Fourth quarter 2018 earnings conference call and webcast Mike Wirth Chairman and Chief Executive Officer Pat Yarrington Vice President and Chief Financial Officer Wayne Borduin General Manager, Investor Relations February 1,…
Winning in any environment 2018 performance Grew production Grow production Returns-driven & sustain margins capital allocation Grew upstream cash margin Improved CFFO ROCE* Lower our cost structure Lowered unit costs…
Delivering on all four financial priorities 2018 vs. 2017 billions Four financial priorities 2 1 Maintain and grow dividend CFFO Working Cash ex WC capital capex 2 Fund capital program -0.7 3 Strong balance sheet 4 Return…
Financial highlights 4Q18 2018 Earnings 3.7 billion 14.8 billion Earnings per diluted share 1.95 7.74 Earnings / EPS (excluding special items and FX)1 3.7 billion / 1.95 15.5 billion / 8.07 Cash flow from operations / excl. working…
Chevron earnings 2018 vs. 2017 millions Upstream Downstream Other Taxes / Liftings Timing Chemicals / Tax / other Volumes other other Opex effects -395 -440 -290 310 328 Realizations -746 2,530 Special items* 14,824…
Worldwide net oil & gas production 2018 vs. 2017 MBOED Base Shale growth / & tight decline Asset sales* Entitlement Major -19 effects Planned capital projects -50 turnarounds Other + Wheatstone and Gorgon -46 132 -26 -16 +…
2018 reserves Replacing reserves while growing production 1 year reserve replacement Billion BOE Reserve Significant reserve 13 replacement additions in 2018: ratio Permian 136% 12 1 year Marcellus / Utica 11 Duvernay…
Disciplined C&E program Total capital & exploratory expenditures billions Flat with 2018 20.1 20 2.0 Increases in shale & tight 4.3 Low execution risk 0.9 1.6 3.6 5.1 70% of spend delivers 2.5 cash within 2 years 2018 *…
Portfolio optimization Progress on track Asset sale proceeds billions (before tax) Target 510 10 Divestment criteria Public domain Strategic alignment Azerbaijan Resource potential U.K. Central Relative economics Axis…
Permian production Exceeding guidance Midland and Delaware Basin* Net MBOED 4Q production 377 MBOED 800 up 84% from 4Q17 700 600 Annual production 310 MBOED 500 up 71% from 2017 400 Transacted 150,000 acres 300 in 2017 and 2018…
Gorgon / Wheatstone Strong performance Net production MBOED 400 4Q18 net production Gorgon 223 MBOED 300 Wheatstone 171 MBOED 200 Wheatstone domestic gas Fully commissioned 100 First sales expected imminently Production…
2019 production outlook Net production MBOED 4 7% growth excluding the impact of 3,200 2019 asset sales Growth 3,100 Shale & tight 3,000 Wheatstone 2,900 2,800 Uncertainties 2,700 2,930 External events NOJV activity levels…
Pasadena refinery acquisition Scope 110 MBD Houston Ship Channel terminal 5.6 million barrels storage 143 acres vacant land Explorer Pipeline Strategic fit Colonial Pipeline Pascagoula Permian Enhances light crude processing…
Looking ahead 1Q 2019 outlook Upstream Full year 2019 production 4-7% growth from 2018 (excluding asset sales) TCO co-lending Downstream Low refinery turnaround activity Corporate Full year cash flow headwinds guidance of…
Winning in any environment Advantaged portfolio Capital discipline Lower execution risk Strong balance sheet Free cash flow 2019 Chevron Corporation 17
questions answers 2019 Chevron Corporation 18
Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX FY 2017 1Q18 2Q18 3Q18 4Q18 FY 2018 Reported earnings (MM) Upstream 8,150 3,352 3,295 3,379 3,290 13,316 Downstream 5,214…
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital MM 2016 FY 2016 2017 FY 2017 1Q18 2Q18 3Q18 4Q18 2018 FY 2018 quarterly quarterly quarterly avg. avg. avg. *Net Cash Provided by…
Appendix Worldwide net oil & gas production 4Q18 vs. 3Q18 MBOED Base Major Entitlement growth / capital Other effects decline Shale & projects Absence of tight 14 -8 20 + Primarily absence of 3Q planned turnarounds 20 Angola…
Appendix Chevron earnings: 4Q18 vs. 3Q18 millions Upstream Downstream Other Liftings Realizations Special FX* items* 185 Timing Opex effects Volumes 319 DD&A Opex 310 -745 Other Chemicals Other Tax Other -235 -155 -200 -46…
Appendix U.S. upstream earnings: 4Q18 vs. 3Q18 millions Absence of project Liftings Realizations write-off 70 DD&A Permian production growth -265 Opex 10/bbl decrease in WTI -110 Other -75 -34 550 964 964 828…
Appendix International upstream earnings: 4Q18 vs. 3Q18 millions Special Liftings Realizations FX items Higher production partially 115 110 Opex offset by underlift position Exploration / DD&A 294 -480 -140 other 6/bbl…
Appendix U.S. downstream earnings: 4Q18 vs. 3Q18 millions Timing Opex Higher planned turnaround activity effects for refineries and CPChem, in line with guidance Volumes 135 -185 Lower refining margins partially Margins…
Appendix International downstream earnings: 4Q18 vs. 3Q18 millions Margins Volumes Favorable inventory timing effects Absence of asset Other Higher marketing margins Timing -70 sale effects Lower volumes due to absence of…
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