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2Q 2017 Earnings Update – Chevron Corp

Chevron Corp · Jul 28, 2017 · 26 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. 2Q 2017 Earnings Update – Chevron Corp – slide 1
    Second quarter 2017 earnings conference call and webcast Jay Johnson Executive Vice President, Upstream Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations July 28, 2017…
  2. 2Q 2017 Earnings Update – Chevron Corp – slide 2
    2Q17 financial highlights Earnings 1.5 billion Earnings per diluted share 0.77 Earnings / EPS excluding special items and FX* 1.7 billion / 0.91 Cash flow from operations / excluding working capital 5.0 billion / 5.3 billion…
  3. 2Q 2017 Earnings Update – Chevron Corp – slide 3
    1 2Q17 sources and uses of cash billions 2Q17 2017 YTD 0.2 cash flow after dividends2 1.0 cash flow after dividends2 8 16 2.4 0.2 6 12 3.3 0.4 2.5 4 2.0 4.1 8 5.0 2 4 8.9 3.2 6.5 0 0 Sources Uses Sources Uses 3…
  4. 2Q 2017 Earnings Update – Chevron Corp – slide 4
    Chevron earnings 2Q17 vs. 2Q16 millions Upstream Downstream Other DD&A / Timing Tax / Opex other effects Other other Margins Realizations -27 200 Liftings 255 -270 -357 205 Special 345 items* FX* 1,450 -276 705…
  5. 2Q 2017 Earnings Update – Chevron Corp – slide 5
    Worldwide net oil & gas production 2Q17 vs. 2Q16 MBOED Base Base growth decline Major Shale PSC 10% growth & tight effects capital projects Other MCPs include: Gorgon, Angola LNG, 67 -76 Jack / St. Malo and Alder 41…
  6. 2Q 2017 Earnings Update – Chevron Corp – slide 6
    Worldwide net oil & gas production MBOED 4-9% y-o-y growth without 2017 asset sales Current estimated impact of guidance range* 2017 asset sales in 2017 2,800 25-75 MBOED No impact on production due to 2017 asset sales YTD…
  7. 2Q 2017 Earnings Update – Chevron Corp – slide 7
    Gorgon Strong performance (100% share) 2Q 2017 average production 333 MBOED Current production 430 MBOED All LNG trains have achieved or exceeded nameplate capacity 14 wells producing 3 BCFD Shipped 88 LNG cargos in 2017 to…
  8. 2Q 2017 Earnings Update – Chevron Corp – slide 8
    Wheatstone Train 1 Train 2 Platform operational Construction on plan Trunkline fully pressurized Start-up 6 8 months after Train 1 Early well results encouraging Plant starting-up 2017 Chevron Corporation 9
  9. 2Q 2017 Earnings Update – Chevron Corp – slide 9
    Tengiz FGP / WPMP Module fabrication in progress Dredging essentially complete Port on track for operation Site construction progressing 2 drilling rigs operating First production expected in 2022 2017 Chevron…
  10. 2Q 2017 Earnings Update – Chevron Corp – slide 10
    Quality Permian acreage position Chevron acreage Chevron operated development Chevron non-operated development Updated acreage by NPV* (as of 2Q 2017) 50k / acre…
  11. 2Q 2017 Earnings Update – Chevron Corp – slide 11
    Strategy of capital efficiency Delaware Basin 2nd Bone Spring1 Improving performance Average 6 month cumulative production (BOE/ft) 40 BOE/ft6months through technology 30 20 Seismic attribute assessment 10 0 Petrophysical…
  12. 2Q 2017 Earnings Update – Chevron Corp – slide 12
    Permian unconventional financial performance Projected CVX unconventional Permian Competitive development and direct financial metrics lease operating costs1 /BOE /BOE 25 DD&A Lease operating 20 expense 15 1H172 2020 1H172 2020…
  13. 2Q 2017 Earnings Update – Chevron Corp – slide 13
