Arun Jayaram
JPMorgan Chase & Co, Research Division

Good morning, again. This is Arun Jayaram from JPMorgan B&P OFS and Integrated Oils Research team. We're thrilled to have Chevron as one of our keynote and most important presentations at this year's 11th Annual Natural Resources Conference. Everyone knows Chevron -- Chevron is one of the world's leading integrated oil companies with operations spanning upstream, downstream, and chemicals globally.

We have Jeff Gustavson, who leads the Chevron's New Energies team, which is building a lower carbon business through hydrogen, carbon capture, renewable fuels and more. He's President of Chevron New Energy. He leads, again, the lower carbon efforts, hydrogen, carbon capture, renewable fuels and more recently, he oversees Chevron's enterprise-wide AI initiatives. Jeff joined Chevron in 1999 and has broad career in finance, strategy, trading, Investor Relations and upstream. So you've done a lot, Jeff. So welcome to joining us today at the conference.

Jeff Gustavson
President of Chevron New Energies

Thanks for having me.

Arun Jayaram
JPMorgan Chase & Co, Research Division

Well, Jeff, just to set the stage, we've seen a lot of volatility in 2026 with the Iran conflict. Can you talk to Chevron's positioning in this moment? And how does the company respond to a rapidly changing macro environment?

Jeff Gustavson
President of Chevron New Energies

Yes. Thanks, and thanks for having me. Thanks for the introduction. It's good to see everybody. I think one word to sum that up in this environment is consistency. We really pride ourselves on consistency. This is a long-term business. There's lots of ups and downs. We're seeing that more