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“I think we're going to see some upward pressure on product pricing here into the third quarter and perhaps beyond that.”

“The third SPM has been down for a while, undergoing some refurbishment activities, and will be open here in the third quarter. So all three will be available later in the third quarter.”

“So that's a 25% improvement in capital efficiency — CapEx per barrel versus 2025. It's one of the reasons why we feel confident today to say that we expect to finish the year at the low end of our capital budget range of $18 billion to $19 billion.”

“I'm confident that we can sustain that level of performance.”

“I want to affirm our $6 billion guidance at $70 Brent, obviously, we're likely to have a higher number for Brent this year, which would translate into even higher affiliate distributions.”

“more than 3% improvement on return on capital employed”

“adjusted free cash flow growth averaging greater than 10% per year”

“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.”

“really look at how to deliver on the growth that we shared in our Investor Day, which is to grow threefold by 2035.”

“On debt recovery, we are continuing to recover our debt. We expect that by early 2027, that will be fully recovered.”

“we are anticipating that we will be able to grow up to 50% between now and the end of 2028.”

“Our capital is now, we expect it to be below $3.5 billion this year.”

“Kilby is expected to deliver mid-teens returns and long-duration contracted cash flows that are independent of commodity price cycles.”

“We're now focused on execution, with permitting and EPC activities progressing towards a final investment decision later this year.”

“Guyana is a world-class asset with significant resource depth that is expected to extend high-margin oil growth into the 2030s.”

“We now expect to finish the year at the lower end of our guidance range of $18 billion to $19 billion.”

“We continue to capture strong capital efficiencies in U.S. shale and tight, and expect to spend 25% less CapEx per barrel of oil equivalent in 2026 compared to last year.”

“That is why we were able to increase our affiliate distribution guidance today. It is over $2 billion more relative to the first quarter because of the confidence we have in performance.”

“The buyback, staying within the $2.5 billion to $3 billion per quarter range.”

“For assets up and running in parts of the world where you are cracking advantaged feedstock—certainly North America ethane fits—you should see pretty good margin capture in those businesses.”

“Production in the second quarter is expected to be higher than in the first.”

“We expect those to run over 40% Chevron Corporation equity crude in the second quarter, much higher than under normal market conditions, and probably much higher than we will see in some of the other refining assets in that region, because we have the ability to direct equity flows to those refineries at a time when access to crude is very important and very difficult.”

“About half has already been paid down in April, and we expect these short-term balances to decline further throughout the second quarter.”

“We anticipate approximately $1 billion of the paper positions to unwind in the second quarter, with the majority of related cargoes delivered in April.”

“In Asia, we anticipate over 80% refinery utilization.”

“In the second quarter, we expect global equity crude throughput to more than double year over year to 40%.”

“Our guidance of $6 billion in free cash flow this year at $70 Brent is unchanged, and that accounts for the operational issues in the first quarter and what we are seeing today. At higher prices, we will see stronger than that.”

“Eimear reiterated 7% to 10% production growth guidance for the year.”

“With that capital, we are going to grow 7% to 10% production this year, so we are reconfirming that growth.”

“Our budget is $18 billion to $19 billion for the year, and we are on track.”

“We have great visibility through 2030. Eimear just reiterated our guidance, and we have assets online now that deliver predictable, visible cash flow growth for the balance of this decade, and we have a full hopper for beyond that.”

“This consistency underpins our 2030 targets shared November 9, including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROCE, all at $70 Brent.”

“Chevron Corporation’s business is strong, and our 2026 guidance is unchanged. Capital spending and production outlooks are consistent with previous guidance, and we are on track to deliver our $3 billion to $4 billion structural cost reduction target by year end.”

“That is why we are investing in expanding production at both Tamar and Leviathan, making good progress on those projects, with some ramp-up this year of another 600 million cubic feet per day of production on a 100% basis, and a longer-term expansion of Leviathan underway”

“We are drilling longer laterals, and we think we can sustain production that way, fully utilize existing infrastructure, and drive strong free cash flow.”

“The Bakken assets have been running well. We have said you should expect to see a couple of hundred thousand barrels a day production there at a plateau.”

“You can expect in subsequent quarters that you will see that flow through into pricing on about 80% of our volume.”

“That cargo was sold into Europe on spot-based prices... that will grow by 2030 to another 4 million tons per annum, taking us up to 20.”

“TCO returned to full service in March following repairs on the electrical system in February... we expect the plant to be near full availability for the remainder of this year.”

“I think we will still carry some sort of balance as we get to the end of this year, but much lower than where we are at present. I think that would probably be fully paid off at some point in 2027.”

“Subject to definitive agreements—which we are negotiating—we will move towards FID later this year.”

“The balance sheet. It is in great health and will get stronger with higher cash generation.”

