Chevron opens the
books on Friday evening.

Long Term Growth Options

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The company possesses numerous growth options beyond 2030, including an enhanced shale portfolio, Guyana, Eastern Med, new exploration entries, and special situations like Venezuela, Iraq, and the TCO concession.

"There's kind of 3 buckets that I think about our growth opportunities in. One are the things that are enhanced. So our massive shale portfolio and the ability to further improve that. Guyana, which we've talked about. The Eastern Med, where we've got a project underway to expand Leviathan, we're moving towards FID on another project at Aphrodite. Argentina, where we're continuing to see policy move in a good direction and there's enormous resource potential there. West Africa, we've got a lot of captured opportunity today that creates growth options, not just for the next few years, but well into the next decade. The second bucket are announced business development advancements in some of our exploration. So new entries into Libya, Suriname, Namibia, our continued leadership position in terms of acreage in the Gulf of America, all the new exploration acreage that we've added over the last few years. And then the third bucket are what I'll describe as special situations that we have some control over. Venezuela is one of those. We're in negotiations right now to try to improve the fiscal terms and enable more investment in Venezuela. A second one of those would be the Iraq situation where due to the circumstances Lukoil found itself in, it has stepped away from West Qurna 2. The Iraqi Prime Minister who was here recently, we've signed some agreements with them. And there is significant potential at West Qurna 2, Nasiriyah and in Iraq. And then the TCO concession, which I didn't address in my response to Devin, but we're into our -- well into the negotiations on that. Obviously, massive resource potential there, a field we know well."

- Michael Wirth, Chairman and CEO - Q2 FY26 Earnings Call - July 31, 2026

Permian Strategy Cash Flow

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The strategy in the Permian focuses on generating free cash flow from assets rather than growing production, leading to a 25% improvement in capital efficiency with capital expected below $3.5 billion this year.

"Our capital is now, we expect it to be below $3.5 billion this year. So that's a 25% improvement in capital efficiency. So CapEx per barrel of oil over 2025. It's one of the reasons why we feel confident today to say that we expect to finish the year at the low end of our capital budget range of $18 billion to $19 billion."

- Eimear Bonner, CFO - Q2 FY26 Earnings Call - July 31, 2026

Capex Efficiency 2026

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The company anticipates a significant improvement in capital efficiency, expecting to spend 25% less CapEx per barrel of oil equivalent in 2026 compared to last year.

"We continue to capture strong capital efficiencies in U.S. shale and tight, and expect to spend 25% less CapEx per barrel of oil equivalent in 2026 compared to last year."

- Michael Wirth, Chairman and CEO - Q2 FY26 Earnings Call - July 31, 2026

Tco Debottlenecking Capacity Increase

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The oil capacity of the third-generation plant (3GP) at TCO has been successfully increased from its original 260,000 barrels of oil per day to 320,000 barrels of oil per day, bringing the total processing capacity to slightly above 1 million barrels of oil per day.

"And we are very comfortable to say today that we have successfully increased the nameplate oil capacity from 3GP or the third generation plant from the original 260,000 barrels of oil per day to 320,000 barrels of oil per day, sorry. So -- and what that means for the overall total feed processing capacity, it now takes the total state processing capacity to slightly above 1 million barrels of oil per day."

- Eimear Bonner, CFO - Q2 FY26 Earnings Call - July 31, 2026

Hess Acquisition Synergies

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Synergies from the Hess acquisition exceeded initial targets by 50%, with $1.5 billion realized 6 months ahead of schedule.

"We pulled value forward, capturing 50% more synergies than initially targeted, with $1.5 billion realized 6 months ahead of schedule."

- Michael Wirth, Chairman and CEO - Q2 FY26 Earnings Call - July 31, 2026

Project Kilby Microsoft Ppa

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The company has made a significant move to address AI-driven electricity demand by signing a 20-year take-or-pay power purchase agreement with Microsoft for 2.67 gigawatts of firm behind-the-meter capacity.

"We recently signed a 20-year take-or-pay power purchase agreement with Microsoft for 2.67 gigawatts of firm behind-the-meter capacity, supporting its co-located data center complex."

- Jeff Gustavson, President, New Energy - Q2 FY26 Earnings Call - July 31, 2026