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4Q Earnings Conference Call Presentation – Chevron Corp

Chevron Corp · Jan 31, 2020 · 25 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. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 1
    Fourth quarter 2019 earnings conference call and webcast Mike Wirth Chairman and Chief Executive Officer Pierre Breber Vice President and Chief Financial Officer Wayne Borduin General Manager, Investor Relations January 31,…
  2. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 2
    2019 Performance Cash flow Generated 27B in cash flow from operations Capital budget Executed 20B organic C&E program Production Grew production 5.4%, excluding impact from asset sales Asset sales High-graded portfolio;…
  3. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 3
    Delivering on all four financial priorities 2019 vs. 2018 2 billions Cash CFFO capex Four financial priorities 1 Maintain and grow dividend 2 Fund capital program 1 3 Strong balance sheet Dividends 4 Return surplus cash -14.1…
  4. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 4
    Financial highlights 4Q19 2019 Earnings (6.6) billion 2.9 billion Earnings per diluted share (3.51) 1.54 Earnings / EPS (excluding special items and FX)1 2.8 billion / 1.49 11.9 billion / 6.27 Cash flow from operations / excl.…
  5. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 5
    Overview of 4Q19 special items After-tax earnings impact billions U.S. Upstream Intl Upstream Total Key Drivers Appalachia (6.5) Impairments & Big Foot (1.5) Kitimat (1.6) (10.4) Capital allocation Write-offs Other (0.6)…
  6. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 6
    Chevron earnings 2019 vs. 2018 millions Upstream Downstream Other Special items* 14,824 FX* -7,420 Realizations -915 DD&A Opex Liftings Other Margin -505 Volume CPChem Other 590 -107 Other -490 -285 -135 -3 -160 -4,010…
  7. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 7
    Worldwide net oil & gas production 2019 vs. 2018 MBOED Wheatstone + MCPs Base Turnarounds/ downtime Asset -22 sales* Shale & -26 tight Other 81 -38 -20 + Permian growth + Wheatstone, Hebron and Big Foot ramp-up - Gorgon…
  8. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 8
    Sustaining proven reserves 1-year reserve replacement 5-year reserve replacement Billion BOE Billion BOE 12 12 1-year 10 -1.1 10 -0.1 -0.4 1.0 44% RRR in 2019 8 8 6 11.4 6 12.1 11.4 5-year 11.1 -5.1 -0.4 5.9 4…
  9. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 9
    Recent highlights Acquisitions Divestments Partnership Argentina Azerbaijan Additional 15% WI in El Trapial SPA signed on November 2019 Joined the Hydrogen Council Closed in 4Q2019 Expected to close in 1H2020 in January 2020 Asia…
  10. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 10
    Disciplined and ratable C&E program Capital & exploratory expenditures billions 20 20 20 Flat organic C&E Low execution risk Focused on short-cycle, high-return investments 20181 2019 2 2020 budget Base FGP/WPMP Permian…
  11. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 11
    2020 Production outlook Net Production MBOED Up to 3% growth Base/ without 2020 asset sales Permian other 2019 asset sales 2020 Uncertainties PZ Venezuela NOJV activity levels 3,058 External events 2019 2020 60/bbl…
  12. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 12
    Positioned to win in any environment 2020 Outlook Disciplined capital 20B organic C&E Strong dividend per share growth 8.4% increase in 1Q20 Sustained share repurchases 5B per year 2020 Chevron Corporation 13
  13. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 13
    2020 security analyst meeting Tuesday, March 3, 2020 8:00 am 12:15 pm Doors open at 7:30 am New York City 2020 Chevron Corporation 14
  14. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 14
    questions answers 2020 Chevron Corporation 15
  15. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 15
    Appendix: looking ahead 1Q2020 outlook Full-year 2020 outlook Production growth (excl. asset sales): 0 - 3% Upstream Turnarounds: 10 MBOED TCO co-lending: 2B Downstream Refinery turnarounds: (100) - (200)MM A/T earnings…
  16. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 16
    Appendix: reconciliation of non-GAAP measures Reported earnings to earnings excluding special items and FX FY18 1Q19 2Q19 3Q19 4Q19 FY19 Reported earnings ( millions) Upstream 13,316 3,123 3,483 2,704 (6,734) 2,576 Downstream 3,798…
  17. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 17
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow millions 1Q19 2Q19 3Q19 4Q19 FY 2019 Net Cash Provided by Operating Activities 5,057 8,783 7,817 5,656 27,313…
  18. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 18
    Appendix: reconciliation of non-GAAP measures ROCE ROCE excluding special items and FX millions millions FY 2019 FY 2019 Total reported earnings 2,924 Total earnings excluding special items and FX 11,888 Non-controlling…
  19. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 19
    Appendix: overview of 4Q19 special items billions Exploration expense Income from equity DD&A (B/T) Deferred income tax OPEX (B/T) (B/T) affiliates (B/T) 4Q reported 16.4 (3.0) 7.2 0.3 0.5 Impairments & 12.2 (2.8) 0.3 0.0…
  20. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 20
    Appendix: Chevron earnings 4Q19 vs. 3Q19 millions Upstream Downstream Other Special items* 2,580 3Q19 earnings -6,610 FX* Realizations Liftings Other Volume CPChem Other Other -8,720 100 -330 165 -278 -95 62 -29…
  21. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 21
    Appendix Worldwide net oil & gas production: 4Q19 vs. 3Q19 MBOED Shale & tight Base Asset sales Other -25 78 -25 18 + Permian growth + Absence of Hurricane Barry - U.K. asset sales 3,078 3,033 3Q19 4Q19 62/bbl…
  22. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 22
    Appendix U.S. upstream earnings: 4Q19 vs. 3Q19 millions Special items 727 3Q19 Primarily impairments associated earnings with Appalachia and Big Foot Higher Permian production -7,465 Liftings/ Opex/ realizations DD&A…
  23. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 23
    Appendix International upstream earnings: 4Q19 vs. 3Q19 millions Special items Impairments partially offset by U.K. asset sale FX 1/bbl increase in Brent 1,977 -980 Realizations Liftings Other Gorgon turnaround -35 -275…
  24. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 24
    Appendix U.S. downstream earnings: 4Q19 vs. 3Q19 millions Margins Volume Timing Trading/ effects CPChem other 75 -75 Higher refining & marketing margins -65 69 Lower volume due to unplanned 95 downtime Lower CPChem margins…
  25. 4Q Earnings Conference Call Presentation – Chevron Corp – slide 25
    Appendix International downstream earnings: 4Q19 vs. 3Q19 millions FX Margins Lower Asia refining margins -59 Higher planned turnaround and Timing maintenance expenses effects -125 440 Tax/ other Opex -110 184 -75 113…

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