Yet while these are significant achievements, not stopping there. We will build on this success. Turning to 2026, our primary focus is on delivering a $1 billion combined reduction across our capital spending and operating costs while growing our production on an underlying basis. On shareholder returns, we once again expect to return about 45% of our CFO to shareholders while continuing to grow our base dividend at a top quarterly S&P 500 rate. Top quartile dividend growth is sustainable, as we expect our ...

Fourth Quarter 2025 Results February 5, 2026 Agenda Today's Speakers Q4 2025 RESULTS │ 2 Mark Hill President and CEO Graham Shuttleworth Senior EVP & CFO 1 Q4 2025 Highlights 2 Safety & Health 3 Operational Highlights 4 Financial Highlights 5 Capital Allocation 6 Regional Results 7 Guidance 8 Reserves & Resources Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or ...

Core Insights - Chevron reported a net income of $2.84 billion in Q4 2025, a decrease of approximately 12.5% from $3.25 billion in Q4 2024 [1] - The company's total revenue for Q4 2025 was $46.87 billion, down 10.2% from $52.2 billion in the same period of the previous year [2] Financial Performance - Diluted earnings per share were $1.39 in Q4 2025, a fall of around 24.5% from $1.84 in Q4 2024 [1] - Adjusted earnings were $3.02 billion for Q4 2025, down by approximately 16.8% from $3.63 billion in the same quarter last year [1] - Adjusted diluted earnings per share stood at $1.52 in Q4 2025, compared to $2.06 in Q4 2024, a decrease of around 26.2% [2] Operational Highlights - Cash flow from operations rose to $10.8 billion in Q4 2025, an increase of roughly 24.1% from $8.7 billion in the same quarter of the previous year [2] - Excluding working capital adjustments, cash flow from operations increased to $9.1 billion in Q4 2025 from $5.3 billion in Q4 2024, an increase of approximately 71.7% [4] Segment Performance - Chevron earned $3.03 billion in Q4 2025 through its upstream segment, which is around 29.5% lower than the $4.3 billion achieved in Q4 2024 [3] - The downstream segment reported earnings of $823 million in Q4 2025, compared to a loss of $248 million in Q4 2024 [3] - The 'All Other' category reported a loss of $1.08 billion in Q4 2025, compared to a loss of $817 million in Q4 2024 [3] Annual Overview - The company's net income for the full year 2025 was $12.48 billion, down by approximately 29.7% from $17.75 billion in 2024 [5] - Total revenue for the full year 2025 was $189.03 billion, a decrease of around 6.8% from $202.79 billion in 2024 [5] - Chevron achieved record oil-equivalent production levels globally and in the US, aided by the Hess acquisition, which added 261,000 barrels of oil equivalent per day [5] Reserves and Investments - Year-end proved reserves stood at around 10.6 billion barrels of net oil equivalent, with significant additions from Hess and new projects in the Permian Basin, Australia, and Guyana, resulting in a reserve replacement ratio of 158% [6] - Capital expenditure rose due to investments in legacy Hess assets and US data center power solutions, despite reduced downstream spending [6] Strategic Moves - Through the completion of the Hess acquisition, Chevron achieved a $1 billion synergy target [7] - The company commenced production at key projects in Kazakhstan and the Gulf of Mexico during Q4 [7]

