Barclays Capital CEO Energy - Power Conference Jay Johnson Executive Vice President Upstream September 9, 2015 2015 Chevron Corporation
An Industry Leader in Safety Days Away From Work Rate 0.10 Do it safely or not at all. There is always 0.05 time to do it right. 1 1 1 1 2011 2012 2013 2014 1H 2015 CVX Ranking Relative to Competitors Competitor Range…
Upstream Focus Areas Delivering volume growth from projects nearing completion New volumes accretive to cash margin Planning further reductions in the capital program Driving cost reduction and organizational efficiency…
1H 2015 Net Production 777 MBOED 575 MBOED 2.57 to 2.65 North America Europe, Eurasia and Middle East MMBOED 2015 guidance 2.64 MMBOED 1H net production Expect full-year 571 MBOED 715 MBOED production within Africa & Latin…
High Performing Base Enables Growth Reinvestment mitigates base decline Infill drilling and workovers Base major capital projects Shale & tight developments Investments attractive Short cycle time Low subsurface risk Leverage…
Strong Performance at Jack / St. Malo First production December 2014 Delivered on time and on budget 6 wells producing 80 MBOED Development drilling ongoing with top quartile performance Drilling efficiency increased 30%…
Gorgon Project Update Key 2015 Milestones Progress Fuel gas import for plant commissioning Upstream Start-up gas turbine generators All 18 wells ready to flow All Train 2 modules installed Jansz-Io subsea system energized LNG Train…
Wheatstone Project Update Key 2015 Milestones Progress Complete dredging program Project over 65% complete Install platform topsides (hook-up ongoing) Upstream All subsea structures installed, with 3 Deliver all Train 1 and common…
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…
TCO Future Growth Optimization Current Status WPMP Sustains Plateau Reducing vendor and contractor costs FGP Grows Peak Progressing detailed engineering Production Capacity Constructing critical infrastructure Finalizing MOU…
Hub-Scale GOM Discoveries Under Appraisal Tigris Hub Concept Benefits Anchor Covers 24 GOM leases Multiple fields per Significant discovery Guadalupe oil discovery facility Pay across multiple Tiber and Gila Reduces overall risk…
Reducing Capital to Preserve Cash Capital flexibility Projects Under Construction* Billions increasing Investment priorities: 15 Asset integrity Projects under 10 construction High-return base and shale & tight 5…
Lowering Costs Projects & Operations Upstream Gross Operated Leveraging purchasing power Spend Negotiating supplier reductions Other 11% Rebidding key contracts Professional Services EPC 7% 28% Materials Organizational and…
Driving Cost Reductions and Efficiency Gulf of Mexico Thailand Tengiz Rig-less well stimulation Drill 500 wells per year Targeting high-productivity method developed fracture zones Continue to improve well 85% cost reduction per…
Near-Term Objectives Incident free start-up of projects under construction Aligning actions to macro- environment Improving execution of major capital projects Operating reliably High-grading portfolio 2015 Chevron…
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