Chevron Corporation (NYSE:CVX) Q1 2024 Earnings Call Transcript

It’s not completely ratable. And that is a guide that we may or may not achieve. We may be a little below that, we may be a little above that, depending upon how these opportunities mature in new businesses. And to the earlier question, we need to be sure we’ve got confidence when we’re putting capital, particularly large capital, some of the smaller things to help accelerate technology learning, et cetera, like our venture investments, which tend to be a few millions of dollars in any particular company. We recognize the risk-return equation there, but larger investments. We’ve got to have a belief that this is a business that’s going to deliver a return over time, and we’re on the path to building a portfolio of businesses that will do that.

And so that $10 billion is a guide, but we’ll invest in things that make sense, and we’ll explain the numbers if they end up a little bit different than that. And so what that can tell you is the majority of our spend is still going into our traditional business because the majority of the world’s energy is still provided by our traditional business, and we’ve got an obligation to meet that demand as long as it’s there. But we’re going to be very disciplined in what we invest in, and only invest in the highest-return opportunities. And so each year, we issue specific guidance that you can look at. But longer term, I think you have to stay within those broad parameters and expect us to remain disciplined.

Jake Spiering: We would like to thank everyone for your time today. We appreciate your interest in Chevron and your participation on today’s call. Please stay safe and healthy. Katie, back to you.

Operator: Thank you. This concludes Chevron’s First Quarter 2024 Earnings Conference Call. You may now disconnect.