Fourth Quarter 2016 Earnings Call Jeff Woodbury Vice President, Investor Relations & Secretary January 31, 2017
Headlines Full-year earnings of 7.8 billion; fourth quarter earnings of 1.7 billion Fourth quarter cash flow from operations and asset sales more than covered dividends and net investments Increasing Upstream contribution with…
Business Environment Modest global economic growth continued in the fourth quarter Brent per Barrel Expansion moderated in the U.S. 125 Growth in China stabilized 100 Tepid growth in Europe and Japan 75 Crude oil and natural…
4Q16 Financial Results Earnings 1.7 Earnings Per Share Diluted (dollars) 0.41 Shareholder Distributions 3.1 CAPEX 4.8 Cash Flow from Operations and Asset Sales1 9.5 Cash 3.7 Debt 42.8 Billions of dollars unless specified…
4Q16 Sources and Uses of Cash Cash balances decreased 1.4 billion in the quarter Beginning Cash 5.1 Earnings 1.7 Depreciation 8.1 9.5 Working Capital / Other (2.4) Proceeds Associated with Asset Sales 2.1 Shareholder…
Total Earnings 4Q16 vs. 4Q15 Earnings decreased 1.1 billion due to the Upstream impairment charge, offset by stronger Upstream results Millions of Dollars 528 (2,027) 2,780 600 1,680 (110) (91) 4Q15 U/S U/S Impairment…
Total Earnings 4Q16 vs. 3Q16 Earnings decreased 970 million as a result of the Upstream impairment charge, partly offset by stronger Upstream results Millions of Dollars 765 (2,027) 2,650 579 1,680 12 (299) 3Q16 U/S U/S…
Upstream Earnings 4Q16 vs. 4Q15 Earnings decreased 1.5 billion due to the impairment charge, partly offset by higher realizations and lower operating expenses Millions of Dollars 510 (50) 70 1,385 (2,027) 857 (642)…
Upstream Volumes 4Q16 vs. 4Q15 Volumes down 3%: Liquids -97 kbd, natural gas -179 mcfd koebd 4,248 (83) (22) (22) 4,121 Price, Spend, Liquids: -25 & Other: -94 Gas: +3 Net Interest: +11 4Q15 Entitlements Divestments…
Upstream Earnings 4Q16 vs. 3Q16 Earnings decreased 1.3 billion as higher realizations and volumes were offset by the impairment charge Millions of Dollars 90 1,385 (2,027) 230 450 620 (642) 3Q16 Realization Vol/Mix…
Upstream Volumes 4Q16 vs. 3Q16 Volumes up 8%: Liquids +173 kbd, natural gas +823 mcfd koebd 242 4,121 3,811 69 (1) Price, Spend, Liquids: +146 & Other: +70 Gas: +96 Net Interest: -1 3Q16 Entitlements Divestments…
Downstream Earnings 4Q16 vs. 4Q15 Earnings decreased 110 million due to weaker margins partially offset by favorable volume mix and asset management gains Millions of Dollars 1,351 (570) 260 1,241 200 4Q15 Margin Vol/Mix…
Downstream Earnings 4Q16 vs. 3Q16 Earnings essentially flat Millions of Dollars 100 (250) 160 1,229 1,241 3Q16 Margin Vol/Mix Other 4Q16 14
Chemical Earnings 4Q16 vs. 4Q15 Earnings decreased 91 million on lower volumes and mix, and unfavorable inventory and foreign exchange effects Millions of Dollars 963 (10) (30) (50) 872 4Q15 Margin Vol/Mix Other 4Q16 15
Chemical Earnings 4Q16 vs. 3Q16 Earnings down 299 million reflecting weaker margins and unfavorable inventory and foreign exchange effects Millions of Dollars 1,171 (200) 50 (150) 872 3Q16 Margin Vol/Mix Other 4Q16 16
2016 Financial Results Earnings 7.8 Earnings Per Share Diluted (dollars) 1.88 Shareholder Distributions 12.5 CAPEX 19.3 Cash Flow from Operations and Asset Sales1 26.4 Cash 3.7 Debt 42.8 Billions of dollars unless…
2016 Sources and Uses of Cash Cash balances flat in 2016 Beginning Cash 3.7 Earnings 7.8 Depreciation 22.3 26.4 Working Capital / Other (8.0) Proceeds Associated with Asset Sales 4.3 Shareholder Distributions (12.5) PP&E Adds /…
2016 Sources and Uses of Cash Integrated cash flow supports distributions and funds investments B 30 Debt & Other 2.8B Financing Financial flexibility to invest through cycle 25 Asset Sales 4.3B PP&E Adds / 20 Investments and…
Total Earnings 2016 vs. 2015 Earnings down 8.3 billion, reflecting the impact of lower commodity prices Millions of Dollars 16,150 (4,878) (2,027) (2,356) 754 7,840 197 2015 U/S U/S Impairment D/S Chem C&F 2016 20
Upstream Earnings 2016 vs. 2015 Earnings decreased 6.9 billion as a result of significantly lower realizations and the impairment charge 7,101 (5,320) Millions of Dollars 310 2,223 (2,027) 130 196 2015 Realization…
Upstream Volumes 2016 vs. 2015 Volumes down 1%: Liquids +20 kbd, natural gas -388 mcfd koebd 4,097 (14) (34) 4 4,053 Liquids: +38 Price, Spend, & Other: -23 Gas: -34 Net Interest: +9 2015 Entitlements Divestments…
Downstream Earnings 2016 vs. 2015 Earnings decreased 2.4 billion as a result of weaker margins, partially offset by improved volume mix and asset management gains Millions of Dollars 6,557 (3,840) 920 4,201 560 2015…
Chemical Earnings 2016 vs. 2015 Earnings increased 197 million due to stronger commodities margins and higher sales, offset by the absence of asset management gains Millions of Dollars 440 100 (340) 4,418 4,615 2015 Margin…
2016 Projects Update Adding significant production capacity to create long-term value Five major project start-ups added 250 KOEBD of working interest capacity Kashagan and Gorgon Train 2 continue to ramp up Five major project…
2016 Exploration Update Successful exploration program enhances the portfolio Continued progress in Guyana Liza development plan submitted following successful Liza-3 appraisal Payara discovery Owowo-3 discovery in Nigeria deep…
U.S. Unconventional Portfolio Strong acreage position with 700 KOEBD net production1 and growth potential XTO Liquids Production1 (net KBD) Bakken 300 250 11% CAGR Uinta/Piceance 200 Raton Utica/Marcellus San Juan…
Growing Permian Acreage Position Material acquisition adds high-quality acreage in the Delaware Basin Acquisition includes 250K net acres in the Permian Midland Basin Central Strategic fit with existing Permian position NM TX…
Downstream & Chemical Strengthening the Portfolio Growing value with integrated investments Commissioned state-of-the-art synthetic aviation lubricants facility in Louisiana Advantaged Enhanced Integrated Optimized feed…
Summary Sustained focus on value Billions of dollars unless specified otherwise 2016 Highlights Earnings 7.8 Focus on business fundamentals Upstream Production (MOEBD) 4.1 Capital and cost discipline CAPEX 19.3 Cash Flow…
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