Chevron Corp Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Okay. Paul Cheng, Scotiabank. If I could, 2 questions. One, related, Pierre, when we're looking at your presentation, it doesn't seem like you want to put money on the balance sheet at this point, given you already...

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Given you already have a decent balance sheet. So if oil prices stay somewhere close to where we are, you're going to generate far more than what even the $10 billion of the buyback you will execute. And so from that standpoint, how should we look at the incremental cash? Can you share with us what is the split between the balance sheet and on the incremental cash return? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 01, 2022 / 3:00PM, CVX.N - Chevron Corp Investor Day The second question is for Mike. You have a pretty well-defined plan here. But the world is a volatile world and unpredictable. So when you're looking at your plan, what's the biggest risk factor or that can you say, "Oh, I mean this is too much of unknown that it could really swing and change my time."

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Two questions, please. Jay, here's a quick one on Permian. I think your production target for this year is 10% growth. That actually make it maybe 2% or 3% lower than the fourth quarter. So is that just an ultra conservative estimate from your part or that there's some new things that we didn't realize happened in the fourth quarter? So if you can help us that to maybe bridge the gap because we thought with the higher CapEx that we will see progressively higher production from your asset? And the second one is maybe for Colin, A lot of your peers expect by 2023, 2024, probably 2023 late, that the Permian gas takeaway capacity will become an issue. And I want to see whether you agree on that? And if you do agree, do you think it should be for the benefit for Chevron to help to facilitate the (inaudible) facilities. And whether that Chevron will really have a preference, whether you want to own the equity or that is really irrelevant, whether you own it or you have supply contract?

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Paul Cheng, Scotiabank. Two questions. First, yes, on trading or you call optimization. Your European customer has been quite successful over the past 1 or 2 decades and utilizing trading as a profit center and enhance their return, believe or not, they think that had about 2% to the return. In contrast, U.S. majors, they tend to be more conservative in the way how you look at trading. So given the world that we are today, when you guys are looking at that, do you believe you should take a more aggressive approach in the trading and look at it similar to your European peer as a profit center -- if not, why you don't think it will work for you. . The second question maybe is for Bruce. CPC is probably one of the most well-run operation in the chemical side. and you guys have drive down costs and everything. So I mean from a self-help standpoint, is it really that much -- do we have much of the cost saving or the initiative that we can drive or that is really all about the market and also maybe expansion of capital.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Paul Cheng, Scotiabank. Two questions, I think one for you and one for Eimear. For Eimear, just the technology one. And when we're looking at hydrogen, it seems like the new investment in -- we need is offering a different technology. But in the CCUS, is your technology any different than the competitor that you have, whether it's Exxon or that Shell, BP, Total, I mean all that we're essentially using the same technology. And if that's the case, then how you differentiate between Chevron to your competitor. And for Gust is that, if we're looking at the economic for the CCUS and hydrogen, I don't think they are profitable today. They are still emerging. How far is the gap in order for that to be economic, let's say, I call your January a 10% return. Is that gap will holistically within the next, say, 5 years could be bridged by the fundamental improvement in the cost structure or technology or that you will need a sizable improvement in the government support? And how big is that gap today? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 01, 2022 / 3:00PM, CVX.N - Chevron Corp Investor Day