[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What can be expected in terms of large tax payments for Chevron in the next quarter?
### Assistant: In the next quarter, Chevron expects to make large tax payments, which will draw on their cash.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Which analyst from Wells Fargo Securities asked a question during the investor day?
### Assistant: Roger Read from Wells Fargo Securities asked a question during the investor day.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the minimum internal rate of return and payback period that Chevron assigns to low-carbon investment projects?
### Assistant: Chevron does not explicitly mention the minimum internal rate of return and payback period for low-carbon investment projects in the given text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron view the returns and payback periods of their new businesses compared to their well-established markets?
### Assistant: Chevron views the returns and payback periods of their new businesses as different from their well-established markets.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors contribute to the different returns and payback periods of Chevron's new businesses?
### Assistant: The different returns and payback periods of Chevron's new businesses are influenced by factors such as government policies, market maturity, technology development, and operational experience.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's long-term goal for returns on their new businesses?
### Assistant: Chevron's long-term goal for returns on their new businesses is to achieve similar double-digit returns as their core business.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron approach investments in high growth and opportunity projects in the near term?
### Assistant: In the near term, Chevron approaches investments in high growth and opportunity projects with their eyes wide open, understanding that the returns may look different than their long-term expectations.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors does Chevron consider when committing capital to new businesses enabled by government policy?
### Assistant: When committing capital to new businesses enabled by government policy, Chevron considers the durability of the policy, the risks involved, and the long-term prospect for returns.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Why has Chevron avoided investing in more well-established sectors like wind and solar?
### Assistant: Chevron has avoided investing in more well-established sectors like wind and solar because they believe the risks are better defined in those sectors and the returns may not meet their expectations.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What risks does Chevron consider when investing in new businesses?
### Assistant: When investing in new businesses, Chevron considers risks such as technology development, market maturity, operational experience, supply chain, and customer capabilities.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What capabilities does Chevron aim to build in their new businesses?
### Assistant: Chevron aims to build capabilities in their new businesses such as technology development, scaling, market maturation, risk management, supply chain management, and customer capabilities.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's approach to trading differ from their largest U.S. competitor?
### Assistant: Chevron's approach to trading differs from their largest U.S. competitor in that they focus on flowing, optimizing, and trading their assets and market positions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How long has Chevron had a global trading organization?
### Assistant: Chevron has had a global trading organization for many years.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who used to run Chevron's global trading organization?
### Assistant: Mike Wirth and Pierre used to run Chevron's global trading organization.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the three main roles of Chevron's commercial organization?
### Assistant: The three main roles of Chevron's commercial organization are to ensure the flow of barrels and molecules to the market, optimize assets and market positions, and trade to maximize value.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron ensure their barrels and molecules flow to the market?
### Assistant: Chevron ensures their barrels and molecules flow to the market through their commercial organization's efforts.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What assets does Chevron optimize in their trading activities?
### Assistant: In their trading activities, Chevron optimizes assets such as ships, market positions, and market knowledge.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron leverage their global reach and physical presence in trading?
### Assistant: Chevron leverages their global reach and physical presence in trading by utilizing their knowledge and expertise in different markets.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Does Chevron believe there is an opportunity for them in the trading market?
### Assistant: Chevron believes there is an opportunity for them in the trading market.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's trading strategy differ from their competitors?
### Assistant: Chevron's trading strategy differs from their competitors in that they focus on flowing, optimizing, and trading their assets rather than establishing a single trading organization.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What knowledge edge does Chevron have in trading compared to others?
### Assistant: Chevron has a knowledge edge over others in trading due to their global reach, physical presence, and experience in the market.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron maximize the value of their system in trading?
### Assistant: Chevron maximizes the value of their system in trading by optimizing their assets, market positions, and market knowledge.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's overall approach to trading?
### Assistant: Chevron's overall approach to trading is to flow, optimize, and trade their assets and market positions to maximize value.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's strategy for trading?
