Financial Data and Key Metrics Changes - Chevron reported earnings of $3.5 billion, or $1.82 per share, with adjusted earnings of $3.6 billion, or $1.85 per share, reflecting a $575 million increase in adjusted earnings compared to the previous quarter [7] - Organic CapEx for the quarter was $4.4 billion, with full-year expectations set at $17 to $17.5 billion [7] - Cash flow from operations, excluding working capital, was $9.9 billion, representing a 20% increase compared to the same quarter last year [8][9] Business Line Data and Key Metrics Changes - Adjusted upstream earnings increased due to higher liftings, partially offset by higher depreciation, depletion, and amortization (DD&A) [8] - Adjusted downstream earnings rose due to higher refining volumes and improved chemical margins [8] - Other segment earnings decreased due to higher interest expenses and unfavorable tax effects [8] Market Data and Key Metrics Changes - Worldwide production exceeded 4 million barrels of oil equivalent per day, with a production increase of 690,000 barrels per day from the previous quarter, primarily due to legacy HES production [5][9] - The company expects full-year average production growth at the top end of the 6% to 8% guidance range, excluding legacy HES [9] Company Strategy and Development Direction - Chevron aims for resilient and industry-leading free cash flow growth, with a focus on capital efficiency and growth in high-margin assets [5] - The company is integrating PDC Energy and realizing synergies, with the Ballymore project reaching design capacity ahead of schedule [5] - Chevron is also emphasizing exploration in new regions, including a more balanced approach to mature and frontier areas [37][38] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of affordable and reliable energy for economic growth, emphasizing ongoing global demand [84] - The company is optimistic about its operational efficiency and production capabilities, particularly in the Permian and Bakken regions [18][26] - Management acknowledged the changing macro environment, including geopolitical factors and market dynamics, while maintaining a focus on capital discipline and shareholder returns [82][85] Other Important Information - A fire occurred at the El Segundo refinery, but there were no serious injuries, and supply commitments were met [5][6] - The company is set to hold an Investor Day on November 12, where it will share its outlook to 2030 [10][11] Q&A Session Summary Question: What drove the Permian production results? - Management noted strong efficiency gains and a focus on cash generation, with production exceeding 1 million barrels per day [18] Question: Update on Kazakhstan concession extension discussions? - Management reported a good start to negotiations, emphasizing TCO's value creation over the years [22][23] Question: Initial observations on the Bakken asset? - Management expressed excitement about the Bakken's potential and plans to optimize capital and operating efficiency [26] Question: Exploration strategy moving forward? - Management indicated a shift towards more balanced exploration activities, including new country entries and frontier areas [37][38] Question: Thoughts on the California refining market? - Management discussed the impact of recent refinery shutdowns and the need for alternative supply sources [52][54] Question: Portfolio weighting towards upstream? - Management confirmed a preference for maintaining an 85% upstream and 15% downstream mix, with a focus on petrochemicals for growth [57][59] Question: Drivers of higher equity affiliate distributions? - Management attributed the outperformance to TCO's strong performance, while maintaining guidance despite a planned pit stop [61][62] Question: Future potential of Argentina production? - Management expressed optimism about Argentina's Vaca Muerta and the potential for growth with favorable policy changes [91][93]

