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Second quarter 2021 earnings call – Chevron Corp

Chevron Corp · Jul 30, 2021 · 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. Second quarter 2021 earnings call – Chevron Corp – slide 1
    Second quarter 2021 earnings call Jay Johnson Executive Vice President, Upstream Pierre Breber Vice President and Chief Financial Officer Roderick Green General Manager, Investor Relations July 30, 2021 2021 Chevron. All…
  2. Second quarter 2021 earnings call – Chevron Corp – slide 2
    Financial highlights 2Q21 Earnings / Earnings per diluted share 3.1 billion / 1.60 Adjusted earnings / EPS1 3.3 billion / 1.71 Cash flow from operations / excl. working capital 1 7.0 billion / 7.1 billion Total C&E / Organic…
  3. Second quarter 2021 earnings call – Chevron Corp – slide 3
    Delivering on financial priorities 2Q21 cash flow Quarterly average free cash flow 2 billions excl. working capital billions CFFO Cash 5 ex. WC WC capex -0.1 -1.8 Dividends Dividend growth Debt -2.6 Asset sales Lower net…
  4. Second quarter 2021 earnings call – Chevron Corp – slide 4
    Capital and cost discipline C&E expenditures1 Operating expenditures billions excl. special items3 12 14 billions CVX NBL 10 2021 C&E guidance2 8 lowered to 13B 6 12 Opex 4 on track 2 - 10 1H19 1H20 1H21 1H19 1H20…
  5. Second quarter 2021 earnings call – Chevron Corp – slide 5
    Chevron earnings 2Q21 vs. 2Q20 millions Upstream Downstream Other Chemicals Other Other Timing Margins3 75 -41 Volumes Liftings Other effects 545 Realizations 400 3,082 2Q20 355 -38 310 earnings 465 2Q21 earnings Special…
  6. Second quarter 2021 earnings call – Chevron Corp – slide 6
    Chevron earnings 2Q21 vs. 1Q21 millions Upstream Downstream Other Other Other Chemicals 82 -56 Margins Liftings DD&A Tax/Other Volumes 405 Realizations -70 180 205 -147 115 Special 3,082 items1 FX1 45 830 116…
  7. Second quarter 2021 earnings call – Chevron Corp – slide 7
    Worldwide net oil & gas production 2Q21 vs. 2Q20 MBOED Base/ Curtailments other Turnarounds/ Noble Entitlement downtime Asset sales effects 122 + Noble acquisition 375 + Lower OPEC+ and market-driven curtailments -…
  8. Second quarter 2021 earnings call – Chevron Corp – slide 8
    Strong Permian performance Midland and Delaware Basin Free cash flow Net MBOED excl. working capital billions 600 Continued efficiency improvements 400 Free cash flow excl. WC 3B in 2021 200 Lower carbon grid-powered rig…
  9. Second quarter 2021 earnings call – Chevron Corp – slide 9
    FGP / WPMP update Cost outlook 100% B 50 46.5 47.1 +1.9 -1.1 -0.8 25 45.2 45.2 Overall progress 84% 0 3Q19 update Cost reductions FX COVID impact 2Q21 update Cost Estimate Contingency Cost target remains 45.2B Expected…
  10. Second quarter 2021 earnings call – Chevron Corp – slide 10
    Other upstream updates Gulf of Mexico Australia Colorado Ballymore commenced FEED Jansz-Io Compression achieved FID Latest facilities 6 kg CO2e/BOE Whale achieved FID All Gorgon repairs complete Smaller footprint and lower cost…
  11. Second quarter 2021 earnings call – Chevron Corp – slide 11
    Recent highlights Noble Energy & NBLX GSC petchem Share repurchases Integration complete Completed early & under budget Start-up in 3Q21 600MM in synergies Expected 100% capacity in 3Q21 Target 2-3 billion per year 2021…
  12. Second quarter 2021 earnings call – Chevron Corp – slide 12
    Buyback consistent with priorities Share repurchase history Maintain and grow billions dividend 8 13 out of last 17 years Fund capital program 6 50 billion in repurchases 4 Average 87 per share Strong balance sheet 2 1…