“Consistent with historical trends, we expect an increase in working capital in the first half of the year and a release in the second half, the extent of which will be primarily driven by prices.”

“We expect to finish within full-year capital guidance.”

“We are still in debt recovery mode and expect Venezuela to continue to represent 1% to 2% of cash flow from operations.”

“So all in all, we're on track to deliver the 3 to 4,000,000,000 I'm very confident in that.”

“So we're very confident in the target that we've set and delivering that over the course of this year.”

“Our full-year 2026 guidance of $6,000,000,000 of Chevron share free cash flow from TCO at $70 Brent is unchanged.”

“We got a couple of projects underway that will be highly competitive when they come on next year.”

“We will hold that to, you know, level it out around 200,000 barrels a day plus or minus and really focus on cash flow.”

“We're implementing long lateral development in 60% of the wells this year and up to 90% in 2027.”

“We anticipate we'll have some results for you this year, but right now, we're just focused on getting the treatments out to those other shale and tight basins.”

“So we're really excited and we expect that's at least a 10% recovery uplift when we think about it over the full life of the well.”

“We've been primarily focused on, Permian, and in fact, we've increased the treatments from about 40% of the new wells being treated at the first half of 2025 to, almost 85% will be treated this year, and we're striving to 100% in 2027.”

“I think you should expect to see us assuming it competes, against alternatives, to be running more Venezuelan crude in our system. Over time.”

“And so we'll see we'll see in that capital efficiency extend to the back end extend to, the DJ, and extend to Argentina.”

“So steady growth, combined those projects should increase production about 25% and double earnings and cash flow by 2030.”

“Tomorrow, we'll add about 500,000,000 cubic feet a day of capacity. Leviathan, about 200.”

“I would expect, that and other steps that we take will lead to gradual debottlenecking, and we'll look to try to creep capacity further upward.”

“We expect this momentum to continue as we aim to deliver on our expanded target of $3,000,000,000 to $4,000,000,000 by 2026.”

“In total, growth in these high-margin assets is anticipated to contribute to a 7% to 10% increase in production year over year, excluding the impact of asset sales.”

“We expect TCO to grow 30,000 barrels of oil equivalent per day delivering near its original plan as the 2026 maintenance schedule has been optimized.”

“Recent and upcoming project start-ups in Guyana, the Gulf of America, and the Eastern Mediterranean are anticipated to increase offshore production by approximately 200,000 barrels of oil equivalent per day.”

“We expect volume growth to continue in 2026.”

“Looking ahead, we expect continued growth in cash flow driven by low-risk production growth ongoing cost savings and continued capital discipline.”

“In line with historical trends, we expect to build in working capital in 2026.”

“At Tamar, the optimization project start-up is in progress, increasing gross capacity to approximately 1,600,000,000 cubic feet per day.”

“Combined with a near-term expansion, gross capacity is anticipated to reach roughly 2,100,000,000 cubic feet per day at the end of the decade. Contributing to a doubling of current earnings and free cash flow.”

“Advancing toward our goal of 300,000 barrels of oil equivalent per day in 2026.”

“We see the potential to further grow production volumes by up to 50% over the next eighteen to twenty-four months.”

“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.”

“TCO have to conserve some cash because they've got 2 loan repayments to make next year, one in the first quarter and one in the third quarter.”

“We've seen some modest growth this year with kind of 25,000 barrels a day expected in 2025.”

“You'll see production come off in the fourth quarter due to that pit stop.”

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

“We expect to move into 2026 with good momentum.”

“I would expect we're going to see some quarters where it's back down a little bit based on when we're popping wells.”

“We expect full year average production growth at the top end of our 6% to 8% guidance range, excluding legacy Hess.”

“We expect strong cash generation to continue even in a lower price environment, underpinned by the increased capital efficiency and growth in high-margin assets.”

“We've captured approximately $1.5 billion in annual run-rate savings so far, and expect to see further benefits in the fourth quarter.”

“There are not signs that we would see the NOJV piece of our business significantly constrained or contracting as we go through next year.”

“We've got very good line of sight on the 2025 performance through the balance of the year and pretty good line of sight on 2026 production where we've got plans, we've got visibility of wells that are either online or under construction today, AFEs that are already being processed for 2026.”

“We've got no change to our plans to moderate growth and focus on cash generation.”

“We think both of these projects are well positioned to deliver returns over the long term. They're kind of 20% type IRR expectations on these projects.”

“But over the long term, we like the demand growth and economic opportunities in petrochemicals. But I think you should expect to see us stay with a portfolio weighting that's not too different than where we are today.”

“We've got an opportunity to play some plate concepts from the Orange Basin into the Walvis with a well that we'll drill in '26 or '27.”

