Group 1 - Chevron Corporation is recognized as one of the 10 Best American Oil and Gas Stocks to Buy [1] - Chevron is set to increase its Venezuelan crude oil exports to the United States to approximately 300,000 barrels per day (bpd) in March, a significant rise from 100,000 bpd in December and around 230,000 bpd in January [3] - The company is currently producing about 240,000 to 250,000 barrels of sour Venezuelan crude per day in a joint venture with state-run PDVSA, which is favored by US Gulf Coast refineries [4] Group 2 - Chevron has been operating under a special US license in Venezuela and has become a key beneficiary of recent US actions in the country [3] - The company is now facing competition from trading houses Vitol and Trafigura, which have also received US licenses to export Venezuelan oil [4]

In a week of stock market newsworthiness, the hits keep coming this Friday morning. President Trump’s new Fed Chair has been announced: former Fed Governor Kevin Warsh. We also see a key wholesale inflation report hitting the tape for December, along with Big Oil companies reporting Q4 earnings results.Ahead of the opening bell, the Dow is -250 points, the S&P 500 is -35, the Nasdaq -180 and the small-cap Russell 2000 -30. This is a rather inauspicious start to the trading day, but we’re thus far flat for t ...

Financial Data and Key Metrics Changes - Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share, with adjusted earnings of $3 billion or $1.52 per share, reflecting a decrease of roughly $600 million compared to the previous quarter [9][10] - Cash flow from operations was $10.8 billion for the quarter, including a $1.7 billion drawdown in working capital [9] - Adjusted free cash flow for the year was $20 billion, with a record cash return to shareholders [10][15] Business Line Data and Key Metrics Changes - Upstream earnings decreased primarily due to lowered liquids prices, while downstream earnings were lower due to reduced chemicals earnings and refining volumes [10] - Production reached record levels globally and in the U.S., with net oil-equivalent production growth at the top end of the 6%-8% guidance range for 2025 [11][12] - The company achieved over 35% year-over-year growth in adjusted free cash flow, despite a nearly 15% decline in oil prices [5] Market Data and Key Metrics Changes - Chevron's operations in Venezuela have increased production by over 200,000 barrels per day since 2022, with potential for an additional 50% growth in the next 18-24 months [5][30] - The Eastern Mediterranean assets are expected to contribute to a doubling of current earnings and free cash flow, with Leviathan reaching FID for expansion [6][42] Company Strategy and Development Direction - Chevron is focused on free cash flow growth and capital discipline, with a break-even below $50 Brent [14][15] - The company aims to continue its structural cost reduction program, targeting $3 billion-$4 billion in savings by the end of 2026 [14] - Chevron is strategically positioned to leverage its diversified portfolio and maintain shareholder returns, having returned over $100 billion in dividends and buybacks over the last four years [15][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 from a position of strength, with expectations for continued growth in cash flow driven by low-risk production growth and ongoing cost savings [8][10] - The company is committed to maintaining a disciplined approach to capital allocation, focusing on high-value opportunities while managing through cycles [15][66] Other Important Information - Chevron's balance sheet remains strong, with a net debt coverage ratio of 1x, providing resilience and flexibility for future investments [10][15] - The company has restructured its operating model to enhance efficiency and streamline processes, with a focus on leveraging technology across its operations [14][49] Q&A Session Summary Question: TCO volumes and maintenance schedule - Management discussed the recent power distribution issue at TCO and the proactive measures taken to resume production, with expectations for optimized maintenance schedules to reduce downtime [20][22] Question: Venezuela operations and resource potential - Management confirmed uninterrupted operations in Venezuela, with production currently at around 250,000 barrels per day and potential for significant growth, emphasizing the importance of stability and fiscal predictability in the region [30][32] Question: Tengiz compensation cuts and production expectations - Management indicated that historical trends suggest TCO production is less likely to be impacted by compensation cuts, although specific future agreements are uncertain [37] Question: Eastern Mediterranean developments - Management highlighted ongoing projects in the Eastern Mediterranean, including Tamar and Leviathan, with expectations for increased production and cash flow growth [41][42] Question: Cost reduction progress and organizational changes - Management reported $1.5 billion in savings from the cost reduction program, with expectations for further efficiencies as the new organizational model is fully implemented [47][49] Question: Permian strategy and capital efficiency - Management confirmed that the Permian is expected to maintain production at 1 million barrels per day, with ongoing improvements in capital efficiency and cash generation [53][54] Question: Opportunities in Libya and Iraq - Management acknowledged ongoing discussions in Libya and Iraq, emphasizing the need for competitive fiscal terms and attractive investment opportunities [59][60] Question: LNG portfolio and future opportunities - Management stated that while Chevron has a smaller LNG portfolio compared to peers, the company remains open to opportunities that deliver competitive returns [61]