### Assistant: Chevron's strategy for trading is to engage in third-party training and what they call Quad 4 trading on a regular basis.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron manage risk in their trading activities?
### Assistant: Chevron manages risk in their trading activities by having good risk management systems in place to ensure they understand what they are doing.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How long has Chevron been involved in trading on a global basis?
### Assistant: Chevron has been involved in trading on a global basis for a long time.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does trading contribute to Chevron's earnings?
### Assistant: Trading contributes to Chevron's earnings as a contributor.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the role of trading in Chevron's business?
### Assistant: The role of trading in Chevron's business is to enhance their earnings and contribute to their overall financial performance.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Why do shareholders and investors not own Chevron for trading earnings?
### Assistant: Shareholders and investors do not own Chevron for trading earnings because trading earnings tend to be volatile and have historically low multiples.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the historical performance of trading earnings for Chevron?
### Assistant: The historical performance of trading earnings for Chevron has been low compared to other aspects of their business.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are most large trading houses private companies?
### Assistant: Yes, most large trading houses are private companies.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's primary focus when it comes to delivering energy?
### Assistant: Chevron's primary focus when it comes to delivering energy is to safely and reliably deliver energy while having commodity price exposure.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron enhance their business with trading results?
### Assistant: Chevron enhances their business with trading results by using it as a way to enhance their earnings, but they do not lead with trading.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can you clarify the growth rate of Chevron's NOJV portion compared to their partners?
### Assistant: Chevron's NOJV portion grows faster than their partners' growth rate because they not only get their working interest production but also have a royalty advantage.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron account for royalty barrels in their NOJV section?
### Assistant: Chevron accounts for royalty barrels in their NOJV section as pure royalty, where they have no capital or working interest, but collect royalty as the landowner.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the advantage of Chevron's royalty barrels?
### Assistant: The advantage of Chevron's royalty barrels is that they provide additional revenue without the need for capital investment or working interest.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Why is Chevron's NOJV growing faster than their co-op production?
### Assistant: Chevron's NOJV is growing faster than their co-op production because of the additional revenue generated from royalty barrels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron allocate capital for buybacks?
### Assistant: Chevron allocates capital for buybacks within a range, considering factors such as preserving cash for potential opportunities and the current market equilibrium.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors influence Chevron's decision on where to be within the buyback range?
### Assistant: Factors that influence Chevron's decision on where to be within the buyback range include the potential for opportunities in a downturn and the current market conditions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron considering preserving cash for potential opportunities in a downturn?
### Assistant: Chevron is considering preserving cash for potential opportunities in a downturn.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron assess the market equilibrium in the commodity environment?
### Assistant: Chevron assesses the market equilibrium in the commodity environment to determine the pace of their capital allocation and whether it is favorable for buybacks.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the value of preserving cash on Chevron's balance sheet?
### Assistant: The value of preserving cash on Chevron's balance sheet is to have the flexibility and resources to take advantage of potential opportunities in the future.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does maintaining a faster pace of capital allocation benefit Chevron?
### Assistant: Maintaining a faster pace of capital allocation benefits Chevron by allowing them to invest in growth opportunities and enhance shareholder value.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What scenarios did Chevron present during their investor day regarding capital allocation?
### Assistant: Chevron presented high-case and low-case scenarios during their investor day regarding capital allocation.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's capacity to operate and cover capex and dividend vary in different price environments?
### Assistant: In different price environments, Chevron's capacity to operate and cover capex and dividend varies, but they have a low breakeven and surplus cash on the balance sheet.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the surplus cash position on Chevron's balance sheet?
### Assistant: The surplus cash position on Chevron's balance sheet is significant, with a lot of surplus cash already available.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's low net debt levels impact their capacity for capital allocation?
### Assistant: Chevron's low net debt levels provide them with plenty of capacity for capital allocation and financial flexibility.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can you provide a summary of the high-case and low-case scenarios presented during Chevron's investor day?
