Second quarter 2018 earnings conference call and webcast Jay Johnson Executive Vice President, Upstream Pat Yarrington Vice President and Chief Financial Officer Wayne Borduin General Manager, Investor Relations July 27,…
2Q18 financial highlights Earnings 3.4 billion Earnings per diluted share 1.78 Earnings / EPS (excluding special items and FX)1 3.4 billion / 1.78 Cash flow from operations / excluding working capital1 6.9 billion / 7.0…
2018 cash flow excluding working capital Cash flow from operations excluding working capital* billions 8 Non-cash receivable write-down 0.3B Discretionary pension Delivering 2018 cash contribution 0.3B generation in line 6…
Initiate share repurchase 3Q18 Historical total shareholder distributions billions Maintain and grow dividend 4% increase in 1Q18 9 Fund capital program Disciplined and on track 6 Strong balance sheet Average through…
Portfolio optimization Asset sale proceeds billions (before tax) Target 2018 YTD: 0.7 billion* 510 Elk Hills 10 Democratic Republic of the Congo Axis Title Public domain 5 Southern Africa downstream Divestment…
Chevron earnings 2Q18 vs. 2Q17 millions Upstream Downstream Other Opex / Liftings other Timing Interest Realizations Opex CPChem / expense / effects Margins other other 235 -124 -155 -150 -115 22 -196 FX* 3,409…
Chevron earnings 2Q18 vs. 1Q18 millions Upstream Downstream Other Realizations DD&A Tax / Opex / Special Opex Volumes other items* other Margins Other FX* -210 -145 115 115 -153 470 -119 -150 136 -288 3,638 3,409…
Worldwide net oil & gas production 2Q18 vs. 2Q17 MBOED Base Base Shale & growth decline tight Wheatstone, Gorgon, and other Asset Major 23 sales major capital project ramp-ups capital projects -74 Entitlement Permian growth…
Worldwide net oil & gas production Net production MBOED 2Q production 2,826 MBOED 3,000 4 - 7% growth* 2Q production impacts: excluding the impact of 2018 asset sales Turnarounds (67) MBOED 2,900 Asset sales (15) MBOED 2,800 2nd…
Gorgon and Wheatstone Five LNG trains in operation Wheatstone Train 2 first LNG June 15 Gorgon Train 2 pit stop completed as planned Gorgon and Wheatstone combined net production: 2Q18: 282 MBOED Wheatstone 2018…
FGP / WPMP Progressing toward first production in 2022 Overall project 40% complete Pipe-racks and modules in transit from Kazakhstan, Korea, and Italy 6 pipe-rack modules delivered to site 3 drilling rigs in operation…
Permian production Midland and Delaware Basin* Net MBOED 800 2Q production 270 MBOED 700 Up 92 MBOED from 2Q 2017 600 500 400 Operating 19 rigs 300 200 Maintaining disciplined, capital 100 efficient development strategy 2015…
Industry leading Permian position Coring up acreage 80% acreage no or low royalty Enhancing value with transactions Improving capital efficiency & focus Increased average lateral length per well by 35% since 2016 2018…
Permian takeaway capacity Midstream business Cumulative firm transport capacity of 100% of operated + non-operated take- in-kind crude production through 2019 50 MBD in excess crude oil takeaway capacity in June Firm dock…
2018 results Cash flow Cash generation in line with guidance Capital Capital & exploratory expenditures at 9B mid-year Total Trending to upper-end of guidance production Permian Ahead of guidance production Dividend…
questions answers 2018 Chevron Corporation 17
Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX 2Q17 3Q17 4Q17 1Q18 2Q18 Reported earnings (MM) Upstream 853 489 5,291 3,352 3,295 Downstream 1,195 1,814 1,279 728 838 All…
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital MM 1Q18 2Q18 Net Cash Provided by Operating Activities 5,043 6,855 Net Decrease (Increase) in Operating Working Capital (2,104)…
Appendix Worldwide net oil & gas production 2Q18 vs. 1Q18 MBOED Base Downtime / growth / turnaround Shale & decline activity Major capital tight Wheatstone, Sonam, and Hebron projects 7 Asset ramp-up 13 sales Entitlement…
Appendix U.S. upstream earnings: 2Q18 vs. 1Q18 millions Realizations DD&A Absence of 1Q asset impairment Absence of Other impairment 5/bbl increase in WTI -85 45 110 Higher DD&A primarily due to an 120 asset impairment…
Appendix International upstream earnings: 2Q18 vs. 1Q18 millions Realizations DD&A Non-recurring receivable write- Opex 7/bbl increase in Brent down -130 Exploration Tax / offset by lower margin capture other FX -120 -50…
Appendix U.S. downstream earnings: 2Q18 vs. 1Q18 millions Volumes Other Higher West Coast refining and marketing margins Margins 90 -65 Absence of planned 1Q West Coast turnarounds Higher environmental reserves 190 657…
Appendix International downstream earnings: 2Q18 vs. 1Q18 millions FX Margins Lower Asia margins 33 Timing Unfavorable inventory effects effects -75 Other -45 -18 286 181 181 1Q18 2Q18 earnings earnings 2018…
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