Doug Leggate: My first question is on the Permian ratability. It looks like you’ve got about a couple of hundreds POPs this, wells to sales. 2,000 over the next five years. Is that ratable? How should we think about the step up in activity?
Pierre Breber: Just one thing, the coop POPs is 200. But if you were to include net POPs, again, half of our portfolio is non-op and royalty, it’d be more like 300. So it looks more consistent. The long term plateau in the well inventory, the 2,200 over the next five years, incorporates all of the activity and the POP data was just on company operated. So there is some increase, but not as large as it looks. You’ve just get it apples to apples.
Doug Leggate: They’re fairly ratable, Pierre? Like, 500 a year type of deal or 400 a year type of deal.
Pierre Breber: As we get up to activity, and as Mike said, we’re becoming more efficient as are other operators that we work with. Yeah, it’s going to be pretty ratable once we get up to our full rate activity.
Michael Wirth: Of course, Doug, quarter to quarter, there’s some variability as we saw first quarter to second quarter this year. The third quarter is going to be a little – so there can be some surges and plateaus quarter to quarter, but on an annual basis, yeah, it’s going to be pretty ratable.
Doug Leggate: My follow-up, guys, is on Tengiz, but it’s a slightly different question. I guess Pierre and I are similar vintage, the same Tengiz in 1993. It expires six years after the end of your Analyst Day trajectory through 2027 and it’s a quarter of your free cash flow. So, my question is, what are your options there, whether it be extended or replaced? And perhaps maybe some color on what the production profile looks like post 2027 [indiscernible] going into fairly severe decline after 2030? So, just want to know what you’re thinking about the long term sustainability of those free cash flows?
Michael Wirth: The concession is a decade away. We’re focused on delivering the project right now. This is a big, complex asset, a big, complex project. We’ll certainly be in discussions with the government over time about potential extension of this. It’ll reflect what we see in terms of reservoir performance and production opportunities out into the future. These concession discussions have to create value for the country and for Chevron. So we’ve got to find something that works for both parties. We’ve walked away from concessions, as you’ve covered extensively, Doug, where it didn’t work for us, in places like Indonesia and Thailand. We’ve extended in places like Angola where it did. So we’ll be talking more about that over time. But, right now, we’re really focused on project execution and delivering FTP.
Operator: Our last question comes from Roger Read with Wells Fargo.
Roger Read: I guess my first question for you, with the extension of your tenure, are you willing to share with us what some of the things you’re hoping to get done and the extra time will be, or maybe what some of the real opportunities are here that you’d like to shepherd through?
Michael Wirth: Roger, it’s been a pretty turbulent first part of my tenure with a major restructuring, a pandemic and oil prices that collapsed, a war and oil prices that spiked, the political and geopolitical noise that comes with those things, the ongoing climate and ESG issues, three acquisitions, one of which we still haven’t closed. And so, I’m actually looking forward to a little smoother water, I hope one day. And, look, we still got work to do to continue to drive higher returns and lower carbon. And so, it’s to continue that work. We’ve got good momentum in our business. We’ve delivered strong results through all of that turbulence and have maintained strong shareholder distributions throughout and strategic consistency throughout where we’ve seen others in the industry buffeted around a little bit by these horses. And so, I’d like to continue that and to drive more value to our shareholders and higher returns and lower carbon.
Roger Read: I commend you for not trying to duck out when things finally look good for at least a short time. My follow-up question is really much more on the modeling front. If we look at your realizations on oil, they were much stronger here in the second quarter. I think that contributed to some of the outperformance. But what we really saw was a dip Q1 and an improvement Q2, kind of back in line with traditional. So, I was just wondering, as we think about – was that a timing issue, a regional issue, first quarter, and anything we should be thinking about as we look at your realization or capture on oil prices going forward?
Pierre Breber: Roger, our view that – not quite picked that up. So why don’t you follow up with Jake after the call and make sure we understand your question, and we’ll do our best take on it. But our oil realizations have looked good and our natural gas realizations have looked strong. We had better timing in the first quarter. So if you look quarter-on-quarter on some of our international gas, it might seem a little weaker, but not sure on liquid. So, please follow up with Jake.
Jake Spiering: I would like to thank everyone for your time today. We appreciate your interest in Chevron and your participation in today’s call. Please stay safe and healthy. Katie, back to you.
Operator: Thank you. This concludes Chevron second quarter 2023 earnings conference call. You may now disconnect.
