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September 2019 Investor Presentation – Chevron Corp

Chevron Corp · Sep 11, 2019 · 86 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. September 2019 Investor Presentation – Chevron Corp – slide 1
    Chevron 2019 Investor Presentation September 2019 2019 Chevron Corporation
  2. September 2019 Investor Presentation – Chevron Corp – slide 2
    Corporate overview 2019 Chevron Corporation
  3. September 2019 Investor Presentation – Chevron Corp – slide 3
    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…
  4. September 2019 Investor Presentation – Chevron Corp – slide 4
    Leading operational excellence Oil spills to land or water2 Thousands of barrels Industry leading Process safety workforce safety improvement CVX ranking relative to competitors Competitors: BP, RDS, XOM Days away from…
  5. September 2019 Investor Presentation – Chevron Corp – slide 5
    Growing demand for our products Global energy demand Global liquids demand MMBOED MMBD Supply gap 10 trillion 88MMBD Renewables & hydro Existing supply Decline with no investment Nuclear Coal Global petchem demand Million…
  6. September 2019 Investor Presentation – Chevron Corp – slide 6
    Advantaged portfolio a key differentiator Upstream Downstream & Chemicals Leading adjusted EPB 14.451 Leading adjusted EPB 2.661 7.4% production growth Highest complexity refinery system (NCI: 12.7) Unit production cost…
  7. September 2019 Investor Presentation – Chevron Corp – slide 7
    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…
  8. September 2019 Investor Presentation – Chevron Corp – slide 8
    2019 cash flow Cash flow from operations excluding Free cash flow excluding working working capital* capital* billions /BBL billions /BBL 8 80 6 80 In line with 2019 6 60 guidance 4 60 4 40 2Q YTD 2 40 CFFO ex WC 14.1B…
  9. September 2019 Investor Presentation – Chevron Corp – slide 9
    Commercial highlights CPChem Portfolio Renewables U.S. Gulf Coast II Denmark Permian CPChem 51% / Qatar Petroleum 49% Closed sale Wind power UK Central North Sea purchase agreement Ras Laffan Signed sales agreement California…
  10. September 2019 Investor Presentation – Chevron Corp – slide 10
    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…
  11. September 2019 Investor Presentation – Chevron Corp – slide 11
    Upside leverage and downside resilience Grow production Returns-driven & sustain margins capital allocation High Low price environment price environment Lower our cost structure Competitive dividend growth Competitive dividend…
  12. September 2019 Investor Presentation – Chevron Corp – slide 12
    Strong reserves replacement Five-year reserve replacement ratio Reserves to production ratio 2013-2017 Years Reserves replacement through the price cycle Prudent and stable reserves to production Competitors: BP, RDS,…
  13. September 2019 Investor Presentation – Chevron Corp – slide 13
    Permian value has more than doubled Permian resource1 Permian unconventional portfolio value2 BBOE Resource 16.2 BBOE up from 9.3 BBOE +6.9 2X Value drivers Land optimization Well performance Technology 1 Netunrisked…
  14. September 2019 Investor Presentation – Chevron Corp – slide 14
    Portfolio high-grading continues Upstream assets1 Divestment criteria Strategic alignment San Joaquin Mature2 Denmark Valley Resource potential Relative economics U.K. Nigeria Central North Attractive value Azerbaijan…
  15. September 2019 Investor Presentation – Chevron Corp – slide 15
    Best positioned for price uncertainty Net debt ratio1 2019 cash flow breakeven2 2018 /bbl Brent Industry-leading 13.5% balance sheet 51 Lowest breakeven Brent volatility /bbl 150 100 50 Jan-08 Jan-10 Jan-12…
  16. September 2019 Investor Presentation – Chevron Corp – slide 16
    Disciplined and ratable C&E Total capital & exploratory expenditures1 billions Ratable 18-20 19-22 Short-cycle, 20 20 high return Low execution risk 70% of 2019 spend delivers cash flow within 2 years 2 1 Assumes…
  17. September 2019 Investor Presentation – Chevron Corp – slide 17
    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 *…
  18. September 2019 Investor Presentation – Chevron Corp – slide 18
    Efficient capital deployment generates superior returns Cash capex over CFFO1 CFFO ROCE2 at 60/bbl Average % 2018-2021 % 2017-2023 Price upside Low capital intensity Portfolio, cost & Margin other Improving returns…