“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.”

“The teams have done really good work on Tamar and Leviathan to keep our growth projects there moving. And so we do expect those to come online late this year, early next year.”

“We don't expect the flows from Venezuela will have a material impact on our results here in the third quarter, although it will at the margin help satisfy some of the debt we're owed.”

“We're anticipating that to show up more in the bottom line at the back end of the year and into the year.”

“You should expect us to be in the lower end of that range as we finish 2025 given the efficiencies we brought to bear.”

“We expect costs to decline further as we shift our focus to free cash flow generation.”

“We anticipate the transaction to be cash flow accretive per share in the fourth quarter.”

“We now expect to realize the full $1 billion in annual run-rate synergies by the end of this year, 6 months faster than our original guidance.”

“CapEx will step up a little bit with Hess because the Guyana development and the Bakken are both going to require capital to support them.”

“You're right. We're -- I might say we're on the precipice of a wide expansion in free cash flow rather than a sharp decline in CapEx.”

“The strong performance will take that 300,000 barrels a day that we've talked about in 2026 and likely put that through the remainder of the decade.”

“And you'll recall that those 2 projects essentially increase our production capacity by about 25% over the next couple of years.”

“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.”

“And as we deliver that free cash flow growth of $2 billion next year in the Permian, I think you should see that drop further as we continue to manage a sustained performance in the Permian.”

“All of this leads us to increase our 2026 additional free cash flow guidance to $12.5 billion.”

“The integration of legacy Hess assets is expected to contribute additional free cash flow, more than covering the incremental dividend from the merger share issuance.”

“This month, it looks like there will be a limited amount of oil that will begin flowing to the U.S. from the Venezuela operations that we have an interest in consistent with U.S. sanctions policy.”

“I would expect to remain consistent if we're in a market like the one that we're in right now.”

“We had stable operations in the first quarter at about 110,000 barrels a day of crude feed... it will take it up by about 50% before we could run about 85,000 barrels a day. This will take us up by 40,000 to 125,000 barrels a day.”

“We're going to see more POPs into Mexico this year than we did last year.”

“So, we expect 2025 type curves to look pretty similar to what we saw last year in the Delaware.”

“The third one will come online later this year.”

“The expectation as we ramp up there is that, we'll see 25,000 barrels a day flow from each of three wells, so 75,000 barrels a day of production from just three wells.”

“In line with the current macro environment, we expect share repurchases to be $2.5 billion to $3 billion in the second quarter.”

“The purchase of Hess shares is expected to reduce the number of Chevron shares issued at closing by approximately $16 million.”

“We expect our working capital unwind of $1 billion over the remainder of the year.”

“We expect cash distributions from TCO to increase going forward, including a $1 billion loan repayment in the third quarter.”

“As we guided to in the last quarter, we're poised to deliver a leading free cash flow growth, $10 billion of incremental free cash flow growth at 70. That's $9 billion at 60.”

“They've got a couple of growth projects underway, one in Qatar, one in Texas, on track to come online end of 2026, early 2027-ish.”

“So we think we're still a few years away from returning to mid-cycle.”

“We are right now seeing an oil cut that's somewhere in the range of 43% to 45%. We think that's going to continue as we move through the end of the decade.”

“We expect two additional wells to come online this year, one around midyear, one towards the end of the year and remaining wells to come online in 2026 and 2027.”

“We're delivering growth projects that are expected to generate an incremental $9 billion of free cash flow in 2026 $3 Brent.”

“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.”

“Our current estimate is we may see a 1% impact on the cost of shale well.”

“We expect projects that are in execution at both Tamar and Leviathan to come online by the end of the year or into early 2026.”

“So that can move around a little bit during the year. But generally, we have OpEx coming down there, too.”

“We intend to maintain a buyback range of $10 to $20 billion per year depending on market conditions.”

“In 2025, we expect growth to be weighted towards the second half of the year as key projects in Tengiz and the Gulf of America come online and ramp throughout the year.”

“Affiliate c is expected to trend down further as investments at TCO and CPChem come online.”

“Organic CapEx is expected to remain within our $14-16 billion guidance range.”

“we plan to bring online our South N’dola development later this year.”

“We expect to achieve full production rates 1 million barrels of oil equivalent per day – within the next three months.”

“The short answer is it's aligned with the previous guidance. So we're really reaffirming that guidance.”

“and something closer to 50% by 2030.”

“So despite all the activity we've seen in that region, we'll see production up by 25% over the next two years and something closer to 50% by 2030.”

“Chevron is in a strong position today, with near-term catalysts that are expected to drive the company to even better performance in 2025 and 2026.”

“We've secured slot reservations to purchase seven natural gas fired turbines from GE Vernova with deliveries beginning late 2026, and we’re advancing site selection and engineering work while engaging customers.”

