Chevron (CVX) official guidance

The affiliate distributions in the quarter of roughly $3 billion, most of that is coming from TCO. I want to affirm our $6 billion guidance at $70 Brent. Obviously, we're likely to have a higher number for Brent this year, which would translate into even higher affiliate distributions.

The third SPM has been down for a while, undergoing some refurbishment activities. It will be open here in the third quarter, so all three will be available later in the third quarter.

Our capital is now, we expect it to be below $3.5 billion this year.

We now expect to finish the year at the lower end of our guidance range of $18 billion to $19 billion.

We continue to capture strong capital efficiencies in U.S. shale and tight and expect to spend 25% less CapEx per barrel of oil equivalent in 2026 compared to last year.

On debt recovery, we are continuing to recover our debt. We expect that by early 2027, that will be fully recovered.

We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2%-3%, adjusted free cash flow growth averaging greater than 10% per year, and more than 3% improvement on return on capital employed, all at flat commodity prices that are lower than today.

We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2%-3%, adjusted free cash flow growth averaging greater than 10% per year, and more than 3% improvement on return on capital employed, all at flat commodity prices that are lower than today.

We're producing 80,000 barrels a day from Argentina, 75% oil cuts. We like the products from Vaca Muerta, and we're leveraging the lessons from the shale and tight asset business that now includes Bakken and DJ and Permian to really look at how to deliver on the growth that we shared in our investor day, which is to grow at 3x by 2035.

With the existing model that we have in place, we have grown the production from those three JVs 15% over the last six months to 280,000 barrels of oil per day. We're anticipating that we will be able to grow up to 50% between now and the end of 2028.

We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2%-3%, adjusted free cash flow growth averaging greater than 10% per year, and more than 3% improvement on return on capital employed, all at flat commodity prices that are lower than today.

Achieved $3 billion of annual run-rate structural cost reductions since 2024, as part of a program that aims to reduce structural costs by $3-4 billion by the end of 2026.

We've got two out of the three single-point moorings available at CPC, the third one later this year. With two, we can handle full flow on the pipeline. The pipeline's running full. The plant is running full. We've done a lot of maintenance work, you know, as a part of what's gone on over here this last period of time, and we have the plant expected to be at near full availability for the remainder of this year.

This consistency underpins our 2030 targets announced in November, including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROACE, all at $70 Brent.

Our refineries in Asia, which are all in various types of ventures, we expect those to run over 40% Chevron equity crude in the second quarter, much higher than under normal market conditions, and probably much higher than we'll see in some of the other refining assets in that region because we have the ability to direct equity flows to those refineries at a time when access to crude is very important and very difficult.

In the second quarter, we expect global equity crude throughput to more than double year-over-year to 40%.

Maybe final point on TCO overall, our guidance of $6 billion in free cash flow this year is unchanged, and that accounts for, you know, the operational issues that we saw in the first quarter.

That's why we're investing in expanding production at both Tamar and Leviathan, making good progress on those projects with, you know, some ramp-up this year of, you know, another 600 million cubic feet per day of production on a 100% basis.

We just sold our first U.S.-based cargo, and that will grow by 2030 to another 4 million tons per annum, so that'll take us up to 20.

With that capital, we're gonna grow 7%-10% production this year, so we're reconfirming that growth.

Production in the second quarter expected to be higher than production in the first quarter.

In Asia, we anticipate over 80% refinery utilization.

This consistency underpins our 2030 targets announced in November, including over 10% growth in adjusted free cash flow and earnings per share and 3% improvement in ROACE, all at $70 Brent.

Fourth is the buyback staying within $2.5 billion-$3 billion for the range.

| Weighted-average shares outstanding | Billion | 1.98 |

Upstream segment earnings are expected to benefit from higher commodity prices by $1.6 to $2.2 billion compared to fourth quarter 2025.

Downstream earnings are expected to include a charge of approximately $350 to $400 million related to a litigation reserve associated with ceased operations.

