Chevron Corporation (CVX) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

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...