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Q4 2014 Earnings Call – Chevron Corp

Chevron Corp · Jan 30, 2015 · 17 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. Q4 2014 Earnings Call – Chevron Corp – slide 1
    Fourth Quarter 2014 Earnings Conference Call and Webcast John Watson Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General Manager, Investor Relations January…
  2. Q4 2014 Earnings Call – Chevron Corp – slide 2
    2014 Accomplishments Record Safety and Upstream Environmental Performance o Key Start-ups Jack St. Malo / Tubular Bells Strong Financial Results Bibiyana Expansion o Progressed Major Capital Projects and Good Progress on Asset…
  3. Q4 2014 Earnings Call – Chevron Corp – slide 3
    Financial Highlights 4Q14 2014 Earnings 3.5 Billion 19.2 Billion Earnings per Diluted Share 1.85 10.14 ROCE 10.9% Year-End Debt Ratio 15.2% Dividends Paid 7.93 Billion Share Repurchases 1.25 Billion 5 Billion Note:…
  4. Q4 2014 Earnings Call – Chevron Corp – slide 4
    Sources and Uses of Cash Billions 4Q14 2014 15 50 0.4 5.0 1.25 40 7.4 7.9 2.1 2.0 5.7 10 30 3.1 20 5 35.4 9.7 31.5 6.5 10 0 0 Sources Uses Sources Uses Sources of Cash: Cash flow from operations* Asset sales Net…
  5. Q4 2014 Earnings Call – Chevron Corp – slide 5
    Chevron Earnings 4Q14 vs. 4Q13 Millions Upstream Upstream Sharp decline in crude oil prices Downstream Other Higher impairments, DD&A + Gains on asset sales -408 + Lower exploration expenses 4,930 -2,179 1,128 3,471…
  6. Q4 2014 Earnings Call – Chevron Corp – slide 6
    Chevron Earnings 4Q14 vs. 3Q14 Millions Upstream Upstream Sharp decline in crude oil prices + Gains on asset sales Downstream Other -1,976 131 Downstream -277 5,593 + Timing effects & asset sales Higher operating costs 3,471…
  7. Q4 2014 Earnings Call – Chevron Corp – slide 7
    U.S. Upstream Earnings 4Q14 vs. 3Q14 Millions Realizations U.S. liquids price indicators declined 25% Impairments of several smaller assets Asset Other 929 Sales Gains on midstream asset Impairments 33 sales -600 -90 160…
  8. Q4 2014 Earnings Call – Chevron Corp – slide 8
    International Upstream Earnings 4Q14 vs. 3Q14 Millions Realizations Brent price decline 25/BBL Asset impairments triggered by price drop Asset Impairments Sales Other Higher operating costs 3,720 -1,440 -29 Operating…
  9. Q4 2014 Earnings Call – Chevron Corp – slide 9
    Worldwide Net Oil & Gas Production 4Q14 vs. 3Q14 MBOED Entitlement Turn- Shale & Tight/ and Price around Effects Base Business/ Bangladesh expansion and Activity Asset MCPs* Sales Other Tubular Bells start-up 13 -19 13…
  10. Q4 2014 Earnings Call – Chevron Corp – slide 10
    Worldwide Net Oil & Gas Production 2014 vs. 2013 MBOED Major Entitlement Capital and Price Base Shale & Asset Tight Projects Effects Sales Business/ Significant shale and tight growth Other 13 -14 -12 41 Project start-ups…
  11. Q4 2014 Earnings Call – Chevron Corp – slide 11
    U.S. Downstream Earnings 4Q14 vs. 3Q14 Millions Asset Other Weaker refining margins Sales Timing Favorable inventory effects Margins Effects -135 210 Gains on midstream asset sales -190 195 809 889 3Q14 4Q14…
  12. Q4 2014 Earnings Call – Chevron Corp – slide 12
    International Downstream Earnings 4Q14 vs. 3Q14 Millions Inventory Pension Lower crude supply costs Effects Buyout Margins Other Favorable year-end LIFO 100 -160 Pension buyout -169 280 Higher operating costs, unfavorable…
  13. Q4 2014 Earnings Call – Chevron Corp – slide 13
    2015 Capital & Exploratory Program Total C&E Billions 40 5 billion (13%) decline from 40 2014 levels 35 DS&C / Other Funds major projects under 30 Exploration & construction Pre-FID projects Base Tests Base Business and Shale…
  14. Q4 2014 Earnings Call – Chevron Corp – slide 14
    Cost Management Actions Upstream Capital Cost Index Basis: 2004 = 100 250 Have competitive cost structure Proactive in cost management efforts 200 External engagements with supply chain 150 Internal cost reviews 100…
  15. Q4 2014 Earnings Call – Chevron Corp – slide 15
    2015 Production Guidance Flat to 3% growth o Range influenced by prices, spend and asset sales Ramp-ups o Jack / St. Malo o Tubular Bells o Shale / Tight resources Start-ups o Gorgon o Angola LNG o Big Foot 2015…
  16. Q4 2014 Earnings Call – Chevron Corp – slide 16
    Questions Answers 2015 Chevron Corporation 17
  17. Q4 2014 Earnings Call – Chevron Corp – slide 17
    Appendix Reconciliation of Earnings (Excluding Special Items) 4Q13 1Q14 2Q14 3Q14 4Q14 2014 Reported Earnings (MM) 4,930 4,512 5,665 5,593 3,471 19,241 UPSTREAM Foreign Exchange 300 (53) (147) 344 453 597 Asset Dispositions --…

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