### Assistant: During Chevron's investor day, they presented scenarios that showed their capacity to operate and cover capex and dividend in different price environments, with surplus cash on the balance sheet and low debt levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to redistribute and redeploy surplus cash?
### Assistant: Chevron plans to redistribute and redeploy surplus cash to shareholders over time, depending on the scenario and the price of both scenarios. They aim to return the surplus cash through the cycle in a steady way, not pro-cyclically.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's target net debt ratio?
### Assistant: Chevron's target net debt ratio is in the range of 20% to 25%.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to manage volatility for its shareholders?
### Assistant: Chevron plans to manage volatility for its shareholders by maintaining a strong balance sheet and ensuring a steady buyback of shares. They aim to provide consistent dividends to shareholders, which have been growing for 36 consecutive years.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the dividend growth rate for Chevron?
### Assistant: The dividend growth rate for Chevron is 6% annually for the past 15 years.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to finance M&A transactions?
### Assistant: Chevron plans to finance M&A transactions using equity because commodity prices are volatile, and it creates a more stable deal structure.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What recent acquisitions has Chevron made?
### Assistant: Chevron has recently made acquisitions of Noble Energy and Renewable Energy Group.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has gasoline demand been affected by the pandemic?
### Assistant: Gasoline demand has essentially returned to pre-pandemic levels globally, with regional variations.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current state of diesel demand globally?
### Assistant: Diesel demand globally has been at pre-pandemic levels for a while now, but the first quarter demand in 2023 is slightly lower than the first quarter of 2022.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has the first quarter demand in 2023 compared to the first quarter of 2022?
### Assistant: The first quarter demand in 2023 is slightly lower than the first quarter of 2022.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the regional variations in gasoline demand?
### Assistant: There are regional variations in gasoline demand, with factors such as weather conditions and economic activity influencing demand.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to manage commodity price fluctuations?
### Assistant: Chevron plans to manage commodity price fluctuations by maintaining a strong balance sheet and using equity for M&A transactions to ensure a stable deal structure.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron ensure a strong balance sheet?
### Assistant: Chevron ensures a strong balance sheet by managing its debt and maintaining a net debt ratio within the target range of 20% to 25%.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's stance on holding cash for rainy or strong times?
### Assistant: Chevron's stance is to always maintain a strong balance sheet and not hold excessive cash on its balance sheet. They want to return cash to shareholders through dividends and buybacks.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to return cash to shareholders?
### Assistant: Chevron plans to return cash to shareholders through dividends and buybacks.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's guidance range for its net debt ratio?
### Assistant: Chevron's guidance range for its net debt ratio is 20% to 25%.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to maintain a steady buyback of shares?
### Assistant: Chevron plans to maintain a steady buyback of shares by using surplus cash and excess debt capacity.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron manage the timing effect of paying off debt?
### Assistant: Chevron manages the timing effect of paying off debt by considering it as a temporary accumulation of cash on the balance sheet. They aim to work down the surplus cash over time.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to navigate the cyclical nature of prices?
### Assistant: Chevron plans to navigate the cyclical nature of prices by managing volatility, maintaining a strong balance sheet, and providing consistent dividends to shareholders.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron manage the volatility of commodity prices?
### Assistant: Chevron manages the volatility of commodity prices by maintaining a strong balance sheet, using equity for M&A transactions, and ensuring a stable deal structure.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron use equity for M&A transactions?
### Assistant: Chevron uses equity for M&A transactions to finance them because commodity prices are volatile, and it creates a more stable deal structure.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron ensure a stable deal structure for M&A?
### Assistant: Chevron ensures a stable deal structure for M&A by using equity financing, which is less affected by commodity price fluctuations.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron position itself to take advantage of opportunities in the market?
### Assistant: Chevron positions itself to take advantage of opportunities in the market by maintaining a strong balance sheet and having excess debt capacity. This allows them to be flexible and responsive to market conditions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron manage demand trends within its system?