  19. September 2019 Investor Presentation – Chevron Corp – slide 19
    Growing upstream cash generation Net production at 60/bbl Upstream cash margin2 at 60/bbl MMBOED /BOE Production growth 5-year: 3-4% CAGR1 Sustained cash margins 1 3-4% CAGR reflects 2018-2023. Includes the effect of expected…
  20. September 2019 Investor Presentation – Chevron Corp – slide 20
    2019 cash generation covers all financial priorities Sources and uses of cash1 in 2019 at 60/bbl billions Cash framework balanced…
  21. September 2019 Investor Presentation – Chevron Corp – slide 21
    Returning more cash to shareholders d 5-year average shareholder distributions as % of CFFO and asset sales 2009-2023 Returning Avg. Brent higher percentage of 60 cash flow to shareholders Avg. Brent 64 Avg. Brent 95…
  22. September 2019 Investor Presentation – Chevron Corp – slide 22
    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%…
  23. September 2019 Investor Presentation – Chevron Corp – slide 23
    Upstream overview 2019 Chevron Corporation
  24. September 2019 Investor Presentation – Chevron Corp – slide 24
    Diverse and advantaged portfolio Kaybob Duvernay Asset class liquids rich shale & tight 68 BBOE of 6P resource* TCO legacy oil position ae Appalachia ti t gas shale & tight San Joaquin Valley legacy heavy oil Gulf of…
  25. September 2019 Investor Presentation – Chevron Corp – slide 25
    Industry leadin performance Upstream C E Production cost1 billions /BOE 30 40 Capital 20 20 discipline 10 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 rowin Chevron Competitors: BP, RDS, TOT, XOM Production…
  26. September 2019 Investor Presentation – Chevron Corp – slide 26
    rowin reserves and resources Reserves1 Resources2 5-year reserve replacement 10-year resource replenishment BBOE BBOE 6.1 12.1 136% RRR 22.6 6 .8 11.2 in 2018 63.2 117% RRR (9.8) five-year 8.2 4.9 0.3 147%…
  27. September 2019 Investor Presentation – Chevron Corp – slide 27
    W ld de net l as duct n In l ne t u dance et duct n MBOED 3,200 4 - 7% t * 2Q duct n 3,084 MBOE excluding the impact of 2019 asset sales 2Q production impacts: 3,100 5% Turnarounds 1 MBOED growth 3,000 Asset sales 2 MBOED…
  28. September 2019 Investor Presentation – Chevron Corp – slide 28
    Pe m anb e es u ce, bette alue Quality position 2.2 million total net acres / 1.7 million unconventional net acres1 80% no or low royalty Portfolio value increased 2X2 since 2017 Resource increased 5 BBOE3 in 2018 1,600…
  29. September 2019 Investor Presentation – Chevron Corp – slide 29
    n alue n t e Pe m an Production versus type curves1 Development & production costs2 Average well cumulative production /BOE 30 ela a e Bas n 2018 EUR 2 0 MMBOE Well performance nc eas n ed ctable 40% 20 dec ease 0 6 12 18 24…
  30. September 2019 Investor Presentation – Chevron Corp – slide 30
    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 8 20%…
  31. September 2019 Investor Presentation – Chevron Corp – slide 31
    Optimizing the Permian factory Capital efficient execution EUR e ell (COOP) Development and production costs1 (COOP) 2,500 MBOE /BOE 2,000 15 1,500 Enhancing EURs 10 1,000 5 500 Coring-up to lengthen laterals 2016 2017…
  32. September 2019 Investor Presentation – Chevron Corp – slide 32
    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…
  33. September 2019 Investor Presentation – Chevron Corp – slide 33
    Other emerging shale & tight assets* Argentina Canada A alac a ma Cam ana Duvernay Ma cellus / Ut ca 8,000 net acres 215,000 net acres 890,000 net acres 0 BBOE resource 1.4 BBOE resource 2 BBOE resource EUR 1 0 MMBOE/well EUR 1.7…
  34. September 2019 Investor Presentation – Chevron Corp – slide 34
    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…
  35. September 2019 Investor Presentation – Chevron Corp – slide 35
    Ca tal eff c ent es u ce m net zat n n Aust al a Pe t Gorgon & Wheatstone1 Maintain production reliability in 4Q 2018 NWS LNG PLANT 400 MBOED THIRD PARTY LNG PLANT Increase GORGON capacity LNG PLANT 50 TCF Leverage W…
  36. September 2019 Investor Presentation – Chevron Corp – slide 36
    Advancing our Gulf of Mexico deepwater portfolio Attractive investment opportunities C e n dee ate assets Chevron deepwater leases Ex l at n Producing assets and projects under development Petronius Blacktip discovery Discoveries…
  37. September 2019 Investor Presentation – Chevron Corp – slide 37
