Chevron Corporation

Good morning. My name is Katie and I'll be your conference facilitator today. Welcome to Chevron's first quarter 2025 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 Spearing. Please go ahead.

Thank you, Katie. Welcome to Chevron's first quarter 2025 earnings conference call and webcast. I'm Jake Spearing, head of investor relations. Our chairman and CEO, Mike Wirth, and our CFO, Emer Bonner, are on the call with me today. We'll 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. This quarter, Chevron delivered strong performance and advanced our plans to further strengthen the company over the near and long term. This included multiple project startups and asset divestitures. Our Advantage portfolio underpins a track record of consistently rewarding shareholders through the cycle. Cash returned to shareholders has exceeded $5 billion for 12 consecutive quarters. In the first quarter, we returned $6.9 billion through dividends and buybacks. We also acquired nearly 5% of HESA's common shares and look forward to completing the merger in the coming months. Recent macro uncertainty underscores the importance of cost and capital discipline, both core to Chevron's leadership. Our 2025 CapEx and affiliate CapEx budgets represent a $2 billion reduction from last year, and we've targeted $2 to $3 billion in structural cost savings to be delivered by the end of next year. Chevron has a proven track record of managing through uncertainty and commodity cycles, and with longstanding financial priorities as our guide, we're well positioned to win in any environment. We're focused on execution to unlock industry-leading cash flow growth. At TCO, we reached nameplate capacity in just 30 days, significantly ahead of plan. We expect cash distributions from TCO to increase going forward, including a $1 billion loan repayment in the third quarter. In the Gulf of America, we achieved first oil at Ballymore this month. This is the latest in a series of major project startups within the past year, and they are expected to increase production to 300,000 barrels of oil equivalent per day in 2026. The expansion of our Pasadena refinery has further strengthened our Gulf Coast value chain. And we've made good progress on our asset sale program, achieving premium valuations while retaining future upside in East Texas gas assets that could deliver over $1 billion in value at today's prices. In February, we announced senior leadership appointments and changes to our operating model to enable more efficient execution. We're also expanding our pipeline of future opportunities. adding more than 11 million net exploration acres since the start of last year, advancing our gigawatt-scale power solutions venture to support the U.S. AI data center build-out, and participating in a pipeline project to increase export capacity in Argentina. Now I'll turn it over to Emer to go over the financials.