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1Q 2018 Earnings call Presentation – Chevron Corp

Chevron Corp · Apr 26, 2018 · 23 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. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 1
    First quarter 2018 earnings conference call and webcast Pat Yarrington Vice President and Chief Financial Officer Mark Nelson Vice President, Midstream, Strategy and Policy Frank Mount / Wayne Borduin General Manager, Investor…
  2. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 2
    1Q18 financial highlights Earnings 3.6 billion Earnings per diluted share 1.90 Earnings / EPS (excluding special items and FX)1 3.6 billion / 1.90 Cash flow from operations / excluding working capital1 5.0 billion / 7.1…
  3. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 3
    2018 cash flow Cash flow from operations Free cash flow excluding working capital1 excluding working capital1,2 billions billions 8 Cash flow 4 growth 6 2 4 Delivering 2018 cash 0 2 generation in line with guidance…
  4. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 4
    Working capital Historical change in working capital1,2 billions 2 Consistent pattern 0.9 0.4 0 (0.2) (1.2) Mostly transitory -2 1Q 2Q 3Q 4Q 1 Average quarterly working capital change for 2010-2017. 2 1Q2017 has been…
  5. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 5
    Chevron earnings 1Q18 vs. 1Q17 millions Upstream Downstream Other Tax / Timing other effects Margins / Tax / Liftings Volumes other other Realizations 236 -205 -115 65 565 -600 Special items* FX* 1,360 -720 370 3,638…
  6. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 6
    Chevron earnings 1Q18 vs. 4Q17 millions Upstream Downstream Other Opex / Other Special other items* Margins Exploration / CPChem Opex other 339 111 DD&A 180 Liftings -8 245 Realizations 175 180 305 3,638 3,111 FX*…
  7. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 7
    Worldwide net oil & gas production Net production MBOED 3,000 4 - 7% growth1 2018 growth drivers: without 2018 asset sales Wheatstone Train 2 start-up 2,800 Major capital project ramp-ups 2,728 2,852 Shale & tight growth…
  8. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 8
    Worldwide net oil & gas production 1Q18 vs. 1Q17 MBOED Base Base Shale & growth decline tight Asset Major sales 31 capital Entitlement projects -70 effects Gorgon, Wheatstone, and other 101 -61 Other major capital project…
  9. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 9
    Gorgon and Wheatstone LNG reliable operations 1Q18 net production o Gorgon 202 MBOED o Wheatstone 67 MBOED Shipped 69 LNG cargos* Shipped 4 condensate cargos* Wheatstone Train 2 first LNG expected in 2Q18 Wheatstone LNG…
  10. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 10
    Permian unconventional production Midland and Delaware Basin* Net MBOED 800 700 1Q production 252 MBOED up 600 100 MBOED from 1Q 2017 500 400 Operating 17 rigs 300 200 Transacted 25,000 acres for value 100 2015 2016 2017 2018…
  11. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 11
    Winning in the Permian Upstream Midstream Downstream Advantaged Optimize the value Market portfolio and of every barrel knowledge growing production and exposure Batching and blending Export capabilities 2018 Chevron…
  12. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 12
    Macro landscape Global crude oil supply & demand1 Million barrels per day 100 Supply gap of 42 mmbd Demand in IEA NPS Demand growth 80 and production 60 declines lead to 40 supply gap 20 2020 2030 2040 Global liquid…
  13. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 13
    Macro landscape - LNG Global LNG Supply & Demand MMTPA 600 500 Supply capacity Market (existing & under construction) Supply oversupply 400 opportunity in mid-term 300 Supply gap 200 Pacific basin developing next…
  14. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 14
    1Q 2018 results Cash flow Cash flow from operations excluding working capital* 7.1B Capital Capital & exploratory expenditures 4.4B Production 2.85 MBOED (up 4.5%) Permian 252 MBOED (up 100 MBOED) Dividend Increased…
  15. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 15
    questions answers 2018 Chevron Corporation 16
  16. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 16
    Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX 1Q17 2Q17 3Q17 4Q17 1Q18 Reported earnings (MM) Upstream 1,517 853 489 5,291 3,352 Downstream 926 1,195 1,814 1,279 728 All…
  17. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 17
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital MM 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17 4Q17 2017 1Q18 avg. avg. *Net Cash Provided by Operating 1,141 2,531 5,311 3,863 3,212…
  18. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 18
    Appendix: reconciliation of non-GAAP measures Free cash flow excluding working capital MM 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17 4Q17 2017 1Q18 avg. avg. *Net Cash Provided by Operating 1,141 2,531 5,311 3,863 3,212 3,777…
  19. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 19
    Appendix Worldwide net oil & gas production 1Q18 vs. 4Q17 MBOED Base Shale & growth / tight decline Entitlement effects Planned -13 turnarounds Major capital Other Wheatstone, Gorgon, and Hebron 53 -40 projects -13…
  20. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 20
    Appendix U.S. upstream earnings: 1Q18 vs. 4Q17 millions Liftings Other U.S. tax reform Absence of U.S. tax reform impacts DD&A 8/bbl increase in WTI 135 -150 Realizations Lower DD&A on reserve additions Impairment 180…
  21. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 21
    Appendix International upstream earnings: 1Q18 vs. 4Q17 millions Opex Other Liftings Exploration -28 6/bbl increase in Brent 145 Realizations 170 Gorgon and Wheatstone 200 ramp-up FX 480 134 2,704 1,603 4Q17 1Q18…
  22. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 22
    Appendix U.S. downstream earnings: 1Q18 vs. 4Q17 millions U.S. tax Absence of U.S. tax reform impacts reform Absence of Hurricane Harvey impacts Other Margins on CPChem CPChem 52 110 Improved West Coast refining margins…
  23. 1Q 2018 Earnings call Presentation – Chevron Corp – slide 23
    Appendix International downstream earnings: 1Q18 vs. 4Q17 millions Margins Volume Lower operating expenses Other Opex -40 -1 Improved Asia margins 70 FX 100 287 286 286 73 84 4Q17 1Q18 earnings earnings…

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