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Q3 2020 Earnings Presentation – Chevron Corp

Chevron Corp · Oct 30, 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. Q3 2020 Earnings Presentation – Chevron Corp – slide 1
    Third quarter 2020 earnings call Mark Nelson Executive Vice President, Downstream & Chemicals Pierre Breber Vice President and Chief Financial Officer Wayne Borduin General Manager, Investor Relations October 30, 2020 2020…
  2. Q3 2020 Earnings Presentation – Chevron Corp – slide 2
    Financial highlights 3Q20 Earnings / per diluted share (0.2) billion / (0.12) Adjusted earnings / per diluted share1 0.2 billion / 0.11 Cash flow from operations / excl. working capital1 3.5 billion / 3.2 billion Total C&E /…
  3. Q3 2020 Earnings Presentation – Chevron Corp – slide 3
    Strong balance sheet 3Q20 cash flow Net debt ratio2 billions Cash 40% CFFO capex 3Q dividend breakeven…
  4. Q3 2020 Earnings Presentation – Chevron Corp – slide 4
    Lower spending Total organic C&E expenditures Quarterly operating expenditures2 billions billions CVX NBL 2021 C&E guidance 6 20 reduced to 14B 15 5 10 2020 opex2 4 5 1B lower than 2019 0 3 2019 2020 2021 2019…
  5. Q3 2020 Earnings Presentation – Chevron Corp – slide 5
    Chevron earnings 3Q20 vs. 3Q19 millions Upstream Downstream Other Special items* FX* Realizations 210 -262 2,580 Liftings -2,005 Opex Other Volumes Timing effects / 3Q20 DD&A 12 Margins Opex Other Other earnings…
  6. Q3 2020 Earnings Presentation – Chevron Corp – slide 6
    Chevron earnings 3Q20 vs. 2Q20 millions Upstream Downstream Other 2Q20 3Q20 earnings Opex / Other earnings (207) Timing effects Chemicals Other 83 177 Margins 165 Volumes Other 520 Tax 140 Realizations 189 280 305 Special…
  7. Q3 2020 Earnings Presentation – Chevron Corp – slide 7
    Worldwide net oil & gas production 3Q20 vs. 3Q19 MBOED Entitlement Shale & effects Curtailments tight 25 + Permian growth Turnarounds Base / - OPEC+ and other curtailments -154 150 -44 Other Asset - Lower Venezuela and…
  8. Q3 2020 Earnings Presentation – Chevron Corp – slide 8
    Operating in a challenging environment Product sales Adjusted downstream earnings Year-on-year % change1 Excl timing effects2 billions 25% 0.8 Demand recovers diesel petrochemicals from 2Q lows 0.6 0% 0.4 0.2 gasoline…
  9. Q3 2020 Earnings Presentation – Chevron Corp – slide 9
    Driving lower downstream operating costs Quarterly operating expenditures 2020 U.S. turnarounds Excl special items* Actual vs planned operating costs Indexed to 1Q20 Optimization 1.0 100% Scope deferred 3Q20 opex 0.9 20%…
  10. Q3 2020 Earnings Presentation – Chevron Corp – slide 10
    Optimizing value chains 2020 Refining utilization1 Contracted product placement2 CVX systemwide equity basis % of HVP production 100% Safe and reliable 100% operations 75% 75% Balancing utilization with sales channels 50%…
  11. Q3 2020 Earnings Presentation – Chevron Corp – slide 11
    Growing advantaged chemicals Project updates Competitive landscape Advanced recycling GS Caltex: Expected 5% below 1st U.S. commercial scale PE budget and mid-2021 start-up Low-cost, ethane advantage production from waste…
  12. Q3 2020 Earnings Presentation – Chevron Corp – slide 12
    Increasing renewables in support of our business Renewable natural gas Renewable base oils 200MM 1st capital commitment production to-date in 3Q Renewable diesel & biodiesel Hydrogen 12 MBD Early stage expected testing…