### Assistant: Chevron manages demand trends within its system by monitoring regional variations in gasoline and diesel demand, as well as factors such as economic activity and mobility.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron assess signs of weakness on the demand side?
### Assistant: Chevron assesses signs of weakness on the demand side by monitoring demand trends, such as changes in gasoline and diesel demand, and comparing them to pre-pandemic levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron monitor spot refining margins globally?
### Assistant: Chevron monitors spot refining margins globally to understand the market conditions and assess the profitability of their refining operations.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current state of jet demand?
### Assistant: The current state of jet demand is growing.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the current jet demand compare to pre-pandemic levels?
### Assistant: The current jet demand is still below pre-pandemic levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Which country has seen a significant increase in domestic travel?
### Assistant: China has seen a significant increase in domestic travel.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What percentage of pre-COVID levels is domestic travel currently at?
### Assistant: Domestic travel is currently at nearly 90% of pre-COVID levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are flights in and out of the country back to normal levels?
### Assistant: Flights in and out of the country are still below normal levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there any indicators suggesting that travel will continue to grow?
### Assistant: There are indicators suggesting that travel will continue to grow.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors have influenced refining margins?
### Assistant: The factors that have influenced refining margins include recovering economies and rationalizing refining capacity.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has the rationalization of refining capacity affected margins?
### Assistant: The rationalization of refining capacity has affected margins by moderating demand and bringing margins down.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Have refineries been closing at the same rate as before?
### Assistant: Refineries have not been closing at the same rate as before.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Where have refinery start-ups been observed?
### Assistant: Refinery start-ups have been observed in the Middle East, the U.S., and Asia.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has refining capacity affected demand and margins?
### Assistant: Refining capacity coming into the system has moderated demand and brought margins down.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are margins stronger or weaker compared to historic levels?
### Assistant: Margins are still stronger than historic levels but trending back down toward mid-cycle.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How are margins in the U.S. and Asia different?
### Assistant: Margins are pretty strong in the U.S. and under a little more pressure in Asia.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the feedstocks in Asia and how do they impact margins?
### Assistant: The feedstocks in Asia and how they are priced impact margins in the region.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there any warning signs in the refining industry?
### Assistant: There are no big warning signs flashing in the refining industry.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current status of the new regulations in California?
### Assistant: The new regulations in California are currently in the rule-making process.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How will the potential excess profit penalties impact refining in California?
### Assistant: The potential excess profit penalties could impact refining in California by potentially resulting in fines or penalties for margins or profits above a certain level.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the expected impact of the regulations on the broader market in California?
### Assistant: The expected impact of the regulations on the broader market in California is uncertain and will depend on how they are implemented.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is there a timeline for the implementation of the regulations?
### Assistant: There is no specific timeline for the implementation of the regulations.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the purpose of the group established by the Energy Commission?
### Assistant: The group established by the Energy Commission will assess the profitability of the industry against some standard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What data will the group gather to assess industry profitability?
### Assistant: The group will gather a lot of data to assess industry profitability.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Will there be fines or penalties for margins or profits above a certain level?
### Assistant: There could potentially be fines or penalties for margins or profits above a certain level, but it is yet to be fully articulated.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How will the new reporting requirements affect Chevron?
### Assistant: The new reporting requirements will require Chevron to produce substantial amounts of data.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Will the regulations encourage investment or new supply in the market?
### Assistant: The regulations are not expected to encourage investment or new supply in the market.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What potential long-term effects could the regulations have on prices?
### Assistant: The regulations could potentially result in decreased supply over time, which may lead to higher levels of price volatility on average.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's forecast for flat royalty volumes in the Permian?
### Assistant: Chevron's forecast for flat royalty volumes in the Permian is mentioned in the text, but the specific forecast is not provided.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the cash margin from the Permian asset affect Chevron's overall financials?
### Assistant: The text states that royalty barrels have essentially an infinite margin, which means that the cash margin from the Permian asset is not affected and has a significant positive impact on Chevron's overall financials.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the return on capital employed for Chevron's premium assets?
