Chevron

Well, Sam, It's great to be with you all again. It's really good to be back in t Let's dive in. Our consistent strategy has guided our disciplined approach to optimizing and hydrating our assets. Through strong execution and returns focused acquisition and divestment, we've built what we believe is the premier energy portfolio. Our upstream consists of In downstream, we have and in new energies, we're pragmatic and focused on advancing solutions with competitive returns at a pace set by the market. Our upstream portfolio is built to deliver industry leading cash and resilience. As you can see, we lead our peers in cash margin. And we have a strong queue of opportunities that are expected to drive even We have the T And as Emer showed, resilience at lower prices with the lowest break even among the peer group. And we're only getting started. We're driving production growth from an advantage portfolio that's been positioned to deliver the most value for every barrel produced. We expect total upstream production to grow by a 2% to 3% compound annual average over the next five years. Growth is coming from our T And we expect t Chevron's commercial resource base is diversified across asset classes with approximately 50% in shale and tight, and the remaining balance between deepwater, LNG, conventional, and heavy oil. Over the past decade, we've unlocked more than 7 billion barrels of oil equivalent in additional resource by applying leading technology across the portfolio. With more than 20 years of combined inventory, we'll continue leveraging innovation and expertise as we aim to maximize value from our Now let's move into the key assets w Starting with Australia, Gorgon and Wheatstone are performing at world-class reliability levels. With decades of remaining resource, these assets are expected to generate durable cash flows well into the future. We're focused on deploying technology to improve efficiency and sustain reliability. The use of digital twins has already realized millions of dollars in value, and we're also seeing the impact of AI tools to help plan our maintenance work, reducing critical task planning time by 25%. Looking ahead, a queue of strong economic backfill projects are already underway and are expected to deliver top-cortile unit development costs, sustaining strong long-term cash flow. At TCO, for more than 30 years, we've steadily grown production in one of the world's most technologically advanced oil and gas developments. We've consistently innovated to safely manage Through the new Integrated Operations Control Center, we optimized production from the reservoir to the three large plants, driving At $70 Brent, we estimate Chevron'share of TCO free cash flow to be approximately $6 billion in 2026 and more than $5 billion in 2027. Turning to the Permian, we have a winning position, supported by resource depth and royalty-advantaged acreage that delivers peer-leading returns. With a Starting in 2026, we expect a further moderate capital spending to roughly $3. 5 billion. As thousands of reliable base wells with lower decline rates continue to produce, fewer new wells will be required each year to maintain the plateau. And our technology leaders We have visible results applying advanced chemical treatments to enhance recovery in both new and base wells. Our plans include scaling these chemicals to all applicable new wells going forward, with average expected recovery uplift around 10%. And in capital discipline and innovation, we expect the Permian to generate $5 billion in annual free cash flow through 2030. The Permian sits wit In the DJ, we've combined expertise from NOBL and PDC Energy with our own to take our basin-leading performance to the next level. Well-completions efficiency has improved 100% over just the last two years using frack innovations from the Permian. In the Bakken, we're already applying our expertise in technology to optimize development plans to include three-mile or greater laterals in 40% of future wells. Together, these two basins are expected to generate roughly $2 billion of annual free cash flow into the mid-2030s. And our liquids-weighted Argentina position provides an attractive opportunity for growth. We're continuing to pace development and incorporate learnings from across our shale portfolio and see the potential to grow t Now let's take a closer look at how we're applying technologies across our shale-and-type portfolio to drive performance improvements. Chevron is leading in many of the world's premier shale-and-type basins, leveraging cutting-edge technologies and artificial intelligence designed to maximize returns in cash flow. With our decades of operational know-how and a stake in one out of every five wells in the Permian, we have unmatched visibility into the basin. AI models are more powerful when they're trained on more data, and we have unmatched data, so we can anticipate what's needed for every well to operate at its peak. We built Apollo, an AI-driven platform that uses multivariate mac And when integrated with the rest of our technology portfolio, our teams are turning insights into action to optimize asset development strategies and maximize value. On the ground in the Permian, we've improved our drill and frack efficiencies by over 30%. We've pioneered triple-frag technology that allows us to stimulate three wells at the same time, each with unique design parameters. We're integrating cluster spacing optimization and oriented perforation technologies to access more rock and improve fracture efficiency. And we're increasing our use of AI to optimize in real time. When paired with our breakthroughs in