“Our petrochemical growth projects in the U.S. and Qatar are more than 50% complete and are expected to contribute to further cash flow growth beyond 2026.”

“Expansion projects at Leviathan and Tamar are expected to come online through the end of the decade.”

“At $70 Brent, expected free cash flow to Chevron is $5 billion in 2025 and $6 billion in 2026.”

“With additional production from FGP and a further reduction in affiliate CapEx, we expect a sustained increase in distributions from TCO going forward.”

“We expect to add $10 billion of annual free cash flow in 2026, led by growth and advantaged upstream assets.”

“Something a little bit less than that, probably in 2026.”

“in the near term, what is very clear is our affiliate CapEx will come down next year as the project in Kazakhstan concludes.”

“First thing is I just want to reiterate our guidance, you know, the share repurchase run rate of $17.5 billion is unchanged.”

“Our club growth this year, as I said, is probably going to be a little bit higher than the 15% we have seen the last three years.”

“we anticipate the net debt will come down a little bit in the near term with the asset sale proceeds that are coming.”

“So we will bring capital spending down, and I think what you will see is this year is probably going to be the peak in Permian CapEx.”

“That work is well underway here, and we expect, as we said, to begin startup procedures in the first quarter.”

“Proceeds from asset sales are expected to be about $8 billion before taxes.”

“Share repurchases are expected to be between $4 and $4.75 billion in the fourth quarter, unchanged from prior guidance.”

“We anticipate affiliate dividends to be around $1 billion this quarter.”

“Impacts to production from divestments are expected to be around 45,000 barrels of oil equivalent per day for the quarter.”

“We continue to divest non-core positions at significant value. We have announced asset sales in Canada, Alaska, and Congo, which will contribute before-tax proceeds of approximately $8 billion pending regulatory approvals. We expect to close these transactions in the fourth quarter.”

“That is a project that would be completed towards the end of this decade.”

“we expect to see margins improve. We have got a couple of projects that will come online in the second half of this decade.”

“400,000 barrels a day out through the end of the decade.”

“We expect to hold production at a plateau around 400,000 barrels of oil equivalent per day through the end of the decade.”

“These projects, combined with additional project startups through 2025, are expected to grow Gulf of Mexico production to 300,000 barrels per day by 2026.”

“we’re confident that we’ll continue to find new ways to increase efficiencies and reduce unit cost.”

“First oil at Anchor is imminent, delivering the industry’s first deepwater 20,000 pound development.”

“even with or despite the downtime, we expect to close the full year and deliver on the plant production for the combined Australia assets.”

“we still expect both of those assets to run with good reliability this year with top quartile performance.”

“You can expect us to land our capital as we’ve guided it at close to $5 billion and the production as we have guided in our prepared remarks.”

“We are seeing some softening of pressure in the onshore, some declining in prices for oil country or oil class tubulars, rigs, prop and trucking.”

“we’ve got a well there that will spud in the fourth quarter of this year. It will be completed in early 2025.”

“Our plans would call for further unit cost reductions.”

“Asset sales in the second half of the year are expected to be aligned with full-year guidance.”

“Share repurchases are targeting the $17.5 billion annual guidance rate.”

“With the project in Kazakhstan nearing completion, we expect quarterly dividends from TCO moving forward.”

“We anticipate affiliate dividends to be around $1 billion this quarter.”

“There will be a one-time payment related to discontinued operations of around $600 million.”

“We expect about half of the working capital to unwind in the second half of this year, primarily in the fourth quarter.”

“Over the next two quarters, we’ll continue converting the field to low pressure while further commissioning key equipment for FGP.”

“At TCO, cost and schedule guidance is unchanged, with FGP expected to start up in the first half of 2025.”

“our program in the second half of the year is more heavily weighted to development targets that we expect to perform better.”

“The project is on-track to come in under budget while deploying multiple breakthrough technologies.”

“achieving key milestones on the ACES green hydrogen project and commissioning of the Geismar renewable diesel plant expansion, which is expected to come online by the end of the year.”

“we’ve got projects coming on in numerous basins in the world and in our chemicals business as well.”

“we are currently under levered and we expect and are comfortable to modestly relever over time, but to stay within historical ranges.”

“our 10% free cash flow growth really supports future dividend increases.”

“After Anchor, three more projects are scheduled to come online and we expect production to grow to 300,000 barrels a day by 2026.”

“So we're realizing strong free cash flow from these assets. So we're ahead of pace for the incremental $1 billion in annual free cash flow that we guided to.”

“So we'll talk more about this, but everything is right on track for start-up of Anchor midyear.”

“We believe that a preemption right does not apply to this transaction and are confident this will be affirmed in arbitration.”

