Chevron CEO on operating amid global tensions: Our first priority is the safety of our people

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]