Biraj Borkhataria

Wirth declined to quantify alternative-route capacity but stressed high government commitment to keep CPC open. Partial by design.

Wirth said receivable recovering faster at current prices, expects much lower balance by year-end and fully paid off by 2027. Will update on capital investment plans after fiscal terms clarify.

Wirth said opportunity environment is more target-rich, not a change in Chevron's appetite. Prefers large concentrated positions for scale, technology application, and safety/compliance efficiency. Underweight Middle East and would add if competitive.

Wirth noted first well was informative despite no commercial hydrocarbons. 10-well environmental permit secured but not a committed plan. Farmed into additional Walvis Basin blocks.

Nelson confirmed Permian CapEx trending to lower end of $4.5-5B range for 2025 with further drops expected as free cash flow generation becomes the focus. More detail at Investor Day.

Wirth walked through financial priorities framework, emphasized through-cycle approach. CFO added that $9B incremental FCF is achievable even at $60 Brent. Comprehensive response.

CFO gave detailed breakdown of $2.5B in non-recurring items: $1.5B Canadian sale tax, $500M special items, $500M affiliate/commercial. Thorough and transparent.

Woods called windfall taxes shortsighted, noting ExxonMobil canceled planned European investments after the prior tax and is suing the EU over it.

Darren said emphasis unchanged as investment opportunities already being pursued. Mozambique, PNG and Golden Pass all grow and diversify portfolio. Strategy dictated by quality of opportunities and returns, not constrained by anything else.

Woods said demand continues to be very robust and strong with good growth worldwide. Challenge remains on supply side with a lot of capacity coming on that compresses margins despite record demand levels. Focus on cost efficiencies, effectiveness, high-value products, and feed advantages from location positioning. Leaning heavily into centralized organizations for supply chain efficiency and effectiveness. Allows more competitive results than many competitors but ultimate market resolution from competitive dynamics is hard to judge.

Woods said strong relationships with government and really good project concept. Security situation improved dramatically with Total having lifted force majeure and ExxonMobil in process of doing the same. Project now moving ahead. Working very closely with Total. Had the president and his team on campus this week for a productive session showing capabilities. Cautioned against reading too much into press reports.

Chapman said expense increase driven by large slate of new project startups all on track and on budget. Higher DD&A from full year of Pioneer and production growth from new projects. Expect continued increase in line with activity and production levels. Offset by structural cost savings of $1.4 billion added year to date toward $18 billion target by 2030. Woods added that cash OpEx excluding energy cost and production taxes is actually still lower than 2019 levels despite all inflation and growth, with savings offsetting everything.

Woods said CapEx broken into base spend, early-stage pre-FID projects, and policy-dependent buckets plus new businesses like Proxxima and Carbon Materials. All buckets basically on track at this stage. Does not anticipate tariffs or uncertainty delaying anything. Biggest challenge on Baytown Blue Hydrogen remains customer offtake agreements. Year-to-year may see some movement but longer-term plans on track. Mikells added CCS is biggest low-carbon investment this year with first customer coming on, permanent storage drilled, monitoring in place. Low-carbon total is $30 billion of CapEx from 2024-2030 representing about 10% of total. On Mozambique Woods declined specifics but said philosophy is having right-sized stake in developments to justify deploying global projects organization advantage.

Woods said industry average margins are challenging but ExxonMobil is advantaged versus that especially in North America with fairly large footprint. Demand in chemicals is actually very strong at record levels with challenge on supply side. More companies evaluating their ability to survive in current market leading to shakeout. Cycles are necessary to focus industry on efficiency and high grading. Philosophy is to build business for bottom of cycle and take gravy at top. Mikells added projects coming online including China Chemical Complex focused on performance chemicals and Singapore upgrade will continue to well position as low-cost supplier.