Chevron Corporation (CVX) Piper Sandler 25th Annual Energy Conference – (Transcript)

Chevron Corporation (NYSE:CVX) Piper Sandler 25th Annual Energy Conference Call March 18, 2025 11:00 AM ET

Company Participants

Eimear Bonner – Vice President and Chief Financial Officer

Conference Call Participants

Ryan Todd – Piper Sandler

Ryan Todd

Good morning, everybody. We’ll keep this going. Kicking off with the first fireside chat of this year’s Annual Energy Conference. And we’re lucky enough to have Eimear Bonner here with us, the CFO of Chevron. So thanks for being here, Eimear. This is great. I know this is — I know the Vegas Conference has a fun place in your heart.

Eimear Bonner

It took place in my heart, yes.

Question-and-Answer Session

Q – Ryan Todd

I think we’ll kick it off with the first question that changed for us over the last 24 hours, which is that this week at the start of the conference, you surprised the market a little bit with a relatively unusual announcement that you purchased about 5% of the shares of Hess in the open market. So can you maybe walk us through this decision?

Eimear Bonner

Yes. Sure. Well, I mean we saw this as an opportunity to create value for shareholders by purchasing the Hess shares at a significant discount to the implied price as per the exchange ratio and the merger agreement. So it was an opportunity to create value. And the timing in the first quarter, we wanted to build a position, 4.9% position. We wanted to do that over a course of a number of months and be able to disclose it and talk to our investors about it. So that was the thinking around the timing on the first quarter. The action also underscores our view, our confidence in the successful arbitration outcome. So those are the things that played into the decision.