    Active portfolio management to further unlock value Midland and Delaware Basin transaction activity1 (thousand acres) 120 Identified 100 150,000 - 200,000 acres to transact in 2017 / 2018 80 60 Closed 7 deals 2017 YTD 40…
  14. 2Q 2017 Earnings Update – Chevron Corp – slide 14
    Permian production Midland and Delaware Basin1 Net MBOED 500 450 400 Exceeding expectations 350 300 33% annual production growth2 250 200 150 13 company operated rigs3 100 50 7 JV net rigs3 0 2015 2016 2017 2018 2019 2020…
  15. 2Q 2017 Earnings Update – Chevron Corp – slide 15
    Spend reductions Total capital & exploratory OPEX and SG&A Quarterly Quarterly billions 2017 YTD C&E billions 56% below 2014 average 12 8 Total C&E 8.9B Cash C&E 6.8B 10 7 2017 full year forecast C&E 19B 8 2017 YTD OPEX 6 6 25%…
  16. 2Q 2017 Earnings Update – Chevron Corp – slide 16
    Asset sales program Proceeds billions (before-tax) Target 5-10 10 2Q 2017: 0.4 billion In public domain Bangladesh* Canada downstream* Within 2016-2017 target South Africa* range South Natuna* Trinidad and Tobago* 5…
  17. 2Q 2017 Earnings Update – Chevron Corp – slide 17
    Key messages Cash flow after dividends1 (including asset sales) billions 1.0 Growing free cash flow Asset sales / other Absence of Focused on TCO loan (3.1) Absence of TCO Loan improving returns (4.8) Reduced Cash 2016…
  18. 2Q 2017 Earnings Update – Chevron Corp – slide 18
    questions answers 2017 Chevron Corporation 19
  19. 2Q 2017 Earnings Update – Chevron Corp – slide 19
    Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX 2Q16 3Q16 4Q16 1Q17 2Q17 Reported earnings (MM) Upstream (2,462) 454 930 1,517 853 Downstream 1,278 1,065 357 926 1,195 All…
  20. 2Q 2017 Earnings Update – Chevron Corp – slide 20
    Appendix: reconciliation of non-GAAP measures Cash flow after dividends including asset sales(1) MM 4Q14 1Q15 2Q15 3Q15 4Q15 Full 1Q16 2Q16 3Q16 4Q16 Full 1Q17 2Q17 Year Year 2015 2016 Cash and cash equivalents 12,785 12,675 12,156…
  21. 2Q 2017 Earnings Update – Chevron Corp – slide 21
    Appendix Chevron earnings: 2Q17 vs. 1Q17 millions Upstream Downstream Other Special items* Liftings Realizations Tax / Volumes Other other FX* Other Margins 400 -405 70 -5 -129 155 -870 244 2,682 -692 1,450 1Q17…
  22. 2Q 2017 Earnings Update – Chevron Corp – slide 22
    Appendix Worldwide net oil & gas production 2Q17 vs. 1Q17 MBOED Shale & Major tight Other capital projects -6 4% growth 24 Gorgon, Moho Nord and Mafumeira Sul ramp-up Permian growth 86 2,780 2,676 1Q17 2Q17 2017…
  23. 2Q 2017 Earnings Update – Chevron Corp – slide 23
    Appendix U.S. upstream earnings: 2Q17 vs. 1Q17 millions Asset 2Q17 sale of San Juan Basin and sales Impairments GOM shelf properties 2Q17 impairments in GOM 4/bbl decrease in WTI 160 80 Permian volume growth Realizations…
  24. 2Q 2017 Earnings Update – Chevron Corp – slide 24
    Appendix International upstream earnings: 2Q17 vs. 1Q17 millions Swing in FX primarily absence of 1Q losses special FX items in Australia and Thailand Liftings Absence of sale of Indonesia Realizations geothermal business…
  25. 2Q 2017 Earnings Update – Chevron Corp – slide 25
    Appendix U.S. downstream earnings: 2Q17 vs. 1Q17 millions Timing Volumes effects Other Higher refining and marketing Margins margins 70 -70 40 125 634 469 1Q17 2Q17 earnings earnings 2017 Chevron Corporation 26
  26. 2Q 2017 Earnings Update – Chevron Corp – slide 26
    Appendix International downstream earnings: 2Q17 vs. 1Q17 millions Opex Other Margins FX 5 20 30 49 556 561 457 1Q17 2Q17 earnings earnings 2017 Chevron Corporation 27

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