CLAIM #19218 · CVX (CVX) · 2025Q2 earnings call · Aug 1, 2025 · due Dec 31, 2025
“We're anticipating that to show up more in the bottom line at the back end of the year and into the year.”
Eimear Bonner · CFO
In context
“Yes. So starting with the $10 billion, if you look at the waterfall and the upstream catalyst starting with TCO, I mean TCO is ramped up. It's producing at full rates. And so we've derisked that production profile. Next, we've got Permian. Mark talked about this significant milestone over the second quarter. So we've ramped up and are producing at those rates. That's derisked as well. Gulf of America, our 3 projects, our major capital project start-ups are behind us. Those assets are ramping up. So some additional ramp to go between this year and next year. And then the balance is really the cost reduction program. We're on track to deliver our capital program consistent with our budget and our $2 billion to $3 billion of cost reduction, that's on its way. We have made a lot of progress. We're anticipating that to show up more in the bottom line at the back end of the year and into the year. So all in all, the $10 billion is derisked and on track. The incremental $2.5 billion that we guided to this morning associated with Hess is coming from 2 places. First, the synergies. Mike talked about that. The synergies we are committed to delivering $1 billion of run rate synergies by the end of the year. And then the balance is coming from production growth over the next couple of years with the fourth FPSO coming online this year and a fifth next year. So that's the rack-up of the $12.5 billion. And in summary, a lot of these big milestones are behind us, and we're on track. Operator: We'll take our next question from Devin McDermott with Morgan Stanley. Devin J. McDermott: So Mark, I wanted to dive in, in a bit more detail the sum of the business reorganization. I appreciate the co”
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SEC filings for CVX ↗ · Claim quote is verbatim from the 2025Q2 earnings call.