“Number one is we've guided to a long-term capital spend at around $16 billion. This year, we've got $15.5 billion to $16.5 billion as a range.”

“We plan to hold our plateau there around 400,000 barrels a day, and it will fluctuate a little bit based on the timing of bringing new pads on and completion of wells, et cetera.”

“We plan to spud a well in Block 4 there before the end of this year.”

“We expect another appraisal well there in late this year or early next year to better characterize the field and refine our development plan.”

“We've sanctioned projects at both of those that are currently in progress that will increase production by another 40% over the next couple of years.”

“We've announced that we intend to exit the Congo, and we've got a deal there. We expect that to close before the end of the year.”

“And our guidance for this year is 1% to 2%, so it's pretty consistent with history.”

“I think in terms of what to expect in terms of cash on the balance sheet, I mean, we target to hold about $5 billion in cash, and that will bounce around as well.”

“The rig will be completed in early '25.”

“We're planning to spud the first exploration well in that block late this year or early next year based on rig availability.”

“So we do expect dividends this year. We have guidance -- affiliate guidance to dividends for 2024. But we've also included in the deck today the outlook for affiliate dividends for the second quarter, $1 billion to $1.5 billion.”

“So what does this mean for Chevron? Well, we expect $4 billion of free cash flow in 2025 and $5 billion in 2026. This is a $60 Brent.”

“With the second phase of the project then next year in '25, TCOs free cash flow is going to grow even further because with that phase of the project, we get incremental production.”

“Yes, Sam, well, after years of investing, as the project starts up over the next couple of years, we do expect the CapEx profile to continue to decline, and that will enable free cash flow over the next couple of years to grow.”

“Share repurchases are restricted under SEC regulations through the Hess shareholder vote, after which we intend to resume buybacks at the $17.5 billion annual rate.”

“With the start-up of WPMP, we expect TCO's DD&A to increase by approximately $400 million over the remainder of the year.”

“We anticipate higher affiliate dividends in the second quarter largely from TCO.”

“Costs and scheduled guidance remain unchanged with FGP expected to start up in the first half of 2025.”

“We continue to make significant progress on FGP and expect to have additional major equipment ready for operations in the third quarter.”

“Later this quarter, we expect a second pressure boost compressor online and a third gas turbine generator to provide power to the Tengiz grid.”

“We expect the proxy for the Hess shareholder vote to be mailed in April with a special meeting date in late May.”

“We've also indicated that over a period of time, beginning in 2022 through 2028, I think it was when we announced our -- we had our energy transition spotlight, that we expected to spend about $10 billion in our New Energies business over that period of time, $8 billion in kind of the newer -- emerging business lines of carbon capture and storage, renewable fuels and hydrogen and then another couple of billion in decarbonizing our own operations and businesses.”

“We have indicated that post the Hess close, all other thing's equal, we'll see when it happens and how the world looks, when we get there, but we would expect to move from a rate of 17.5 to the top end of 20 because we're so confident in the long-term cash productive capacity of our portfolio and the strength of our balance sheet.”

“we're confident that we've got a line of sight on all the operational priorities in order to ensure that that market access isn't constrained.”

“what you're going to see too is because it's tricky as an affiliate that that line that's affiliate earnings less dividend, that's going to flip, and until you'll see it, it'll be hard for everyone to model it, but what has been historically a line where affiliate earnings are higher than dividends, you will see that flip in time as we pull out more cash out of TCO in particular than the earnings than the book earnings are.”

“We will see cash being returned and it's a billion our share next year, again two billion in '26, and then in '28 or '30.”

“We've said as we keep our share, we purchase this steady across the cycle that we're okay re-levering back up towards the low end of our guidance range, which is 20% to 25%.”

“Our overall capital allocation into the basin is largely a function of where our portfolio lies. About 25% is in the Midland Basin. 25% is in the Delaware, New Mexico portion of the basin and then the balance about 50% is in Delaware, Texas. It's been that way here, this past year and going forward, that's a pretty good way to approximate it.”

“we're targeting to get that up again by a similar quantum.”

“as we as we close in on a million barrels a day, we're at the capital level that I think is going to be required to get us there and then... I would not anticipate that we're going to have to go towards $6 billion in order to get there”

“We're starting this year with 12 rigs and three frack crews. I mentioned we'll add a fourth frac crew around the middle of the year”

“The difference between affiliate earnings and dividends is expected to decrease in the second half of the year after TCO's start-up of WPMP.”

“We do not expect significant affiliate dividends in the first quarter.”

“Depending on commodity prices and margins, affiliate dividends are estimated around $4 billion, roughly flat with last year.”

“Looking ahead, our first quarter downtime estimate includes around 20 thousand barrels of oil equivalent per day associated with January's cold weather in North America.”

