Chevron Corporation

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome, everyone, to Chevron's fourth 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 requires 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. Welcome to Chevron's fourth quarter 2025 earnings conference call and webcast. I'm Jake Spiering, head of investor relations. Our chairman and CEO, Mike Wirth, and our CFO, Emer Bonner, are on the call with me today. We will refer to the slides and prepare remarks that are available on Chevron's website. But 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.

Okay, thanks, Jake. 2025 was a year of execution. We set records, started up major projects, and strengthened our portfolio. 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 10 geese, adding 260,000 barrels of oil per day, startup of Valleymore and Whale and the ramp-up of Anchor in the Gulf of America, advancing toward our goal of 300,000 barrels of oil equivalent per day in 2026, achieving 1 million 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. Additionally, in the downstream, we delivered the highest US refinery throughput in two decades, reflecting recent expansion projects and higher efficiency. This performance drove strong results, including industry-leading free cash flow growth. Excluding asset sales, adjusted free cash flow was up over 35% year over year, even with oil prices down nearly 15%. And for the fourth consecutive year, we returned record cash to shareholders, delivering on our consistent approach to superior shareholder returns. Chevron has been in Venezuela for over a century, and we remain committed to leveraging our deep expertise and longstanding partnerships for the benefit of our shareholders and the people of Venezuela. Since 2022, in full compliance with U.S. laws and regulations, we've worked with our Venezuelan partners to increase production in our ventures there by over 200,000 barrels per day through a venture-funded model to recover outstanding debt. We see the potential to further grow production volumes by up to 50% over the next 18 to 24 months. We're reliably delivering Venezuelan crude to the market, including our own refining system. There is significant potential in our assets and in the country. We're optimistic the future holds a more competitive and robust pathway to deliver value to Venezuela the United States, and Chevron. We've been a pivotal part of Venezuela's past, we're committed to the present, and we look forward to a continued partnership into the future. Our advanced assets in the Eastern Mediterranean continue to grow, and we're advancing multiple high-return projects to bring world-class gas resources to regional markets. 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 cubic feet per day at the end of the decade, contributing to a doubling of current earnings and free cash flow. At Tamar, the optimization project startup is in progress, increasing gross capacity to approximately 1.6 billion cubic feet per day. And Aphrodite has now entered feed, working toward developing a competitive investment in Cyprus. We expect these projects to build on the existing assets' top quartile reliability and unit development costs, further expanding our differentiated position. Before concluding, I want to provide a brief update on TCO. Earlier this month, TCO experienced a temporary issue on the power distribution system. Production was safely put in recycle mode while the team identified the root cause. Early production has now resumed. We expect the majority of the plant capacity to be online within the coming week and unconstrained production levels within February. Our full year 2026 guidance of $6 billion of Chevron share free cash flow from TCO at $70 Brent is unchanged. I want to reiterate our message from Investor Day. Chevron is bigger, stronger, and more resilient than ever. We're entering 2026 from a position of strength, and will continue building on our momentum in the years ahead. Now, over to Emer to discuss the financials.