### Assistant: The return on capital employed for Chevron's premium assets is mentioned to be near 30% at $60 Brent equivalent.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What advantage does Chevron have with royalty barrels in terms of cost?
### Assistant: Chevron has an advantage with royalty barrels in terms of cost because they come with virtually no cost, which enhances the company's margins.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can we get an update on the timing of first oil from Chevron's new expansion projects?
### Assistant: The text does not provide an update on the timing of first oil from Chevron's new expansion projects.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the projected dividend magnitude for Chevron in 2023?
### Assistant: The projected dividend magnitude for Chevron in 2023 is mentioned to be in the range of 5 billion to 6 billion for the full year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How will production growth manifest itself for Chevron in 2024?
### Assistant: The text states that production growth for Chevron will manifest itself in 2024, as the next two years involve turnarounds, tie-ins, and other activities.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's affiliate dividend guidance for the full year?
### Assistant: Chevron's affiliate dividend guidance for the full year is mentioned to be in the range of 5 billion to 6 billion, including Tengiz and other affiliates.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does TCO manage uncertainty around the project and transport alternatives?
### Assistant: TCO manages uncertainty around the project and transport alternatives by holding more cash on its balance sheet. The text mentions that the cash will come back over time and that TCO has been performing well.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the expected dividend cadence for Chevron as production hits a steady state?
### Assistant: The text states that the dividend cadence for Chevron will be in the second quarter and fourth quarter of this year, but does not provide specific details on the dividend cadence as production hits a steady state.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How many rigs is Chevron adding per quarter in the Permian this year?
### Assistant: Chevron is adding one rig per quarter in the Permian this year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Will Chevron need to add more rigs next year to maintain a 10% growth pace?
### Assistant: The text suggests that Chevron will need to add additional rigs in the future to maintain a 10% growth pace, but does not specify the number of rigs.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How is Chevron becoming more efficient in the Delaware production?
### Assistant: The text does not provide specific details on how Chevron is becoming more efficient in the Delaware production.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to step up activity in the future?
### Assistant: The text mentions that Chevron will add additional rigs as they move into 2024, but does not provide further details on how they plan to step up activity in the future.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How many rigs did Chevron have in 2020 and how many are expected to be running by the end of this year?
### Assistant: The text does not provide the number of rigs Chevron had in 2020, but mentions that they expect to exit this year with 14 co-op rigs running.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's longer-term production profile?
### Assistant: The text does not provide Chevron's longer-term production profile.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Does Chevron anticipate adding additional rigs as they move into 2024?
### Assistant: Chevron anticipates adding additional rigs as they move into 2024, according to the text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the decline rate of Chevron's base business in the Permian?
### Assistant: The text mentions that Chevron's base business in the Permian has a decline underneath it, but does not provide the specific decline rate.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to manage the decline in their base business?
### Assistant: The text does not provide details on how Chevron plans to manage the decline in their base business.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current rig activity in the Permian?
### Assistant: The text does not provide information on the current rig activity in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's rig activity support their growth plans?
### Assistant: Chevron's rig activity in the Permian supports their growth plans, as mentioned in the text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron expecting more efficiency gains in the Delaware production?
### Assistant: The text does not provide information on whether Chevron is expecting more efficiency gains in the Delaware production.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's rig count impact their production growth rate?
### Assistant: The text does not provide information on how Chevron's rig count impacts their production growth rate.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's strategy for managing rig activity in the Permian?
### Assistant: The text does not provide specific details on Chevron's strategy for managing rig activity in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to optimize their rig utilization in the Permian?
### Assistant: The text does not provide specific details on how Chevron plans to optimize their rig utilization in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron planning to increase activity in the Haynesville and DJ regions?
### Assistant: Yes, Chevron is planning to increase activity in the Haynesville and DJ regions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to develop the gas resources in the Haynesville region?