  13. Second quarter 2021 earnings call – Chevron Corp – slide 13
    Energy transition actions Renewable Hydrogen Carbon capture fuels El Segundo co-processing Cummins H2 MOU Cogen exhaust capture Producing RD Partnering to grow Completed FEED in 2Q hydrogen opportunities in San Joaquin…
  14. Second quarter 2021 earnings call – Chevron Corp – slide 14
    Looking ahead Forward guidance 3Q21 Update 2021 Energy Transition Spotlight Production guidance: UPSTREAM Turnarounds: (150) MBOED Curtailments: (5) MBOED Refinery turnarounds: When: September 14th DOWNSTREAM (50) (150)MM…
  15. Second quarter 2021 earnings call – Chevron Corp – slide 15
    Chevron poised to deliver higher returns, lower carbon Improving Lowering Downside resilience & returns carbon upside leverage El Segundo 7.8% adj. ROCE co-processing 21.0% net debt ratio Permian Target 2-3B per year 5.3B…
  16. Second quarter 2021 earnings call – Chevron Corp – slide 16
    questions + answers 2021 Chevron Corporation 17 That concludes our prepared remarks. We are now ready to take your questions. Please try to limit yourself to one question and one follow up. We will do our best to get all your…
  17. Second quarter 2021 earnings call – Chevron Corp – slide 17
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 FY21 Reported earnings ( millions) Upstream 2,920 (6,089) 235 501 (2,433) 2,350 3,178 5,528 Downstream 1,103…
  18. Second quarter 2021 earnings call – Chevron Corp – slide 18
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital FY 2018 FY 2019 FY 2020 1H 2021 millions FY 2018 FY 2019 FY 2020 1Q21 2Q21…
  19. Second quarter 2021 earnings call – Chevron Corp – slide 19
    Appendix: reconciliation of non-GAAP measures ROCE Adjusted ROCE millions 2Q21 millions 2Q21 Total reported earnings 3,082 Adjusted earnings 3,274 Non-controlling interest 12 Non-controlling interest 12 Interest expense (A/T)…
  20. Second quarter 2021 earnings call – Chevron Corp – slide 20
    Appendix: reconciliation of non-GAAP measures Operating expenditures excluding special items Net debt ratio millions 1H19 1H20 1H21 millions 2Q21 Short term debt 3,497 Operating expenses1 12,331 13,271 12,454 Long term debt*…
  21. Second quarter 2021 earnings call – Chevron Corp – slide 21
    Worldwide net oil & gas production 2Q21 vs. 1Q21 MBOED External Base/ Turnarounds/ Entitlement events Curtailments other downtime effects 37 60 + Absence of Winter Storm Uri + Lower OPEC+ curtailments - Gorgon turnaround…
  22. Second quarter 2021 earnings call – Chevron Corp – slide 22
    Appendix U.S. upstream earnings: 2Q21 vs. 1Q21 millions Liftings Other 25 Realizations Special 240 Remediation charges associated with items* previously sold assets -120 360 Higher liquids realizations 1,446 Higher…
  23. Second quarter 2021 earnings call – Chevron Corp – slide 23
    Appendix International upstream earnings: 2Q21 vs. 1Q21 millions Realizations Opex Liftings DD&A Tax/Other -70 -40 -30 FX -132 Higher liquids realizations 465 130 Higher non-operational charges 1,732 1,409 1Q21 2Q21…
  24. Second quarter 2021 earnings call – Chevron Corp – slide 24
    Appendix U.S. downstream earnings: 2Q21 vs. 1Q21 millions Other Chemicals 41 Higher chemical margins and volumes Higher refining & marketing margins and volumes 776 Margins Timing effects: 410 2Q21: (44) Volumes Absence…
  25. Second quarter 2021 earnings call – Chevron Corp – slide 25
    Appendix International downstream earnings: 2Q21 vs. 1Q21 millions FX Lower refining & marketing margins Timing effects: Volumes Margins 2Q21: (124) Absence of 1Q21: 126 135 -58 10 Other 63 -60 36 1Q21 2Q21 earnings…

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