    Positioned for organic growth with lower risk New production at 60/bbl* MBOED e MCPs MCPs in execution 1.5 MMBOE Other shale & tight by year-end 202 Pe m an P ma l l e sk and s t-c cle Ex st n MCP am -u s 2019 2020…
  38. September 2019 Investor Presentation – Chevron Corp – slide 38
    F e- ea duct n u dance Net production at 60/bbl MMBOED Ratable t 3-4% CAGR1 e 4-7% subsu face sk growth2 2.93 M n mal MCP execut n sk 2018 2019 2021 2023 1 - % CA R reflects 2018-202 Includes the effect of…
  39. September 2019 Investor Presentation – Chevron Corp – slide 39
    High return new investments Retu ns n ne n estments 60 Weighted average IRR % 40 Superior portfolio 20 Industry leading returns 0 0 50 100 150 Capital spend 2019-20 5 billion Competitors: BP, RDS, TOT, XOM Source: Wood…
  40. September 2019 Investor Presentation – Chevron Corp – slide 40
    el e n esults usta nable tf l Ratable C E e - sk, s t-c cle duct n t Indust lead n etu ns n cas fl 2019 Chevron Corporation 18
  41. September 2019 Investor Presentation – Chevron Corp – slide 41
    Upstream appendix Vaca Muerta / Kaybob Duvernay / Appalachia 2019 Chevron Corporation 19
  42. September 2019 Investor Presentation – Chevron Corp – slide 42
    Vaca Muerta Quality position Loma Campana 210,000 net acres1 48,000 net acres1 0.4 BBOE es u ce2 El Trapial in oma Campana EUR 1.0 MMBOE/well3 Narambuena Average well length 7,500 ft oma del Molle Norte T ee s ect e…
  43. September 2019 Investor Presentation – Chevron Corp – slide 43
    ma Cam ana e f mance Vaca Mue ta EUR e ell1 Development costs MBOE /BOE 1,200 Three shale and tight 800 benches 20 400 15 2016 2017 2018 Well EUR increased 80%2 Well lateral length increased 50%2 Average lateral length…
  44. September 2019 Investor Presentation – Chevron Corp – slide 44
    El T a al Vaca Mue ta 94,000 net acres1 Legacy acreage from conventional field Three shale and tight benches proven through exploration Eight-well pilot 1,200 potential well locations2 1 Net acres are net mineral acres 2…
  45. September 2019 Investor Presentation – Chevron Corp – slide 45
    a ambuena Vaca Mue ta 25,000 net acres1 Three shale and tight benches proven through exploration Four-well pilot 600 potential well locations2 Adjacent to El Trapial 1 Net acres are net mineral acres. 2 Gross well…
  46. September 2019 Investor Presentation – Chevron Corp – slide 46
    ma del M lle te Vaca Mue ta 43,000 net acres1 Acreage acquired in 2017 Exploration planned 150 potential well locations2 Adjacent to El Trapial 1 Net acres are net mineral acres 2 ross well locations at…
  47. September 2019 Investor Presentation – Chevron Corp – slide 47
    Kaybob Duvernay Qual t st n Well performance 215,000 net acres1 1.4 BBOE resource2 EUR 1.7 MMBOE/well3 Oil Average well length 8,300 ft Liquids value driven Development costs 9/BOE4 Gas 50% liquids 40-45 wells 1,500…
  48. September 2019 Investor Presentation – Chevron Corp – slide 48
    Ka b b u e na e f mance EUR per well1 Development costs MBOE /BOE 2,000 1,500 215,000 net ac es2 15 1,000 500 2016 2017 2018 10 Well EUR increased 0% Average lateral length Feet 10,000 Well lateral length increased 20%…
  49. September 2019 Investor Presentation – Chevron Corp – slide 49
    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 l t unde a 2019…
  50. September 2019 Investor Presentation – Chevron Corp – slide 50
    Appalachia Qual t st n Well e f mance 890,000 net acres1 2.4 BBOE resource2 EUR 2 6 MMBOE/well Average well length 8,600-10,000 ft Two shale and Wet tight benches Development costs 20- 5 0/BOE gas Dry Exploration upside 1,…
  51. September 2019 Investor Presentation – Chevron Corp – slide 51
    A alac a e f mance EUR per well1 e el ment c sts 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%2 5 Average lateral length Feet Lateral length…
  52. September 2019 Investor Presentation – Chevron Corp – slide 52
    A alac a de el ment 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…
  53. September 2019 Investor Presentation – Chevron Corp – slide 53
    Digital innovation drives business value Revenue Cost Reliability Safety Improve delivery Reduce costs Manage our global assets Improve safeguards of cash and earnings and increase efficiencies more reliably in high risk…
  54. September 2019 Investor Presentation – Chevron Corp – slide 54
    Investing in a broader energy portfolio Future GHG intensity Partnerships Renewables energy fund reduction Seed funds for Performance tied Collaborative industry efforts; In support of our breakthrough technologies to…
