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November 2019 Investor Presentation – Chevron Corp

Chevron Corp · Nov 29, 2019 · 89 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. November 2019 Investor Presentation – Chevron Corp – slide 1
    Chevron 2019 Investor Presentation November 2019 2019 Chevron Corporation
  2. November 2019 Investor Presentation – Chevron Corp – slide 2
    Corporate overview 2019 Chevron Corporation
  3. November 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. November 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. November 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. November 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. November 2019 Investor Presentation – Chevron Corp – slide 7
    Financial highlights 3Q19 Earnings 2.6 billion Earnings per diluted share 1.36 Earnings / EPS (excluding special items and FX)1 2.9 billion / 1.55 Cash flow from operations / excl. working capital1 7.8 billion / 6.4 billion…
  8. November 2019 Investor Presentation – Chevron Corp – slide 8
    Delivering on all four financial priorities billions 2 Working Cash Four financial priorities CFFO capital capex ex WC 1 Maintain and grow dividend 1.1 Fund capital program 2 3 Strong balance sheet 4 Return surplus cash 3 Debt…
  9. November 2019 Investor Presentation – Chevron Corp – slide 9
    Looking ahead 4Q 2019 outlook Full year 2019 production growth (excluding asset sales) in the middle of the 4-7% range Full year asset sales production impact (30 MBOED) UPSTREAM Turnarounds (70 MBOED) Exploration related…
  10. November 2019 Investor Presentation – Chevron Corp – slide 10
    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…
  11. November 2019 Investor Presentation – Chevron Corp – slide 11
    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,…
  12. November 2019 Investor Presentation – Chevron Corp – slide 12
    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…
  13. November 2019 Investor Presentation – Chevron Corp – slide 13
    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…
  14. November 2019 Investor Presentation – Chevron Corp – slide 14
    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…
  15. November 2019 Investor Presentation – Chevron Corp – slide 15
    Disciplined and ratable C&E Total capital & exploratory expenditures1 Ratable billions 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…
  16. November 2019 Investor Presentation – Chevron Corp – slide 16
    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 *…
  17. November 2019 Investor Presentation – Chevron Corp – slide 17
    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…
  18. November 2019 Investor Presentation – Chevron Corp – slide 18
    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…
  19. November 2019 Investor Presentation – Chevron Corp – slide 19
    2019 cash generation covers all financial priorities Sources and uses of cash1 in 2019 at 60/bbl billions Cash framework balanced…
  20. November 2019 Investor Presentation – Chevron Corp – slide 20
    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…
  21. November 2019 Investor Presentation – Chevron Corp – slide 21
    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%…
  22. November 2019 Investor Presentation – Chevron Corp – slide 22
    Upstream overview 2019 Chevron Corporation
  23. November 2019 Investor Presentation – Chevron Corp – slide 23
    Diverse and advantaged portfolio Kaybob Duvernay Asset class liquids rich shale & tight 68 BBOE of 6P resource* TCO legacy oil position Appalachia gas shale & tight San Joaquin Valley legacy heavy oil uf fM xc strong…
  24. November 2019 Investor Presentation – Chevron Corp – slide 24
    Industry leading performance Upstream C&E P duc nc s 1 billions /BOE 30 40 C 20 20 d sc n 10 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 n Chevron Competitors: BP, RDS, TOT, XOM Production duc n Adjusted…
  25. November 2019 Investor Presentation – Chevron Corp – slide 25
    Growing reserves and resources R s s1 Resources2 5-year reserve replacement 10-year resource replenishment BBOE BBOE .1 12.1 136% RRR 22. .8 11.2 in 2018 .2 117% RRR (9.8) five-year 8.2 .9 0. 147% s u c ns m n…
