“Our typical pattern in the second half of the year is to draw down working capital.”

In context

“stern 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 lowered cash flow primarily due to true-up tax payments outside the US. Excluding tax payments, working capital movements are variable. Our typical pattern in the second half of the year is to draw down working capital. Chevron's net debt ratio ended the quarter at 7%, significantly below the low end of our guidance range. Surplus cash on the balance sheet was reduced during the quarter, with cash balances ending at $9.6 billion, well above the cash required to run the company. Adjusted second quarter earnings were down $5.6 billion versus the same quarter last year. Adjusted Upstream earnings were lower mainly due to realizations, partly offset by higher liftings. Other includes primarily favorable tax items and income from Venezuela non-equity investments. Adjusted Downstream earnings decreased primarily due to lower refining margins. OpEx was up mainly due to higher transportation costs and the inclusion of REG. Compared with last quarter, adjusted earnings were down $900 million. Adjusted Upstrea”