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Q1 2015 EARNINGS CALL – Chevron Corp

Chevron Corp · May 1, 2015 · 16 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2015 EARNINGS CALL – Chevron Corp – slide 1
    First Quarter 2015 Earnings Conference Call and Webcast Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson / Frank Mount General Manager, Investor Relations May 1, 2015 2015 Chevron Corporation
  2. Q1 2015 EARNINGS CALL – Chevron Corp – slide 2
    Financial Highlights 1Q15 Earnings 2.6 Billion 1Q15 Earnings per Diluted Share 1.37 ROCE (trailing 12 months thru 3/31/2015) 9.5% Debt Ratio (as of 3/31/2015) 17.9% Dividends Paid 2.0 Billion Note: Reconciliation of…
  3. Q1 2015 EARNINGS CALL – Chevron Corp – slide 3
    Sources and Uses of Cash 1Q15 Billions 12 Sharp commodity price decline 0.2 Negative working capital effects 2.0 8 of 2 billion 6.1 Strong downstream and chemicals cash generation 4 7.6 0.9 2.3 0 Sources Uses Sources of…
  4. Q1 2015 EARNINGS CALL – Chevron Corp – slide 4
    Chevron Earnings 1Q15 vs. 1Q14 Millions Upstream Upstream Sharp decline in realizations + FX gains + Gains on asset sales Downstream Other + Favorable tax effects (UK) 4,512 89 -2,747 713 Downstream 2,567 + Stronger…
  5. Q1 2015 EARNINGS CALL – Chevron Corp – slide 5
    Chevron Earnings 1Q15 vs. 4Q14 Millions Upstream Sharp decline in realizations Upstream Lower gains on asset sales + Lower impairments and Downstream Other operating costs -1,113 -95 304 Downstream 3,471 2,567 + Stronger…
  6. Q1 2015 EARNINGS CALL – Chevron Corp – slide 6
    U.S. Upstream Earnings 1Q15 vs. 4Q14 Millions Crude price indicators Realizations declined 30 to 40% Absence of asset sale gains 432 Asset Sales -460 -735 Other -330 173 4Q14 1Q15 Earnings Earnings 2015 Chevron…
  7. Q1 2015 EARNINGS CALL – Chevron Corp – slide 7
    International Upstream Earnings 1Q15 vs. 4Q14 Millions Realizations Asset Lower operating costs across Impairments Sales multiple countries Other U.K. Tax Favorable impact from change -360 194 Change in U.K. petroleum taxes…
  8. Q1 2015 EARNINGS CALL – Chevron Corp – slide 8
    Worldwide Net Oil & Gas Production 1Q15 vs. 4Q14 MBOED Turn- Shale & External Base around Major Tight Constraints Business/ Activity Capital Other Projects 10 -18 PSC / variable royalty price effects Price 36 -26 Effects 42…
  9. Q1 2015 EARNINGS CALL – Chevron Corp – slide 9
    Worldwide Net Oil & Gas Production 1Q15 vs. 1Q14 MBOED Major Capital Asset Base Shale & Projects Sales Business/ PSC / variable royalty price Tight Other Price -34 effects Effects 35 -22 43 Permian and Vaca Muerta growth…
  10. Q1 2015 EARNINGS CALL – Chevron Corp – slide 10
    U.S. Downstream Earnings 1Q15 vs. 4Q14 Millions Timing Opex Effects Strong refining margins Margins Asset 110 Sales Lower operating expenses -250 Absence of 4Q favorable timing 435 Other effects and asset sales -460 -18…
  11. Q1 2015 EARNINGS CALL – Chevron Corp – slide 11
    International Downstream Earnings 1Q15 vs. 4Q14 Millions Opex Timing Effects Other Weaker Asia marketing margins Pension Margins Buyout 93 Lower operating expenses -70 120 -215 Absence of favorable 4Q timing 160…
  12. Q1 2015 EARNINGS CALL – Chevron Corp – slide 12
    Aggressive Cost Management Cost Management Upstream Gross Operated Targeted category specific Spend reductions between 10 and 30% 2,200 completed engagements Other 11% Professional 900 million agreed reductions Services EPC 7%…
  13. Q1 2015 EARNINGS CALL – Chevron Corp – slide 13
    Corporate Priorities and Actions Cash Flow Growth Reduced Spend Asset Sales Strong production Cash C&E spend down Key sales in Nigeria, Base business 11% (year-on-year) Caltex Australia Jack / St. Malo Ongoing cost reduction 10 B…
  14. Q1 2015 EARNINGS CALL – Chevron Corp – slide 14
    Compelling Volume and Value Growth (1) (2) Net Production Growth Cash Margin Growth Basis: 2008 = 100 Net Production MMBOED 135 3.5 1 3.0 125 2.5 115 1 2 2.0 105 2 1 2 2 2 1.5 95 1.0 85 0.5 75 0.0 2015…
  15. Q1 2015 EARNINGS CALL – Chevron Corp – slide 15
    Questions Answers 2015 Chevron Corporation 16
  16. Q1 2015 EARNINGS CALL – Chevron Corp – slide 16
    Appendix Reconciliation of Earnings (Excluding Special Items) 1Q14 2Q14 3Q14 4Q14 2014 1Q15 Reported Earnings (MM) 4,512 5,665 5,593 3,471 19,241 2,567 UPSTREAM Foreign Exchange (53) (147) 344 453 597 522 Asset Dispositions --…

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