  26. November 2019 Investor Presentation – Chevron Corp – slide 26
    W d d n s duc n In n u d nc duc n MBOED 4 - 7% * excluding the impact 3,200 of 2019 asset sales 3Q duc n 3,033 MBOE 3,100 Turnarounds 129 MBOED 3,000 5% growth Asset sales 2 MBOED 2,900 4Q d s: 2,800 3,070 3,052 Permian…
  27. November 2019 Investor Presentation – Chevron Corp – slide 27
    P m nb s u c ,b u Qu s n 2.2 million total net acres / 1. million unconventional net acres1 80% no or low royalty Portfolio value increased 2X2 since 2017 Resource increased 5 BBOE3 in 2018 1,600 additional long laterals…
  28. November 2019 Investor Presentation – Chevron Corp – slide 28
    Driving value in the Permian Production versus type curves1 Development & production costs2 Average well cumulative production /BOE 30 B sn 2018 EUR 2.0 MMBOE Well performance nc sn dc b 40% 20 d c s 0 6 12 18 24 30 36 Unit…
  29. November 2019 Investor Presentation – Chevron Corp – slide 29
    Permian production On track with steady rig count Midland and Delaware Basin1 Net MBOED 1,000 750 500 3Q production 455 MBOED up 117 MBOED from 3Q 2018 250 201 201 2018 2019 2020 2021 2022 202 Monthly production…
  30. November 2019 Investor Presentation – Chevron Corp – slide 30
    O mzn P m nf c C ff c n x cu n EUR per well (COOP) m n nd duc n c s s1 (COOP) 2,500 MBOE /BOE 2,000 15 1,500 Enhancing EURs 10 1,000 5 500 Coring-up to lengthen laterals 2016 2017 2018 2019 2020 2016 2017 2018 2019…
  31. November 2019 Investor Presentation – Chevron Corp – slide 31
    n P m n f n nc f m nc Bu d n - u n bus n ss n f c s f 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 202 2019 2020 2023 2019 2020 2023…
  32. November 2019 Investor Presentation – Chevron Corp – slide 32
    O m n s ss s* Argentina Canada Appalachia m C m n u n Marcellus / Utica 8,000 net acres 215,000 net acres 890,000 net acres 0. BBOE resource 1. BBOE resource 2.4 BBOE resource EUR 1.0 MMBOE/well EUR 1. MMBOE/well EUR 2.6 MMBOE/well…
  33. November 2019 Investor Presentation – Chevron Corp – slide 33
    U d d F P/WPMP c s sc du 100% B 25% .5 40 .8 30 C s s m 45.2 B 20 10 Contingency Cost estimate 25% c s nc s 0 FID Engineering Fabrication Construction Schedule & Updated Other P m d s: n n n , Production profile qu n…
  34. November 2019 Investor Presentation – Chevron Corp – slide 34
    FGP/WPMP capital outlook 100% B 10 8 6 Peak spending in 2018 & 2019 4 2 0 Focus on construction 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CVX C&E guidance unchanged 25% to go 2020: 18 - 20 B 20212023: 19 - 22…
  35. November 2019 Investor Presentation – Chevron Corp – slide 35
    Capital efficient resource monetization in Australia P Gorgon & Wheatstone1 M n n production reliability in 4Q 2018 NWS LNG PLANT 400 MBOED T IR PARTY P A T Inc s OR O capacity P A T 50 TCF WHEATSTONE of resource2…
  36. November 2019 Investor Presentation – Chevron Corp – slide 36
    Gorgon / Wheatstone Third quarter production 400 MBOED Net production MBOED 450 400 350 300 3Q19 net production 250 Gorgon 217 MBOED 200 Wheatstone 185 MBOED 150 100 50 2017 2018 1Q19 2Q19 3Q19 Gorgon…
  37. November 2019 Investor Presentation – Chevron Corp – slide 37
    Advancing our Gulf of Mexico deepwater portfolio Attractive investment opportunities Chevron deepwater assets Chevron deepwater leases Exploration Producing assets and projects under development Petronius Blacktip discovery…
  38. November 2019 Investor Presentation – Chevron Corp – slide 38
    P s n df nc sk New production at 60/bbl* MBOED New MCPs MCPs n x cu n 1.5 MMBOED Other shale & tight by year-end 2023 Permian Primarily lower risk and short-cycle Ex s n MCP m -u s 2020 2021 2022 2023 * Note:…
  39. November 2019 Investor Presentation – Chevron Corp – slide 39
    Five-year production guidance duc n 60/bb MMBOED R b 3-4% CAGR1 4-7% subsu f c sk 2 2 3 Mnm MCP x cu n sk 2018 2019 2021 2023 1 3-4% CAGR reflects 2018-2023. Includes the effect of expected asset sales in the…
  40. November 2019 Investor Presentation – Chevron Corp – slide 40
