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Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp

Chevron Corp · Oct 30, 2015 · 22 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. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 1
    Third Quarter 2015 Earnings Conference Call and Webcast John Watson Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations October 30,…
  2. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 2
    3Q15 Financial Highlights Earnings 2.0 Billion EPS (diluted) 1.09 Cash from Operations 5.4 Billion Debt Ratio (as of 9/30/2015) 18.8% Dividends Paid 2.0 Billion Note: Reconciliation of earnings (excluding special…
  3. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 3
    (1) Sources and Uses of Cash Billions 3Q15 2015 YTD 20 30 0.2 8.0 6.0 15 20 5.4 10 0.3 4.0 2.0 22.1 0.5 10 5 14.9 6.8 5.4 0 0 Sources Uses Sources Uses (2) Sources of Cash: Cash flow from operations Asset Sales Net…
  4. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 4
    Chevron Earnings 3Q15 vs. 3Q14 Millions Upstream Upstream Lower realizations Downstream + Stronger margins 5,593 + FX Other Absence of 3Q14 asset sales Downstream 210 824 2,037 -4,590 3Q14 3Q15 Earnings Earnings…
  5. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 5
    Chevron Earnings 3Q15 vs. 2Q15 Millions Upstream Upstream Downstream + Absence of asset impairments and other special items Other + FX swing -745 -67 + Lower exploration expense Lower realizations 2,104 2,037 Downstream…
  6. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 6
    Corporate Priorities and Actions Cash Flow Reduced Asset Growth Spend Sales (Price & Volume) (Capex & Opex) Free Cash Flow Covers Dividend by 2017 2015 Chevron Corporation 7
  7. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 7
    Oil Markets Moving Towards Balance World Consumption & Production of Liquid Fuels Million Barrels Million Barrels per Day per Day 100 6.0 Global Consumption 98 (left axis) 5.0 Global Production (left axis) 96 4.0 94 3.0…
  8. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 8
    Key Project Startups and Shale & Tight Assets Horn River and Liard Alder Clair Ridge Duvernay Hebron Marcellus & Permian Utica Chuandongbei USGC Petrochem. Agbami Phase 3 Jack /St. Malo Sonam Tubular Bells Bangka Gorgon…
  9. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 9
    Delivering Major Capital Projects Gorgon Wheatstone Jansz-Io wells opened to pipeline All subsea infrastructure and flowlines installed Preparing to bring gas into plant Platform hook-up and commissioning ongoing Nearly all…
  10. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 10
    Significant Cut in C&E Total C&E Billions C&E reduction drivers 42 40 Completing projects in-flight 35 25-28 Project pacing 20-24 Cost deflation depending on 25 market conditions Sept YTD 2013 2014 2015 2016…
  11. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 11
    Reducing Cost Structure 2015 Results Actions Underway 7% lower operating expenses YTD Organizational 12% lower operating expenses 3Q15 vs. 3Q14 6 - 7,000 in employee reductions Upstream unit operating costs running 13% lower YTD…
  12. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 12
    Asset Sales Program Update Asset Sales Billions Excellent progress 5 - 10 towards original target additional Additional 5-10 billion 15 Key criteria 11 Actuals through Value-based Sept 2015 Non-strategic fit 2014 -…
  13. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 13
    Significant Volume Growth Ahead Net Production MMBOED Base Shale & Decline/ Tight Other Actual growth dependent Offshore upon: LNG Asset sales 0-3% Partitioned Zone restart PSC effects Project timing 2.57 Growth momentum…
  14. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 14
    Key Messages PRIORITY Cash Flow Covers Dividend in 2017 Bringing MCPs Online Reducing Capital Spending FOCUS Cutting Costs Aggressively Operating Reliably Completing Divestments 2015 Chevron Corporation 15
  15. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 15
    Questions Answers 2015 Chevron Corporation 16
  16. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 16
    Appendix Reconciliation of Earnings (Excluding Special Items) 3Q14 4Q14 1Q15 2Q15 3Q15 Reported Earnings (MM) 5,593 3,471 2,567 571 2,037 UPSTREAM Foreign Exchange 344 453 522 (146) 258 Asset Dispositions 170 1,000 310 -- --…
  17. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 17
    Appendix U.S. Upstream Earnings: 3Q15 vs. 2Q15 Millions Absence of 2Q asset impairments and project Impairments/ Project suspensions Suspensions Realizations -603 Weaker liquids prices -1,038 Other -240 -15 690 2Q15…
  18. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 18
    Appendix International Upstream Earnings: 3Q15 vs. 2Q15 Millions Realizations Exploration Expenses Absence of 2Q asset FX impairments, suspensions Impairments/ 330 Other and tax effects Other Charges -660 78 Favorable swing in…
  19. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 19
    Appendix Worldwide Net Oil & Gas Production: 3Q15 vs. 2Q15 MBOED Price & Cost PZ Permian and Marcellus growth Recovery Shut-in Shale & Tight Favorable price effects 13 Planned 13 Turnaround PZ shut-in -37 Base Business/…
  20. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 20
    Appendix Worldwide Net Oil & Gas Production: 3Q15 vs. 3Q14 MBOED Price & Cost PZ Recovery Shut-in Jack / St. Malo, Tubular Bells and Major Shale & Bibiyana expansion ramp-ups Tight Asset Base Capital Sales Business/ Projects…
  21. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 21
    Appendix U.S. Downstream Earnings: 3Q15 vs. 2Q15 Millions Tax/Other Strong West Coast margins Opex Volumes Absence of 2Q El Segundo 158 Margins 95 turnaround improved volumes 85 and OPEX 180 1,249 Favorable tax and timing…
  22. Third Quarter 2015 Earnings Conference Call and Webcast – Chevron Corp – slide 22
    Appendix International Downstream Earnings: 3Q15 vs. 2Q15 Millions Asset Sales Absence of 2Q asset sales Favorable FX swing 2,225 Other FX 132 -1,640 245 962 2Q15 3Q15 Earnings Earnings 2015 Chevron Corporation 23

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