Chevron chairman & CEO Mike Wirth: We will be investing to continue to grow production

Financial Performance - Chevron's free cash flow increased 15% quarter-on-quarter despite a 10% decrease in crude prices [4] - The company anticipates $21 billion in free cash flow by 2026, up from approximately $85 billion in 2024 [5] - Chevron has consistently returned $5 billion or more in cash to shareholders for 13 consecutive quarters through dividends and share buybacks [9] - The company's dividend yield is around 45% [9] - Chevron is buying back between $10 billion and $20 billion in shares annually [10] Production and Operations - Chevron achieved record production, including all-time record production in the Permian Basin, averaging over 1 million barrels per day [3] - The company also reached all-time record production in the United States and worldwide [3] - Refinery throughput reached a 20-year high [3] - Chevron's US production is up approximately 60% in the last couple of years with the integration of Hess [15] - The company expects to grow production again next year, with projects underway around the world [11] Strategy and Outlook - Chevron is positioned to thrive in all price environments due to consistent cost and capital discipline [5] - The company has $2 billion to $3 billion in cost reductions underway [5] - In the Permian Basin, Chevron is moving toward a plateau at 1 million barrels a day to generate steady, reliable free cash flow with lower capital spend [12][13]