  55. September 2019 Investor Presentation – Chevron Corp – slide 55
    Results the right way TCFD-aligned report Human energy vision Robust At the heart of The Chevron Way is our vision to be the disclosure global energy company most admired for its people, partnership and performance.…
  56. September 2019 Investor Presentation – Chevron Corp – slide 56
    Chevron poised to deliver winning performance Advantaged Production growth Cash flow Return cash portfolio with low execution risk expansion to shareholders Increased Permian Grow 2018-2023 Updated C&E range of resources from…
  57. September 2019 Investor Presentation – Chevron Corp – slide 57
    Downstream & Chemicals 2019 Chevron Corporation
  58. September 2019 Investor Presentation – Chevron Corp – slide 58
    Downstream & chemicals portfolio Fuels refining & marketing* Petrochemicals Lubricants & additives Focused, Advantaged feed, Strategic positions serving regional optimization scale and technology global markets Refinery…
  59. September 2019 Investor Presentation – Chevron Corp – slide 59
    Strategy focused on leading returns Sustain world-class operational excellence Grow earnings across the value chain Target investments Lead the industry in returns 2019 Chevron Corporation 3
  60. September 2019 Investor Presentation – Chevron Corp – slide 60
    Strong financial performance Reported earnings Adjusted earnings per barrel1,2 billions /bbl 6 10 1 5 2.66 3 1 1 1 1 2014 2015 2016 2017 2018 15.3% 24.8% 13.0% 14.1% 13.8% 2014 2015 2016 2017 2018 Adjusted ROCE…
  61. September 2019 Investor Presentation – Chevron Corp – slide 61
    Global product demand Demand growth, 20192023 Compound annual growth rate Global economic Fuels LPG/Naphtha growth Distillate drives product demand Gasoline Petrochemicals Petrochemicals* Olefins grow faster than fuels…
  62. September 2019 Investor Presentation – Chevron Corp – slide 62
    Well positioned for IMO 2020 Conversion capacity and complexity Conversion to crude capacity ratio Nelson complexity index 100% 15 Conversion to crude capacity ratio Nelson complexity index Complex refiners 10 advantaged…
  63. September 2019 Investor Presentation – Chevron Corp – slide 63
    Major capital projects Evaluation / FEED Under construction Commission / start-up Chevron Phillips Chemical Co. Salt Lake refinery Richmond refinery USGC II ISOALKY plant Modernization Chevron Phillips Chemical Co. Oronite Middle…
  64. September 2019 Investor Presentation – Chevron Corp – slide 64
    Pasadena refinery acquisition Scope 110 MBD Houston Ship Channel terminal 5.6 MM bbls storage tanks 143 acres vacant land Explorer Pipeline Strategic fit Permian Colonial Pipeline Pascagoula Enables light crude processing…
  65. September 2019 Investor Presentation – Chevron Corp – slide 65
    Integrated fuels value chains U.S. West Coast U.S. Gulf Coast Asia Pacific 1 brand share in Western U.S. ALeading leadingbrand brandin inCentral CentralAmerica America Long-standing partnerships Growing retail in Mexico Top net…
  66. September 2019 Investor Presentation – Chevron Corp – slide 66
    Leading refinery performance1 Utilization Energy efficiency Net cash margin Percent Index Index 90% 120 35 2 1 1 2 5 4 1 2 4 2 2 2 2 2 1 70% 80 2008 2010 2012 2014 2016 2018 2008 2010 2012 2014 2016 2018 2008 2010…
  67. September 2019 Investor Presentation – Chevron Corp – slide 67
    Fuels marketing initiatives Americas Asia Mobile e-pay On track for 400 branded sites Plan to grow by up to 300 PayPal and Honda in Mexico by 2020 branded sites in partnerships in U.S. Southeast Asia by 2022 Mexico terminals…
  68. September 2019 Investor Presentation – Chevron Corp – slide 68
    Renewable fuels Integrated value chain Biojet SFO Sustainable Aviation Fuel New and emerging Biodiesel and technologies ethanol blending Carbon Engineering CO2 capture to low Modest investment Biofuels manufacturing carbon…
  69. September 2019 Investor Presentation – Chevron Corp – slide 69
    Advantaged petrochemicals portfolio Petrochemical capacity, 2019* Million metric tonnes per year 7 Texas Qatar Saudi Arabia North America Middle East Asia Pacific Olefins / Polyolefins Aromatics Olefins / Polyolefins…
  70. September 2019 Investor Presentation – Chevron Corp – slide 70
    Strong petrochemical market fundamentals Ethylene cash cost advantage, 20192023* Polyethylene demand growth, 2018 to 2030 per metric tonne kg per capita 60 500 U.S. 40 China EU 250 20 Population, million 2030 300…
