A：Chevron achieved first production at the Aces Green Hydrogen Project in Utah earlier this month.

A：The fire occurred at the El Segua refinery with no serious injuries and Chevron continued to meet its supply commitments. The company is cooperating with regulatory agencies and conducting its own investigation.

A：Chevron reported earnings of $3.5 billion, or $1.82 per share, with adjusted earnings at $3.6 billion, or $1.85 per share. Special items of $235 million included severance, transaction costs, and the fair value measurement of cash shares. Foreign currency effects increased earnings by $147 million, and organic CapEx was $4.4 billion for the quarter.

A：Adjusted third quarter earnings were up $575 million versus the previous quarter, with adjusted upstream earnings offset by higher D&A. Compared to the same period last year, adjusted earnings were down $900 million, with adjusted upstream earnings reduced by lower liquids realizations and higher D&A from production increases.

A：Legacy assets contributed $150 million to the quarter's earnings.

A：Chevron expects full year average production growth at the top end of its 6 to 8% guidance range, excluding legacy He. The company also anticipates strong cash generation to continue in a lower price environment, underpinned by increased capital efficiency and high-margin assets.

A：The company expects production to move up and down, with some quarters showing a decrease based on well popping timing. Despite fewer rigs and completion spreads, strong performance has been maintained. There has been significant progress on various operational aspects, including technology, which will be elaborated on at the upcoming Investor Day.

A：The discussions around the concession extension in Kazakhstan have started and are being handled by the technical and commercial teams. The process is complex and involves both the Republic and the shareholders. While the company is off to a good start, quarterly updates on this matter are not expected due to the nature of the work. Updates will be provided from time to time as more information becomes available.

A：The company is excited about the addition of the Bakken position to its shale and tight portfolio and plans to grow it to 200 oz barrels of oil equivalent per day, with the potential to maintain that plateau. Initial observations include opportunities for efficiency gains from improvements in drilling cycle time and the use of longer laterals. The company plans to apply lessons from other areas to the Bakken and is taking a cautious approach to determine its long-term role in the portfolio, focusing on value and capital efficiency.

A：The company sees the Bakken as part of a broader Rockies corridor and is considering it for competing for capital within the portfolio. Initial observations suggest potential for growth and efficiencies. While no decision has been made regarding its long-term role, the company is focused on being thorough and value-oriented as it assesses the asset's integration and competitive position for capital allocation.

A：Strong production growth and the delivery of expected synergies were the main drivers of the strong performance. The company has made progress in integration, confirming the delivery of a billion-dollar synergy target post-close. Integration efforts have positively impacted the entire portfolio, with operational efficiencies now that assets have been brought into the Chevron system. The company expects to see more of these benefits in the fourth quarter.

A：The company has shifted to a more balanced approach of exploration, moving away from just focusing on near infrastructure opportunities. It plans to allocate resources to both mature areas and high-impact frontier areas. The company has added new country entries and will explore prospects in regions like CERN on Brazil, Namibia, Nigeria, and Angola.

A：The company has made new country entries in the South Atlantic margin, the Middle East, and the west coast South America. It plans to have a broader program in these areas and specifically mentions looking for more opportunities in countries like CERN on Brazil, Namibia, Nigeria, and Angola.

A：The company has simplified decision-making and sped it up by modifying its internal organization as part of an overall restructuring. New technology is being brought to bear on exploration activities.

A：New hires include Kevin from Total and Liz Schwarzer, the current head of exploration. Kevin is expected to bring unique experience that will be helpful in enhancing the company's exploration efforts, with a particular focus on frontier exploration.

A：The company has identified a portfolio of opportunities from seismic data on its blocks and has recently completed farming on additional blocks in the Walvis Basin. It plans to apply concepts from the Orange Basin to further explore the Walvis Basin. Despite the recent unsuccessful well, valuable information was gathered, and plans are in place to drill more blocks. The company remains optimistic about the exploration potential.

A：The company has an environmental permit allowing up to 10,000 Ed Wells. They have an inorganic strategy of evaluating all potential commercial activities and discussions to optimize their portfolio, including potential inorganic opportunities in Namibia.

A：The company's base production has performed well over the past year or two. Management is focused on doing the little things right, restructuring the company to align operations around asset classes like offshore and unconventional. IT automation and decision-making technology are being utilized to improve operations. The company has also optimized its portfolio, resulting in less capital-intensive assets and a focus on assets with facility limits to hold production.