Financial Data and Key Metrics Changes - Chevron reported earnings of $3.5 billion, or $1.82 per share, with adjusted earnings of $3.6 billion, or $1.85 per share, reflecting a $575 million increase in adjusted earnings compared to the previous quarter [5][6] - Organic capital expenditures (CapEx) for the quarter were $4.4 billion, with full-year expectations set between $17 billion and $17.5 billion [5][6] - Cash flow from operations, excluding working capital, was $9.9 billion, representing a 20% increase compared to the same quarter last year [6][7] Business Line Data and Key Metrics Changes - Adjusted upstream earnings increased due to higher liftings, while adjusted downstream earnings rose due to higher refining volumes and improved chemical margins [5][6] - Legacy HES assets contributed $150 million in the quarter, while adjusted upstream earnings decreased due to lower liquids realizations and higher depreciation, depletion, and amortization (DD&A) [6][7] - The other segment earnings decreased due to higher interest expenses and corporate charges [6] Market Data and Key Metrics Changes - Worldwide production exceeded 4 million barrels of oil equivalent per day, with a production increase of 690,000 barrels per day from the previous quarter, primarily driven by legacy HES production [3][7] - The company expects full-year average production growth at the top end of the 6% to 8% guidance range, excluding legacy HES [7] Company Strategy and Development Direction - Chevron is focused on resilient and industry-leading free cash flow growth, with a strong emphasis on capital efficiency and growth in high-margin assets [3][7] - The company is integrating PDC Energy and realizing synergies, with the Ballymore project reaching design capacity ahead of schedule [3][4] - Chevron plans to maintain a disciplined approach to capital allocation, with a focus on cash generation and operational efficiency [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of affordable and reliable energy for economic growth, emphasizing the company's commitment to capital discipline and innovation [75] - The company is optimistic about the future, with expectations for continued strong cash generation even in a lower-priced environment [7][75] - Management acknowledged the changing macro environment, including geopolitical factors and shifts in energy policy, while maintaining a focus on long-term value creation [73][75] Other Important Information - A fire occurred at the El Segundo refinery, but there were no serious injuries, and supply commitments were met [3][4] - The company is set to hold an Investor Day on November 12, where it will share its outlook to 2030 [9] Q&A Session Questions and Answers Question: What drove the Permian production results? - Management noted strong production results in the Permian, attributing it to efficiency gains and a focus on cash generation, with production exceeding 1 million barrels per day [14][15] Question: Update on Kazakhstan concession extension discussions? - Management reported a good start to negotiations regarding the concession extension, emphasizing the value created by TCO for stakeholders [18][19] Question: Initial observations on the Bakken asset? - Management expressed excitement about the Bakken asset, highlighting opportunities for efficiency improvements and capital optimization [22][23] Question: Exploration strategy moving forward? - Management indicated a shift towards a more balanced exploration approach, including both mature areas and high-impact frontier areas [30][32] Question: Thoughts on the California refining market? - Management discussed the tightening supply in California due to policy changes and the need for marine imports to meet demand [46][48] Question: Equity affiliate distributions performance? - Management attributed the strong performance of equity affiliate distributions primarily to TCO's outperformance, while maintaining guidance despite expected production decreases in the fourth quarter [54][55] Question: Potential of Argentina production growth? - Management expressed optimism about Argentina's potential, citing recent political stability and the quality of subsurface resources [80][81]

Market Overview - U.S. markets opened with positive momentum, with the Nasdaq up by 1%, S&P 500 increasing by 0.60%, and Dow Jones rising by 0.15% [2] - The Russell 2000 index also showed slight gains of 0.05% [2] Premarket Movers - Brighthouse Financial saw a significant increase of 23.4% amid takeover discussions [3] - Other notable gainers included Amazon (+12%), Twilio (+10%), Western Digital (+9.7%), Cloudflare (+8.7%), and Rocket Companies (+7.8%) following their earnings reports [3] Earnings Reports - Strong earnings from Amazon (+12.5% in premarket) and Apple (+2.2%) contributed positively to market sentiment, offsetting weaker performances from Microsoft and Meta [6] - Exxon Mobil, Abbvie, and Chevron also released their earnings, contributing to the overall market activity [7] Market Sentiment - The market is reacting positively to a combination of strong earnings reports and optimistic commentary from the U.S. central bank, despite the ongoing government shutdown which has halted the release of economic data [5][8]

Financial Performance - Third quarter 2025 earnings were $3.5 billion, or $1.82 per diluted share[13] - Adjusted earnings for the third quarter 2025 were $3.6 billion, or $1.85 per share[13] - Cash flow from operations excluding working capital was $9.9 billion[13] - The company returned $6 billion cash to shareholders through dividends of $3.4 billion and share repurchases of $2.6 billion[11,13] Production and Operations - Worldwide production exceeded 4 million barrels of oil equivalent per day (MMBOED)[11] - Total capital expenditure was $4.4 billion, all of which was organic capex[13] - Upstream earnings for 3Q25 were $3.302 billion, while Downstream earnings were $1.137 billion[42] Strategic Initiatives - Hess integration is on track[11] - First hydrogen production at ACES (Advanced Clean Energy and Storage hydrogen storage project in Delta, Utah)[11,80] Outlook - Fourth quarter 2025 upstream turnarounds and downtime are expected to impact production by approximately 125 thousand barrels of oil equivalent per day (MBOED)[37] - Downstream turnarounds and downtime are projected to reduce after-tax earnings by $400 million to $500 million[37] - Share repurchases are planned in the range of $2.5 billion to $3.0 billion for the fourth quarter of 2025[37]

Chevron out with earnings this morning. Oil giant beating him on the top and bottom lines record production thanks in part to its acquisition of of HS. David, we talk about that, right.Yeah, Guyana. >> Um, and so joining us now in an exclusive CNBC interview is uh Chevron chairman and CEO Mike Worth. Mike, you know, we love having you on the show.How's things going there. >> Well, happy Halloween, Jim. And uh, look, we're we're we're doing it all.Uh, we had record production in the quarter. We had strong ca ...

