Thanks, Paul. If you go to California policy, there's -- I'm not sure exactly which one you're referring to. GuruFocus.com. I mean, our ability to generate positive free cash flow from a dollar capital invested. Hey, guys. And on the call with me today is Pierre Breber, CFO. What we've seen is during the course of the year that all was strengthened initially, and then we saw it weakening relative to other currencies, in particular, like in Australia, Canada, some of the others where we'll have like a deferred tax liability that gets revalued. MotleyFool 19d. You've, obviously, addressed your strategy on the call, but I just wondered, in the light of activism that we're seeing, what -- are there any specific requests, if you like, or strategy pushes that you're getting from shareholders? We're the only company that's increased the dividend. The second, which is slightly tied to that, it seems to me also and you've demonstrated it, but low gearing, a low level of indebtedness, has served you very well to those two cycles. Lastly, we continued strong governance, which starts with our exceptional board of directors during an unprecedented year to meet the interest of all our shareholders. Our federal acreage, as you said, in the Permian, is less than 10%. This is -- we're going to use judgment. Those are noncash in the quarter. Q1 2020 Chevron Corp Earnings Call. As Jeanine asked, renewable energy products operate in commodity markets that have cycles up and down just like conventional products do. And the back half, you're going to be running closer to nameplate capacity. Upstream production was down 3.5% from a year ago. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. InvestorPlace. 01/29 16:07. Chevron (NYSE:CVX) Q1 2021 Earnings Call Apr 30, 2021, 11:00 a.m. Got it. My name is Audra, and I will be your conference facilitator today. But the long-term value and the point, I think, of your question is there, right, the 1 million barrels a day that we showed in 2025, but more importantly, highly accretive to returns, strong free cash flow, right, free cash flow positive last year, growing free cash flow. That clearly is lagging. Domestic travel, strong, again, in the Gulf Coast region, seeing it come back in California. Wheatstone, for the rest of the year, should be back up to full capacity until a turnaround that begins late third quarter and runs into fourth, which we'd already planned and announced. So we will be lighter on Australia production than we're everything up and running for a full year, but a big part of that is planned turnaround activity and then there's an increment related to these repairs. Pierre might not be toward fid process, i do have been sanctioned a little bit here. Please review the cautionary statement on Slide 2. Thanks, Pierre. So I think all the pieces of the puzzle are there for you. So the risks are probably greater in the Gulf of Mexico. My name is Jonathan. Welcome to Chevron's first-quarter 2021 earnings conference call. But on the West Coast, they're still recovering. And whether you have the -- all the needed permit for your program in Gulf of Mexico this year. By Seeking Alpha. Australia year on year is not a big variance. And so, that would also be positive. Katy, can we go to the next caller, please? Tuesday, March 09, 2021. from 10:00 AM to 2:00 PM EST. That's a really important milestone because those were risks that could have extended things had we not accomplished that. And I think you saw that in a lot of the reserve replacements and other numbers and you saw that in our investor day, our ability to basically get pretty close to the same production guidance, five years out, this year versus where we were last year, is a reflection of greater capital efficiency, but also the Noble transaction. chevron IR apps get instant access to the latest financials and more. NetSTREIT Corp. (NTST) Q1 2021 Earnings Call Transcript. April 23, 2021: Schlumberger First Quarter 2021 Results: Q1 21 Earnings Press Release : Q1 21 Earnings Conference Call Prepared Remarks : Q1 21 Earnings Conference Call Transcript Company Information. If you have excess cash and you don't change your capital program, the dividend, we just increased, so that's not going to change. Roderick and I will be transitioning together over the next couple of months. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator We kept our eye on long-term value. The first is to make the oil and gas that we produce as low carbon as we can. It was a little higher this quarter. Excluding special items, opex was down by over $1 billion this year with decreases due to reduced activity levels and lower transportation, fuel and incentive compensation costs. I think we'll take some of it off-line with Wayne and the IR team in terms of production from the various basins. Congratulations. So when you look across your portfolio, do you see kind of different pace of margin improvement and return to normal? So they burn almond trees after a certain number of productive seasons. Hey, Pierre, my first question here is actually a bit of a follow-up on the cash flow in the quarter. CVX earnings call for the period ending December 31, 2020. Image source: The Motley Fool. Good morning. My name is Audra, and I will be your conference facilitator today. And that's what we, as a company, are focused on. So you should expect us to update that guidance at mid-year when we see a little more time with commodity prices. 