Financial Data and Key Metrics Changes - Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share, with adjusted earnings of $3 billion or $1.52 per share, reflecting a decrease of roughly $600 million compared to the previous quarter [9][10] - Cash flow from operations was $10.8 billion for the quarter, including a $1.7 billion drawdown in working capital [9] - Adjusted free cash flow for the year was $20 billion, which included the first loan repayment from TCO and $1.8 billion in asset sales [10] Business Line Data and Key Metrics Changes - Adjusted upstream earnings decreased primarily due to lowered liquids prices, while adjusted downstream earnings were lower due to reduced chemicals earnings and refining volumes [10] - Chevron achieved record levels of production globally and in the U.S., with significant contributions from the Future Growth Project at Tengiz, which added 260,000 barrels of oil per day [4][11] - The company expects production growth to continue in 2026, driven by project ramp-ups and a full year of Hess assets [11][12] Market Data and Key Metrics Changes - Chevron's production in Venezuela increased by over 200,000 barrels per day since 2022, with potential for an additional 50% growth over the next 18-24 months [5][30] - The Eastern Mediterranean assets are expected to contribute to a doubling of current earnings and free cash flow, with Leviathan reaching FID to expand production capacity [6][42] Company Strategy and Development Direction - Chevron is focused on free cash flow growth and capital discipline, with a break-even below $50 Brent [14][15] - The company is committed to leveraging its expertise in Venezuela and expanding its operations in the Eastern Mediterranean, while maintaining a disciplined approach to capital allocation [6][60] - Chevron aims to continue its structural cost reduction program, targeting $3 billion-$4 billion in savings by the end of 2026 [14][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 from a position of strength, with a diversified portfolio and a strong balance sheet [8][15] - The company highlighted the importance of fiscal stability and regulatory predictability in its international operations, particularly in Venezuela and the Middle East [32][60] - Management emphasized the need to focus on high-return opportunities while maintaining capital discipline [60][66] Other Important Information - Chevron's balance sheet remains strong, with a net debt coverage ratio of 1x, and the company returned over $100 billion in dividends and buybacks over the last four years [10][15] - The company announced a 4% increase in the quarterly dividend, aligning with its financial priorities [15] Q&A Session Summary Question: TCO volumes and maintenance schedule - Management discussed the recent power distribution issue at TCO and the proactive measures taken to resume production, with expectations for full capacity to be online soon [20][24] Question: Venezuela asset conditions and growth potential - Management confirmed uninterrupted operations in Venezuela, with production currently at around 250,000 barrels per day and potential for significant growth [30][31] Question: Tengiz compensation cuts and production impact - Management stated that historical trends suggest TCO production is less likely to be impacted by national compensation cuts due to its fiscal attractiveness [37] Question: Eastern Mediterranean resource potential - Management expressed excitement about the resource potential in the Eastern Mediterranean, with ongoing projects expected to significantly increase production and cash flow [41][42] Question: Cost reduction progress and organizational changes - Management reported $1.5 billion in savings from the cost reduction program, with expectations for further efficiencies as the new operating model is fully implemented [47][48] Question: Permian productivity and capital efficiency - Management confirmed that the Permian is being held at 1 million barrels per day, with significant improvements in capital efficiency and cash generation [53][54] Question: Opportunities in Libya and Iraq - Management acknowledged ongoing discussions in Libya and Iraq, emphasizing the need for competitive fiscal terms to consider investments in these regions [59][60] Question: LNG portfolio size and strategy - Management indicated a selective approach to LNG investments, focusing on projects that deliver competitive returns [61]