Production is expected to be approximately 3.8 to 3.9 million barrels of oil-equivalent per day, mainly reflecting downtime at Tengizchevroil and reduced production in the Middle East (Israel and the Partitioned Zone).

In a rising commodity price environment, timing effects are generally negative, which the Company expects to adversely affect first quarter 2026 earnings and cash flow from operations excluding working capital by approximately $2.7 to $3.7 billion.

Working capital is expected to result in a net outflow of approximately $2 to $4 billion, reflecting normal first-quarter activity and the impacts associated with a higher commodity price environment.

Leviathan recently reached FID to further expand production capacity. Combined with a near-term expansion, gross capacity is anticipated to reach roughly 2.1 billion cu ft per day at the end of the decade, contributing to a doubling of current earnings and free cash flow.

Production reached record levels globally and in the U.S., supported by key milestones and strategic actions, including completion of the Future Growth Project at Tengiz, adding 260,000 barrels of oil per day. Startup of Ballymore and Whale, and the ramp-up of Anchor in the Gulf of Mexico, advancing toward our goal of 300,000 barrels of oil equivalent per day in 2026, achieving 1,000,000 barrels of oil equivalent per day in the Permian, and shifting focus to free cash flow growth, and closing the Hess acquisition, creating a premier upstream portfolio with the highest cash margins in the industry.

Recent and upcoming project startups in Guyana, the Gulf of Mexico, and the Eastern Mediterranean are anticipated to increase offshore production by approximately 200,000 barrels of oil equivalent per day.

We expect TCO to grow 30,000 barrels of oil equivalent per day, delivering near its original plan as the 2026 maintenance schedule has been optimized.

Tamar will add about 500 million cu ft a day of capacity, Leviathan, about 200. And then the Leviathan expansion, we just took FID on, will take gross production there to 2.1 BCF by the end of the decade. So steady growth, combined those projects should increase production about 25% and double earnings and cash flow by 2030.

We expect full-year organic CapEx, inclusive of HES, to be $17 to $17.5 billion, in line with guidance.

We expect full-year average production growth at the top end of our 6% to 8% guidance range, excluding legacy HES.

We have seen some modest growth this year with kind of 25,000 barrels a day expected in 2025.

Given that in the fourth quarter, we've got a pit stop planned for TCO, you'll see production come off in the fourth quarter due to that pit stop.

We had a $1 billion synergy target. Post-close, we confirmed that we will deliver that, and we'll deliver those run rate savings this year.

In third quarter 2025, Hess-related impacts on the Company’s earnings are estimated to be a loss of $(200) to $(400) million.

| Proceeds and deposits related to asset sales | $ MM | $410 | Malaysia/Thailand JDA asset sale |

| Capital expenditures | $ B | $1.0 - 1.25 | |

| Depreciation, depletion and amortization, pre-tax | $ B | $1.2 - 1.4 | Legacy Hess & purchase price allocation impacts |

In addition, the Company expects to have approximately 2 billion shares of common stock outstanding at September 30, 2025, and approximately 1.95 billion weighted average shares outstanding during third quarter 2025.

| Adjusted earnings (loss), after-tax1 | $ MM | $50 - 150 | After-tax loss of $(200)-(400), adjusted to exclude severance and other transaction costs of $(350)-(450) |

| Net oil-equivalent production2 | MBOED | 450 - 500 | Includes downtime |

In addition, the Company expects to have approximately 2 billion shares of common stock outstanding at September 30, 2025, and approximately 1.95 billion weighted average shares outstanding during third quarter 2025.

| Adjusted earnings (loss), after-tax1 | $ MM | $50 - 150 | After-tax loss of $(200)-(400), adjusted to exclude severance and other transaction costs of $(350)-(450) |

Overall, the Company expects a working capital outflow of $0.5 to $1.5 billion in third quarter 2025.