    High return new investments Returns on new investments 60 Weighted average RR % 40 Superior portfolio 20 Industry leading returns 0 0 50 100 150 Capital spend - 5 billion Competitors: BP, RDS, TOT, XOM Source: Wood…
  41. November 2019 Investor Presentation – Chevron Corp – slide 41
    Upstream portfolio highlights Mexico Brazil Philippines Deepwater blocks 20, 21 & 23 Campos Basin Malampaya divestment 40% working interest Won four blocks at ANP16 SPA signed on October 25 35-40% working interest Expected to close…
  42. November 2019 Investor Presentation – Chevron Corp – slide 42
    n su s Sustainable portfolio Ratable C&E Lower-risk, short-cycle production growth Industry leading returns Growing cash flow 2019 Chevron Corporation 21
  43. November 2019 Investor Presentation – Chevron Corp – slide 43
    U s m nd x V c Mu /K b b u n /A c 2019 Chevron Corporation 22
  44. November 2019 Investor Presentation – Chevron Corp – slide 44
    Vaca Muerta Quality position Loma Campana 210,000 net acres1 48,000 net acres1 0 4 BBOE s uc 2 El Trapial in Loma Campana EUR 1.0 MMBOE/well3 Narambuena Average well length 7,500 ft Loma del Molle Norte T s c Development…
  45. November 2019 Investor Presentation – Chevron Corp – slide 45
    m C m n f m nc V c Mu EUR 1 Development costs MBOE /BOE 1,200 T s nd 800 b nc s 20 400 15 2016 2017 2018 Well EUR increased 8 % Well lateral length increased 5 % Average lateral length 10 Feet 7,500 Development cost…
  46. November 2019 Investor Presentation – Chevron Corp – slide 46
    E T V c Mu 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 Net acres are net mineral acres Gross well…
  47. November 2019 Investor Presentation – Chevron Corp – slide 47
    mbu n V c Mu 25,000 n c s1 T s nd b nc s n u x n F u- 600 n c ns2 Adj c n E T 1 Net acres are net mineral acres. 2 Gross well locations at breakeven
  48. November 2019 Investor Presentation – Chevron Corp – slide 48
    m d M V c Mu 43,000 net acres1 Acreage acquired in 2017 Exploration planned 150 potential well locations2 Adjacent to El Trapial Net acres are net mineral acres Gross well locations at…
  49. November 2019 Investor Presentation – Chevron Corp – slide 49
    K b b u n Quality position 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…
  50. November 2019 Investor Presentation – Chevron Corp – slide 50
    K b b u n f m nc EUR per well1 Development costs MBOE /BOE 2,000 1,500 15 1,000 215,000 net acres2 500 2016 2017 2018 10 Well EUR increased 70%3 Average lateral length Feet 10,000 Well lateral length increased 20%3 5…
  51. November 2019 Investor Presentation – Chevron Corp – slide 51
    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 8W und 2019 Chevron…
  52. November 2019 Investor Presentation – Chevron Corp – slide 52
    Appalachia Quality position Well performance 890,000 net acres1 2.4 BBOE resource2 EUR 2.6 MMBOE/well3 Average well length 8,600-10,000 ft Two shale and Wet tight benches Development costs4 4.20- 5.70/BOE gas Dry Exploration…
  53. November 2019 Investor Presentation – Chevron Corp – slide 53
    A c f m nc EUR per well1 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%2 5 Average lateral length Feet Lateral length increase…
  54. November 2019 Investor Presentation – Chevron Corp – slide 54
    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…
  55. November 2019 Investor Presentation – Chevron Corp – slide 55
    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…
  56. November 2019 Investor Presentation – Chevron Corp – slide 56
    Investing in a broader energy portfolio Future GHG intensity Partnerships Renewables energy fund reduction Seed funds for Performance tied Collaborative industry efforts; Lowering the carbon intensity breakthrough technologies…
  57. November 2019 Investor Presentation – Chevron Corp – slide 57
    Lowering the carbon intensity GHG emission reduction targets Carbon sequestration Targeted reduction Began operation of Gorgon CO2 Injection Project 2016 2023 Upstream oil net GHG 5% - 10% emission intensity New Upstream…
  58. November 2019 Investor Presentation – Chevron Corp – slide 58
    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.…
  59. November 2019 Investor Presentation – Chevron Corp – slide 59
