Chevron CFO on 2Q Earnings, Growth Plan and Iraq Accord

Summary

Chevron CFO Eimear Bonner discusses second-quarter earnings with Bloomberg's Romaine Bostick. She highlights record U.S. production and refinery throughput, a 7-10% production growth plan driven by Gulf of America, Guyana, and the Eastern Mediterranean. Hess integration synergies exceeded expectations, reaching $1.5 billion. Bonner also addresses the CPC Kazakhstan terminal status, ongoing Iraq negotiations for assets and export alternatives, debt reduction, and an operational focus that does not depend on oil price forecasts.

• Q2 featured record U.S. production and record refinery throughput.
• Company targets 7-10% production growth in the current year, driven by Gulf of America, Guyana, and Eastern Mediterranean.
• Hess integration synergies rose from $1 billion to $1.5 billion via operational streamlining and cost reductions.
• Chevron used cash to pay down debt, a move welcomed by investors.
• CPC pipeline terminal in Kazakhstan is open and loading, with Tengiz operating normally.
• Chevron is in exclusive negotiations for West Qurna 2 in Iraq and exploring alternative export routes.
• Management takes a through-the-cycle view and does not alter plans based on short-term oil price moves.