  13. Q3 2020 Earnings Presentation – Chevron Corp – slide 13
    Advancing the energy transition Lower Increase Target breakthrough carbon intensity renewables technologies MACC investments Brightmark RNG joint venture Svante carbon capture trial 100MM expected in 2021 budget Announced in…
  14. Q3 2020 Earnings Presentation – Chevron Corp – slide 14
    Recent highlights Noble Energy acquisition Transformation update Appalachia divestment Transaction closed early October Reorganization finalized in 4Q Signed agreement in late October Integration on-track U.S. employee selections…
  15. Q3 2020 Earnings Presentation – Chevron Corp – slide 15
    Looking ahead Forward guidance 4Q20 Production guidance: Noble 330 MBOED Curtailments (100) MBOED Turnarounds (75) MBOED GoM Hurricane Delta (15) MBOED UPSTREAM TCO Full year TCO co-lending 1.5 - 1.75B FGP-WPMP…
  16. Q3 2020 Earnings Presentation – Chevron Corp – slide 16
    questions answers 2020 Chevron Corporation 17
  17. Q3 2020 Earnings Presentation – Chevron Corp – slide 17
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 3Q19 4Q19 1Q20 2Q20 3Q20 Reported earnings ( millions) Upstream 2,704 (6,734) 2,920 (6,089) 235 Downstream 828 672 1,103 (1,010) 292 All Other…
  18. Q3 2020 Earnings Presentation – Chevron Corp – slide 18
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Operating expenses excluding special items Adjusted downstream earnings excluding timing effects 3Q20 2019 1H20 3Q20 1Q20 2Q20 3Q20…
  19. Q3 2020 Earnings Presentation – Chevron Corp – slide 19
    Appendix: reconciliation of non-GAAP measures Net debt ratio 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 millions Short term debt 8,601 8,598 6,121 5,726 7,023 5,588 7,795 3,282 8,688 3,751 530 Long term debt* 31,144…
  20. Q3 2020 Earnings Presentation – Chevron Corp – slide 20
    Worldwide net oil & gas production 3Q20 vs. 2Q20 MBOED Curtailments Turnarounds 12 External + OPEC+ and other market-driven events curtailments -69 Entitlement -30 effects Base / - Higher turnarounds Other 2,988 -21 -…
  21. Q3 2020 Earnings Presentation – Chevron Corp – slide 21
    Appendix U.S. upstream earnings: 3Q20 vs. 2Q20 millions 2Q20 Opex Tax / Other earnings Realizations 116 112 3Q20 Absence of 2Q20 impairments 110 earnings Higher liquids realizations Special items 650 (2,066)…
  22. Q3 2020 Earnings Presentation – Chevron Corp – slide 22
    Appendix International upstream earnings: 3Q20 vs. 2Q20 millions 2Q20 DD&A Liftings Tax Other earnings Realizations 119 155 -170 107 3Q20 Special 175 earnings Absence of 2Q20 special items FX items 660 Tax charge related to…
  23. Q3 2020 Earnings Presentation – Chevron Corp – slide 23
    Appendix U.S. downstream earnings: 3Q20 vs. 2Q20 millions Opex / Other 2Q20 Chemicals earnings Timing 79 141 Absence of 2Q special items effects 155 3Q20 earnings Higher product demand Higher West Coast refining and…
  24. Q3 2020 Earnings Presentation – Chevron Corp – slide 24
    Appendix International downstream earnings: 3Q20 vs. 2Q20 millions Other Timing effects Absence of 2Q special items 14 Higher product demand and Volumes Margins additional Australia sales -20 55 151 Favorable swing in timing…
  25. Q3 2020 Earnings Presentation – Chevron Corp – slide 25
    Appendix: Historical downstream timing disclosure 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 millions US Downstream Timing 62 (10) (64) (18) (28) (13) 11 147 (63) 16 (24) 73 153 (392) 73…

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