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4Q 2016 Earnings Conference Call – Chevron Corp

Chevron Corp · Jan 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. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 1
    Fourth quarter 2016 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 January 27,…
  2. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 2
    2016 key messages 1 Priority unchanged Maintain and grow dividend Delivering on our commitments Finishing projects under construction Reducing capital spend Lowering operating expenses Completing asset sales Operating…
  3. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 3
    Total shareholder return CVX leads peer group in TSR for 1, 3, 5, 7, 10 and 20 year periods Total Stockholder Return as of 12/31/16 1-Year 10-Year S&P 500 S&P 500 36.4% 28.5% 27.9% 20.1% 19.8% 8.6% 4.3% 2.9% 1.8%…
  4. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 4
    Financial highlights 4Q16 2016 Earnings 0.4 billion (0.5) billion Earnings per diluted share 0.22 (0.27) Earnings / EPS excluding special items and FX* 0.4 billion / 0.21 1.8 billion / 0.94 Cash flow from operations 3.9 billion…
  5. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 5
    (1) Sources and uses of cash billions 4Q16 2016 8 30 0.2 2.0 25 0.9 6 2.8 8.0 0.5 20 2.0 0.6 7.5 4 0.5 15 10 18.1 2 3.9 4.0 12.8 5 0 0 Sources Uses Sources Uses (2) Sources of cash: Cash flow from operations Net…
  6. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 6
    Chevron earnings 2016 vs. 2015 millions Special items* Upstream Downstream Other FX* -515 Realizations -711 Other Margins Exploration 4,587 347 Opex 1,070 Opex Other Other -3,405 1,190 -2,620 290 -497 -434 -296…
  7. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 7
    Chevron earnings 4Q16 vs. 3Q16 millions Upstream Downstream Other Other Margins Timing Liftings effects Special Opex items* Realizations 245 -215 Volume Tax / FX* -195 Other other 250 -185 -290 -140 -30 -46 350 1,283…
  8. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 8
    Spend reductions Total capital & exploratory OPEX and SG&A billions billions 45 35 40 Investment priorities 30 35 Safe, reliable operations 30 Complete projects in-flight 25 25 22.4 17 - 22 Short-cycle, high return 20 19.8 20…
  9. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 9
    Worldwide net oil & gas production 2016 vs. 2015 MBOED Base Base investment decline Gorgon, Jack / St. Malo, Angola Shale LNG and Chuandongbei ramp-up & tight Major External capital 40 events Permian, Marcellus and Duvernay…
  10. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 10
    2017 production outlook Net production* MBOED 4-9% growth Estimated impact of 2017 without 2017 asset sales asset sales in 2017 Shale uncertainties 50-100 MBOED 2016 & tight Other asset Base MCPs sales decline Gorgon &…
  11. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 11
    Asset sales and Upstream cash margin Proceeds Cash margin growth* billions (before tax) Percentage of total net production MMBOED 10 Divestment criteria Strategic fit Unable to compete for capital Target Receive fair value 5…
  12. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 12
    Reserves Reserve replacement 5 year reserves replacement ratio ratio Billions of barrels of oil-equivalent 11.2 4.9 11.1 95% 1 year (108% excluding asset sales) (4.7) (0.3) 98% 5 year (104% excluding asset sales) 2011…
  13. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 13
    Gorgon / Wheatstone Gorgon Wheatstone 39 cargos shipped to date All modules installed Trains 1 + 2 rate stable at Train 1 first LNG expected mid-2017 200 MBOED* Train 2 first LNG expected 6-8 months Domestic gas supply 130 MMCFD…
  14. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 14
    Permian unconventional growth Net production1 Midland & Delaware MBOED Results continue ahead of 400 expectations 350 300 Accelerating growth 250 200 150 Capital efficient 100 development for returns 50 0 2015 2016…
  15. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 15
    questions answers 2017 Chevron Corporation 16
  16. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 16
    Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX FY 2015 1Q16 2Q16 3Q16 4Q16 FY 2016 Reported earnings (MM) Upstream (1,961) (1,459) (2,462) 454 930 (2,537) Downstream 7,601…
  17. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 17
    Appendix Worldwide net oil & gas production 4Q16 vs. 3Q16 MBOED Net turnaround Base / activity and less downtime other Gorgon, Angola LNG, Alder, and Major capital 12 Bangka ramp-up projects 73 Net 3Q Tengiz and 4Q Agbami…
  18. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 18
    Appendix Chevron earnings 4Q16 vs. 4Q15 millions Upstream Downstream Other Exploration Other Margins Opex -4 360 Tax / Realizations Other other 335 -665 Special -87 items* FX* -20 560 -601 415 -588 4Q15 1,125 4Q16…
  19. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 19
    Appendix U.S. upstream earnings: 4Q16 vs. 3Q16 millions 4/bbl increase in WTI Other Exploration 121 Opex 98 35 Realizations -212 95 105 3Q16 4Q16 earnings earnings 2017 Chevron Corporation 20
  20. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 20
    Appendix International upstream earnings: 4Q16 vs. 3Q16 millions Absence of U.K. tax rate change Other and Ecuador arbitration award U.K. / Ecuador Realizations Increased TCO volumes 153 3/bbl increase in Brent Liftings…
  21. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 21
    Appendix U.S. downstream earnings: 4Q16 vs. 3Q16 millions Lower volumes and higher Volume operating expenses from completed 4Q Richmond planned turnaround Opex -150 Swing in inventory timing effects Timing 523 effects…
  22. 4Q 2016 Earnings Conference Call – Chevron Corp – slide 22
    Appendix International downstream earnings: 4Q16 vs. 3Q16 millions Margins Lower Asia margins Timing Swing in inventory timing effects effects -140 Other -75 30 542 357 3Q16 4Q16 earnings earnings 2017 Chevron…

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