### Assistant: Chevron plans to develop the gas resources in the Haynesville region by adding a rig and getting after the resource.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are gas prices expected to be volatile in the future?
### Assistant: Yes, gas prices are expected to be volatile in the future.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are Chevron's plans for the DJ region?
### Assistant: Chevron's plans for the DJ region involve increasing a little bit of activity and expecting higher production in the second half of the year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron increasing activity in Argentina?
### Assistant: The text does not mention Chevron's activity in Argentina.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Will Chevron's production in the second half of the year be higher in the DJ and Argentina regions?
### Assistant: Yes, Chevron expects production in the second half of the year to be higher in the DJ and Argentina regions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron's increased activity in the DJ and Argentina regions within their existing budget?
### Assistant: Yes, Chevron's increased activity in the DJ and Argentina regions is within their existing capex budget.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What were the factors contributing to Chevron's strong earnings in the international downstream sector?
### Assistant: The factors contributing to Chevron's strong earnings in the international downstream sector are not specified in the text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is trading a significant factor in Chevron's positive earnings in the international downstream sector?
### Assistant: The text mentions that Chevron's positive earnings in the international downstream sector include a trading component, but it is not specified if it is a significant factor.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Will Chevron's trading business be variable in future quarters?
### Assistant: Yes, Chevron's trading business can be variable in future quarters.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's shift to more single-bench development in the Permian impact productivity and recovery of other zones in the area?
### Assistant: The text does not provide information on how Chevron's shift to more single-bench development in the Permian impacts productivity and recovery of other zones in the area.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Does Chevron's shift to more single-bench development in the Permian affect service infrastructure and logistics?
### Assistant: The text does not mention how Chevron's shift to more single-bench development in the Permian affects service infrastructure and logistics.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron consider resource depth in different parts of their portfolio over the long term?
### Assistant: The text does not provide information on how Chevron considers resource depth in different parts of their portfolio over the long term.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron focused on optimizing returns rather than volume in the Permian?
### Assistant: Yes, Chevron is focused on optimizing returns rather than volume in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's approach to surface infrastructure in the Permian?
### Assistant: The text does not provide specific details on Chevron's approach to surface infrastructure in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to optimize return on investment in the Permian?
### Assistant: Chevron plans to optimize return on investment in the Permian by being return-seeking and optimizing the return they can get out of the asset over the long haul.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there any plans to change drilling practices based on new technology and learnings in the Permian?
### Assistant: Chevron will continue to apply new technology and learnings in the Permian to optimize drilling practices and recovery factors.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron's move to more single-bench development limited to the Delaware Basin?
### Assistant: No, Chevron's move to more single-bench development is limited to the Delaware Basin.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's development plan for the Midland Basin in the Permian?
### Assistant: The text does not provide specific details on Chevron's development plan for the Midland Basin in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron ensure surface infrastructure is fully utilized in the Permian?
### Assistant: Chevron ensures surface infrastructure is fully utilized in the Permian by being thoughtful about drilling to keep it fully utilized and not overbuilding it for peaks.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there any plans to overbuild surface infrastructure in the Permian?
### Assistant: The text does not mention any plans to overbuild surface infrastructure in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron prioritize value and returns over volume in the Permian?
### Assistant: Chevron prioritizes value and returns over volume in the Permian by being return-seeking and optimizing return on investment.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Chevron considering any other adjustments to their development plan in the Permian?
### Assistant: The text does not mention any other adjustments to Chevron's development plan in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron plan to optimize recovery factors in the Permian?
### Assistant: The text does not provide information on how Chevron plans to optimize recovery factors in the Permian.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are Chevron's long-term objectives for the Permian region?
### Assistant: Chevron's long-term objectives for the Permian region are not specified in the text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the forecast period mentioned by Mike Wirth?
### Assistant: The forecast period mentioned by Mike Wirth is until 2027.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Does the non-op proportion stay the same throughout the forecast period?
