Chevron expects to finish ‘within’ FY capital guidance

The company said, “Our approach remains consistent – maintain capital and cost discipline, generate strong cash flow and deliver superior shareholder returns. Chevron’s (CVX) fundamentals are strong. We have a world-class portfolio and Upstream assets with peer-leading cash margins, and we’re carrying strong momentum into the second quarter…We continue to optimize flows across our value chains to maintain high utilization and reliable supply into the market. In the second quarter, we expect global equity crude throughput to more than double year over year to 40%. In Asia, we anticipate over 80% refinery utilization…Moving to Venezuela, we continue to leverage our deep expertise and long-standing position to create an option for the future. Two weeks ago, we announced an asset swap with PDVSA. The agreement increases our position in the Orinoco. Ayacucho 8 expands our contiguous acreage position with Petropiar, offering operating and development synergies along with long-term growth potential and optionality. Petroindependencia is a joint venture we’ve been in for more than 15 years, where we’ve increased our equity stake to 49%. Current operations are running smoothly. We’re still in debt recovery mode and expect Venezuela to continue to represent 1-2% of cash flow from operations. This transaction is expected to improve resource depth and integration upside, supporting potential growth into the future.” Comments taken from investor presentation slides and prepared remarks.