Replies to post #26802 on The Rising Influence of Rising Affluence

[semi_infinite]

CVX - At first glance I was suspicious of the downstream OPEX of half a $B - since there hasn't been much going on since Richmond upgrade several yrs ago. It is. The Pasadena refinery will be expanded to 125K bbls a day to accommodate Permian basin production. When it was bought from PBR in 2019, there was plans to sunset and convert that to something else. It's a little grey about how much of that is CapEx vs Opex.

https://www.chevron.com/newsroom/2022/q3/light-tight-oil-project-pasadenas-vote-of-confidence

[DewDiligence]

CVX CEO sold ~$17M worth of stock:

https://www.sec.gov/Archives/edgar/data/93410/000112760222025148/xslF345X03/form4.xml

The share price is just a hair below the all-time high.

[DewDiligence]

CVX posts 4Q22 results—capping record-high year in profits and cash flow…

PR:
https://www.chevron.com/-/media/chevron/stories/documents/4Q22-earnings-press-release.pdf

CC slides (with interspersed prepared remarks):
https://chevroncorp.gcs-web.com/static-files/79dc3c75-8af7-4ead-ad6a-b5bb4d01fcd7