Chevron Focuses on Growth and Sustainability: Successful Quarter Led to Record Results

Chevron can look back on a remarkably successful quarter. The company impressed with strong financial and operational results, notable cash returns to its shareholders, and the achievement of key project milestones that are expected to lead to increased production and cash flow in the coming years. Notably, activities in the Permian Basin contributed to increased production output, which rose globally by seven percent compared to the previous year, setting a new record for the third quarter. The start of the high-pressure Anchor project and initiatives to enhance production through water injection at the Jack/St. Malo and Tahiti fields mark important milestones. These projects, along with others planned to begin by 2025, aim to increase production in the Gulf of Mexico to 300,000 barrels per day by 2026. Additionally, the expansion of the CO2 storage portfolio with the addition of offshore areas in Western Australia demonstrates continued commitment to sustainable technologies. One year after acquiring PDC Energy, Chevron successfully harmonized the best practices of both companies and exceeded synergy targets, which include significant capital and cost savings. Chevron also shone with environmentally friendlier solutions, such as tankless production facilities and grid-powered drilling rigs, enabling substantial emissions savings. The operational successes at TCO and Gorgon, where critical facilities were brought online faster than planned, underscore Chevron's ability to manage complex projects efficiently. The planned sales of non-core assets in Canada, Alaska, and the Congo, expected to generate around eight billion US dollars in pre-tax proceeds, further demonstrate Chevron's strategic focus and efficiency in portfolio optimization. At a time when market volatility and geopolitical challenges are commonplace, Chevron remains financially solid with a net debt ratio of under twelve percent. This enables the company to continuously reward its shareholders through all commodity cycles.