Financial Data and Key Metrics Changes - Chevron reported earnings of $3.5 billion or $2 per share for Q1 2025, with adjusted earnings of $3.8 billion or $2.18 per share, reflecting a $200 million increase in adjusted earnings compared to the previous quarter [9][12] - Cash returned to shareholders reached $6.9 billion through dividends and buybacks, marking twelve consecutive quarters of over $5 billion returned [5][6] - Organic CapEx was $3.5 billion, the lowest quarterly total in two years, while inorganic CapEx was approximately $400 million [10][11] Business Line Data and Key Metrics Changes - Adjusted upstream earnings remained flat compared to the last quarter, with higher realizations offset by lower liftings and affiliate earnings [12] - Adjusted downstream earnings increased due to improved refining margins and lower maintenance costs [12] - First quarter oil equivalent production was flat compared to the previous quarter, with growth expected to resume in the Permian in Q2 2025 [13] Market Data and Key Metrics Changes - Chevron achieved first oil at Ballymore in the Gulf of America, contributing to expected production growth to 300,000 barrels of oil equivalent per day by 2026 [7][46] - The expansion of the Pasadena refinery has strengthened the Gulf Coast value chain, allowing for increased capacity and integration with Pascagoula [8][109] Company Strategy and Development Direction - Chevron's strategy focuses on execution to unlock industry-leading cash flow growth, with a capital program directed towards short-cycle assets and deepwater projects [6][14] - The company aims for structural cost savings of $2 billion to $3 billion by the end of next year, alongside a $2 billion reduction in CapEx budgets [6][14] - Chevron is expanding its pipeline of future opportunities, adding over 11 million net exploration acres since the start of last year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and commodity cycles, emphasizing cost and capital discipline [6][14] - The company remains well-positioned to generate cash flow growth, even in lower price environments, with a strong balance sheet and a net debt ratio of 14% [14][104] - Management highlighted the importance of maintaining flexibility in capital spending to adapt to market conditions [101][104] Other Important Information - Chevron's guidance for annual buybacks remains unchanged at $10 billion to $20 billion, with expected buybacks of $2.5 billion to $3 billion in Q2 2025 [14][15] - The company is actively engaging in power ventures, with plans for a floating production unit in Cyprus expected to produce 800 million cubic feet of gas per day [60][94] Q&A Session Summary Question: Update on TCO and production levels - Management expressed satisfaction with the startup performance at TCO, achieving nameplate capacity in less than 30 days and positive discussions regarding concession extensions [18][20] Question: Position in California refining market - Management noted a strong position with two refineries and highlighted challenges posed by state policies affecting investment [23][24] Question: Financial framework and buyback decisions - Management reiterated the importance of maintaining a balance between buybacks and capital discipline, with a focus on long-term financial priorities [30][32] Question: Impact of macroeconomic factors on production - Management discussed the implications of potential production losses in Venezuela and Kazakhstan, emphasizing the value of TCO production to the government [41][43] Question: Future prospects in the Gulf of Mexico - Management provided insights on Ballymore's production ramp-up and the potential for significant output from the project [46][47] Question: Update on power ventures - Management confirmed strong demand for power projects and ongoing discussions with prospective customers, aiming for a final investment decision by year-end [92][94] Question: Tariff impacts on CapEx - Management indicated limited direct exposure to tariffs, with most costs being service-related and local sourcing mitigating potential impacts [121][123]

Financial Data and Key Metrics Changes - Expro reported Q4 2024 revenue of $437 million, with adjusted EBITDA of $100 million, representing 23% of revenue [6][30] - Q4 adjusted cash flow from operations was $115 million, and free cash flow was $75 million, marking the best financial performance since the Expro Freix merger [6][7] - For the full year 2024, revenue reached $1.7 billion, up 13% year over year, with adjusted EBITDA of $347 million, a 40% increase from 2023 [9][30] Business Line Data and Key Metrics Changes - The Subsea Well Access business saw increased activity, contributing to revenue growth in Q4, particularly in Angola [7] - The Well Intervention and Integrity business is expected to generate over $300 million in 2025, with improved margins due to technology investments [21] - The Well Flow Management segment partnered with Petrobras to develop new flow meter technology, enhancing efficiency [22] Market Data and Key Metrics Changes - North and Latin America (NLA) revenue was $139 million in Q4, flat quarter over quarter, with expectations for mid-single-digit revenue growth in 2025 [31][32] - Europe and Sub-Saharan Africa (EESA) revenue increased to $143 million in Q4, driven by higher subsea activity in Angola [34] - The Middle East and North Africa (MENA) revenue was $93 million in Q4, with expectations for mid to high single-digit growth in 2025 [37] Company Strategy and Development Direction - The company aims for stable to modest revenue growth in 2025, focusing on operational efficiency and strategic acquisitions [18][25] - Expro is prioritizing investments in high-return projects and technology-enabled services to enhance margins and capture growth opportunities [18][19] - The Drive 25 initiative targets a 7% to 8% reduction in support costs over the next 12 to 18 months, aiming for improved operating leverage [24][40] Management's Comments on Operating Environment and Future Outlook - Management anticipates a transition year for the energy services industry in 2025, with stable revenue and improved margins expected [25][46] - The outlook for oil and gas investment remains positive, driven by economic growth and security of supply considerations [46] - Concerns about oil supply are expected to ease, potentially leading to increased activity in international and offshore markets [46] Other Important Information - The company achieved nearly 1.9 million man hours without a health, safety, and environmental-related lost time incident during the Congo project [8] - Total available liquidity at year-end was approximately $320 million, with cash and cash equivalents of about $185 million [41] Q&A Session Summary Question: Clarification on 2025 revenue guidance - Management indicated that the stable to modestly up revenue guidance for 2025 is due to market exposure and strategic M&A efforts, particularly in unconventional gas markets [48][54] Question: Insights on Q1 revenue decline - The steeper sequential decline in Q1 revenue is attributed to a strong Q4 performance and typical winter season impacts, with expectations for a rebound in Q2 [55][57] Question: Free cash flow progression - Management highlighted that free cash flow margin is expected to improve through cost discipline and operational efficiency initiatives, with a target of 10% over time [63][66] Question: Capital allocation priorities - The company maintains an appetite for M&A while focusing on creating long-term shareholder value, balancing between CapEx and share buybacks [69][71] Question: Resolution of the Congo project - Management confirmed successful resolution of outstanding variation orders related to the Congo project, with expectations for improved margins in the O&M phase [74][76]