Ryan Todd

Rich Walsh cited the outdated DOE SRE process that doesn't account for shale revolution, noted a legislative compromise supported by API, ag interests, and most refiners, but a small number of conglomerate small refiners are holding up resolution.

Gary cited weak gasoline-to-diesel ratio hurting Benicia's high gasoline yield, plus a retroactive pipeline tariff. Rich Walsh confirmed process units being idled due to mandatory inspection requirements, with fuel production continuing through inventory drawdown.

Lane attributed improvement to industry-wide reliability investments over 15 years plus AI/predictive capabilities, while Greg noted mild summer weather also helped.

Greg noted butane blending will help capture seasonally, and differentials are favorable, but weak naphtha and propylene remain headwinds.

Rich Walsh declined to comment on media speculation, confirmed ongoing CEC discussions but no solutions have materialized from California's side.

Eric highlighted operational upside surprise in SAF quality and blendability, while airline demand interest was a downside surprise; EU may increase buying in H2 for 2% compliance.

Eric detailed catalyst change impacts on Q1 volumes, PTC capture improving from ~50% to 100% on eligible stocks, and identified RIN increases and LCFS modifications as potential back-half tailwinds.

Lane cited California's 20-year policy trajectory away from fossil fuels, Benicia's higher regulatory burden and significantly higher maintenance costs versus Wilmington.

Eric confirmed flawless startup with first sales in November and wide operability range, but declined to give specific production level guidance.

Eric detailed 45Z credit values by feedstock showing DGD's waste oil advantage, but acknowledged overall lower incentives for the entire renewable fuel industry.

Wirth outlined Tamar adding 500 mmcf/d capacity, Leviathan 200 mmcf/d near-term plus expansion FID to 2.1 BCF/d by decade-end. Aphrodite entered FEED with Cyprus. At least one exploration well planned offshore Egypt. 25% production growth and 2x earnings/cash flow by 2030.

CFO cited production growth and synergy delivery. Wirth added Yellowtail startup, Hammerhead FID, and high praise for quality of Hess people joining Chevron.

Nelson cited turnaround excellence (14/16 top quartile), Pasadena ramp to nameplate, and 1-2% portfolio production efficiency improvement YTD as key drivers.

Wirth highlighted Second Bone Spring outperformance in New Mexico, Texas Wolfcamp improvements. 2025 type curves expected similar to 2024 with 85% Delaware focus. Oil cut stable at 43-45%.

Wirth confirmed Anchor wells performing at or above expectations in new pressure/temperature regime. Two wells online, third expected Q2, fourth/fifth by early 2026.

Rich gave regional breakdown: Atlantic Basin 97%/99% utilization, Gulf Coast 86%/100%, Central Corridor 101%/103%, West Coast 69% (L.A. drag). Brian noted jet now above diesel across all PADDs as tailwind.

Brian expects strong distillate margins through year-end with planting season, hurricanes, fall turnarounds, and winter demand. Potential relief from OPEC crude, Canadian production, and Mid East imports.

Brian cited ~2 dozen originators hired globally across Houston, Calgary, UK, Singapore, China. Focus on moving barrels to highest netback markets along integrated value chain.

Brian admitted suboptimal early decisions on feedstock given evolving PTC rules. Expects more clarity in June-July from tax bill, RVO in late May, and LCFS by end of June.

Rich noted Q1 seasonal butane blending benefit continues; turnarounds and low-80s utilization will impact results. Directed to regional indicators on IR website.

Ryan Lance described 2026 scope as set, expecting commodity softness near-term. Constructive longer-term with LNG and Willow coming on when the world needs the oil. Lower 48 can ramp if warranted but no urgency given current portfolio strength.

Nick Olds detailed Permian upside from primary and secondary intervals across Wolfcamp A/C, Bone Springs, Woodford formations plus acreage trades for longer laterals.

Andy O'Brien highlighted capital synergies over $500M from day one, record Eagle Ford drilling, and new commercial synergies in crude lending and midstream contracts.

Andy O'Brien confirmed confidence in $2B target, noted Port Arthur equity sell-down is a consideration but not urgent given project derisking without capital.

CEO detailed growth pipeline: Northwind sour gas reaching run rate by end 2026, BANGL 100% ownership, Secretariat plant, fracs in 2028-29, all driven by NGL demand growth and LNG export demand.

CEO said potential 50% foreign feedstock limit is less impactful for MPC given Neste partnership and diverse sourcing; CFO confirmed 45Z largely in run rate after April restructuring.

CEO framed RD as a small portion of throughput (~50K bpd vs 3M total), emphasized having one of the most competitive assets, but acknowledged margins require regulatory support.

Woods framed exploration as one of three levers for addressing depletion alongside squeezing more from existing fields and growing advantages for inorganic opportunities. Very focused on narrowing exploration to opportunities that are material commercially attractive and compete in portfolio. Put a lot of effort into seismic interpretation and technology to bring into exploration. Feel pretty good about opportunity set but still must demonstrate and translate into finding success. Exploration always been part of equation for upstream challenges.

Woods said really good demand but a lot of supply chasing it creating challenging margins expected to persist longer than anyone would like. Capacity slowly coming off and demand needs to grow. ExxonMobil not basing business on calling the market. Results driven by kit design, feed flexibility to optimize feedstock daily, structural location advantages, purposeful growth in high-value products, and massive structural cost reductions. Chemical team achieved hat trick of upgrading feedstock, upgrading to high-value products, and doing it at lower cost. China Complex still in early startup days but coming on well. Full utilization expected by end of year into next year.