    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…
  60. November 2019 Investor Presentation – Chevron Corp – slide 60
    Downstream & Chemicals 2019 Chevron Corporation
  61. November 2019 Investor Presentation – Chevron Corp – slide 61
    Downstream & chemicals portfolio Fuels refining & marketing* Petrochemicals Lubricants & additives Focused, Advantaged feed, Strategic positions serving regional optimization scale and technology global markets Refinery…
  62. November 2019 Investor Presentation – Chevron Corp – slide 62
    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
  63. November 2019 Investor Presentation – Chevron Corp – slide 63
    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…
  64. November 2019 Investor Presentation – Chevron Corp – slide 64
    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…
  65. November 2019 Investor Presentation – Chevron Corp – slide 65
    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…
  66. November 2019 Investor Presentation – Chevron Corp – slide 66
    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…
  67. November 2019 Investor Presentation – Chevron Corp – slide 67
    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…
  68. November 2019 Investor Presentation – Chevron Corp – slide 68
    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…
  69. November 2019 Investor Presentation – Chevron Corp – slide 69
    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…
  70. November 2019 Investor Presentation – Chevron Corp – slide 70
    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…
  71. November 2019 Investor Presentation – Chevron Corp – slide 71
    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…
  72. November 2019 Investor Presentation – Chevron Corp – slide 72
    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…
  73. November 2019 Investor Presentation – Chevron Corp – slide 73
    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…
  74. November 2019 Investor Presentation – Chevron Corp – slide 74
    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…
  75. November 2019 Investor Presentation – Chevron Corp – slide 75
    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…
  76. November 2019 Investor Presentation – Chevron Corp – slide 76
    Midstream overview 2019 Chevron Corporation
  77. November 2019 Investor Presentation – Chevron Corp – slide 77
    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…
  78. November 2019 Investor Presentation – Chevron Corp – slide 78
    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…
  79. November 2019 Investor Presentation – Chevron Corp – slide 79
    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…
  80. November 2019 Investor Presentation – Chevron Corp – slide 80
    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…
  81. November 2019 Investor Presentation – Chevron Corp – slide 81
    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…
  82. November 2019 Investor Presentation – Chevron Corp – slide 82
    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…
  83. November 2019 Investor Presentation – Chevron Corp – slide 83
    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
  84. November 2019 Investor Presentation – Chevron Corp – slide 84
    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…
  85. November 2019 Investor Presentation – Chevron Corp – slide 85
    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…
  86. November 2019 Investor Presentation – Chevron Corp – slide 86
    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…
  87. November 2019 Investor Presentation – Chevron Corp – slide 87
    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…
  88. November 2019 Investor Presentation – Chevron Corp – slide 88
    Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX 3Q18 4Q18 1Q19 2Q19 3Q19 Reported earnings ( millions) Upstream 3,379 3,290 3,123 3,483 2,704 Downstream 1,373 859 252 729…
  89. November 2019 Investor Presentation – Chevron Corp – slide 89
    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…

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