  71. September 2019 Investor Presentation – Chevron Corp – slide 71
    Chevron Phillips Chemical performance Utilization Reported earnings* Percent billions 100% World class assets 4 Advantaged feedstock Proprietary technologies 2 High operating rates 80% Sustainability focus 2013 2014…
  72. September 2019 Investor Presentation – Chevron Corp – slide 72
    Lubricants and additives activities Renewable base oil Finished lubricants Additives Equity investment in Novvi LLC Delo, 67% of first fill trucks Portfolio to address IMO 2020 in North America Technology partnership Singapore…
  73. September 2019 Investor Presentation – Chevron Corp – slide 73
    Midstream overview 2019 Chevron Corporation
  74. September 2019 Investor Presentation – Chevron Corp – slide 74
    Permian value chain strategy Waha Spot sales Katy and Agua Dulce Term sales Maximize earnings Firm transportation Domestic demand Exports Residue gas for the enterprise Gas processing Advantaged commercial agreements plant…
  75. September 2019 Investor Presentation – Chevron Corp – slide 75
    Permian takeaway capacity Crude oil strategy Sufficient transport capacity of operated + non-operated take-in-kind production through 2019 New industry capacity expected to eliminate Midland to U.S. Gulf Coast bottlenecks by…
  76. September 2019 Investor Presentation – Chevron Corp – slide 76
    Permian takeaway capacity NGL strategy Sufficient transportation New Mexico and fractionation coverage for forecasted NGL equity production through 2019 Delaware Basin Midland Texas Basin Maximize physical connectivity and…
  77. September 2019 Investor Presentation – Chevron Corp – slide 77
    Permian takeaway capacity Natural gas strategy R O O S E VE LT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS CH AV ES YOAKUM TERRY LY N N GARZA KENT 100% firm plant processing & takeaway LEA EDDY capacity to Waha…
  78. September 2019 Investor Presentation – Chevron Corp – slide 78
    Midstream plans for other unconventional plays Argentina Canada Appalachia Loma Campana Duvernay Marcellus / Utica Infrastructure and market Long-term agreements for gas 100% transportation coverage development still in early stages…
  79. September 2019 Investor Presentation – Chevron Corp – slide 79
    LNG value chain strategy Focus on cost competitive opportunities Reliable operations for enhanced cash generation Leverage strong customer base in Asia Pacific marketplace Optimized Shipping and Trading strategy 2019…
  80. September 2019 Investor Presentation – Chevron Corp – slide 80
    Supply & Trading strategy Flow Optimize Trade Focus on flow assurance and physical optimization Leverage expertise to add value across the value chain 2019 Chevron Corporation 8
  81. September 2019 Investor Presentation – Chevron Corp – slide 81
    Upstream Major Capital Projects (1) Facility Design Capacity (2) Liquids Gas Current Project Location Operator WI % MBPD MMCFPD Phase Startup (3) Clair Ridge UK Other 19.4 120 100 Production 2018 Big Foot United States Chevron 60.0…
  82. September 2019 Investor Presentation – Chevron Corp – slide 82
    Appendix: reconciliation of Chevrons adjusted earnings 1 Includesasset impairments & revaluations, certain non-recurring tax adjustments & environmental remediation provisions, severance accruals, and any other special items. 2…
  83. September 2019 Investor Presentation – Chevron Corp – slide 83
    Appendix: reconciliation of Chevrons adjusted earnings 1 Includes asset impairments & revaluations, certain non-recurring tax adjustments & environmental remediation provisions, severance accruals, and any other special items. 2…
  84. September 2019 Investor Presentation – Chevron Corp – slide 84
    Appendix: reconciliation of Chevrons adjusted earnings 1 Includesasset impairments & revaluations, certain non-recurring tax adjustments & environmental remediation provisions, severance accruals, and any other special items. 2…
  85. September 2019 Investor Presentation – Chevron Corp – slide 85
    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…
  86. September 2019 Investor Presentation – Chevron Corp – slide 86
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow excluding working capital millions FY 2017 FY 2018 FY 2016 FY 2016 FY 2017 Quarterly FY 2018 Quarterly 1Q19 2Q19…

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