### Assistant: According to Mike Wirth, the non-op proportion stays relatively similar throughout the forecast period.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there more operational barrels expected between now and 2027?
### Assistant: There are more operational barrels expected between now and 2027, as Chevron is growing its activity and adding rigs.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's activity growth impact the non-op proportion?
### Assistant: Chevron's activity growth does not have a significant impact on the non-op proportion, as the percentages do not move a lot.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the reason for the decrease in depreciation quarter-over-quarter in upstream?
### Assistant: The decrease in depreciation quarter-over-quarter in upstream could be related to some exploration activity.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can you provide further insights on the depreciation decrease?
### Assistant: Further insights on the decrease in depreciation can be obtained by following up with Jake.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What could the decrease in upstream DD&A be tied to?
### Assistant: The decrease in upstream DD&A could be tied to some exploration activity.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who should I follow up with to get more information on the depreciation decrease?
### Assistant: To get more information on the depreciation decrease, one should follow up with Jake.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are Chevron's plans for Namibia in the next 12 months?
### Assistant: Chevron's plans for Namibia in the next 12 months include processing the seismic acquisition data and determining the next steps based on the results.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: When was seismic acquisition completed in Namibia?
### Assistant: Seismic acquisition in Namibia was completed at the end of February.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the next steps for Chevron in Namibia?
### Assistant: The next steps for Chevron in Namibia will depend on the results of the seismic acquisition and may include drilling exploration wells.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there plans to drill exploration wells in Namibia?
### Assistant: There are plans to drill exploration wells in Namibia, but further information will be shared once the seismic acquisition data is processed.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Chevron's guidance on cost inflation?
### Assistant: Chevron's guidance on cost inflation is mid single-digit inflation.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron manage cost inflation in the Lower 48?
### Assistant: Chevron manages cost inflation in the Lower 48 by having longer-term contracts that are either fixed priced or index-based.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there areas in the Lower 48 where Chevron is experiencing higher inflation?
### Assistant: Yes, there are some areas in the Lower 48 where Chevron is experiencing higher inflation.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's procurement activities help manage cost inflation?
### Assistant: Chevron's procurement activities help manage cost inflation by committing volumes to certain things over longer periods of time and using detailed cost models to challenge price increases.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are offshore rigs fully contracted for this year?
### Assistant: Yes, offshore rigs are fully contracted for this year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron manage pricing for offshore rigs?
### Assistant: Chevron manages pricing for offshore rigs by having fully contracted rates that are generally below current market rates.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Will there be periodic reviews for index-based contracts in the second quarter?
### Assistant: Yes, there will be periodic reviews for index-based contracts in the second quarter.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What will be the impact of the periodic reviews on Chevron's contracts?
### Assistant: The periodic reviews will likely result in some resets that reflect the inflation already built into Chevron's plans.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron manage inflation within the range of their guidance?
### Assistant: Chevron manages inflation within the range of their guidance by actively managing their procurement activities and contracts.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current inflation rate for Chevron's procurement activities?
### Assistant: The current inflation rate for Chevron's procurement activities is not specified in the given text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron create a win-win situation with their suppliers?
### Assistant: Chevron creates a win-win situation with their suppliers by committing volumes over longer periods of time and negotiating contracts that benefit both parties.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron challenge price increases in their cost models?
### Assistant: Chevron challenges price increases in their cost models by using detailed cost models to evaluate and negotiate pricing.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Chevron's management of cost inflation differ from spot basis purchasing?
### Assistant: Chevron's management of cost inflation differs from spot basis purchasing by having longer-term contracts and actively managing their procurement activities to mitigate cost increases.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the role of Mike Wirth in Chevron?
### Assistant: Mike Wirth is the Chairman and Chief Executive Officer of Chevron.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing Truist Securities in the call?
### Assistant: The analyst representing Truist Securities in the call is Patrick Enwright.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current production of Chevron in Venezuela?
