Credit Suisse Energy Summit 2014 Jeff Shellebarger President, Chevron North America Exploration and Production February 12, 2014 2014 Chevron Corporation
Strong Safety Culture Total Days Away From Work Rate 0.20 Do it safely or not at all. 0.15 0.10 There is always 0.05 2 2 time to do it right. 1 1 1 0.00 2008 2009 2010 2011 2012 2013 CVX Ranking Relative to Competitors…
A Strong Upstream Portfolio 728 MBOED 587 MBOED 2013 Production By Region MBOED North America Europe, Eurasia and 800 Middle East 400 0 2013 Proved Reserves By Region 592 MBOED 690 MBOED Africa & Latin America…
Upstream Continues to Execute the Right Strategies Grow profitably in core areas and build new legacy positions Operational excellence Maximizing value of base business Selection and execution of major capital projects Superior…
Strong Financial Performance Peer-leading 2013 Adjusted Earnings U.S. per BOE net income per BOE 20 40% higher 15 net income per BOE than nearest competitor 10 Leading performance driven by Portfolio 5 Base business 0…
Competitive Cost Structure U.S. Upstream Costs Large scale operations per BOE 75 Legacy positions 50 Leveraging supplier relationships 25 Consistent cost 0 2009 2010 2011 2012 management processes Competitor Range*…
Leading North America Positions No. 1 in U.S. upstream earnings* No. 1 liquids producer in the U.S.* No. 1 producer in California No. 2 producer in the Permian Basin One of the largest producers in the Gulf of Mexico One of the…
Diverse Portfolio with Robust Investment Opportunities 2013 Production 728 MBOED Estimated C&E spend by asset class 2014 to 2016 Unconventional Heavy Deepwater Oil LNG Deepwater Heavy Oil Conventional Conventional…
Legacy Assets of Today and Tomorrow % of current production % of 2020 production 63 from legacy assets 70 from legacy assets Large, low decline assets growing in portfolio Over 450 MBOED of sustained long-term production…
Significant Growth to End of Decade Project Startups Project Startups 13 250MM Chevron Share 10 1B Chevron Share Liard and Horn River Basins Kitimat Duvernay Hebron Marcellus and Utica Jack/St. Malo Stage 1 and 2…
Leading Player in the Gulf of Mexico Core Shelf Assets DW Producing Fields Main Pass DW MCPs Wilcox Discoveries Petronius Near Term Exploration Drills Bay Marchand Chevron Leases Shelf Eugene Island 105 MBOED* South Timbalier…
Growth in Deepwater Jack/St. Malo Big Foot Tubular Bells Startup in 2014 Startup in 2015 Startup in 2014 Production capacity 177 Production capacity 79 Production capacity 60 MBOED MBOED MBOED Floating Production Unit Hull tow…
Diverse Portfolio of Unconventional Resources Chevron Net Acreage 3.6 million net acres in multiple 000s unconventional plays Delaware Basin Marcellus Significant acreage with wet gas and / or Midland Basin liquids potential…
Kitimat LNG 50% interest in 2 x 5 MTPA LNG trains and Pacific Trail Pipeline 322,000 net acres in Liard and Horn River Basins Progressing FEED deliverables EPC contract awarded and design decisions approved Marketing efforts…
Kaybob Duvernay 325,000 net acres Successful exploration program Positioned in liquid-rich area Initial production and assessment in 2014 Chevrons rights area indicated in black 2014 Chevron Corporation 16
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