“We expect metering station conversions through the remainder of the year as additional pressure boost compressors start up, keeping the existing plants full around planned KTL and SGI turnarounds”

“Once we have PBF compression online, WPMP start-up is expected to begin in the second quarter when the first metering station is converted to low pressure, which will enable increased flow rates.”

“We have strong momentum and expect to achieve one million barrels of oil equivalent per day in 2025.”

“We're now focused on the FTC's second request and expect to file the draft S4 later this quarter with closing anticipated around the middle of the year”

“We still have outstanding unit optics reduction targets going out to 2026 at mid-cycle.”

“I think as you see the divestments unfold over the next few years because we will have more assets in the portfolio that come from Legacy Chevron that is likely to be a greater contributor I would guess to the overall $10 billion to $15 billion number than things that come in through this transaction”

“And then we'll be heading to this more than $4 billion in 2025.”

“So we know production is going to be down next year.”

“We'll see a pretty significant increase in the total year TCO dividend.”

“We're at the high end of that range when we close the transaction with Hess with $17.5 billion annually.”

“We expect peak next year on Mad Dog 2.”

“Anchor and Whale are both expected for first oil next year.”

“Full year production expected around 770,000, 780,000 or so if you include PDC.”

“Permian production is expected to ramp up in the fourth quarter.”

“Yes, John, we're not changing the guidance. Overall on production, excluding PDC, we expect to be the lower end of overall guidance.”

“We still think we can get to 150,000 or so by year-end.”

“And so in total, we expect our share of dividends to be lower by about $2.5 billion across 2024 and 2025 from the prior guidance.”

“Cash flow from the operations will be lower by about $1.5 billion at $60 Brent in total over the next two years really due to the delay in the project.”

“So think about around $1 billion Chevron share over 2024 and 2025, probably a little more weighted to 2024 than 2025.”

“Chevron expects share repurchases in the fourth quarter to be around $3 billion plus or minus 20%, depending primarily on the timing of the Hess definitive proxy statement mailing.”

“We anticipate affiliate dividends in the fourth quarter to be largely from TCO.”

“Free cash flow from TCO in 2025 is expected to be more than $4 billion, Chevron's share at $60 Brent, down around $1 billion from our prior estimate.”

“TCO is expected to reach greater than 1 million barrels of oil equivalent per day in 2025 when FGP fully ramps up.”

“TCO production on a 100% basis in 2024 is forecasted to be about 50,000 barrels of oil equivalent per day lower than 2023 due to a heavier turnaround schedule and planned downtime for WPMP conversions.”

“Total project cost is expected to increase between 3% to 5%.”

“We expect a higher dividend in the fourth quarter.”

“If we do well, we could end up on the front end of those windows that I gave you.”

“That should give investors confidence in our ability to continue to grow the dividend at leading rates and to maintain buybacks at also very high rates.”

“So it's certainly a signal that, as we look out over this commodity cycle, and again, we think of the buybacks as being steady across a cycle that we feel good about it.”

“We have unused contingency which gives us confidence that we'll complete the project within the total budget.”

“I think refining margins for the second half of this year are likely to be as good as they were in the first half of the year at least.”

“Our renewable fuels business today is profitable and generating cash. We expect to start up the Geismar expansion and be producing more renewable diesel next year.”

“Free cash flow is going to grow from this base.”

“So, we guided to 10% annual free cash flow coming from all those businesses.”

“In the first part of next year, we expect to drill a strat well in the onshore acreage and do the same.”

“In the second half of this year, we're going to drill a strat well in the offshore acreage to further delineate and characterize the subsurface.”

“So I can't get in front of the board of directors of TCO. It's a separate company that we are a shareholder in. But we expect, as we said, a much bigger dividend in the fourth quarter than we saw in 2Q.”

“It was not that long ago we were investing $3 billion to $4 billion a year our share into the project and that's down to $1.5 billion or so this year and will continue to trend down.”

“And all of that is part of a very carefully choreographed sequencing of turnarounds and startup activity that will bring the full field, so the 1 million barrels a day for 2025.”

“There will be turnarounds next year as well, two more turnarounds, one at SGI and another one in one of the KTLs.”

“We expect 30 more POPs in the second half of this year, so that the bulk of the program is not representative of those curve.”

“We expect to be at the lower end of that.”

“Full-year affiliate dividends are expected to be near the low end of our guidance.”

“We do not expect a dividend from TCO until the fourth quarter.”

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

“We expect to close our acquisition of PDC Energy in August after their shareholder vote next week.”

“In the deepwater Gulf of Mexico, the floating production unit at Anchor is on location and the project remains on track for first oil next year.”

“Before year-end, we expect to POP an additional 30 wells with higher expected production rates.”

