Chevron Corporation

Good morning. My name is Katie and I will be your conference facilitator today. Welcome to Chevron's fourth quarter 2024 earnings conference call. At this time, all participants are in a 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 head of investor relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.

Thank you, Katie, and welcome to Chevron's fourth quarter 2024 earnings conference call and webcast. I'm Jake Spiering, head of investor relations. Our chairman and CEO, Mike Wirth, and CFO, Emer Bonner, are on the call with me today. We will refer to the slides and prepared remarks that are available on Chevron's website. Before we begin, Please be reminded that this presentation contains estimates, projections, and other forward-looking statements. A reconciliation of non-GAAP measures can be found in the appendix to this presentation. Please review the cautionary statement and additional information presented on slide two. Now, I will turn it over to Mike.

Thanks, Jake, and thank you, everyone, for joining us today. Chevron delivered another year of strong results in 2024. We achieved record production both globally and in the United States, and reach key milestones that are expected to underpin years of future cash flow. This includes outstanding performance in the Permian, exceeding expectations with production growth of nearly 18% from last year, delivering key project startups in the Gulf of America, fully integrating PDC Energy, expanding our position in the DJ Basin, optimizing our portfolio through asset sales and swaps that maximize long-term value, including completing WPMP and achieving first oil at the Future Growth Project at TCO last week. We also returned a record $27 billion in cash to shareholders through dividends and buybacks. Over the past two years, we've repurchased $30 billion and reduced our outstanding share count by 10%. We continue to build our new energies business and complete projects to lower the carbon intensity of our operations. In 2024, we sold over 20 million barrels of bio-based diesel, and advanced foundational projects in CCUS and hydrogen. We also completed projects designed to abate over 700,000 tons of CO2 emissions annually. Now I'll turn it over to Humer to go over the financials.