Core Insights - Chevron reported record production and strong cash generation, achieving over 4 million barrels per day in the U.S., a significant increase from 3 million barrels per day three years ago, despite a $10 per barrel price drop compared to the previous year [2][3] - The company returned over $6 billion to shareholders through dividends and share repurchases, amounting to more than 25% of its market cap over the last three years [3][4] - Chevron's capital expenditures remained flat year-over-year, with a $1 billion reduction in overall capital spending, while production increased by over 20% [4] Production and Operations - Chevron's growth is driven by high-margin assets in the U.S., particularly in the Permian Basin and Gulf of Mexico, as well as international operations in Guyana and Kazakhstan [4][10] - The company is now the largest leaseholder in the Gulf of Mexico, with plans to reach 300,000 barrels per day by early 2026 [10] Geopolitical Context - Chevron operates in regions with geopolitical risks, including Venezuela and Kazakhstan, and emphasizes the safety of its personnel and assets as a top priority [5][6][15] - The company views its presence in Venezuela as beneficial for both the local population and U.S. interests, despite tensions between the U.S. and Venezuela [12][13]

Group 1 - The core viewpoint indicates that both Chevron and Exxon Mobil are expected to report declines in quarterly profits, continuing a trend observed in previous earnings reports [1] - Analyst consensus predicts Exxon Mobil's third-quarter earnings per share to decrease by 5% to $1.82, with sales anticipated to drop by 4% to $86.47 billion [1] - This decline in earnings and sales reflects a significant slowdown in performance for U.S. supermajors [1] Group 2 - TechnipFMC has secured a new contract with ExxonMobil, which is expected to enhance its market position and leverage AI technologies [2] - The stock performance of BP ADR is showing improved relative strength, although it remains below key benchmarks [4] - Exxon Mobil's stock is currently stable as it prepares for a potential reentry into the Russian market, while other energy stocks are experiencing upward movement [4]

Company Overview - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across various sectors such as 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]

Group 1 - Energy giants Exxon Mobil Corporation and Chevron Corporation are highlighted as leading companies in the pre-market on a busy Friday [1] - AbbVie Inc. is also mentioned as a significant player in the pre-market activity [1] - Upcoming earnings reports include Palantir Technologies Inc. on Monday, followed by major companies like Shopify Inc., Uber Technologies Inc., Pfizer Inc., and Advanced Micro Devices Inc. on Tuesday [1] - Wednesday will feature technology companies such as Applovin Corporation, QUALCOMM Incorporated, and Arm Holdings plc after market [1] - AstraZeneca PLC and ConocoPhillips will report pre-market on Thursday, with KKR & Co. Inc. and Constellation Energy Corporation following on Friday [1]

Market Overview - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.24%, S&P 500 futures up by 0.87%, and Nasdaq futures increasing by 1.43% [1] - European indices are down, with Germany's DAX down by 0.47%, UK's FTSE 100 down by 0.32%, France's CAC40 down by 0.26%, and the Euro Stoxx 50 down by 0.34% [2][3] - WTI crude oil prices fell by 0.38% to $60.34 per barrel, while Brent crude oil dropped by 0.40% to $64.11 per barrel [4] Economic Events - The US stock market will enter winter time next week, adjusting trading hours, with pre-market trading from 5:00 PM to 10:30 PM Beijing time and regular trading from 10:30 PM to 5:00 AM Beijing time [4] Trade Relations - US Treasury Secretary stated that the US-China trade agreement could be signed as early as next week, with both sides agreeing to enhance economic cooperation [5] Corporate Earnings - ExxonMobil reported Q3 adjusted profits of $8.1 billion, exceeding analyst expectations, driven by increased production in Guyana and the Permian Basin [7] - Chevron's Q3 net profit was approximately $3.6 billion, a 20% year-over-year decline, but adjusted earnings per share surpassed expectations at $1.85 [8] - Apple reported Q4 earnings of $102.5 billion, a 7.9% year-over-year increase, with earnings per share of $1.85, exceeding analyst forecasts [9] - Western Digital's Q3 revenue grew by 27.4% to $2.82 billion, surpassing expectations, with adjusted earnings per share of $1.78 [10] - Amazon's Q3 net sales increased by 13% to $180.2 billion, with AWS sales growing by 20%, marking the fastest growth in three years [11] - Vale's Q3 revenue rose by 9% to $10.42 billion, with net profit increasing by 78% to $2.744 billion, exceeding analyst expectations [12] Strategic Partnerships - NVIDIA announced collaborations with Samsung, SK Group, and Hyundai to build AI factories in South Korea, supplying over 260,000 accelerator chips [13] - Nokia's stock surged after NVIDIA agreed to invest $1 billion, positioning Nokia as a key player in the European AI sector [14]