“We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2% to 3%, adjusted free cash flow growth averaging greater than 10% per year and more than 3% improvement on return on capital employed, all at flat commodity prices that are lower than today.”

In context

“Eimear Bonner (Chief Financial Officer): Thanks, Jeff. For the second quarter, Chevron reported earnings of $12.1 billion or $6.11 per share. Adjusted earnings were $12 billion or $6.06 per share. Cash flow from operations, excluding working capital, was nearly $20 billion. Organic CapEx was $4.4 billion for the quarter. We now expect to finish the year at the lower end of our guidance range of $18 billion to $19 billion. And our net debt coverage ratio improved, reflecting strong cash generation in the quarter. Adjusted second quarter earnings were $9.2 billion higher versus last quarter. Adjusted upstream earnings increased due to higher realizations, higher liftings and favorable timing effects and were partly offset by higher DD&A and tax-related expenses. Adjusted downstream earnings increased primarily due to higher refining margins and favorable timing effects. Chevron generated $19.7 billion of cash flow from operations, excluding working capital and $15.4 billion of adjusted free cash flow in the quarter. We reduced debt by more than $8 billion, further strengthening our balance sheet and financial flexibility. Net debt to CFFO at the end of the second quarter was 0.6x. Following the large build in the first quarter, working capital unwound by $2.9 billion as commodity prices decreased through the quarter. On production, we had our second highest quarter ever, maintaining strong operating momentum across all our key assets and growing production by over 200,000 barrels of oil equivalent per day. Reliable operations defined the quarter. In the U.S., we achieved records for total production, Permian production and throughput at multiple facilities in the Gulf of America. International production was also strong at nearly 2 million barrels of oil equivalent per day. And TCO and Australia operated at or near full rates and the impact from the Middle East conflict remained isolated to the Partitioned Zone, representing about 1% of second quarter total production. Costs always matter, and they always will. We achieved $3 billion of structural cost reductions over the past 12 months, reaching our target 6 months ahead of schedule. Thanks to the hard work and relentless focus across the organization, more than 70% of the savings came from efficiency gains, underscoring the quality of the improvements delivered. Through these reductions, we have largely offset inflationary effects while we continued to grow across key assets like the Permian, Gulf of America and Guyana. We're never satisfied and never done. And we will continue to look for ways to lower costs to drive lasting value. Our plan is clear: execute safely and reliably, deliver on our objectives and continue to expand our opportunity set for the future. Our second quarter performance demonstrates strong execution and results that can be seen in our bottom line. We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2% to 3%, adjusted free cash flow growth averaging greater than 10% per year and more than 3% improvement on return on capital employed, all at flat commodity prices that are lower than today. We also continue to develop robust growth options for the next decade, building new resource options across regions and asset classes. Achieving the power milestone, stacking multiple exploration successes and securing strategic exploration agreements and MOUs in the Mediterranean, Africa and the Middle East are examples of the strong set of opportunities we have for the future. We're focused on executing with excellence in the near term, meeting or exceeding our guidance through the end of the decade and creating even more value in the decades that follow. Consistent with our long-standing financial priorities, we intend to reward our shareholders today, tomorrow and long into the future. I'll now hand it over to Jeanine.”