“This is the latest in a series of major project startups within the past year, and they are expected to increase production to 300,000 barrels of oil equivalent per day in 2026.”

In context

“discipline, both core to Chevron's leadership. Our 2025 CapEx and affiliate CapEx budgets, represent a $2 billion reduction from last year, and we've targeted $2 billion to $3 billion in structural cost savings to be delivered by the end of next year. Chevron has a proven track record of managing through uncertainty in commodity cycles, and with long-standing financial priorities as our guide, we're well-positioned to win in any environment. We are focused on execution to unlock industry-leading cash flow growth. At TCO, we reached nameplate capacity in just 30 days, significantly ahead of plan. We expect cash distributions from TCO to increase going forward, including a $1 billion loan repayment in the third quarter. In the Gulf of America, we achieved first oil at Ballymore this month. This is the latest in a series of major project startups within the past year, and they are expected to increase production to 300,000 barrels of oil equivalent per day in 2026. The expansion of our Pasadena refinery has further strengthened our Gulf Coast value chain, and we made good progress on our asset sale program, achieving premium valuations, while retaining future upside in East Texas gas assets that could deliver over $1 billion in value at today's prices. In February, we announced senior leadership appointments and changes to our operating model to enable more efficient execution. We're also expanding our pipeline of future opportunities, adding more than 11 million net exploration acres since the start of last year, advancing our gigawatt scale power solutions venture to support the U.S. AI data center build-out and participating in a pipeline project to increase export capacity in Argentina. Now, I'll turn it over to Eimear, to go over the financials”