advanced chemicals, we're able to boost production rates and recoveries, getting more from every well. But it doesn't end there. Chevron scientists analyzed rock samples down to the poor, innovating and inventing new chemical formulations to release more oil from the rock. Our results are clearly visible in public data. We're applying advanced technologies in every Shale and Type basin where we operate to drive capital efficiency. T And we're just getting started. Being a leader in the Shale business means we have the scale to optimize natural gas to deliver the most value. In the U. S. , if you look at gas production on a per-share basis, we have the most natural gas exposure of our peers. And we're diversifying our market exposure to create margin and balance. We've secured 7 million tons per year of new U. S. LNG offtake with first-cargos expected beginning next year. T And we expect to continue to diversify sales channels, including expanding into power generation. Now turning our off to our offshore portfolio to start with our newest position. Guyana is a world-class asset with industry-leading resource and meaningful production growth expected into the next decade. Its developments rank among the With the recent Hammerhead FID, there are now seven FPSOs in production or under development. By 2030, eight FPSOs are expected to be online, enabling over 1. 7 million barrels per day of gross capacity. We're proud to continue the work HES began in Guyana and remain committed to supporting the country and its people. In the eastern Mediterranean, we're growing The Tamar Optimization Project and Leviathan 3rd Gathering Line are in execution and expected to start up early next year, driving near-term production growth of 25%. We're also nearing FID for a larger expansion at Leviathan, w Beyond 2030, we see further potential. Working work is advancing on the Aphrodite development, and we plan to drill another exploration well in the Nile Delta in 2026. Chevron brings nearly 100 years offshore expertise, technology innovation, and industry leaders And we look for decades more. We've delivered strong execution over the last few years, increasing production to nearly 300,000 barrels per day of oil equivalent. T Once these growth projects have fully ramped, we expect to generate approximately $3 billion in annual free cash flow through the end of the decade. And we're focused on debottlenecking, infill, and expansion opportunities. With the addition of Hess, we hold 20% more acreage in the Gulf than our closest pier, with approximately 80% wit And we expect ocean bottom node seismic coverage across 70% of our exploration leases by the end of 2027. We believe our leaders And over the next five years, we anticipate drilling at least 10 to 15 exploration wells. And we're leveraging these strengths to enhance our exploration program around the world. We're pursuing both near infrastructure opportunities as well as Over the last two years, we've increased our acreage position by more than 50% and entered 10 new basins. AI is embedded across our workflows and growing in impact, from seismic processing and interpretation to inventory characterization and evaluation. We lead the industry in cloud-based Building on these capabilities, we're applying cutting-edge geophysical imaging to our new exploration areas and stepping up activity. Over the next few years, we plan to increase annual exploration spend by approximately 50%. With focus in areas Moving to downstream, we have intentionally structured our portfolio for competitiveness, flexibility, and integration. We're strategically positioned in locations where refining, marketing, and retail are tightly linked and designed to drive the Our refining system delivers strong cash margins, and we're driving further improvements in reliability and efficiency through technology and innovation. Robotics and drones now perform critical work processes more safely and efficiently, generating more than $60 million in value over the last two years alone, w Chevron's brand is a competitive differentiator. We're a top U. S. fuel provider with We expect sustained annual free cash flow greater than $4 billion in refining and marketing at mid-cycle margins through the end of the decade. Our chemicals portfolio is anchored by feedstock-advantaged assets strategically positioned to serve CP Chem's existing facilities are at the most competitive end of the global cost curve, with two-t Additional capacity from projects in the U. S. and Qatar, both near the lowest cost anywhere in the world, is expected to further strengthen t CP Chem's operating performance is strong, and it keeps getting better. Despite difficult market conditions, polyethylene utilization remains above 100 percent due to consistent reliability and optimization efforts. And beyond CP Chem, GS, Caltechs, and Ornite extend our global reach in commodity and specialty chemicals to serve attractive markets. Now I'll hand it off to Jeff to talk about our exciting new power business, how artificial intelligence is generating value, and our pragmatic approach to new energies. Thanks, Mark, and Our approach balances today's needs with tomorrow's opportunities. Reckoning us for long-term growth. Let'start with how we're enabling AI's growing need for reliable, large-scale power. Since announcing our intent to pursue U. S. data center power solutions in January, we've made significant progress. Our position is based on four key differentiators. An early mover advantage with critical equipment secured. A large, low-cost natural gas position. And our proven operating capabilities in be Our first project in West Texas is expected to have 2. 