Upstream overview Jay Johnson Executive Vice President 2017 Chevron Corporation
Focusing on returns Expanding cash and earnings margins Effectively allocating capital High-grading the portfolio Image: Sonam platforms 2017 Chevron Corporation 2
Improving upstream performance Increasing cash inflows Decreasing cash outflows Net production Upstream capital & exploratory MMBOED billions 4-9% growth Increasing 40 production with 30 20 2.6 higher cash 10 2016 2017 2018…
Resources to production Resources1 Execution 10-year resource replenishment: 171% Increasing engineering maturity at FID BBOE 80 26.1 67.8 Strengthening design assurance 61.0 40 (9.6) (9.7) Optimizing contracting strategy…
Diverse portfolio Maturity1 Resources New infrastructure Base business Geography Asset class 68 BBOE of 6P resource2 TCO LNG Heavy oil Permian Deepwater Shale & tight Gorgon Conventional Wheatstone Legacy…
Gorgon and Wheatstone Gorgon Wheatstone Trains 1 and 2 online Train 1 construction nearing completion Gorgon and Jansz fields online Train 1 start-up mid-2017 Train 3 start-up underway Train 2 start-up 6-8 months after Train 1…
Australian gas position Carnarvon Basin Long-term cash generator North West Shelf Project Optimization and debottlenecking Gorgon of our 15.8 MMTPA capacity Project Wheatstone Project Monetize 50 TCF* resource through…
Tengiz Base business FGP / WPMP* Record production in 2016 2 drilling rigs operating on multi well pads Outstanding reliability Site construction ramping up Strong earnings and cash generation Port progress on plan Exceptional…
Permian Quality position Midland & Delaware acreage by NPV4 2 million net acres1 85% no or low royalty Ramping up to 20 rigs 9.3 BBOE resource2 by year end 2018 50k/acre 600,000 20k Free cash flow 50k/acre by…
Permian performance Development & production costs1 /BOE 30 30% decrease 20 Demonstrating competitive 10 performance 0 2015 2016 Company operated Non-operated Comparable Midland well performance Historical completions2…
Permian support R O O S E VE LT Cushing CH AV ES COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS Supply Chain YOAKUM TERRY LY N N GARZA KENT EDDY LEA Leveraging global scale Midland D AW S ON BORD EN SCU RRY Staggered…
Permian value Midland and Delaware base case* Net MBOED 500 450 Accelerated pace of development 400 20-35% CAGR 350 300 Competitive cost and recovery 250 200 150 Superior royalty position 100 50 Realize near-term value…
Portfolio strength underpinned by base assets 2017 base plus shale declines 2% 2020 base* plus shale grows 1% Lower risk, short-cycle investments Diverse opportunities with new base assets Image: Kern River Field *Includes…
Resources for the future Norway Barents Liard/ Horn River AOSP Low holding cost Tengiz Marcellus Partitioned Midland & GOM DW Zone Options across Delaware Basins Mexico DW Venezuela Thailand geographies and five Nigeria…
Closing Improving cash flow and returns Delivering on projects and base business Advantaged and diverse portfolio Large resource base for the future Image: Permian basin 2017 Chevron Corporation 15
Upstream appendix 2017 Chevron Corporation 16
LNG Wheatstone Kitimat Gorgon Carnarvon Basin undeveloped Angola LNG NW Shelf Resources New infrastructure Base business Asset class focus Kitimat1 Reliable operations Debottlenecking facilities Monetizing large resource…
Shale & tight Midland Basin Liard & Horn River Vaca Muerta Duvernay Marcellus & Utica Delaware Basin Resources New infrastructure Base business Liard / Horn River Asset class focus Returns driven growth Duvernay Marcellus /…
Conventional assets Hebron Karachaganak Tengiz Base Clair Ridge Alder Angola Blk 0 Nigeria Thailand KRI Tengiz: FGP / WPMP Mafumeira Sul Chuandongbei Hibernia AIOC Indonesia Resources New infrastructure Base business Kazakhstan…
Deepwater Exploration Indonesia DW Big Foot Moho Bilondo Jack/St. Malo Frade Owowo Anchor BSWAp Mad Dog 2 Usan Tahiti Petronius Tigris Rosebank Nsiko Stampede Bangka Agbami Block 14 Resources New infrastructure Base business UK…
Heavy oil Ells River Captain & Alba Duri Carabobo Athabasca Oil Sands Boscan Wafra Steam Flood Captain EOR Wafra San Joaquin Valley Petropiar Resources New infrastructure Base business Captain & Asset class focus Alba Ells…
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