First quarter 2017 earnings conference call and webcast Pat Yarrington Vice President and Chief Financial Officer Steve Green President, Chevron Asia Pacific Exploration & Production Company Frank Mount General Manager, Investor…
1Q17 financial highlights Earnings 2.7 billion Earnings per diluted share 1.41 Earnings / EPS excluding special items and FX* 2.3 billion / 1.23 Cash flow from operations / excluding working capital 3.9 billion / 4.8 billion…
Cash flow Sources and uses Cash flow after dividends(3) 1Q 2017 Including asset sales billions billions 0.3 0.9 6 0.9 (1.2) 2.1 2.0 Improving CFFO (1.9) 4 (2.6) Asset sale proceeds 2 3.9 3.3 Lower cash C&E (6.2) 0…
Chevron earnings 1Q17 vs. 1Q16 millions Upstream Downstream Other Volume / Tax / Timing other effects Opex other Other Liftings Opex 70 -101 188 110 Realizations 117 225 235 2,682 Special items* FX* 78 1,690…
Chevron earnings 1Q17 vs. 4Q16 millions Upstream Downstream Other Corporate Other charges Tax 184 Opex Other 400 Timing Margins Special effects 23 415 Realizations Other 170 2,682 items* FX* 2,498 210 -173 265 -267…
Worldwide net oil & gas production 1Q 2017 vs. 2016 Net Production* 4-9% y-o-y growth Estimated impact of 2017 MBOED asset sales in 2017 without 2017 asset sales 50-100 MBOED uncertainties 2016 Shale asset Other & tight…
Gorgon Gorgon production rate Strong 2017 performance Net MBOED upside* Start-up of Gorgon field and train 3 200 All three trains operational 150 Moving forward 100 Start-up of additional equipment 50 Building capacity…
Wheatstone Train 1 Commissioning underway Start-up mid-2017 Train 2 Construction on plan Start-up 6-8 months after Train 1 2017 Chevron Corporation 9
Base business Thailand well factory Development costs Driving efficiencies /BOE 20 15 Deploying capital at the right time 10 5 0 Utilizing existing infrastructure 2014 2015 2016 Operating costs /BOE Leveraging integrated…
Permian Midland and Delaware base case1 Net MBOED 500 450 33% 1Q17 vs 1Q16 production 400 increase 350 300 250 12 rigs currently in operation; 200 ramping to 20 rigs by year-end 20182 150 100 Efficiency gains continue…
Spend reductions Total capital & exploratory OPEX and SG&A Quarterly Quarterly billions billions 12 2017 C&E is trending 8 below guidance 10 2014 average vs. 1Q 2017: -56% 7 8 OPEX reductions 6 6 continue to be realized 2014…
Asset sales program Proceeds billions (before-tax) Target 5-10 10 In public domain Bangladesh* Canada downstream* GOM Shelf South Africa* 5 Indonesia geothermal 2.1 in 1Q17 2.9 2016 YTD 2.8 in 2016 20162017…
2017 key messages 1 priority unchanged Maintain and grow dividend Growing free cash flow Focused on improving returns Realizing value from advantaged portfolio 2017 Chevron Corporation 14
questions answers 2017 Chevron Corporation 15
Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX 1Q16 2Q16 3Q16 4Q16 1Q17 Reported earnings (MM) Upstream (1,459) (2,462) 454 930 1,517 Downstream 735 1,278 1,065 357 926…
Appendix: reconciliation of non-GAAP measures Cash flow after dividends including asset sales(2) MM 4Q15 1Q16 2Q16 3Q16 4Q16 Full Year 1Q17 2016 Cash and cash equivalents 11,022 8,562 8,764 7,351 6,988 6,983 Marketable securities…
Appendix Worldwide net oil & gas production 1Q17 vs. 1Q16 MBOED Base Base growth decline Major Shale Gorgon, Angola LNG, Jack / St. Malo, & tight capital PSC Alder and Chuandongbei ramp-up projects 74 40 -96 Asset Permian…
Appendix Worldwide net oil & gas production 1Q17 vs. 4Q16 MBOED Absence of planned Shale & Major turnarounds Base tight PSC capital projects 7 Asset -7 28 12 sale Other Gorgon, Angola LNG and Alder -69 ramp-up -11 -17…
Appendix U.S. upstream earnings: 1Q17 vs. 4Q16 millions 2/bbl increase in WTI Realizations Liftings Absence of 4Q16 non-ratable items Other -40 150 121 -151 80 4Q16 1Q17 earnings earnings 2017 Chevron…
Appendix International upstream earnings: 1Q17 vs. 4Q16 millions Tax / Indonesia Opex other geothermal Realizations Sale of Indonesia geothermal asset sale FX business 160 -142 FX effects primarily in Thailand, United…
Appendix U.S. downstream earnings: 1Q17 vs. 4Q16 millions Other Chemicals Absence of the 4Q Richmond 14 planned turnaround Margins Swing in timing effects 65 Timing Higher industry margins effects Higher chemicals earnings…
Appendix International downstream earnings: 1Q17 vs. 4Q16 millions Margins FX Swing in timing effects Timing Higher marketing margins effects Other Swing in FX effects mainly in Korea 105 -100 -35 130 457 357 4Q16…
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