Chevron Corporation

Good morning. My name is Katie and I will be your conference facilitator today. Welcome to Chevron's first quarter 2026 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, Janine Way. Please go ahead.

Thank you, Katie. Welcome to Chevron's first quarter 2026 earnings conference call and webcast. I'm Janine Way, head of investor relations. Our chairman and CEO, Mike Worth, and 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. With that, now I'll turn it over to Mike.

All right. Thanks, Janine, and welcome to your new role. This quarter, Chevron delivered solid performance driven by disciplined execution and a resilient portfolio. Despite market volatility and heightened geopolitical tensions, our people remain focused on safely delivering the reliable energy the world needs. Our approach remains consistent. Maintain capital and cost discipline, generate strong cash flow, and deliver superior shareholder returns. Sharon's fundamentals are strong. We have a world-class portfolio and upstream assets with peer-leading cash margins, and we're carrying strong momentum into the second quarter. With U.S. production, over 2 million barrels of oil equivalent per day, Gorgon and Wheatstone LNG running at full rates, TCO producing above 1 million barrels of oil equivalent per day, and U.S. refineries operating at record crude throughput. The unique combination of Chevron's industry-leading refining complexity and our diverse waterborne equity crudes from TCO, Guyana, Permian, Venezuela, and Argentina creates opportunities for value capture through integration. Our high-quality upstream and downstream portfolios delivered significant integration benefits during the quarter. We maintained strong supply into tight markets and maximized margins across products. including fuel oil, sulfur, and other secondary products, which saw significant price dislocations. We continue to optimize flows across our value chains to maintain high utilization and reliable supply into the market. In the second quarter, we expect global equity crude throughput to more than double to year-over-year to 40%. In Asia, we anticipate over 80% refinery utilization. Moving to Venezuela, We continue to leverage our deep expertise and long-standing position to create an option for the future. Two weeks ago, we announced an asset swap with Petavesa. The agreement increases our position in the Orinoco. Ayacucho 8 expands our continuous acreage position with Petro PR, offering operating and development synergies along with long-term growth potential and optionality. Petro Independencia is a joint venture we've been in for more than 15 years. where we've increased our equity stake to 49%. Current operations are running smoothly. We're still in debt recovery mode and expect Venezuela to continue to represent 1% to 2% of cash flow from operations. This transaction is expected to improve resource depth and integration upside, supporting potential growth into the future. Now, over to Emer to discuss the financials.