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.
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
APRIL 28, 2023 / 3:00PM, CVX.N - Q1 2023 Chevron Corp Earnings Call
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?
| 
