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4Q 2021 Earnings Presentation – Chevron Corp

Chevron Corp · Jan 28, 2022 · 23 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. 4Q 2021 Earnings Presentation – Chevron Corp – slide 1
    Fourth quarter 2021 earnings call Mike Wirth Chairman of the Board and Chief Executive Officer Pierre Breber Vice President and Chief Financial Officer Roderick Green General Manager, Investor Relations January 28, 2022 2022…
  2. 4Q 2021 Earnings Presentation – Chevron Corp – slide 2
    A better company in 2021 Higher returns Lower carbon Formed 9.4% ROCE 1 Chevron New Energies 2050 Net Zero Upstream 2 Doubled Noble synergy estimates Scope 1 and 2 aspiration Tripled planned capital Record free cash…
  3. 4Q 2021 Earnings Presentation – Chevron Corp – slide 3
    2021 aligned with financial priorities billions CFFO Working excl. WC Capital Cash capex 4% quarterly -1.4 dividend per share increase Dividends -8.1 15% below C&E budget Share repurchases -10.2 Debt…
  4. 4Q 2021 Earnings Presentation – Chevron Corp – slide 4
    Delivering capital and cost efficiency Annual organic C&E Operating expenses * billions excl. special items billions 30 30 CVX NBL capital spend CVX NBL 30% lower Capital spend 50% lower than 2019 than 2019 15 25…
  5. 4Q 2021 Earnings Presentation – Chevron Corp – slide 5
    Sustaining proved reserves 1-year reserve replacement 5-year reserve replacement billion BOE billion BOE 12 12 1-year -1.1 -0.0 1.3 112% RRR in 2021 6 6 11.1 11.3 5-year 11.1 -5.4 11.3 -0.8 6.4 103% RRR 2016-2021 0…
  6. 4Q 2021 Earnings Presentation – Chevron Corp – slide 6
    Financial highlights 4Q21 2021 Earnings / Earnings per diluted share 5.1 billion / 2.63 15.6 billion / 8.14 1 Adjusted Earnings / EPS 4.9 billion / 2.56 15.6 billion / 8.13 1 Cash flow from operations / excl. working capital 9.5…
  7. 4Q 2021 Earnings Presentation – Chevron Corp – slide 7
    Chevron earnings 4Q21 vs. 3Q21 millions Upstream Downstream Other Realizations Liftings DD&A Timing 55 effects Special Volumes / items 1 FX 1 -430 Other margins2 Chemicals 59 -615 Opex Other -345 1,285 -301 265 -310 Other…
  8. 4Q 2021 Earnings Presentation – Chevron Corp – slide 8
    Chevron earnings 2021 vs. 2020 millions Upstream Downstream Other Chemicals Opex Other Other Margins2 Realizations Liftings DD&A Opex -395 -26 -142 Other Volumes 930 215 -875 1,445 -600 -91 540 15,625 2020 Special…
  9. 4Q 2021 Earnings Presentation – Chevron Corp – slide 9
    2022 Production outlook MBOED Contract New Base / 2021 Asset expirations production other sales (160) 80 20 (20) Indonesia & Thailand contract expirations Ramp-up in Permian Lower turnaround activity 2021 2021 2022…
  10. 4Q 2021 Earnings Presentation – Chevron Corp – slide 10
    Looking ahead 1Q2022 outlook Full-year 2022 outlook Production outlook Upstream Turnarounds/Downtime: (40) MBOED (excl. 2022 asset sales): Flat to down 3% Downstream Refinery turnarounds: (250) - (350)MM A/T earnings…
  11. 4Q 2021 Earnings Presentation – Chevron Corp – slide 11
    Winning combination More More Lower efficient cash carbon C&E 50% lower Record Formed than 2019 free cash flow1 Chevron New Energies Opex 9% lower Upstream Net Zero 2 11.6B than 2019 returned to shareholders Scope 1 and 2…
  12. 4Q 2021 Earnings Presentation – Chevron Corp – slide 12
    2022 Chevron Investor Day Tuesday, March 1, 2022 10:00 am 1:00 pm ET Virtual from New York City 2022 Chevron Corporation 13 Well share more during our Investor Day on March 1st. At this time, we expect to be at the New…
  13. 4Q 2021 Earnings Presentation – Chevron Corp – slide 13
    + questions answers 2022 Chevron Corporation 14 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…
  14. 4Q 2021 Earnings Presentation – Chevron Corp – slide 14
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Reported earnings ( millions) Upstream 2,920 (6,089) 235 501 (2,433) 2,350 3,178 5,135 5,155…
  15. 4Q 2021 Earnings Presentation – Chevron Corp – slide 15
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital millions FY 2021 Net Cash Provided by Operating Activities 29,199 Net…
  16. 4Q 2021 Earnings Presentation – Chevron Corp – slide 16
    Appendix: reconciliation of non-GAAP measures ROCE Adjusted ROCE millions FY 2021 millions FY 2021 Total reported earnings 15,625 Adjusted earnings 15,608 Non-controlling interest 64 Non-controlling interest 64 Interest expense…
  17. 4Q 2021 Earnings Presentation – Chevron Corp – slide 17
    Appendix: reconciliation of non-GAAP measures Operating expenditures excluding special items Net debt ratio millions FY 2019 2021 millions 4Q21 Operating expenses1 Short term debt 256 25,945 25,428 Long term debt* 31,113…
  18. 4Q 2021 Earnings Presentation – Chevron Corp – slide 18
    Appendix Worldwide net oil & gas production: 2021 vs. 2020 MBOED Turnarounds / Entitlement Curtailments downtime effects Rokan Asset Noble expiration Base / sales 70 -14 -61 other -69 -81 275 -105 3,277 3,083 3,099…
  19. 4Q 2021 Earnings Presentation – Chevron Corp – slide 19
    Appendix Worldwide net oil & gas production: 4Q21 vs. 3Q21 MBOED Base / Shale & External Entitlement tight events other effects Turnarounds 65 48 -37 -79 85 + Absence of TCO turnaround + Permian growth + Absence of Hurricane…
  20. 4Q 2021 Earnings Presentation – Chevron Corp – slide 20
    Appendix U.S. upstream earnings: 4Q21 vs. 3Q21 millions Liftings DD&A Opex / other -120 Realizations -117 385 Special items* Gain on sale of Permian & 540 Colorado assets 320 Higher realizations 2,970 Higher Permian…
  21. 4Q 2021 Earnings Presentation – Chevron Corp – slide 21
    Appendix International upstream earnings: 4Q21 vs. 3Q21 millions Realizations Liftings DD&A FX Timing -330 effects -294 745 -310 Higher realizations Other -575 Non-production related DD&A -224 impacts 3,173 Unfavorable…
  22. 4Q 2021 Earnings Presentation – Chevron Corp – slide 22
    Appendix U.S. downstream earnings: 4Q21 vs. 3Q21 millions Margins* Chemicals 100 Opex -210 Higher refining margins Volumes -145 Other Lower chemicals margins and -50 volumes -118 1,083 Timing effects: 4Q21: 23 660…
  23. 4Q 2021 Earnings Presentation – Chevron Corp – slide 23
    Appendix International downstream earnings: 4Q21 vs. 3Q21 millions Volumes Chemicals Margins 15 FX Opex Higher refining & marketing -100 margins Other Timing effects: -60 4Q21: 75 227 Absence of 3Q21: 49 -121 200 -61…

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