The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Have been the kind of project due to the characteristic that we have different returns and different payback period criteria that I
think management put so for your low-carbon investment, not those that for the own emission mitigation activity, but that in terms
of like CCUS as a new business, for that kind of business that what is the minimum internal rate of return and payback period that
you assign in order for you to sanction the projects.
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: A second question is that your largest U.S. competitor just announced that they're going to push more aggressively into trading and
establish a single trading organization and think that there's quite a fair amount of opportunities out there in the market that they
can capture. The sensory thinking maybe that someone of a rule book from -- that pay book from Chevron. I think Chevron has
always been a little bit more conservative on that.
So do you think that [leaves] the opportunity for a company similar to Chevron that have a lot of global reach and more of a physical
ones and have a knowledge edge over others. So is there an opportunity that we may be missing for Chevron?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: This one is just a clarification question on something you said about the Permian because I think it's important. In the NOJV section,
because you stack royalties with the NOJV acreage, your growth rate in the NOJV portion actually exceeds the growth rate of your
partners as they report it. Is that -- that's the correct interpretation, right? That's what we're trying to communicate?
Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst
: So can you talk about the general demand trends you're seeing within your system? Are you starting to see any signs of weakness
on the demand side? And if the answer is no, just curious on your views on what's happened to spot refining margins globally, and
what seems like still a relatively tight market.
Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst
: And then maybe sticking with the downstream, and you mentioned California. Can you just talk about the new regulations in
California around the potential for excess profit penalties, not sure if that's exactly how to refer to it. But how much does that impact
how you think about refining in California and your position in California and maybe the expected impacts on the broader market
there?
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