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.