Chevron Corporation

Good morning, ladies and gentlemen. My name is Jonathan, and I will be your conference facilitator today. Welcome to Chevron's fourth quarter 2019 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's remarks, there will be a question-and-answer session, and instructions will be given at that time. If anyone should require assistance during the conference call, please press star then zero on your touchtone telephone. As a reminder, this conference call is being recorded. I will now turn the conference call over to the General Manager of Investor Relations of Chevron Corporation, Mr. Wayne Bourdune. Please go ahead.

Thank you, Jonathan. Welcome to Chevron's fourth quarter earnings conference call and webcast. Our Chairman and CEO, Mike Wirth, and CFO, Pierre Breber, are on the call with me. We'll refer to the slides that are available on Chevron's website. Before we get started, Please be reminded that this presentation contains estimates, projections, and other forward-looking statements. Please review the cautionary statement on slide two. Now I'll turn it over to Mike.

All right. Thanks, Wayne. Last March, I laid out Chevron's strategy to win in any environment, focused on four elements that differentiate Chevron from its competitors, an advantage portfolio, a resilience to price downside, a commitment to capital discipline, and a superior capacity to to return cash to shareholders. And as we've done in the past, we delivered again in 2019. We generated over $27 billion in cash flow from operations. We executed our $20 billion capital program. We grew annual production to a record high. We continued to high-grade our portfolio and we further strengthened our industry-leading balance sheet. As a result, earlier this week, we increased the dividend by more than 8%. and we expect to sustain the increased share buyback rate of $5 billion per year going forward. And we did this despite the cost increase at TCO and the fourth quarter impairments, which Pierre will cover in just a minute. 2019 performance delivered on all four of our financial priorities, which I'll cover on the next slide. These priorities don't change. They've been the same for a long time. For two years in a row, we simultaneously increased our dividend increased share repurchases, grew production, and reduced debt. Not everyone can say this. You can see the sources and uses of cash on the slide, including the $13 billion returned to shareholders, nearly the same amount as our cash capex. 2019 was a good year, and we intend to do even better. During our analyst day in March, we'll lay out our plans to further improve performance in order to continue to deliver superior returns to shareholders. With that, I'll turn the call over to Pierre, who will discuss our 2019 financial results. Pierre?