Fourth quarter 2017 earnings conference call and webcast Mike Wirth Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Frank Mount General Manager, Investor Relations February 2,…
2017 commitments Cash flow Cash balanced without asset sales Capital budget Capital spend below 19.8 B budget Costs Opex down 1.1 B from 2016 Production Annual production growth of 5% Asset sales 2016-2017 asset sale…
Cash flow growth Cash flow including asset sales before dividends* billions 15 Lower capex & opex Includes 6 B Asset in asset sales sales 10 guidance 5.2 B 5 New production Includes 2.8 B in asset sales 0 2016 2016…
Financial highlights 4Q17 2017 Earnings 3.1 billion 9.2 billion Earnings per diluted share 1.64 4.85 Earnings / EPS excluding special items, tax 1.4 billion / 0.72 7.0 billion / 3.70 reform and FX* Cash flow from operations…
Chevron earnings 2017 vs. 2016 millions Upstream Downstream Other DD&A Tax / Opex Margins Volume CPChem Liftings Other other Other 455 -115 -70 -41 Realizations 615 -183 -1,085 365 1,255 Special items* FX* 9,195…
4Q 2017 earnings impacts Excluding special items, tax reform and foreign exchange* Upstream + Strong performance Downstream Hurricane impacts CPChem Pascagoula West coast margins Timing effects Corporate Tax accruals…
Worldwide net oil & gas production 2017 vs. 2016 MBOED Base Base Shale growth decline 5% growth1 & tight Major Planned PSC capital turnarounds 47 effects projects Asset 46 -92 sales2 34 + Gorgon, Angola LNG and -68 Other…
Reserves Reserve 5 year reserves replacement history replacement Billion BOE ratio 5.4 11.7 155% 11.3 Significant reserve additions from: 1 year Permian 107% 5 year Other shale & tight (4.8) (0.3) Gorgon project Gulf of…
Spend reductions Total capital & exploratory1 Opex and SG&A2 Annual Annual billions billions 2017 C&E 40 53% decrease from 2014 30 C&E 18.8 B Cash C&E 14.1 B 30 20 25 2017 Opex 20% decrease from 2014 10 2017 Opex and SG&A…
Gorgon / Wheatstone Four LNG trains producing at year-end 2017 Gorgon* Wheatstone* 4Q17 production 363 MBOED 4Q17 production 32 MBOED Successfully executed pit stops January production 86 MBOED January production 449 MBOED Expect…
Permian production Midland and Delaware Basin1 Net MBOED 500 450 400 4Q production 205 MBOED 35% annual 350 production growth2 300 2017 production 181 MBOED 250 200 150 16 company operated rigs3 100 with 50 6 pressure pumping…
Permian transactions Net working interest acres Midland and Delaware Basin Original Chevron acres transacted (thousands)* 160 140 120 Transacted 60,000 acres in 2017 100 80 2017 transactions enabled nearly 60 600 additional long…
2018 production outlook Net production 4 - 7% growth MBOED without 2018 asset sales Other 2017 MCPs asset Base Shale sales Other decline & tight 2018 uncertainties Gorgon & Wheatstone MCP start-ups & ramp-ups Base decline…
Current events Exploration Ballymore Whale Mexico Block 22 Big Foot tension-leg platform sail away CPChem ethane cracker in commissioning U.S. tax reform 2018 Chevron Corporation 16
Winning in any environment Capital discipline Cost discipline Optimize portfolio Grow cash flow Deliver shareholder value 2018 Chevron Corporation 17
questions answers 2018 Chevron Corporation 18
Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX FY 2016 1Q17 2Q17 3Q17 4Q17 FY 2017 Reported earnings (MM) Upstream (2,537) 1,517 853 489 5,291 8,150 Downstream 3,435 926…
Appendix: reconciliation of non-GAAP measures Cash flow including asset sales before dividends(1) MM 1Q16 2Q16 3Q16 4Q16 Full 1Q17 2Q17 3Q17 4Q17 Full Year Year 2016 2017 Cash and cash equivalents 8,562 8,764 7,351 6,988 6,983…
Appendix Worldwide net oil & gas production 4Q17 vs. 3Q17 MBOED Base Shale & growth / tight decline Major capital Asset projects sales Absence of 3Q planned TCO and Planned 17 -18 Other U.K. turnarounds turnarounds 19 -14…
Appendix Chevron earnings: 4Q17 vs. 3Q17 millions Upstream Downstream Other DD&A Other Margins Realizations 7 CPChem 270 Volume Special Other Tax Interest items* FX* -540 expense -150 Other -145 -108 16 825 -212 -115…
Appendix U.S. upstream earnings: 4Q17 vs. 3Q17 millions Opex Other U.S. Realizations U.S. tax reform impacts tax reform 80 44 260 7/bbl increase in WTI 3,688 -26 3,330 3Q17 4Q17 earnings earnings 2018 Chevron…
Appendix International upstream earnings: 4Q17 vs. 3Q17 millions DD&A Other 9/bbl increase in Brent Realizations -137 Absence of depreciation 290 catch-up in Bangladesh Absence of project FX write-off 565 1,603 150…
Appendix U.S. downstream earnings: 4Q17 vs. 3Q17 millions U.S. tax reform Margins U.S. tax reform impacts CPChem / Hurricane Mainly lower West Coast refining Harvey Hurricane margins Nate -340 Other Hurricane impacts -150…
Appendix International downstream earnings: 4Q17 vs. 3Q17 millions Absence of asset sale Absence of impacts from 3Q17 Canadian refining and fuels marketing Gain on sale Volumes Lower Asia refining margins 1,174 FX Margins…
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