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3Q 2017 Earnings Conference Call – Chevron Corp

Chevron Corp · Oct 27, 2017 · 22 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. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 1
    Third quarter 2017 earnings conference call and webcast John Watson Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations October 27,…
  2. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 2
    Key messages Cash flow after dividends1 (including asset sales) billions 2.8 Growing free cash flow 1.0 Focused on Asset sales / (3.1) other improving returns Absence of (4.8) TCO loan Absence of TCO Loan Realizing value…
  3. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 3
    3Q17 financial highlights Earnings 2.0 billion Earnings per diluted share 1.03 Earnings / EPS excluding special items and FX* 1.6 billion / 0.85 Cash flow from operations / excluding working capital 5.4 billion / 4.9 billion…
  4. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 4
    1 3Q17 sources and uses of cash billions 3Q17 2017 YTD 2.8 cash flow after dividends2 3.8 cash flow after dividends2 10 24 0.3 0.6 20 8 4.2 16 4.9 2.3 6 0.9 12 6.1 4 2.0 8 5.4 14.3 2 9.8 3.2 4 0 0 Sources Uses…
  5. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 5
    Chevron earnings 3Q17 vs. 3Q16 millions Upstream Downstream Other Timing Liftings DD&A Margins effects Tax / Tax / Other other other Realizations -250 375 -70 Special -161 items* FX* 470 -560 244 165 -184 640 1,952…
  6. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 6
    Worldwide net oil & gas production 3Q17 vs. 3Q16 MBOED Base Base decline / growth other Planned turnarounds Asset Major Shale capital & tight 44 sales Gorgon and Angola LNG increase projects 54 -86 PSC effects Permian…
  7. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 7
    Worldwide net oil & gas production Net production 4-9% MBOED y-o-y growth without 2017 asset sales original guidance range* YTD asset sale impact 2,800 15 MBOED Updated guidance range 6-8% y-o-y growth without 2,600 2017 asset…
  8. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 8
    Gorgon / Wheatstone Gorgon Wheatstone 3Q 2017 production 400 MBOED* Announced first LNG October 9 Successfully executed Train 1 pit stop Expected Train 2 start-up 2Q 2018 Gorgon production* MBOED 500 400 300 200 100 0…
  9. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 9
    Permian production Midland and Delaware Basin* Net MBOED 500 Exceeding expectations 450 400 350 Effective new Basis of Design 300 250 Standing up 15th company 200 operated rig 150 100 Seeking further enhancements 50 through…
  10. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 10
    Permian strong returns 2017 new Basis of Design1 Cumulative AT cash flow for 2017 unconventional pads1 EUR - 1.9 MMBOE2 Development cost - 6 / BOE Cash flow Operating cost - 5 / BOE G&A - 3 / BOE Net realization3 - 33 / BOE…
  11. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 11
    Spend reductions Total capital & exploratory Opex and SG&A Quarterly Quarterly billions 2017 C&E billions Quarterly avg. 56% below 2014 avg. 12 Total YTD C&E 13.4B 8 Cash YTD C&E 10.1B 10 2017 full year forecast C&E…
  12. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 12
    Asset sales program Proceeds billions (before-tax) 10 Within 5-10 billion target range 2016-2017 proceeds 7.7 Retaining 2017 YTD asset sales Bangladesh asset Indonesia geothermal Canada refining & fuels marketing Southern…
  13. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 13
    Closing 7.8 year Total Shareholder Return1 Focused on the shareholder (1/1/10 10/19/17) S&P 500 Peer-leading TSR CVX leads peer group in TSR 30 years consecutive increase in annual dividend payment 20 billion share repurchases2…
  14. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 14
    questions answers 2017 Chevron Corporation 15
  15. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 15
    Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX 3Q16 4Q16 1Q17 2Q17 3Q17 Reported earnings (MM) Upstream 454 930 1,517 853 489 Downstream 1,065 357 926 1,195 1,814 All…
  16. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 16
    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 3Q17 Year Year 2015 2016 Cash and cash equivalents 12,785 12,675…
  17. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 17
    Appendix Chevron earnings: 3Q17 vs. 2Q17 millions Upstream Downstream Other Special DD&A / items* FX* Tax / opex Realizations Other Timing other effects Other -115 Margins Chemicals -300 230 -114 144 87 -245 -80 170 725…
  18. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 18
    Appendix Worldwide net oil & gas production 3Q17 vs. 2Q17 MBOED Base Major decline / capital Shale & growth Planned Gorgon ramp-up projects tight turnaround 3Q17 Asset sales Permian growth 8 External / 33 -21 natural Planned…
  19. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 19
    Appendix U.S. upstream earnings: 3Q17 vs. 2Q17 millions Absence of 2Q17 GOM impairments Absence of Absence of impairments asset sales Absence of 2Q17 sale of San Juan Basin and GOM shelf properties Early rig termination fee…
  20. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 20
    Appendix International upstream earnings: 3Q17 vs. 2Q17 millions 2/bbl increase in Brent Project write-off Depreciation catch-up in Realizations DD&A Bangladesh FX Absence of impairments Liftings Taxes / -220 other -205…
  21. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 21
    Appendix U.S. downstream earnings: 3Q17 vs. 2Q17 millions Margins Chemicals Timing Higher refining margins effects Other Lower chemicals earnings due to -80 125 Hurricane Harvey impacts -50 11 634 640 2Q17 3Q17…
  22. 3Q 2017 Earnings Conference Call – Chevron Corp – slide 22
    Appendix International downstream earnings: 3Q17 vs. 2Q17 millions Timing Asset Margins effects sale Other 3Q17 gain on sale of Canadian 45 refining and fuels marketing business -195 88 Higher refining margins Swing in timing…

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