Second quarter 2019 earnings conference call and webcast Jay Johnson Executive Vice President, Upstream Pierre Breber Vice President and Chief Financial Officer Wayne Borduin General Manager, Investor Relations August 2,…
Financial highlights 2Q19 Earnings 4.3 billion Earnings per diluted share 2.27 Earnings / EPS (excluding special items and FX)1 3.4 billion / 1.77 Cash flow from operations / excl. working capital1 8.8 billion / 7.9 billion…
Strong cash flow Cash flow from operations Free cash flow excluding excluding working capital* working capital* billions /BBL billions /BBL 8 80 6 80 In line with 6 60 2019 guidance 4 60 4 40 2Q YTD 2 40 CFFO ex WC…
Chevron earnings 2Q19 vs. 2Q18 millions Upstream Downstream Other Special Timing items* FX* Volumes / Realizations effects Margins Liftings Other other Other -250 8 200 -170 -86 79 -820 745 1,190 4,305 3,409 2Q18…
Chevron earnings 2Q19 vs. 1Q19 millions Upstream Downstream Other Opex / Taxes / Timing Margins volumes Other other DD&A effects Special Liftings Realizations Other -140 57 77 FX* 260 items* 75 -165 170 -90 340 152 920…
Worldwide net oil & gas production 2Q19 vs. 2Q18 MBOED Wheatstone Asset + Turnarounds / sales Base MCPs downtime 10 Other 13 -33 -16 + Permian growth Shale & tight + Wheatstone Train 2 123 + Hebron and Big Foot ramp-up -…
Worldwide net oil & gas production In line with guidance Net production MBOED 3,200 4 - 7% growth* 2Q production 3,084 MBOED excluding the impact of 2019 asset sales 2Q production impacts: 3,100 5% Turnarounds (41) MBOED 3,000…
Permian production On track with steady rig count Midland and Delaware Basin1 Net MBOED 2Q production 421 MBOED 1,000 up 151 MBOED from 2Q 2018 750 20% Production mix through 2023: 500 75% liquids 250 20%…
Optimizing the Permian factory Capital efficient execution EUR per well (COOP) Development and production costs1 MBOE (COOP) 2,500 /BOE 2,000 15 Enhancing EURs 1,500 10 1,000 5 500 Coring-up to lengthen laterals 2016 2017…
Strong Permian financial performance Building a high-return business while growing free cash flow Earnings & free cash flow1 CFFO / C&E Return on capital employed2 billion after-tax % 2x 6 30% 4 20% 1x 2 10% 0% 2019 2020 2023…
Advancing our Gulf of Mexico deepwater portfolio Attractive investment opportunities Chevron deepwater assets Exploration Chevron deepwater leases Producing assets and Blacktip discovery projects under development Petronius…
FGP/WPMP Project completion 65% On track for first oil in 2022 By the end of 2019: Main engineering complete Fabrication in three yards complete Gas turbine generators installed Pipe rack modules installed 70% of process…
Commercial highlights CPChem Portfolio Renewables U.S. Gulf Coast II Denmark Permian CPChem 51% / Closed sale Wind power Qatar Petroleum 49% purchase agreement UK Central North Sea Ras Laffan Signed sales agreement California…
Positioned to win in any environment Advantaged portfolio delivers Grow strong cash flow production & Returns-driven capital sustain allocation margins Strong balance sheet and low breakeven Lower our cost structure…
Looking ahead 3Q 2019 outlook Upstream Full year 2019 production 4-7% growth from 2018 (excluding asset sales) Higher turnarounds (100 MBOED) Gulf of Mexico hurricane impact TCO co-lending Downstream High refinery turnaround…
questions answers 2019 Chevron Corporation 17
Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX 2Q18 3Q18 4Q18 1Q19 2Q19 Reported earnings ( millions) Upstream 3,295 3,379 3,290 3,123 3,483 Downstream 838 1,373 859 252…
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow excluding working capital millions FY 2016 FY 2017 FY 2018 FY 2016 Quarterly FY 2017 Quarterly FY 2018 Quarterly 1Q19…
Appendix Worldwide net oil & gas production: 2Q19 vs. 1Q19 MBOED Shale & Asset MCPs sales Other tight Base + Permian growth 12 -28 33 -5 34 + Mainly Hebron ramp-up - Denmark and Frade asset sales 3,084 3,038 1Q19…
Appendix U.S. upstream earnings: 2Q19 vs. 1Q19 millions Liftings DD&A Realizations Other 60 -40 -22 Higher Gulf of Mexico & Permian crude realizations 150 Higher Permian production 896 748 1Q19 2Q19 earnings…
Appendix International upstream earnings: 2Q19 vs. 1Q19 millions Liftings Realizations Primarily higher liftings in DD&A FX -75 Australia 110 Opex Lower Australia LNG prices -125 Special Other Higher DD&A from increased…
Appendix U.S. downstream earnings: 2Q19 vs. 1Q19 millions Margins Opex Other Higher West Coast refining and CPChem marketing margins Timing effects 58 Higher opex primarily due to 50 higher planned turnarounds Absence of…
Appendix International downstream earnings: 2Q19 vs. 1Q19 millions Margins Other Absence of unfavorable 1Q19 Timing effects 10 -1 timing effects 264 FX 35 -40 260 1Q19 2Q19 earnings earnings 2019 Chevron…
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