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Fourth Quarter 2020 Presentation – Chevron Corp

Chevron Corp · Jan 29, 2021 · 24 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. Fourth Quarter 2020 Presentation – Chevron Corp – slide 1
    Fourth quarter 2020 earnings call Mike Wirth Chairman and Chief Executive Officer Pierre Breber Vice President and Chief Financial Officer Wayne Borduin General Manager, Investor Relations January 29, 2021 2021 Chevron. All…
  2. Fourth Quarter 2020 Presentation – Chevron Corp – slide 2
    Delivered on post-COVID promised actions Maintain safe and reliable operations Reduce short-cycle capital Drive operating costs savings Guard balance sheet Preserve long-term value 2021 Chevron Corporation 3
  3. Fourth Quarter 2020 Presentation – Chevron Corp – slide 3
    Maintain safe and reliable operations People Upstream Downstream One of the safest years on record 3 MMBOED in net production 95% availability 30MM in pandemic contributions Swift reduction in rigs and activity Minimized jet…
  4. Fourth Quarter 2020 Presentation – Chevron Corp – slide 4
    Reduce capital and drive operating cost savings C&E expenditures Operating expenditures* billions billions 25 26 2020 C&E 20 35% lower than 2019 24 15 10 2020 opex 22 5 1B lower than 2019 0 20 2019 2020 2019 2020…
  5. Fourth Quarter 2020 Presentation – Chevron Corp – slide 5
    Guard the balance sheet 2020 cash flow Asset sales proceeds billions billions (before-tax) 25 10 TCO co-lending 22.7% 20 net debt ratio* Debt Azerbaijan Cash Appalachia 15 Asset Capex 11.4B Philippines Sales & Other…
  6. Fourth Quarter 2020 Presentation – Chevron Corp – slide 6
    Preserve long-term value 2020-2021 investments* 1-year reserve replacement billions billion BOE 50 15 74% RRR Acquired and integrated 40 11.4 Noble Energy 1.2 11.1 10 -1.1 2021 -0.4 30 Completed fabrication for TCO…
  7. Fourth Quarter 2020 Presentation – Chevron Corp – slide 7
    Maintained commitment to ESG priorities Increased actions to advance a lower carbon future Sustained investments in our people and communities Continued strong governance over COVID response, strategy and shareholder…
  8. Fourth Quarter 2020 Presentation – Chevron Corp – slide 8
    Financial highlights 4Q20 2020 Earnings / Earnings per diluted share (0.7) billion / (0.33) (5.5) billion / (2.96) Adjusted Earnings / EPS1 (0.0) billion / (0.01) (0.4) billion / (0.20) Cash flow from operations / excl. working…
  9. Fourth Quarter 2020 Presentation – Chevron Corp – slide 9
    Chevron earnings 4Q20 vs. 3Q20 millions Upstream Downstream Other Realizations DD&A Exploration Liftings -265 320 Other 3Q20 -165 4Q20 Timing earnings Special effects earnings items* -217 FX* (207) Margins Opex 100…
  10. Fourth Quarter 2020 Presentation – Chevron Corp – slide 10
    Chevron earnings 2020 vs. 2019 millions Upstream Downstream Other Special items* FX* Realizations -341 4,130 2,924 2020 earnings 2019 earnings Liftings Opex Other Volumes (5,543) -9,270 -497 Margins Timing -1,110 830…
  11. Fourth Quarter 2020 Presentation – Chevron Corp – slide 11
    2021 Production outlook MBOED Full-year of Noble Curtailment Base Noble Other Asset sales / contracts* (70) 70 (40) Lower curtailments up to 3% growth without 2021 asset sales Base declines due to (180) 250 reduced 2020…
  12. Fourth Quarter 2020 Presentation – Chevron Corp – slide 12
    Looking ahead 1Q2021 outlook Full-year 2021 outlook Turnarounds/Downtime: 60 MBOED Production growth Curtailments: 40 MBOED Upstream Indonesia cost recovery entitlement: (75) MBOED vs 4Q (excl. 2021 asset sales): Up to 3% TCO…
  13. Fourth Quarter 2020 Presentation – Chevron Corp – slide 13
    Higher returns, lower carbon Advantaged portfolio Unmatched financial strength Capital discipline Superior distributions to shareholders Advancing a lower carbon future 2021 Chevron Corporation 14
  14. Fourth Quarter 2020 Presentation – Chevron Corp – slide 14
    questions answers 2021 Chevron Corporation 15
  15. Fourth Quarter 2020 Presentation – Chevron Corp – slide 15
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 Reported earnings ( millions) Upstream (6,734) 2,576 2,920 (6,089) 235 501 (2,433) Downstream 672 2,481 1,103…
  16. Fourth Quarter 2020 Presentation – Chevron Corp – slide 16
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Operating expenses excluding special items Net debt ratio millions 4Q20 FY 2020 millions 2019 2020 millions 2020 Net Cash Provided…
  17. Fourth Quarter 2020 Presentation – Chevron Corp – slide 17
    Appendix: reconciliation of non-GAAP measures ROCE Adjusted ROCE millions FY 2020 millions FY 2020 Total reported earnings -5,543 Adjusted earnings -368 Non-controlling interest -18 Non-controlling interest -18 Interest…
  18. Fourth Quarter 2020 Presentation – Chevron Corp – slide 18
    Worldwide net oil & gas production 2020 vs. 2019 Entitlement Base/ MBOED effects other Turnarounds /downtime Noble Curtailments -38 61 -17 Shale & Asset tight sales 89 -106 -100 137 3,277 3,083 3,058 2019…
  19. Fourth Quarter 2020 Presentation – Chevron Corp – slide 19
    Worldwide net oil & gas production 4Q20 vs. 3Q20 Base/ MBOED Turnarounds Curtailments other Asset Entitlement /downtime sales effects -40 54 -25 26 Noble 73 + Noble acquisition + Rokan cost recovery entitlement effects…
  20. Fourth Quarter 2020 Presentation – Chevron Corp – slide 20
    Appendix U.S. upstream earnings: 4Q20 vs. 3Q20 millions Realizations DD&A Exploration Higher production, DD&A, and Opex Liftings 160 -145 due to Noble acquisition Opex -125 Tax/ other Special -120 items -20 330 -95…
  21. Fourth Quarter 2020 Presentation – Chevron Corp – slide 21
    Appendix International upstream earnings: 4Q20 vs. 3Q20 millions Realizations DD&A Other Liftings -120 Absence of 3Q20 tax item 160 -44 Higher production and DD&A due to Special Noble acquisition items FX 398 130 119…
  22. Fourth Quarter 2020 Presentation – Chevron Corp – slide 22
    Appendix U.S. downstream earnings: 4Q20 vs. 3Q20 millions Timing effects Unfavorable swing in timing effects: 141 Volumes Margins Opex CPChem 4Q20 4Q20: (27) -100 3Q LCM earnings -15 15 Absence of 3Q20: (73) 3Q20 -40…
  23. Fourth Quarter 2020 Presentation – Chevron Corp – slide 23
    Appendix International downstream earnings: 4Q20 vs. 3Q20 millions FX Timing Unfavorable swing in timing effects: 151 effects 4Q20: (216) 4Q20 -91 earnings Absence of 3Q20: 36 3Q20 earnings Higher maintenance expenses…
  24. Fourth Quarter 2020 Presentation – Chevron Corp – slide 24
    Appendix 2021 capital outlook Capital & exploratory expenditures billions Continued capital discipline 13.5 14 Includes 300MM to advance the energy transition Focused on higher returns, lower carbon 2020 2021 budget…

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