Financial Data and Key Metrics Changes - Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share, with adjusted earnings of $3 billion or $1.52 per share, reflecting a decrease of approximately $600 million from the previous quarter [8][9] - Cash flow from operations was $10.8 billion for the quarter, including a $1.7 billion drawdown in working capital [8] - Adjusted free cash flow for the year was $20 billion, which included the first loan repayment from TCO and $1.8 billion in asset sales [9] Business Line Data and Key Metrics Changes - Production reached record levels globally and in the U.S., with significant contributions from the Future Growth Project at Tengiz, which added 260,000 barrels of oil per day [3] - Adjusted upstream earnings decreased primarily due to lowered liquids prices, while adjusted downstream earnings were lower due to reduced chemicals earnings and refining volumes [9] - The downstream segment achieved the highest U.S. refinery throughput in two decades, driven by recent expansion projects and higher efficiency [3] Market Data and Key Metrics Changes - Chevron's production in Venezuela increased by over 200,000 barrels per day since 2022, with potential for further growth of up to 50% over the next 18-24 months [4][5] - Recent and upcoming project startups in Guyana, the Gulf of Mexico, and the Eastern Mediterranean are expected to increase offshore production by approximately 200,000 barrels of oil equivalent per day [11] - The company anticipates a 7%-10% year-over-year increase in production, excluding the impact of asset sales [11] Company Strategy and Development Direction - Chevron is focusing on free cash flow growth and capital discipline, with a break-even below $50 Brent [12][13] - The company aims to continue its structural cost reduction program, targeting $3 billion-$4 billion in savings by the end of 2026 [12] - Chevron is committed to leveraging its expertise in Venezuela and expanding its operations in the Eastern Mediterranean, with significant projects underway [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 from a position of strength, with a diversified portfolio and a strong balance sheet [7][13] - The company highlighted the importance of fiscal stability and regulatory predictability in its international operations, particularly in Venezuela and the Middle East [28][66] - Management emphasized the need to maintain capital discipline while exploring new opportunities in resource-rich countries [66] Other Important Information - Chevron's balance sheet remains strong, ending the year with a net debt coverage ratio of 1x [9] - The company announced a 4% increase in the quarterly dividend, reflecting its commitment to shareholder returns [13] Q&A Session Summary Question: TCO volumes and maintenance schedule - Management discussed the recent power distribution issue at TCO and the steps taken to resume production, emphasizing safety and efficiency [16][17][19] Question: Venezuela asset conditions and growth potential - Management provided insights into the operational stability in Venezuela and the potential for significant production growth, highlighting the importance of fiscal stability [24][26][28] Question: Opportunities in Libya and Iraq - Management acknowledged ongoing discussions in Libya and Iraq, noting improvements in fiscal terms and the potential for exploration opportunities [54][55] Question: LNG portfolio size and strategy - Management reiterated the importance of competitive returns in LNG investments and the company's current focus on U.S. offtake without significant capital deployment [56] Question: Bakken performance and cross-learning - Management expressed satisfaction with Bakken's performance and the application of best practices from other regions to enhance productivity and efficiency [88]

