Upstream overview Jay Johnson Executive Vice President 2020 Chevron Corporation
Diverse and advantaged portfolio Kaybob Duvernay Asset class liquids rich shale & tight 71 BBOE of 6P resource TCO legacy oil position Heavy oil LNG San Joaquin Valley legacy heavy oil Gulf of Mexico Deepwater growing…
Industry leading performance Upstream C&E Production cost billions /BOE 30 40 Capital 20 20 discipline 10 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Growing Chevron Competitors: BP, RDS, TOT, XOM Net…
Increasing resources to production to returns Midland and Delaware Basin Net MBOED Increasing resources to 1,000 21 BBOE 750 In 2024 500 1 MMBOED 250 Focus on returns 2016 2018 2020 2022 2024 ROCE 20% Monthly…
Optimizing the Permian factory Capital efficient execution Cumulative production vs. type curve Lateral feet drilled per rig* 2019 EUR 2.1 MMBOE 50% Innovating and adopting best practices 2017 2018 Well performance 2018…
Building a legacy position in the Permian Net production MMBOED Sustainable for the 1 long term Free cash flow 0 2020 2030 2040 4B per year Free cash flow billions Production 4 1.2 MMBOED Investment pace 4 - 5B per year…
Capturing higher margins across the value chain Permian equity crude sales plan Net MBD 400 Continuous optimization to maximize realizations 300 Leverage global customers International 3rd Party 200 to improve returns…
Expanding a legacy position at Tengiz FGP / WPMP Strong base business performance Overall progress 75%, construction at 50% 98% reliability in 2019 All pipe racks and utility modules on foundation Record production in 2019…
Focusing on operational excellence in Australia Net production 400 MBOED 350 Improve Growing 300 reliability production 250 200 Increase 150 capacity 100 50 TCF Optimize of resource 50 value chain 2017 2018 2019…
Advancing our Gulf of Mexico deepwater portfolio Anchor FID in 2019 Whale FID 2020 Ballymore FID 2021 Advancing 20k technology Standard facility design Possible tieback Ballymore Anchor Chevron Deepwater Assets Chevron…
Pursuing high-impact exploration opportunities Gulf of Mexico Mexico Brazil 24 blocks awarded 2019 5 blocks / 995k net acres 11 blocks / 824k net acres 4 wells in 2020 2 wells in 2020 2 wells in 2020 infrastructure-led exploration…
A decade of sustainable production 4 Net production* MMBOED Organic opportunities Organic opportunities Additional shale & tight Partitioned Zone / Venezuela 3 Indonesia / Thailand contracts Base Exploration success Concession…
Upstream appendix 2020 Chevron Corporation 13
Permian continuous improvement and predictability Delaware Midland Cumulative production vs. Type curve Cumulative production vs. Type curve 2019 EUR 2.7 MMBOE 2019 EUR 1.1 MMBOE 2017 Well performance 2018 2016 increasing &…
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