26 minutes ago. And as Pierre said, we've remobilized 20,000 workers to the project. You've had some progress here over the past few months in both venture activities, you highlighted in the slide, the hydrogen MoU. For comparability purposes, 2020 adjusted earnings were recast to exclude these costs. So to answer your question, at this time, there's more pressure on schedule than costs. But we haven't been out of position and hurt because we had to buy high and sell low to any meaningful degree through this whole cycle. Pierre, you said your dividend coverage is below 50 Brent, I think, for a second straight quarter. But if you want to look at to EVs and transportation, put a price on carbon and let the technologies compete in the marketplace. During last year's investor day, we told you our capital program was flexible. The executive order was sweeping and broad, but it also lack some specificity. We're looking at another carbon capture pilot with Savante in Bakersfield. And I'll say the jobs in oil and gas are good paying jobs you can raise a family on. And I think that's -- we hope that they can. Marché à terme des matières premières I appreciate the full answer, Pierre. We recently made an investment in another carbon storage technology start-up, and you can expect to continue to hear more from us on that front. Yeah. Good morning. It's really to explore this alliance. And then, the excess -- some of the new refining capacity in China becomes relevant there. Chevron (CVX) Q4 2020 Earnings Call Transcript Q2 FY'20 Teleconference Slides 947.9 KB. Sep 23, 2020 . In terms of the Permian, everything is going very well there. West Coast, on track with gasoline and diesel, really has come on strong now. And in the Permian Basin and other short-cycle basins, we preserved the capability to build investment backup when the conditions are right. But over time, excess cash will be returned to shareholders in the form of fire dividends, like you saw us announced a couple of days ago, and in the form of a buyback over time. Supplemental PDF. So the U.S. has strengthened, for sure, as I said earlier with winter storm Uri and you're seeing that in petrochemicals too. Of course, we are investing in Tengiz, which we know is going to result in higher production and much stronger higher cash flow. Our net debt ratio is under 23%. schlumberger earnings call : Related News. You see it in a lot of different technologies. Stock Advisor list price is $199 per year. But just any thoughts you could share around cap allocation if oil does indeed stay here in the 50s? This project would capture those emissions, converted into a synthetic gas that can then generate power and use that power to compress the CO2 and inject it in the ground and then sell excess power into the grid. Now look, it's a challenge to obviously replicate that. But if you take that out, production, I think, looks good. At this time, I'd like to turn the call back over to Mr. Green for any additional or closing remarks. You mentioned the near-term cash goes on to the balance sheet. But fundamentally, we intend to continue to be very disciplined in the allocation of capital. There's not an empirically observable correct answer to this. close. When we issued the press release, certainly, the Permian and the Gulf of Mexico would have been some of the first places to draw that capital back. Q3 2014 ViaSat Earnings Conference Call . I was wondering if you could give us just an update on progress there and how things are progressing versus your expectations? I think we've previously guided to kind of a 6% to 7% decline on the Chevron legacy production. At the same time, there's times inorganic can enhance the company. Balance sheet, obviously, still looks very strong. Data is currently not available. Biraj Borkhataria -- RBC Capital Markets -- Analyst. That's very helpful. And in the longer term, it will be fundamental to lifting people out of poverty around the world, and we have to remember that. Can you just comment on specifically your markets? Oh, and I'd also like to congratulate Wayne, and thanks for putting up for -- with all of us for so many years. CVX earnings … So just curious that internally that have the board and management even consider the variable dividend versus buyback to see which is a better way to return cash to the shareholders? Jay will be with us at the investor day in six weeks, and he'll give you more detail at that point in time. Appreciate the color. Devin McDermott -- Morgan Stanley -- Analyst. Voting Results. Archived Events Date Event Details; May 11, 2021 at 9:30 AM EDT BofA Securities 2021 Virtual Health Care Conference. Thanks, Mike. There's a lot of work that hasn't been done over the last -- going on a year now this has been impacting us. Well, it'd be a function, Jeanine, primarily commodity price, right? It's been done safely elsewhere in the United States and safely all around