Core Insights - Chevron Corporation (CVX) reported adjusted fourth-quarter earnings per share of $1.52, exceeding the Zacks Consensus Estimate of $1.44 due to higher-than-expected production and an 8% year-over-year reduction in costs [1][2] - The company's revenues totaled $46.9 billion, falling short of the Zacks Consensus Estimate of $51.4 billion and representing a 10.2% decrease year over year [2] Financial Performance - Chevron's upstream production reached 4,045 thousand oil-equivalent barrels per day (MBOE/d), a 21% increase year over year, driven by higher output from the Permian Basin, Gulf of America, and Kazakhstan [4] - The U.S. output increased 25% year over year to an all-time high of 2,055 MBOE/d, while international operations rose 17% to 1,990 MBOE/d [4] - Despite improved volumes, the upstream segment profit fell 29% to $3 billion due to lower liquid realizations, with average realized liquids prices in the U.S. down over 19% to $42.99 per barrel [5] Dividend and Shareholder Returns - Chevron increased its quarterly cash dividend by 4% to $1.78 per share, payable on March 10, 2026, to shareholders of record as of February 17 [3] Cash Flow and Expenditures - The company recorded $10.8 billion in cash flow from operations, up from $8.7 billion in the previous year, with free cash flow for the quarter at $4.2 billion [7][10] - Chevron distributed a total of $27.1 billion in cash to shareholders over the year, including $12.1 billion for share repurchases and $12.8 billion in dividends [7] - Capital and exploratory expenditures for the quarter were approximately $5.3 billion, an increase from $4.3 billion in the year-ago period, attributed to spending on legacy Hess assets and higher investments in U.S. data center power solutions [8]

Chevron delivering an earnings beat as production hit a record. Oil giant of Chevron sees a lot of upside in Venezuela. Hey Mike, uh Mike Worth is the man who's in charge of Chevron.Mike, welcome back to the show. >> Thank you Jim. >> Good morning everybody. >> Good morning.Uh great quarter raising quarterly dividend output coming up. What are the uh what do you think is is driving your increase in in output. because I don't want to just pin it on Venezuela.>> Well, 2025 was a year uh a record year for us r ...

Fourth quarter 2025 earnings call January 30, 2026 © 2026 Chevron Leviathan Platform Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 © 2026 Chevron 2 Building a bigger stronger Chevron in 2025 Execution Record production 12% increase Projects & milestones TCO, Permian, GOA, Geismar Portfolio Hess acquisition premier upstream portfolio Future growth ...

Core Viewpoint - Venezuela has made reforms to its hydrocarbon law, easing state control and granting more autonomy to private oil producers, which is seen as a positive step for attracting investment from companies like Chevron [1][2]. Group 1: Legislative Changes and Investment Climate - Venezuela's new hydrocarbon law reforms are aimed at protecting investments by private oil companies, which could enhance the investment climate [1]. - Chevron is currently reviewing the new legislation, emphasizing the importance of contract security, commercial stability, and regulatory predictability for attracting investment [2]. Group 2: Chevron's Operations and Production Potential - Chevron is the only U.S. oil major operating in Venezuela, producing approximately 250,000 barrels per day through joint ventures with Petróleos de Venezuela (PDVSA) [3]. - The company could potentially increase its production in Venezuela by up to 50% over the next 18 to 24 months, contingent on receiving authorization from the U.S. government [3]. Group 3: Competitive Landscape and Market Position - Wall Street views Chevron as well-positioned to benefit from U.S. military intervention in Venezuela due to its established presence and relationship with PDVSA [4]. - In contrast, competitor ExxonMobil remains cautious about returning to Venezuela, citing past asset seizures and deeming the country uninvestable until a democratic transition occurs [6]. Group 4: Financial Performance - Chevron reported fourth-quarter earnings that exceeded estimates, with a 12% increase in global production and a 16% increase in U.S. production, reaching record levels [5]. - Following the earnings report, Chevron shares rose by 1.4%, reflecting a nearly 14% gain since the beginning of the year, outperforming the broader market [7].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]