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2019 Security Analyst Meeting Upstream – Chevron Corp

Chevron Corp · Mar 5, 2019 · 28 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. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 1
    Upstream overview Jay Johnson Executive Vice President 2019 Chevron Corporation
  2. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 2
    Diverse and advantaged portfolio Kaybob Duvernay Asset class liquids rich shale & tight 68 BBOE of 6P resource TCO legacy oil position Shale & Appalachia tight gas shale & tight San Joaquin Valley legacy heavy oil Gulf of…
  3. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 3
    Industry leading performance Upstream C&E Production cost billions /BOE 30 40 Capital 20 20 discipline 10 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Growing Chevron Competitors: BP, RDS, TOT, XOM Production…
  4. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 4
    Growing reserves and resources Reserves Resources 5-year reserve replacement 10-year resource replenishment BBOE BBOE 6.1 12.1 136% RRR 22.6 67.8 11.2 in 2018 63.2 117% RRR (9.8) five-year (8.2) (4.9) (0.3) 147%…
  5. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 5
    Permianbigger resource, better value Quality position 2.2 million total net acres / 1.7 million unconventional net acres 80% no or low royalty Portfolio value increased 2X since 2017 Resource increased 5 BBOE in 2018 1,600…
  6. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 6
    Driving value in the Permian Production versus type curves Development & production costs Average well cumulative production /BOE 30 Delaware Basin 2018 EUR 2.0 MMBOE Well performance increasing & predictable 40% 20 decrease…
  7. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 7
    Outperformance resets expectations Midland and Delaware Basin Net MBOED Focused on returns 1,000 750 900 MBOED in 2023 20 operated rigs 500 7-10 net NOJV rigs 250 Cash flow positive 2015 2016 2017 2018 2019 2020…
  8. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 8
    Other emerging shale & tight assets Argentina Canada Appalachia Loma Campana Duvernay Marcellus / Utica 48,000 net acres 215,000 net acres 890,000 net acres 0.4 BBOE resource 1.4 BBOE resource 2.4 BBOE resource EUR 1.0 MMBOE/well…
  9. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 9
    TCO 2019 Chevron Corporation 9
  10. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 10
    FGP/WPMP progressing towards first oil On track for first oil in 2022 2019 focus: Module fabrication Construction productivity Energize core substation Commission gathering system 2019 Chevron Corporation 10
  11. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 11
    Capital efficient resource monetization in Australia Perth Gorgon & Wheatstone Maintain production reliability in 4Q 2018 NWS LNG PLANT 400 MBOED THIRD PARTY LNG PLANT Increase GORGON capacity LNG PLANT 50 TCF…
  12. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 12
    Advancing our deepwater Gulf of Mexico portfolio Chevron deepwater assets Chevron deepwater assets Chevron deepwater assets Chevron deepwater leases Chevron leases acquired in 2018 Producing assets and 2018 projects under…
  13. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 13
    Positioned for organic growth with lower risk New production at 60/bbl MBOED New MCPs 1,500 MCPs in 1,250 execution 1.5 MMBOED 1,000 Other shale & tight by year-end 2023 750 500 Permian Primarily lower risk and…
  14. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 14
    Five-year production guidance Net production at 60/bbl MMBOED Ratable growth 3-4% CAGR Lower 4-7% subsurface risk 2.93 Minimal MCP execution risk 2018 2019 2021 2023 3-4% CAGR reflects 2018-2023. Includes the effect…
  15. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 15
    High return new investments Returns on new investments 60 Weighted average IRR (%) 40 Superior portfolio 20 Industry leading returns 0 0 50 100 150 Capital spend 2019-2035 ( billion) Competitors: BP, RDS, TOT, XOM…
  16. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 16
    Delivering results Sustainable portfolio Ratable C&E Lower-risk, short-cycle production growth Industry leading returns Growing cash flow 2019 Chevron Corporation 16
  17. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 17
    Upstream appendix Vaca Muerta / Kaybob Duvernay / Appalachia 2019 Chevron Corporation 17
  18. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 18
    Vaca Muerta Quality position Loma Campana 210,000 net acres 48,000 net acres 0.4 BBOE resource El Trapial in Loma Campana EUR 1.0 MMBOE/well Narambuena Average well length 7,500 ft Loma del Molle Norte Three prospective…
  19. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 19
    Loma Campana performance Vaca Muerta EUR per well Development costs MBOE /BOE 1,200 Three shale and tight 800 benches 20 400 15 2016 2017 2018 Well EUR increased 80% Well lateral length increased 50% Average lateral length…
  20. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 20
    El Trapial Vaca Muerta 94,000 net acres Legacy acreage from conventional field Three shale and tight benches proven through exploration Eight-well pilot 1,200 potential well locations See Appendix: slide notes for…
  21. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 21
    Narambuena Vaca Muerta 25,000 net acres Three shale and tight benches proven through exploration Four-well pilot 600 potential well locations Adjacent to El Trapial See Appendix: slide notes for definitions, source…
  22. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 22
    Loma del Molle Norte Vaca Muerta 43,000 net acres Acreage acquired in 2017 Exploration planned 150 potential well locations Adjacent to El Trapial See Appendix: slide notes for definitions, source information, calculations,…
  23. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 23
    Kaybob Duvernay Quality position Well performance 215,000 net acres 1.4 BBOE resource EUR 1.7 MMBOE/well Oil Average well length 8,300 ft Liquids value driven Development costs 9/BOE Gas 50% liquids 40-45 wells 1,500…
  24. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 24
    Kaybob Duvernay performance EUR per well Development costs MBOE /BOE 2,000 1,500 15 1,000 215,000 net acres 500 2016 2017 2018 10 Well EUR increased 70% Average lateral length Feet 10,000 Well lateral length increased 20%…
  25. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 25
    Kaybob Duvernay development Began development drilling in 2018 Scalable based on market conditions Flexible commercial infrastructure model Local condensate market due to oil sands diluent demand 8 Well pilot underway 2019…
  26. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 26
    Appalachia Quality position Well performance 890,000 net acres 2.4 BBOE resource EUR 2.6 MMBOE/well Average well length 8,600-10,000 ft Two shale and Wet tight benches Development costs 4.20- 5.70/BOE gas Dry Exploration…
  27. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 27
    Appalachia performance EUR per well Development costs 3,000 MBOE /BOE 10 2,000 1,000 Asset optimization with factory restart 2016 2019 est Wet gas Dry gas Well EUR increase 60% 5 Average lateral length Feet Lateral length…
  28. 2019 Security Analyst Meeting Upstream – Chevron Corp – slide 28
    Appalachia development Pipeline infrastructure build out improving price differentials vs. Henry Hub Re-started development drilling in 2018 New basis of design with: Longer laterals Improved frac efficiency Higher density…

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