Barclays Global CEO Energy Power Conference Jeff Gustavson Vice President, Chevron North America Exploration & Production Mid-Continent September 4, 2019 2019 Chevron Corporation
Chevron offers a winning value proposition Disciplined financial priorities Competitive advantage Shareholder returns Maintain and grow dividend Strong free cash Unmatched flow balance sheet Fund capital program Advantaged 6%…
Diverse and advantaged upstream portfolio Kaybob Duvernay Asset class liquids rich shale & tight 68 BBOE of 6P resource* TCO legacy oil position Shale Appalachia t ht gas shale & tight San Joaquin Valley legacy heavy oil…
Five-year production guidance Net production at 60/bbl MMBOED Ratable growth -4% CAGR1 Lower 4-7% subsurface risk growth2 9 Minimal MCP execution risk 2018 2019 2021 2023 1 3-4% CAGR reflects 2018-2023. Includes…
Strong reserves replacement Five-year reserve replacement ratio Reser es t pr duct n rat 2013-2017 Years Reser es replacement through the price cycle Prudent and stable reserves to production Competitors: BP, RDS, TOT,…
Perm anb er res urce, better alue Qual t p s t n 2.2 million total net acres / 1.7 million unconventional net acres1 80% no or low royalty Res urce ncreased 5 BBOE in 2018 P rtf l alue ncreased X since 2017 1,600 add t nal l…
Perm an pr duct n On track th stead r c unt M dland and Dela are Bas n1 Net MBOED 2Q production 421 MBOED 1,000 up 151 MBOED from 2Q 2018 750 20% Production mix through 2023: 500 75% liquids 250 2016 2017 2018 2019…
Opt m z n the Perm an fact r Cap tal eff c ent execut n EUR per well (COOP) Development and production costs1 (COOP) 2,500 MBOE /BOE 2,000 15 1,500 Enhanc n EURs 10 1,000 5 C r n -up t len then laterals 500 2016 2017…
Str n Perm an f nanc al perf rmance Bu ld n a h h-return bus ness h le r n free cash fl Earn n s free cash fl 1 CFFO / C&E Return n cap tal empl ed billion after-tax % 2x 6 30% 4 20% 1x 2 10% 0% 2019 2020 2023 2019 2020…
Developing the Permian responsibly Renewables Emissions C mmun t Water 2019 Chevron Corporation 11
Positioned to win in any environment Advantaged portfolio delivers strong cash flow Unmatched balance sheet and low breakeven Disciplined, returns-driven capital allocation Superior cash returns to shareholders Chevron…
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