5 gigawatts of gas-fired generation expandable to 5 gigawatts. We're in exclusive, advanced customer negotiations and are targeting first power in 2027. We expect mid-team returns and anticipate leveraging partners We're planning for an FID decision early next year, contingent on securing a long-term offtake agreement that delivers competitive returns. As Mike mentioned, we're not just working to power the AI revolution. We're applying it across our own business to create additional value. And we're accelerating that effort. Since 2023, we've had a dedicated AI team focused on innovation and impact. We're collaborating with industry leaders, reimagining key workflows, starting with shale and tight and exploration. And in the Permian, we have an unmatched data advantage through our interest in one out of every five wells. We're building AI-driven tools that can further unlock t Let's take a closer look at Apollo. The industry has long used a traditional type curve playbook to estimate prospectivity across the basin. The warmer colors indicate But t It yields binary outputs and relies on very few variables. Apollo uses multivariate mac On the screen, you can see the increased detail as well as changes in predicted recoveries across the basin. After identifying a target area, the next step is the development plan. We're training Apollo to optimize key variables such as well spacing, completion design, and development timing. We believe Apollo has the potential to create a competitive advantage. We're continuing to train the model and scale use across the portfolio to drive improved recoveries and returns. T Let's now turn to our new energy businesses. Renewable fuels are a proven solution that can lower the carbon intensity of transportation for customers today. We're proud to be the second largest bio-based diesel supplier in the U. S. , and in 2025, we expect to deliver record renewable natural gas production. Through our joint venture with Bungie, we capture crush margins and secure access to U. S. feedstock supply, an advantage that is anticipated to grow in 2026 with the expansion of an oil seed crush plant in Louisiana. At Geismar, advanced pretreatment technology strengthens feedstock flexibility, w And with our strong West Coast distribution network, t So we've built an integrated competitive business that is structured to give us flexibility, resiliency, and access to the best markets. We're advancing other new energy opportunities, too, where our early investments are positioning us to lead when policy markets and customers demand them. At ACES in Utah, we've begun production and storage of green hydrogen in an underground salt cavern for dispatchable power generation. Once fully operational, t S. grid-connected batteries today, with further expansion potential. We've also secured 125,000 acres in the smack-over formation in Texas and Arkansas to evaluate lithi And on the Gulf Coast, we're advancing carbon capture and storage projects at Bayou Bend and our Pascagoula refinery with engineering milestones expected in 2026. We're also investing in the next phase of energy innovation with a $1 billion commitment to lower carbon venture investments, including our through it all, we'll remain pragmatic in our approach focused on creating value for shareholders. Every day, we work to provide the affordable, reliable, and ever cleaner energy that enables h Reducing the carbon intensity of our own operations is key to that goal. These charts speak for themselves. We're a clear leader when it comes to delivering lower carbon intensity oil and gas with first quartile performance in both. We've reduced our upstream oil intensity by approximately 50% since 2016 and our gas intensity by about 17%. And we're not done. We're improving operations, applying technology, and using marginal abatement cost analysis to help deliver the most efficient reductions for every dollar spent. We've executed more than 100 carbon abatement projects since 2021, delivering over $1 million tons per year of CO2 equivalent designed abatement. We're deploying satellite and aircraft detection programs to identify and reduce methane emissions. Over 250 facilities in Colorado have been retrofitted to reduce methane by converting pne And in Australia, we operate one of the world's largest carbon capture and storage systems, more than 11 million tons of carbon emissions from our Gorgon LNG facility have been sequestered so far. And we're executing work that has anticipated to further increase CO2 injection rates. So to s T We built a large scale renewable fuels business that delivers lower carbon intensity fuels today, and we're advancing opportunities across hydrogen, lithi We're already a leader in the industry on oil and gas carbon intensity and executing abatement projects to lower our intensity even further. Our first be S. leaders Our direction is clear. We'll stay consistent in our strategy. We plan to keep lowering our carbon intensity, stay pragmatic on new investments, and be prepared when opportunities emerge that create value for our shareholders. Now Mark will help us wrap up the session. Thank you, Jeff. To close, our diversified portfolio in discipline execution provide investors with a winning investment proposition. Chevron's foundational assets coupled with capital efficient growth create a unique inflection point and are poised to deliver cash flow growth through the end of the decade. And our portfolio is deep with T As we've shown you today, we're stronger, more resilient, and better positioned than ever to deliver leading performance today and into the next decade.