Chevron Corporation (NYSE:CVX) Q3 2023 Earnings Conference Call October 27, 2023 11:00 AM ET

Company Participants

Jake Spiering - General Manager, Investor Relations

Michael Wirth - Chairman and Chief Executive Officer

Pierre Breber - Vice President and Chief Financial Officer

Conference Call Participants

Roger Read - Wells Fargo Securities

Joshua Silverstein - UBS

Neil Mehta - Goldman Sachs Group Inc.

Devin McDermott - Morgan Stanley

Biraj Borkhataria - RBC Capital Markets

Sam Margolin - Wolfe Research, LLC

Paul Cheng - Scotiabank

John Royall - JPMorgan Chase & Co.

Douglas Leggate - Bank of America Merrill Lynch

Irene Himona - Société Générale

Jason Gabelman - TD Cowen

Ryan Todd - Piper Sandler

Bob Brackett - Bernstein Research

Neal Dingmann - Truist Securities

Alastair Syme - Citigroup Inc.

Operator

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference call is being recorded.

I will now turn the conference call over to General Manager of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.

Jake Spiering

Thank you, Katie. Welcome to Chevron's third quarter 2023 earnings conference call and webcast. I'm Jake Spiering, General Manager of Investor Relations. Our Chairman and CEO, Mike Wirth, and CFO, Pierre Breber, are on the call with me today. We will refer to the slides and prepared remarks that are available on Chevron's website.

Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements. Please review the cautionary statement on Slide 2.

Now, I will turn it over to Mike.

Michael Wirth

Thanks, Jake. I want to start by acknowledging the tragic events in the Middle East. We are deeply saddened by the loss of life, and our hearts go out to those affected by the war. We continue to prioritize the safety and well-being of our employees and their families and the safe delivery of natural gas.

Earlier this week, we announced that Chevron entered into a definitive agreement to acquire Hess Corporation. We expect this transaction to close in the first half of 2024. And we look forward to providing updates in the future.

Now turning to the third quarter. We continued to make progress on our objective to safely deliver higher returns and lower carbon by returning more than $5 billion to shareholders for the sixth consecutive quarter and delivering ROCE greater than 12% for the ninth consecutive quarter; and investing in traditional energy by closing the PDC Energy acquisition and in new energies by acquiring a majority stake in a green hydrogen production and storage hub in Utah.