First quarter 2021 earnings call Pierre Breber Vice President and Chief Financial Officer Roderick Green General Manager, Investor Relations April 30, 2021 2021 Chevron. All rights reserved. Welcome to Chevrons first…
Financial highlights 1Q21 Earnings / Earnings per diluted share 1.4 billion / 0.72 Adjusted earnings / EPS1 1.7 billion / 0.90 Cash flow from operations / excl. working capital 1 4.2 billion / 5.1 billion Total C&E / Organic…
Cash flow improvement 1Q21 cash flow Free cash flow billions excl. working capital billions CFFO 4 ex. WC WC Cash capex -0.9 Dividends CFFO ex WC exceeds Asset sales/ -1.7 Debt other cash capex and dividends 0.3 2 5.1…
Dividend increase consistent with priorities 7% dividend-per-share CAGR since 2005 Maintain and grow dividend 300 Fund capital program 200 100 Strong balance sheet 0 2005 2010 2015 2020 2021 avg Qtr avg Qtr avg Qtr…
Chevron earnings 1Q21 vs. 1Q20 millions Upstream Downstream Other Special items1,2 Realizations Liftings Timing Other effects FX1 -395 15 -985 Margins3 -516 1,010 -610 3,599 Volumes Opex Other3 Other -345 -2 -90 60…
Chevron earnings 1Q21 vs. 4Q20 millions Upstream Downstream Other Exploration Liftings Realizations Timing Opex Other3 Other 190 Margins3 effects Other 20 58 -395 70 -107 100 -303 1,377 4Q20 earnings FX1 1,800 1Q21…
Worldwide net oil & gas production 1Q21 vs. 1Q20 MBOED Asset Noble sales Base/ other Turnarounds/ External downtime events Entitlement effects Curtailments 348 + Noble acquisition - Appalachian, Philippines and Azerbaijan asset…
Recent updates Winter Storm Uri Equatorial Guinea NBLX Earnings impact 300MM Alen gas monetization project Acquisition agreement signed All upstream production restored First cargo in March 2021 All-stock deal All major downstream…
Energy transition actions Toyota Hydrogen MOU Venture activity Mendota project Pursuing a strategic alliance Partnering in emerging technologies Generating bioenergy with CCS Collaborate on H2 infrastructure policy Five investments…
Looking ahead Forward guidance 2Q21 Production guidance: Turnarounds (90) MBOED Curtailments (40) MBOED UPSTREAM TCO FGP-WPMP personnel 30k by end 2Q DOWNSTREAM Refinery turnarounds: (50) (150)MM A/T earnings…
Chevron poised to deliver higher returns, lower carbon Improving Lowering Downside resilience & returns carbon upside leverage 4.4% adj. ROCE Toyota Hydrogen MOU 22.5% net debt ratio 300MM 3.4B FCF ex. WC Future Energy Fund…
questions + answers 2021 Chevron Corporation 13 Thanks Pierre. 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…
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital Net debt ratio FY 2019 Quarterly FY 2020 Quarterly millions 1Q21 millions…
Appendix: reconciliation of non-GAAP measures ROCE Adjusted ROCE millions 1Q21 millions 1Q21 Total reported earnings 1,377 Adjusted earnings 1,730 Non-controlling interest 21 Non-controlling interest 21 Interest expense (A/T) 184…
Worldwide net oil & gas production 1Q21 vs. 4Q20 MBOED Base/ Asset Turnarounds Entitlement other Curtailments sales External / downtime effects events 19 20 46 - Absence of Rokan cost recovery entitlement effect 3,277 3,121…
Appendix U.S. upstream earnings: 1Q21 vs. 4Q20 millions Exploration Liftings Realizations Other 130 -195 60 Higher liquids realizations Absence of 4Q20 exploration expense Lower production 941 Special items* 101 20…
Appendix International upstream earnings: 1Q21 vs. 4Q20 millions Realizations Liftings Other -205 -102 Higher liquids realizations Lower production FX 975 1,409 Special items* 10 331 400 4Q20 1Q21 earnings earnings…
Appendix U.S. downstream earnings: 1Q21 vs. 4Q20 millions 4Q20 1Q21 earnings earnings Higher utilization -174 -130 Higher refining margins Timing Other Timing effects: Margins2 effects Opex Special 14 1Q21: (47) items1…
Appendix International downstream earnings: 1Q21 vs. 4Q20 millions Other Timing effects 29 Timing effects: FX 135 4Q20 Margins 1Q21: (126) earnings -25 90 Absence of 4Q20: 216 1Q21 earnings -164 Special items* 6…
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