the world. Manav, I'm impressed. And we think the next couple of quarters are going to be good, and we're well positioned in our downstream and chemicals business. So you have modest amounts that happen in the quarter, but the vast majority is reflecting a full revaluation of that liability -- monetary liability or monetary asset account. Look, I'll get started. That's really where the work gets done. Also that if you can just give us the production number in the fourth quarter in Permian, DJ and Dover? It's the capital and cost discipline. Demand is off. It's going to capture the emissions from agricultural waste. We think we're top quartile, we'll stay top quartile. Forex Education. And then same sort of thing around any raw material shortages and maybe include personnel there. It's a follow-up to the S&P question earlier, whoever, whichever one of you guys would like to answer this. You see it in our 10-K. And we'll continue to set new targets in that area because the world -- stepping on the hose of supply, through one way or another, doesn't really change demand. But we will be working on that, and we will get it to you when we've got enough data to give you something that we think is really useful. Europe, North America, not so much. Earnings Summary. Other companies might be in a different position. The other segment loss increased primarily due to higher pension expense. So I think it's pretty transparent with production in Indonesia and Thailand is -- not all of Thailand is part of the concessions that are expiring here early next year. So we could see a market where there are more asset sellers than there are buyers, which could offer some opportunities at an asset level. Further workforce additions are expected this quarter. It's 0% to 3%. So I want to see that how are you guys thinking about the policy outlook impacting your business in California, both in the downstream and the upstream? Other was down in part due to employee benefit costs. And that you look -- you make that comparison. And so, -- but it also, I think you can infer in my comments that, again, we're looking to future excess cash generation and the strength of the balance sheet to weather the commodity price cycle. We'll take our next question from Phil Gresh with J.P. Morgan. We were at 22,000. It went down a little bit through the Noble acquisition. Volume . 1Q 2021 Chevron Earnings Conference Call. We do not expect production impacts in the second quarter. Blueknight Energy Partners, L.P. (BKEP) CEO Andrew Woodward on Q3 2020 Results - Earnings Call Transcript. April 30, 2021. So it's a good story that we're able to be so efficient and mitigate declines. Mike Wirth -- Chairman and Chief Executive Officer On your question, I think a lot of the … If we stay in a $55 Brent world for all of this year, we're in a very strong position from a cash flow standpoint. So I guess, your views on that? What's a little bit weaker we're seeing on the West Coast is because of the big airports in San Francisco and LA are such -- are so heavy for international travel. And really a dividend increase that averages 6% per year during a very difficult time, and we showed during our investor day that we have the capability to grow free cash flow 10% per year over five years, and that's coming from Tengiz, which we'll see in a couple of years, and growth in the Permian when the world needs the barrel. I mean, when we look at just the organic capital, and you say, again, we were 13 billion and some change last year, 14 billion, and we had planned to be at 20 billion each year of pre COVID. Chevron Q4 2020 Earnings Call Jan 29, 2021, 11:00 a.m. And so, if we see something that will make that investor day story we told even better, then we'll pursue it. The increase in production due to the Noble acquisition was more than offset by a number of factors, including declines, asset sales, winter storm Uri and OPEC+ curtailments. So we didn't get the benefit of it, but we're relatively balanced. It, in some cases, creates capacity that is intermittent and can't be used all the time. Michael K. Wirth — Chairman of the Board and Chief Executive Officer That is OK. That is the correct response to an oversupplied market. And so I can't promise you we're going to get that to a point where it's fully competitive with the alternatives today, but that's an area that a few companies have the capability to do all the things required. So on strategy push from shareholders, there's not a lot that's being said in shareholder discussions that I haven't discussed here. Two questions actually. Motley Fool. So during the course of the year, you're costing inventory at average cost of the commodities. While we reduced short-cycle capital that would bring on near-term production, we maintained capital for projects that we expect to deliver production and attractive cash flow for years like our expansion project in Kazakhstan. And then, when we've got surplus cash after those first three needs to distribute that back to shareholders. Most things have been asked. Earlier this afternoon, Clean Energy released financial results for the first quarter ending March 31, 2021. So we have the financial strength and capacity to underwrite things larger than perhaps Noble could have. So the agricultural waste is just that that's what happens is it gets burned, and those emissions go to the atmosphere. Mike, just ask three questions. Apr 23, 2020 at 10:00 AM EDT Click here for webcast. 