Second Quarter 2014 Earnings Conference Call and Webcast George Kirkland Vice Chairman and Executive Vice President, Upstream Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General Manager, Investor…
Financial Highlights 2Q14 Earnings 5.7 Billion 2Q14 Earnings per Diluted Share 2.98 ROCE (trailing 12 months thru 6/30/2014) 11.8% Debt Ratio (as of 6/30/2014) 13.3% 2Q14 Share Repurchases 1.25 Billion 2014 Chevron…
Chevron Earnings 2Q14 vs. 2Q13 Millions Negative FX swing (-534 million) Upstream Downstream Other -45 30 Upstream 315 + Gains on asset sales + Higher realizations 5,665 FX swing 5,365 Higher exploration, DD&A, OPEX…
Chevron Earnings 2Q14 vs. 1Q14 Millions Other Upstream Upstream Downstream + Gains on asset sales 11 185 + Higher liftings and realizations Higher exploration and OPEX; adverse FX impact 957 5,665 Downstream 5,480 + Higher…
U.S. Upstream Earnings 2Q14 vs. 1Q14 Millions Asset Transactions Other Exploration Volumes Expenses Higher volumes in the Gulf of -58 Mexico, Permian and San Joaquin Valley -95 180 115 Deepwater Gulf of Mexico well…
International Upstream Earnings 2Q14 vs. 1Q14 Millions Tax/ Asset Impairments FX Other Transactions Timing of liftings across multiple 140 -95 60 countries Realizations/ Liftings 430 Gain on sale of interests in 280…
Worldwide Net Oil & Gas Production 2Q14 vs. 1Q14 MBOED Major Shale & Capital Tight Projects Turnaround Permian growth Base Activity 6 External Business / -13 Constraints Other Angola LNG shutdown, partially -6 offset by…
Worldwide Net Oil & Gas Production 2Q14 vs. 2Q13 MBOED Major Turn- Shale & Capital around Production Higher Permian and Vaca Projects Activity Entitlement Tight Base Muerta production Effects 13 Business -21 / Other 33 -37…
U.S. Downstream Earnings 2Q14 vs. 1Q14 Millions Margins Opex Planned turnaround and Asset Other Transactions maintenance activities 45 140 -130 40 Higher midstream asset sales Stronger Chemicals results 517 422 1Q14…
International Downstream Earnings 2Q14 vs. 1Q14 Millions Volumes Margins Opex Completion of turnaround activities -15 FX -30 Weaker Asian refining margins 75 Other -55 Unfavorable FX impact -59 288 199 204 1Q14 2Q14…
Upstream Update 2014 Chevron Corporation
Superior Financial Performance 20.32 1H14 Adjusted 5th year of peer leading Earnings Per BOE earnings per barrel Upstream Earnings Margin /BOE 30 1H14 vs. 1H13 margin impacts: 1 1 20 1 1 1 Foreign exchange effects 1…
2014 Production Performance 1H 2014 Production: 2,567 MBOED Original 2014 Guidance: 2,610 MBOED Positive Production Drivers Negative Production Drivers Base business performance Angola LNG shutdown 2,567 2,567 2,560 Shale /…
Leading Growth Driven by MCPs Net Production Recent Startups MBOED Usan MCP Additions* +150 +340 +250 Angola LNG 900 Papa-Terra 2014 Startups Jack / St. Malo 600 Tubular Bells 2015 Startups 300 Gorgon Big Foot 0 2016…
LNG Projects Angola LNG Gorgon Wheatstone Currently shutdown and Project 83% complete Project 40% complete repairs underway All Train 1 & common LNG Tank 1 foundation Plant capacity issues being modules installed complete…
Deepwater Gulf of Mexico Projects Tubular Bells Jack / St. Malo Big Foot Operator forecast 3Q 2014 On track for 4Q start-up Planned start-up in 2015 start-up 177 MBOED capacity 79 MBOED capacity 44 MBOED Facilities 99% complete…
Shale and Tight Resources Permian Vaca Muerta Canada 27 active rigs 19 active rigs Duvernay on track to spud 265 wells drilled year-to- 86 wells drilled year-to-date horizontal appraisal well 3Q date Identified sweet spots and…
2014 Activity Highlights Liard Basin Draugen Duvernay Permian Utica Basin Jack / St. Malo Chad Tubular Bells Kurdistan Region Gorgon Big Foot EGTL OMLs of Iraq Angola LNG Western Australia Vaca Muerta Exploration…
Key Messages Consistent Strategies Execution Focus Operational excellence Base business performance Delivery of MCPs Value Creation Disciplined investing Active portfolio management Compelling volume growth Growing…
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