A：The company does not provide a detailed perspective on the California refining market in the transcript excerpt provided. However, the speaker indicates an interest in discussing the policy backdrop and the impact of recent events on the company's business in the state.

A：Recent developments include tightened supply due to a switch from petroleum-based feedstocks to bio feedstocks, refinery changes, and announced plans to close some facilities. These are resulting in market tightening and are a function of policy.

A：The market is expected to become unbalanced and to tip towards short supply, necessitating a regular reliance on marine imports for product delivery. There is a consideration of constructing product pipelines, but these are ambitious projects with many moving parts and complexities.

A：Chevron's portfolio is weighted at 85% upstream and 15% downstream, which is a mix they have maintained over the last couple of decades. They are not compelled to further weight down the downstream business, which is viewed as a declining depletion business, while the upstream is more stable with self-correcting returns. They have rationalized some assets due to market conditions such as Covid and some other imbalances. They intend to maintain a portfolio weighting similar to the current one, with a focus on growth in petrochemicals.

A：The increase in equity affiliate distributions is attributed to strong performance of TCO, which operated safely and reliably with results exceeding expectations. This performance is central to the increase. However, future guidance will not change despite this outperformance due to a production decrease in the fourth quarter due to a maintenance pit stop at TCO, coupled with two loan repayments next year.

A：The earnings beat was primarily driven by TCO, which experienced reliable production and operational efficiency. Despite a turnaround in the fourth quarter, production grew 5% sequentially. TCO's performance is attributed to the smooth operation of new processing trains and the absence of planned maintenance in the third quarter. Production is running at planned nameplate capacity and there is an expectation to optimize plant performance through the use of advanced technology and automation. The outlook for TCO includes a pit stop in the fourth quarter, but there is an opportunity to improve future production capacity and refine operations.

A：Chevron plans to maintain its focus on capturing value through effective marketing strategies. They intend to utilize their existing transportation infrastructure and firm transportation capacity to optimize value across the entire value chain. The company operates under a well-planned program, allowing them to commit to transportation and midstream companies in advance, ensuring they are well-covered and can optimize value.

A：The new facilities, which are world-scale and have advantaged feedstock positions, are expected to be highly competitive. Chevron anticipates they will deliver returns over the long term with potential IRRs of around 20%. These projects are part of joint ventures with Qatar Energy and will affect cash flow and capital expenditures. The details on the expected impact and cash flow will be discussed further at the upcoming Investor Day.

A：Since the last analyst meeting, the world has experienced a continuation of the war in Ukraine, a massive shift towards ESG, an AI boom, a completely new OPEC policy, and changes in the interest rate environment. Despite these changes, the fundamental business focus remains on the continued growth of the global economy, population, and economic development, all of which depend on affordable and reliable energy. The conflict in Ukraine and issues with the power system in the US have highlighted the importance of affordable energy for modern economies. Chevron's strategy, which has been consistent over time, aims to deliver value through cash growth, capital discipline, innovation, technology, and a strong, low-risk portfolio, while rewarding shareholders with strong cash returns and predictable share repurchase programs.

A：The current rig count in the Permian is around 250, which is near multi-year lows. This suggests that at this level of activity, rig count is sufficient to maintain current production levels, assuming there are still productive opportunities available.

A：Efficiency and productivity gains are positive indicators for production. The company continues to work on technology that will enhance both execution and recovery. The industry is guiding to flattish or slightly reduced CapEx, which is a proxy for production likely plateauing rather than growing at previous rates.

A：The potential of Argentina production over the next few years is positive, with the company having a long history and understanding of the subsurface in the Vaca Muerta. President Macri's election support and macroeconomic improvements since 2023 make it more attractive for investment. The company has modest growth plans for this year, with an expectation of 25,000 barrels a day in 2025. The quality of the rock is competitive, but the exact potential is uncertain as the company focuses on policy developments before making investment decisions.

A：The company operates with a long-term, manufacturing approach to development, planning work and executing it efficiently. This contrasts with smaller operators who may be in a less balanced financial position and have less diversified portfolios. The company's consistent and steady approach allows for improvement through drilling and completion techniques, yielding higher efficiency and productivity.

A：There are no current indications that the non-operated Joint Venture (NO JV) business in the Permian is significantly constrained or contracting. The company partners with major operators whose activity levels align with the company's business plan, and there is a good line of sight on production performance through the remainder of the year and into 2026, based on existing well plans and those already under construction.