathan, we're expanding pipeline capacity to nearly 1.4 BCF per day. We expect to close our acquisition of PDC Energy in August after their shareholder vote next week. Our teams are working on integration plans and we look forward to welcoming PDC's talented employees to Chevron. Now, over to Pierre. Pierre Breber: As Mike said, strong, consistent financial performance enabled Chevron to return record cash to shareholders this quarter, while also investing within our CapEx budget and paying down debt. Working capital”