Chevron Corporation (NYSE:CVX) Q3 2024 Results Conference Call November 1, 2024 11:00 AM ET

Company Participants

Jake Spiering - General Manager, Investor Relations
Mike Wirth - Chairman of the Board and Chief Executive Officer
Eimear Bonner - Vice President and Chief Financial Officer

Conference Call Participants

Jean Ann Salisbury - Bank of America
Neil Mehta - Goldman Sachs
Doug Leggate - Wolfe Research
Biraj Borkhataria - RBC
Josh Silverstein - UBS
Devin McDermott - Morgan Stanley
Lloyd Byrne - Jefferies
Betty Jiang - Barclays
Paul Cheng - Scotiabank
Bob Brackett - Bernstein Research
Lucas Herrmann - BNP Paribas
John Royall - JPMorgan
Roger Read - Wells Fargo
Nitin Kumar - Mizuho
Ryan Todd - Piper Sandler
Alastair Syme - Citi

Operator

Good morning. My name is Justin, and I will be your conference facilitator today. Welcome to Chevron's Third Quarter 2024 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 the Head of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.

Jake Spiering

Thank you, Justin. Welcome to Chevron's quarter 2024 earnings conference call and webcast. I'm Jake Spiering, Head of Investor Relations. Our Chairman and CEO, Mike Wirth; and CFO, Eimear Bonner 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. A reconciliation of non-GAAP measures can be found in the appendix to this presentation. Please review the cautionary statement on Slide 2.

Now, I will turn it over to Mike.

Mike Wirth

Alright. Thanks, Jake.

This quarter, Chevron delivered strong financial and operational results, returned record cash to shareholders and achieved project milestones that are expected to deliver production and cash flow growth over the coming years. We continue to see strong performance in the Permian and executed major turnarounds at TCO and Gorgon ahead of schedule. Worldwide production increased by 7% from the prior year and set a third quarter record.

We started up the high pressure Anchor project and began water injection to boost production at the Jack/St. Malo and Tahiti fields. These projects combined with additional project start-ups through 2025 are expected to grow Gulf of Mexico production to 300,000 barrels per day by 2026. We've expanded our CO2 storage portfolio adding over 2 million acres offshore Western Australia.