Financial Data and Key Metrics Changes - In 2025, the company achieved production levels that exceeded guidance, with a year-end production of 182,000 barrels of oil equivalent per day, while projecting a decrease to 171,000 barrels of oil equivalent per day for 2026 [10][11] - Lease operating expenses were reduced by 20% year-over-year, and capital expenditures were kept below guidance due to efficiency gains [6][10] - The company reported an 80% success rate in exploration efforts for 2025 [14] Business Line Data and Key Metrics Changes - The Eagle Ford Shale production is expected to remain flat in 2026 with a 25% reduction in capital spending [11] - The Tupper Montney natural gas volumes are projected to decrease due to higher gas prices leading to increased royalties, but the cash flow impact is expected to be muted [10][11] Market Data and Key Metrics Changes - The company is expanding its exploration portfolio with new blocks in the Gulf of America and an entry into offshore Morocco, indicating a proactive approach to securing new opportunities [12][13] - The average reserve life in the industry is noted to be 12 years, with a focus on maintaining a solid balance sheet and low leverage ratio [13] Company Strategy and Development Direction - The company plans to strategically invest in development, exploration, and appraisal activities in the Gulf of America, Vietnam, and Côte d'Ivoire to enhance shareholder value in the mid to long term [9][14] - The focus is on intentional investments that set the groundwork for growth beyond the next few quarters, differentiating the company from its peers [10][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable market environment and softening commodity prices but expressed confidence in the company's positioning to withstand downturns [10][14] - The company anticipates modest growth in production profiles, particularly from the growing Vietnam business, while maintaining a cautious approach to capital expenditures [50][51] Other Important Information - The Hai Su Vang appraisal well reported a successful result with 429 feet of net oil pay, significantly above initial estimates, indicating potential for a new growth business in Vietnam [8][9] - The company is cautious about providing specific resource estimates until further appraisal wells are completed [40][41] Q&A Session Summary Question: Inquiry about Hai Su Vang 2X stem test and 2026 CapEx flexibility - Management confirmed that the 12,000 barrels per day production rate is not facility-constrained and discussed the flexibility of 2026 CapEx, indicating a potential 10% reduction if necessary [19][23][29] Question: Details on Civette drilling failure and its impact on future prospects - Management explained that the Civette well tested multiple objectives but did not yield commercial quantities of oil, emphasizing that this does not affect the probability of success for Caracal and Bubal prospects [33][36] Question: Expectations for Vietnam's production growth - Management projected that peak production from Hai Su Vang could occur by 2033, with ongoing appraisal wells expected to provide more clarity on resource estimates [115] Question: Clarification on royalty mechanisms in Tupper Montney - Management detailed that the royalty rate is a sliding scale based on commodity prices, projecting an increase from 4.6% in 2025 to approximately 8.4% in 2026 [62] Question: Plans for Morocco exploration - Management expressed excitement about the Morocco entry, highlighting the low cost of entry and existing seismic data that will be reprocessed to assess prospectivity [86][87]

Core Insights - HighPeak Energy, Inc. reported solid financial and operational results for 2024, with a focus on disciplined capital management and production growth [3][4][7]. Financial Performance - The company achieved a net income of $95.1 million for 2024, translating to $0.67 per diluted share, with EBITDAX of $842.9 million or $6.01 per diluted share [7][15]. - Adjusted net income for 2024 was $144.8 million, or $1.05 per diluted share [7]. - Fourth quarter 2024 net income was $9.0 million, or $0.06 per diluted share, with EBITDAX of $179.4 million, or $1.27 per diluted share [15][16]. Production and Reserves - Average production for 2024 was approximately 50.0 MBoe/d, a 10% increase year-over-year, with fourth quarter production averaging 50.2 MBoe/d [11][7]. - Estimated proved reserves at year-end 2024 were 199 million Boe, a 29% increase from 2023, with proved developed reserves increasing by 36% to 108 million Boe [7][13]. Capital Expenditures and Guidance - The company reduced its capital expenditures by 40% in 2024 and plans to further reduce them by 20% in 2025, with a capital budget of $448 - $490 million for 2025 [3][4][8]. - HighPeak plans to maintain a two-rig drilling program in 2025, with an average production guidance of 47,000 – 50,500 Boe/d [5][6]. Operational Efficiency - Lease operating expenses for 2024 averaged $7.23 per Boe, a 17% decrease year-over-year [7]. - The company successfully reduced long-term debt by $120 million and paid dividends of $0.16 per share in 2024 [7][22]. Shareholder Returns - HighPeak's Board of Directors declared a quarterly dividend of $0.04 per share for the fourth quarter of 2024 and for March 2025, totaling approximately $5.0 million in dividends [22][4]. - The company authorized a share repurchase program of up to $75 million, with approximately $40 million remaining available [7][4].

World class mines. World class people. Investor Presentation Presented in August 2024 NYSE: GOLD TSX: ABX Cautionary Statement on Forward-Looking Information… Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "strategy", ...