Chevron Corporation (NYSE:CVX) Q4 2023 Earnings Conference Call February 2, 2024 11:00 AM ET

Company Participants

Jake Spiering - General Manager, IR

Mike Wirth - Chairman and CEO

Pierre Breber - VP and CFO

Conference Call Participants

Biraj Borkhataria - RBC Capital Markets

Neil Mehta - Goldman Sachs

Doug Leggate - Bank of America Merrill Lynch

Josh Silverstein - UBS

Paul Cheng - Scotiabank

Sam Margolin - Wolfe Research, LLC

Nitin Kumar - Mizuho

Devin McDermott - Morgan Stanley

Jason Gabelman - TD Cowen

John Royall - JPMorgan

Irene Himona - Société Générale

Bob Brackett - Bernstein Research

Neal Dingmann - Truist Securities

Operator

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's Fourth 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

Welcome to Chevron's fourth 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. Reconciliation of non-GAAP measures can be found in the appendix of this presentation. Please review the cautionary statement on Slide two.

Now, I will turn it over to Mike.

Mike Wirth

Thanks, Jake, and thank you everyone for joining us today. Chevron delivered another year of solid results in 2023. During a time of geopolitical turmoil and economic uncertainty, our objective remained unchanged; safely deliver higher returns and lower carbon. Our clear and consistent approach resulted in an adjusted ROCE of 14% and enabled a record of $26 billion in cash return to shareholders, while growing production to accompany a record.

We also successfully integrated PDC Energy and announced the Hess acquisition. We're now focused on the FTC's second request and expect to file the draft S4 later this quarter with closing anticipated around the middle of the year and we continue to take action in lowering the carbon intensity of our operations and growing lower carbon businesses, advancing foundational projects in both hydrogen and carbon capture.