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CLAIM #19245 · CVX (CVX) · 2025Q3 earnings call · Oct 31, 2025 · due Dec 31, 2025

We see this show up in the 3Q results and we will expect to see more of that in the fourth quarter.

Eimear Bonner · CFO

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versus commitment · official band 5 percent
Committed
We see this show up in the 3Q results and we will expect to see more of that in the fourth quarter.
Reported
The third contributor then are some of these structural reductions that we're making.

In context

, Ryan. It's Eimear. I'll take this one. Yes, strong production growth was really the main driver and then delivery of the synergies that we had expected. So both of those -- both of those things are really contributing here to the stronger performance. Just maybe to double-click a little bit on the synergies. We're moving at pace through integration. So this really applies not only to the back-end part of the portfolio, but the entire portfolio. We had $1 billion synergy target. Post close, we confirmed that we will deliver that, and we'll deliver those run rate savings this year. And so that is all on track, combination of utilization of NOLs, productions that were canceled or closed and then operating efficiencies now that we've integrated the assets through -- into the Chevron system. We see this show up in the 3Q results and we will expect to see more of that in the fourth quarter. Michael Wirth: Ryan, the one thing I might just add, we did see the start-up of Yellowtail in the quarter in FID for Hammerhead. I had a chance to sit down with the legacy Hess team that has been working Guyana and go through it for an entire day. And I got to tell you, I was impressed with Guyana, obviously, but I was really impressed and pleased with the quality of the people, and I have high expectations for the contributions that we're going to get out of all the Hess employees that are part of Chevron now. It's the thing that maybe doesn't get quantified or talked about as much in these kinds of calls. But in my experience, a huge amount of value when we combine with another organization is bringing in people that have different experiences can help us innovate and improve. And I hav

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SEC filings for CVX · Claim quote is verbatim from the 2025Q3 earnings call.