2020. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The production seems to have kind of disappeared in the mix, and it's raising some questions, at least from people we speak to about whether Chevron is under investing to sustain that long-term production capacity. Apr. The Investor Relations website contains information about Hess Corporation's business for stockholders, potential investors, and financial analysts. So the venture investment is an enabler to growing hydrogen and carbon capture business. You did acquire refinery in recent years. Join the Discussion Cancel Reply. We expect cash balances to come back down later in the year. 05:29PM : 4 Top Stock Trades for Monday: XOM, CVX, ROKU, NIO. Q&A. When we think about our model, upstream did OK. Downstream was a clear miss relative to our projections. With oil prices back up to around 2019 levels and downstream earnings still recovering, higher free cash flow this quarter is driven by the change in cash capex, less than half of the 2019 quarterly average. Our dividend breakeven the past couple of quarters with weak downstream margins has been around $50. Yahoo. All earnings call transcripts on Chevron Corporation (CVX) stock. So you don't want to be always doing this calculation. There was a short -- there was a time period in the first quarter where we saw all three trains operating between the Train 1 turnaround and the start of the Train 3 work. Supplemental PDF. Jun 11, 2020 Wells Fargo West Coast Energy Conference - Virtual. What I meant to say is that you'll see declines this year resulting from our capital last year because we did take capital down. Thanks. And so, far, we're able to accomplish both, and we think activity will increase going forward. And then secondly, on the Toyota MoU you announced, there was a comment in the press release mentioning that the MoU and the pursuit of hydrogen will leverage existing market positions and assets that Chevron has. Neil, if I can just give a little more on the fourth quarter. Or what is sort of driving as you see opportunities in that? Winter storm Uri impacted both our upstream and downstream businesses, with earnings impact of about $300 million after-tax in the quarter. Mike, Chevron's equity has handily outperformed S&P energy since you became CEO a few years ago. And then, the third is to grow low-carbon businesses. This transcript has been edited by Chevron Corporation. Yeah. Webcast Event Website PowerPoint Transcript. Tags Market News NTST. Really strong infrastructure. We don't have that production now, and that's $2.5 billion in the budget at Tengiz. As we look at some of the announcements of this week and developments that seem to be unfolding here in the U.S., it's early days to understand exactly how these will play out. Chevron's GoM operation may be most at risk from Biden policies, CEO says. Yeah. Q4 2020 Earnings Call. We'll go next to Paul Sankey at Sankey Research. Print Top. Please go ahead, sir. Chevron (symbol CVX) reported Q2 2020 earnings on July 31. 04:02PM : Exxon Earnings Beat, Chevron Mixed Amid Rising Oil Prices. We have a two-refinery system. So I think to us, this suggests that for the buyback it makes a lot of sense to leg into a program, kind of similar to what you did in '18 and '19 versus a consistent amount per year, which I think was the last commentary before the pandemic, which I know changed a ton of things. view the event details. Yeah. Thanks. Greetings, and welcome to Clean Energy Fuels First Quarter 2021 Earnings Conference Call. We've seen -- we're going to coke process at our LA refinery later this year, biofeed along with conventional feed and make renewable products, have renewable diesel biodiesel at more than half of our service stations in the United States. And so we'll look to use those to support the growth of the position in Israel. So I think that lines up with the rating agencies, but that's not something we control. ET. Summary Toggle Nov 11, 2013 2:00 PM PST Nov 11, 2013 2:00 PM PST: Q2 2014 ViaSat Earnings Conference Call . Chevron Corporation is one of the world's leading integrated energy companies. Turning to Slide 7. I think you're right. Slides. We changed our accounting midyear last year to where we're no longer booking production and reserves associated with those operations. I think our track record speaks for itself in terms of being disciplined with capital, protecting the balance sheet and being very progressive about the future of energy and our approach of higher returns, lower carbon. So on our projections, we see pretty strong near term free cash flow and the trajectory, it really meaningfully steps up in 2024, 2025, with Tengiz and some of your long-cycle ground projects starting up in the Permian. So we've prepared ourselves for a difficult set of market conditions, which is certainly what we saw last year.
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