Upstream overview Jay Johnson Executive Vice President 2018 Chevron Corporation
Advantaged portfolio Unit resource value /BOE Diverse 5 Sustainable and long-lived 4 Low cost 3 High margin / oil-linked 2 1 Lower risk Opportunities to high-grade Competitors: BP, RDS, TOT, XOM Source: Wood…
Diverse upstream portfolio Geography Asset class Resources New infrastructure 69 BBOE of 6P resource TCO San Joaquin Heavy oil LNG Valley Deepwater Gulf of Permian Mexico Deepwater Shale & tight Nigeria Gorgon…
Low cost Production costs Category spend reductions /BOE 40 Subsea Unit production cost EPC services 30 40% lower Non-engineered equipment Professional services Capture market savings Rigs 20 Well construction 1 2…
High margin Projected upstream cash margin at 60/bbl Percentage of total net production Highest margin barrels increase by more than 200 MBOED in 2018 Growth in margin & production in aggregate portfolio 2017…
Sustainable production Base and shale & tight net production 23% CAGR Short-cycle investments Low execution & subsurface risk 910 billion annual capital spend 2018 2019 2020 2021 2022 Shale & tight Base excluding MCPs…
Growing Permian value Quality position Unconventional acreage by NPV 2.2 million net acres 80% no or low royalty Increased resource 20% to 11.2 BBOE 50k /acre 800,000 Portfolio value…
Accelerating Permian unconventional production Midland and Delaware Basin Net MBOED 800 700 Efficient factory model and new 600 basis of design delivering 500 400 Optimizing across value chain 300 200 Transacted acreage to…
Expanding shale & tight activities Applying learnings across multiple assets Duvernay Vaca Muerta (Loma Campana) Appalachia EUR per well increased 40% EUR per well increased 100% EUR per well projected to Unit development cost Unit…
Accelerating Delivering Ca gas Australian Gorgon & Wheatstone Monetizing 5 trains expected to deliver 400 MBOED net 50 TCF of resource 2017 Gorgon results Net production 157 MBOED Increasing reliability Cash margin 32/BOE…
Developing Tengiz Base business FGP / WPMP Strong earnings and cash flow On track for first production in 2022 Reliability of 98% FGP adds 260 MBOED capacity and increases production to 1 MMBOED Net production grew by 17% since…
Active Gulf of Mexico Chevron deepwater assets Leveraging installed infrastructure Jack / St. Malo, Tahiti, Blind Faith Petronius and others Extending tie-back radius through Ballymore Blind technology Tubular Faith Shelf…
Improving deepwater value Efficiencies Technology Standardization Reduced completion time 40% Extending subsea tie-back reach Subsea trees, equipment, Reduced unit operating cost Real-time reservoir management topsides and floating…
Advantaged upstream portfolio Diverse Opportunities Sustainable to high-grade TCO and long-lived San Joaquin Valley Permian Deepwater Gulf of Mexico Nigeria Gorgon Wheatstone Lower risk Low cost High margin /…
Cargo Transportation Route (CaTRo) Construction complete on plan to receive first shipment Marine channel, excavation of nearshore channel and controlled flooding of the turning basin Cargo offloading facility Haul roads and…
Logistics update Vessels 13 Module carrying vessels launched Both pontoon transition barges are in the Caspian First two Caspian tugs delivered Transshipment bases Northern base ready to operate Southern base nearing…
Fabrication progressing Cut steel on all first sail-away modules and pre-assembled racks per plan Kazakhstan 51 pipe racks cut steel; first delivery in 2Q18 Italy Assembly works continue on gas turbine generators; first sail…
Drilling operations 3 drilling rigs operating on multi-well pads Drilling scope ahead of plan Incorporated lessons learned from factory drilling model 2018 Chevron Corporation 21
Site execution in Tengiz Infrastructure Orken village in progress Power and controls Core substation piling and foundation complete; 6 core substation modules on foundations Gathering system Construction progressing on…
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