The "Stable Formula" of Chevron: Dividends increased by 4% and will increase production in major fields even without purchasing new equipment.

Due to the increase in supply from the Gulf of Mexico and Kazakhstan driving a surge in oil production, offsetting the impact of falling oil prices, Chevron's performance exceeded analysts' expectations. Chevron's fourth-quarter adjusted earnings were $1.52 per share, surpassing the average expectation by 14 cents. The company increased its dividend by 4% to $1.78 per share, slightly lower than expectations by 1 cent. Chevron expects further growth this year, with production estimated to increase by around 8%, mainly from oil fields in Guyana and the Eastern Mediterranean. Chevron's well-regarded spending discipline is facing pressure from Trump, who hopes Chevron will make large investments in Venezuela. Chevron plans to increase Venezuela's production by 50% in the next two years, but according to Vice Chairman Mark Nelson, the company will utilize existing surface equipment and other assets, indicating that its capital budget will not undergo significant changes.