“We expect next quarter's production to be roughly flat before growing again in the fourth quarter, on track with our full-year guidance.”

“After completion of these projects, TCO is expected to deliver production greater than 1 million barrels of oil equivalent per day and generate about $5 billion of free cash flow – Chevron share at $60 Brent – in 2025.”

“Conversion of the field from high-pressure to low-pressure is expected to begin late this year and FGP is on track to start up by mid-next year.”

“In the third quarter, we expect mechanical completion for the Future Growth Project and to complete a major turnaround. Cost and schedule guidance is unchanged.”

“As we get up to activity, and as Mike said, we're becoming more efficient as are other operators that we work with. Yeah, it's going to be pretty ratable once we get up to our full rate activity.”

“Over the next five years, we expect to develop over 2,200 net new wells, growing production while delivering return on capital employed near 30% and free cash flow greater than $5 billion in 2027 at $60 Brent.”

“If we get that, we could be into FEED later this year.”

“In fact, we're working towards a concept select for the next expansion of Leviathan, ideally, at the end of this year, and floating LNG is one of the concepts that we continue to look at.”

“in the second quarter in certain parts of our business, we'll be going through this with some of our partners, and we'll see some resets on there that will probably reflect a little bit of the inflation that I referred to earlier, that's already built into our plans.”

“So really no change to our mid-single-digit inflation guidance in our current year capital spending.”

“the DJ and Argentina are a couple of other areas where we expect production in the second half of the year to be higher where we're increasing a little bit of activity.”

“You're going to expect us to add some additional rigs as we move into '24.”

“we showed certainly in the low side case which averaged about a $60 Brent that we could continue buybacks near the low end of the range, and we can do that on by taking surplus cash down.”

“we're continuing to hold the guidance, as I said earlier, at about 770 for full year.”

“And then in the NOJV, the growth is higher. It's in the mid-teens for the full year. The gross number of POPs in our NOJVs are expected to be up about 15% year-on-year.”

“Our COOP production growth, we expect to be mid-single digits for the full year. Maybe a touch higher than the midpoint of single digits and expect roughly 190 wells to be put on production this year, which is down a little bit from last year, maybe 10% from last year”

“We expect royalty production to be roughly flat, in the neighborhood of, a little bit over 100,000, maybe 110,000 barrels a day.”

“So belabor that, but looking at concepts and expect to select a concept on the Leviathan expansion, by the end of this year.”

“And the startup of the future growth projects, the portion that adds 260,000 barrels of oil production that will begin by mid next year.”

“The headline I'll give you is there's no change to our cost or schedule guidance. We expect WPMP startup to begin by the end of this year.”

“Our COOP production will grow in the mid-single digits. NOJV, we expect to grow in the mid-teens, and royalty is roughly flat year-on-year as our expectation.”

“All four company-operated rigs added this year, one each quarter, will be in New Mexico, leading to more POPs expected in the second half of the year and into 2024.”

“We expect our royalty production to be roughly flat.”

“We expect 2023 production growth in the Permian to be back-end loaded as wells put on production, POPs increase across both operated and non-operated areas.”

“That actually go up further this year, maybe another 50% if everything goes well.”

“We do it based on what Mike just said, high grading of the portfolio where we can get the best returns for capital projects that can compete for capital... It's a little low this year. We set it to go back higher in future years.”

“Our buybacks exceed the issuances and we expect that to continue.”

“We expect fewer employee and retiree exercises of stock options.”

“That means there'll be a time period where we'll be buying back shares off the balance sheet, and we'll lever back up closer to that 20% to 25% guidance.”

“Our guidance is for the net debt ratio to be between 20% and 25% and mid-cycle conditions.”

“We are working on development options to expand Leviathan. Those are still being worked and we should narrow the concepts on that later this year and reach some decisions in terms of how we intend to do that.”

“And then our Permian growth would be a little bit lower in 2023.”

“So our outlook for 2023 at $80 is flat to up 3%, so that post between 3 million and 3.1 million barrels a day.”

“Again, you would expect that to continue to roll off next year.”

“For 2023, the TCO dividends are included in the guidance we provided, $5 billion, $6 billion, which is up from what our total dividends that we received last year.”

“So back half of the year, you'll see a little bit of that impact.”

“WPMP is trending toward a beginning start-up by the end of this year.”

“Also, we expect to maintain share buybacks at the top end of our guidance range during the first quarter.”

“The difference between affiliate earnings and dividends is expected to be less than $2 billion.”

“We estimate annual affiliate dividends between $5 billion and $6 billion, depending primarily on commodity prices and margins.”

“Based on the current outlook, we expect higher natural gas costs for our California refineries.”

