Chevron Corp.

**Strong Financial Performance:** Chevron reported third-quarter earnings of $4.5 billion ($2.48 per share) with adjusted earnings also at $4.5 billion ($2.51 per share). This reflects a decrease of $1.2 billion year-over-year, primarily due to lower liquids realizations and declining refining margins. However, cash flow reached its highest point for the year despite lower oil prices.

**Production Growth:** Chevron's worldwide production increased by 7% year-over-year, setting a third-quarter record with growth largely driven by strong performance in the Permian Basin, particularly in New Mexico. The company expects full-year average production growth to finish at the top end of its guidance range of 4% to 7%, and anticipates Gulf of Mexico production to reach 300,000 barrels per day by 2026.

**Cost Discipline and Structural Savings:** Chevron aims to deliver $2 to $3 billion in structural cost reductions by 2026, leveraging technology and optimizing its operational portfolio. The company plans to maintain unit costs below inflation and continues to execute on maintenance and turnaround efficiencies, which have improved operational performance in its upstream and downstream facilities.