upstream overview Jay Johnson Executive Vice President 2016 Chevron Corporation 1
2015 net production Net production MBOED 2015 production grew 2% Shale Entitlement & tight Base Asset Major capital projects and price sales effects PZ Ramp-ups Start-ups Major (34) shut-in 44 Jack / St. Malo Agbami 3 capital…
Jack / St. Malo Total production (100%) Strong stage 1 performance MBOED Project delivered on time and on budget 125 First year production 6 wells online, with 3 more wells in 2016 ramp-up 100 Well performance meeting…
Strong reserves performance 5 year reserve replacement BBOE Reserve Additions 11.2 replacement ratio 10.5 Production 107 % Asset 1 year sales (4.8) (0.2) 5.6 113 % 5 year 2010 2015 2016 Chevron Corporation Numbers…
Leading exploration performance 1.8 BBOE 62 % 1.22 Discovery costs 20052014 Resource* adds Success rate Unit finding cost /BOE in 2015 in 2015 in 2015 4 3 2015 2 Resource additions 1 11.3 BBOE 57 % 1.73 Resource* adds…
Reducing cost structure Upstream cash production cost per BOE 2025% workforce reduction 30 2 Capturing market savings 15 1 1 1 Improving efficiency 2011 2012 2013 2014 2015 CVX ranking relative to IOC competitors, 1…
Improving efficiency Deepwater Gulf of Mexico Tengiz Technology Intelligent well completions New well stimulation method 30% production increase from enhance economic recovery reduced costs 70% artificial intelligence techniques in…
Gorgon Train 1 First cargo expected this month Trains 2 and 3 All modules delivered to site Planned start-up at 6 month intervals 2016 Chevron Corporation 10
Wheatstone Progress 2016 key milestones All train 1 modules required for start-up All wells ready for production set on foundations Platform fully commissioned Train 2 module delivery underway Gas turbine generators online LNG…
Other 2016 start-ups Alder First production expected 2H 2016 Chuandongbei Train 1 online Expect train 2 and 3 Mafumeira Sul start-ups 2Q 2016 Hook-up & commissioning ongoing First production expected 2H 2016 Angola LNG…
Other projects in execution Big Foot Tension Leg Platform design validated Platform in storm-safe storage Start-up expected 2H 2018 Other start-ups Sonam 2017 Hebron 2017 Clair Ridge 2017 Stampede 2018 NOJV project start-up…
Attractive Permian growth Net production Midland & Delaware Basins Large, quality resource MBOED 2 MM net acres 400 9 BBOE resource* 350 85% no or low royalty 300 250 Efficient development plans 200 Factory mode with…
Competitive Permian performance Drilling days per well Lowering development costs 50 Horizontal well costs reduced 40% 40 50% reduction 30 Drilling footage per day increased 45% 20 Frac stages per day increased 115% 10 0 Pad 1…
Leveraging Permian performance to other shale & tight assets Duvernay Vaca Muerta Appalachia Appraisal program advancing Initiated horizontal factory mode Pacing investment Best-in-class drilling; days per Horizontal well costs…
Base projects Well factories Base deepwater Asset enhancements Gulf of Thailand Focused on development of Infill drilling San Joaquin Valley existing assets Debottlenecking and Indonesia Agbami, Tahiti, Jack / St. Malo, reliability…
Tengiz FGP / WPMP Project has two components WPMP provides additional wells and pressure boost facilities to fill existing plant capacity FGP adds wells and new plant capacity of 250300 MBOPD (100%) FID expected…
Applying project lessons learned to FGP / WPMP Increasing engineering Engineering 40% complete; all underground piping, electrical and maturity at FID foundations in 3D model Strengthening design Process design, equipment sizing &…
Future opportunity queue Liard Basin Horn River Basin Rosebank Captain EOR Kitimat Duvernay LNG Marcellus TCO FGP/WPMP Utica Kurdistan Tahiti Vertical Expansion Region of Iraq Midland & Tahiti Upper Sands Development Delaware…
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