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Q2 2015 Earnings Call – Chevron Corp

Chevron Corp · Jul 31, 2015 · 21 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. Q2 2015 Earnings Call – Chevron Corp – slide 1
    Second Quarter 2015 Earnings Conference Call and Webcast Jay Johnson Executive Vice President, Upstream Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations July 31,…
  2. Q2 2015 Earnings Call – Chevron Corp – slide 2
    2Q15 Financial Highlights Earnings 0.6 Billion EPS (diluted) 0.30 Earnings (excluding special items) 1.8 Billion Cash from Operations 7.2 Billion Debt Ratio (as of 6/30/2015) 17.1% Dividends Paid 2.0 Billion Note:…
  3. Q2 2015 Earnings Call – Chevron Corp – slide 3
    (1) Sources and Uses of Cash Billions 2Q15 2015 YTD 20 20 0.1 4.1 4.0 15 15 0.1 4.9 2.0 10 10 3.9 2.0 15.2 5 5 9.5 7.2 7.6 0 0 Sources Uses Sources Uses (2) Sources of Cash: Cash flow from operations Asset Sales…
  4. Q2 2015 Earnings Call – Chevron Corp – slide 4
    Chevron Earnings 2Q15 vs. 2Q14 Millions Upstream Upstream Significantly lower realizations Asset impairments, project suspensions and tax effects Absence of 2Q14 asset sales 5,665 + Higher volumes, lower OPEX Downstream Other…
  5. Q2 2015 Earnings Call – Chevron Corp – slide 5
    Chevron Earnings 2Q15 vs. 1Q15 Millions Upstream Asset impairments, project suspensions and tax effects Upstream Unfavorable swing in FX and tax items 2,567 Absence of 1Q asset sales Other Downstream 250 571 + Increased…
  6. Q2 2015 Earnings Call – Chevron Corp – slide 6
    U.S. Upstream Earnings 2Q15 vs. 1Q15 Millions Asset impairments and project suspensions -460 Impairments/ Project Stronger liquids prices Suspensions -1,038 Exploration Realizations Expenses Other -70 -68 -630 190…
  7. Q2 2015 Earnings Call – Chevron Corp – slide 7
    International Upstream Earnings 2Q15 vs. 1Q15 Millions Impairments/ Other Charges Asset impairments, project suspensions and tax effects Unfavorable swing in FX 2,020 Absence of 1Q asset sales and U.K. tax change FX Strong…
  8. Q2 2015 Earnings Call – Chevron Corp – slide 8
    Worldwide Net Oil & Gas Production 2Q15 vs. 1Q15 MBOED Major Shale & PZ Capital Tight Shut-in Projects Turnaround/ Jack / St. Malo and Bibiyana 11 Unplanned Downtime expansion ramp-ups 22 Price & -38 Cost Recovery Base…
  9. Q2 2015 Earnings Call – Chevron Corp – slide 9
    Worldwide Net Oil & Gas Production 2Q15 vs. 2Q14 MBOED Price & Cost PZ Recovery Shut-in Asset Jack / St. Malo, Tubular Bells and Base Major Shale & Sales Business/ Bibiyana expansion ramp-ups Tight Capital Other -45…
  10. Q2 2015 Earnings Call – Chevron Corp – slide 10
    U.S. Downstream Earnings 2Q15 vs. 1Q15 Millions Margins Opex Strong West Coast margins Chemicals/ Other Higher OPEX: 165 -185 45 El Segundo turnaround Richmond Refinery Modernization project 706 731 1Q15 2Q15 Earnings…
  11. Q2 2015 Earnings Call – Chevron Corp – slide 11
    International Downstream Earnings 2Q15 vs. 1Q15 Millions Asset Sale of interest in Caltex Australia Sales Margins FX Other -120 Weaker Asia refining margins -155 83 Unfavorable FX swing 2,225 1,700 717 1Q15 2Q15 Earnings…
  12. Q2 2015 Earnings Call – Chevron Corp – slide 12
    Upstream Update 2015 Chevron Corporation
  13. Q2 2015 Earnings Call – Chevron Corp – slide 13
    Gorgon Project Update Key 2015 Milestones Progress Fuel gas import for plant commissioning Upstream Start-up gas turbine generator All 18 wells ready to flow All Train 2 modules installed Jansz-Io subsea system energized LNG Train…
  14. Q2 2015 Earnings Call – Chevron Corp – slide 14
    Wheatstone Project Update Key 2015 Milestones Progress Complete dredging program Project over 65% complete Install platform topsides (hook-up ongoing) Upstream Deliver all Train 1 and common modules All subsea structures installed,…
  15. Q2 2015 Earnings Call – Chevron Corp – slide 15
    Deepwater Gulf of Mexico Jack / St. Malo Big Foot Exploration & Appraisal Ramp-up exceeding Tendons lost buoyancy Anchor appraisal ongoing expectations during installation Tigris (NW Keathley Canyon) Producing 80 MBOED TLP…
  16. Q2 2015 Earnings Call – Chevron Corp – slide 16
    Permian Competitive costs and efficiency 2015 Horizontal Drilling Programs Agreed cost reductions 20-50% for major well spend categories Footage per day increased over 15% Frac stages per day increased by 20% Good rocks Strong…
  17. Q2 2015 Earnings Call – Chevron Corp – slide 17
    Upstream Focus Areas Delivering volume growth from projects nearing completion New volumes accretive to cash margin Driving cost reduction and organizational efficiency Planning further reductions in the capital program…
  18. Q2 2015 Earnings Call – Chevron Corp – slide 18
    3 Billion in Spend Reductions Identified Spend Reduction Target Organizational Actions Potential additional opportunities Supplier Engagements 3 Billion Rate reductions Standardization opportunities Organizational 1.4 B…
  19. Q2 2015 Earnings Call – Chevron Corp – slide 19
    Balancing Cash Equation PRIORITY Cash Flow Covers Dividend in 2017 Bringing MCPs Online Reducing Capital Spending FOCUS Cutting Costs Aggressively Operating Reliably Completing Divestments 2015 Chevron Corporation 20
  20. Q2 2015 Earnings Call – Chevron Corp – slide 20
    Questions Answers 2015 Chevron Corporation 21
  21. Q2 2015 Earnings Call – Chevron Corp – slide 21
    Appendix Reconciliation of Earnings (Excluding Special Items) 2Q14 3Q14 4Q14 1Q15 2Q15 Reported Earnings (MM) 5,665 5,593 3,471 2,567 571 UPSTREAM Foreign Exchange (147) 344 453 522 (146) Asset Dispositions 610 170 1,000 310…

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