“After adjusting for lower prices and portfolio changes, primarily the sale of our Eagle Ford asset and the expiration of a contract in Thailand, we expect production to grow led by the Permian and other shale and tight assets.”

“We said today in our press release that we're very confident we're going to exceed our 3% compound annual growth rate over the next five years.”

“We remain confident in exceeding our long-term production guidance.”

“It's a large royalty advantage position... It's a big source of free cash flow. Our free cash flow growth over the next five years is really driven by Permian, [indiscernible], Gulf of Mexico, a few other assets.”

“We've given guidance that keeps that CapEx flat over the next several years.”

“In our Investor Day last year, we showed in 2026, so once we get fully on the other side of all this stuff I just described, a 5x expansion in free cash flow out of TCO versus 2021.”

“We'll continue to buy back shares near the top end of the range that we've been talking about.”

“I want to maintain the buyback program throughout the cycle. And we're not procyclical. We're not countercyclical. We want to operate across the cycle so that our shareholders see consistency out of us and know that they can count on that.”

“No change to our cost or schedule guidance, we're 97% complete on construction right now.”

“We're on track to complete bulk construction by the end of this year.”

“But we're not changing guidance for this year or our forward guidance.”

“In the fourth quarter, we will pay over $700 million associated with the early termination of a long-term LNG regas contract at Sabine Pass.”

“We're on track to beat 2021's free cash flow record.”

“And then we recently took FID in the second quarter of this year on the Ballymore project and expect first oil on that one in 2025.”

“Bigfoot has ongoing development drilling and water injection that will begin in the first quarter of next year.”

“Jack St. Malo has a multiphase pumping project that starts up this year and some additional development drilling.”

“The Geismar expansion is underway, and we're halfway already to our renewable fuels target as that's completed. We indicated we're going to grow to 100,000 barrels a day.”

“I mean we intend to grow it further, but it's a real business for us today and it's performing well.”

“So I think you'll see a little bit of that in our capital guidance as it comes out as we wrap up our planning and we look to next year.”

“Certainly, we are seeing some cost inflation. And the Permian is probably the strongest that we see around the world, kind of into the low double digits year-on-year.”

“So I would not look for those to be necessarily repeating.”

“So at this point, everything flowing and it looks like we'll continue to do so.”

“the pressure management startup indicated right now for second half of '23 and then the future growth project in '24.”

“And that's about a 20% increase in next year relative to where we think we'll end up this year.”

“We're going to increase in the Permian and in other locations.”

“You should expect it to be near the top end of the range, again, consistent with what our plans have been.”

“So we likely will be towards the lower end of the range.”

“In the fourth quarter, we expect dividends from TCO and Angola LNG, and we expect to end 2022 at the top end of our full year guidance for affiliate dividends.”

“After producing a record number of LNG cargoes in third quarter, we expect fewer spot cargoes out of Australia due to maintenance and summer temperatures.”

“Now looking ahead, in the fourth quarter, we expect modest turnaround.”

“And I expect that will include some LNG projects over time.”

“Our investments in our traditional new energy growing both our guidance on upstream production growth is 3% compounded.”

“As we are looking towards 2023, we are doing that work right now. We are confident that we will be able to secure all the goods and services that were needed for our program.”

“So we have – we will increase investment in activity next year.”

“I would expect those to continue as we move forward.”

“Again, our program will be a higher activity program next year, and that includes the Permian.”

“We are ramping up our drilling activity in the Haynesville, and we expect to see rigs there starting later this year.”

“We’ve got Whale is coming through. We expect in 2024.”

“We’ve got the Anchor project that is expecting to have first half in 2024.”

“And then as Jay just described, our major capital project in Kazakhstan is winding down, it will decrease spending by about $1 billion, and that opens up another $1 billion.”

“We’ve been ramping up during the course of the first half of the year, and I think you’ll see us higher in the second half of the year, but likely end the year below our $15 billion budget.”

“Our 2022 capital is on track. It’s likely to end up below our $15 billion budget.”

“We have given you guidance of increasing our investment rate up to about $4 billion a year by 2024. And then I would expect to see it relatively flat after that as we just maintain an efficient operation across the Permian.”

“We have increased 2 additional rigs in July. So we are running now with a fleet of 10 rigs across the Permian in the current time and we expect to maintain that through the second half.”

“So we are looking for about a 15% increase in our Permian production.”

“So we will continue buybacks even when the commodity cycle turns down and we will lever back up our balance sheet closer to that 20% to 25% guidance range.”

“As we have said with previous buyback rates, we intend to maintain buybacks at this annual rate for a number of years across the commodity cycle.”

“Our guidance that we shared at our March Investor Day is $15 billion to $17 billion of organic capital investments through 2026.”

“We would expect to see about 1.2 million to 1.5 million barrels a day of production ultimately is our plateau.”