### Assistant: The current production of Chevron in Venezuela is about 100,000 barrels a day.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How much has the production in Venezuela increased since the license terms changed?
### Assistant: The production in Venezuela has increased from about 50,000 barrels a day to the current level of 100,000 barrels a day since the license terms changed.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Where does the crude from Venezuela go?
### Assistant: The crude from Venezuela goes to the U.S.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How long is the license from OPEC for Chevron's operations in Venezuela?
### Assistant: The license from OPEC for Chevron's operations in Venezuela is for a six-month term.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current model for increasing production in Venezuela?
### Assistant: The current model for increasing production in Venezuela involves relatively straightforward workover and other activities that can help bring production up without major capital commitments.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there any plans to extend the six-month term for Chevron's operations in Venezuela?
### Assistant: There are no specific plans mentioned in the text to extend the six-month term for Chevron's operations in Venezuela.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who makes the decision to extend the term for Chevron's operations in Venezuela?
### Assistant: The decision to extend the term for Chevron's operations in Venezuela is made by the U.S. government.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the drivers for lower depreciation in Chevron?
### Assistant: The drivers for lower depreciation in Chevron include the absence of some abandonment accruals, revised depreciation rates based on additions to proved reserves, and lower volumes of production.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What were the reasons for lower depreciation in the fourth quarter?
### Assistant: The reasons for lower depreciation in the fourth quarter were the absence of some abandonment accruals and lower volumes of production.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How are depreciation rates determined in Chevron?
### Assistant: Depreciation rates in Chevron are determined based on additions to proved reserves.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How did first-quarter production compare to fourth-quarter production in Chevron?
### Assistant: First-quarter production in Chevron was lower compared to fourth-quarter production.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is Pierre Breber in Chevron?
### Assistant: Pierre Breber is the Chief Financial Officer of Chevron.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is Katie in the call?
### Assistant: Katie is not mentioned in the text, so it is unclear who she is.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the purpose of the call?
### Assistant: The purpose of the call is not explicitly mentioned in the text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the role of Jake Spiering in Chevron?
### Assistant: Jake Spiering is the General Manager of Investor Relations in Chevron.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Which company is Devin McDermott representing as an analyst?
### Assistant: Devin McDermott is representing Morgan Stanley as an analyst.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing Goldman Sachs in the call?
### Assistant: The analyst representing Goldman Sachs in the call is Neil Mehta.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing Wells Fargo Securities in the call?
### Assistant: The analyst representing Wells Fargo Securities in the call is Roger Read.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing Scotiabank in the call?
### Assistant: The analyst representing Scotiabank in the call is Paul Cheng.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing Wolfe Research in the call?
### Assistant: The analyst representing Wolfe Research in the call is Sam Margolin.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing JPMorgan Chase and Company in the call?
### Assistant: The analyst representing JPMorgan Chase and Company in the call is John Royall.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing Bank of America Merrill Lynch in the call?
### Assistant: The analyst representing Bank of America Merrill Lynch in the call is Kalei Akamine.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst representing UBS in the call?
### Assistant: The analyst representing UBS in the call is Josh Silverstein.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who are the participants in the FedEx Q4 2023 earnings call?
### Assistant: The participants in the FedEx Q4 2023 earnings call are Mickey Foster (Vice President, Investor Relations), Raj Subramaniam (President and CEO), Brie Carere (Executive Vice President, Chief Customer Officer), and Mike Lenz (Executive Vice President, CFO).


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Where can the fourth-quarter earnings release and stat book be found?
### Assistant: The fourth-quarter earnings release and stat book can be found on the FedEx website at fedex.com.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How long will the replay and slides of the earnings call be available on the website?
### Assistant: The replay and slides of the earnings call will be available on the website for about one year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the Safe Harbor provisions of the Private Securities Litigation Reform Act?
### Assistant: The Safe Harbor provisions of the Private Securities Litigation Reform Act allow companies to make forward-looking statements without facing legal consequences if the statements turn out to be inaccurate.