Chevron Corp to Discuss Proposed Acquisition of Hess Corp Call Transcript

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

Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst : You mentioned a step-up in the buyback of the $20 billion level in a higher price environment. This is something Chevron could do on their own to see if they really wanted to. So we think about this as a potential step up in the range, like a few billion dollar step up? Or how will we think about this in a, call it, a $50 environment just given the growth (inaudible)?

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Maybe let me add my congratulations. On the office sales, maybe Pierre, can you give us a bit maybe not granular which asset you're going to sell, but you're saying that your high margin, can you give us some more additional characteristic? Should we assume that anything outside the 8 asset that you identified in the presentation that will be (inaudible) for sale and also whether it's back-end loaded or that it's going to be more for (inaudible)?

Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst : Congratulations on the deal. Maybe you can -- Mike can talk about the past 2 deals, having very little Permian footprint between the two, only the small piece from PDCE. Can you talk about the diversity in the portfolio? And is there a thought that you don't want to be too big in the Permian as a proportion of your overall mix?