Skip to main content 3Q 2022 Earnings Presentation – Chevron Corp | Shale Experts
Loading...
Pm

3Q 2022 Earnings Presentation – Chevron Corp

Chevron Corp · Nov 3, 2022 · 56 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. 3Q 2022 Earnings Presentation – Chevron Corp – slide 1
    Chevron 2022 Investor Presentation November 2, 2022 2022 Chevron
  2. 3Q 2022 Earnings Presentation – Chevron Corp – slide 2
    Corporate Overview Mike Wirth Chairman and Chief Executive Officer Pierre Breber Chief Financial Officer Celebrating over 100 years on the NYSE 2022 Chevron
  3. 3Q 2022 Earnings Presentation – Chevron Corp – slide 3
    Winning combination Higher returns Lower carbon Advantaged portfolio First quartile upstream carbon intensity Unmatched financial strength Target harder-to-abate sectors Capital and cost discipline Build on capabilities,…
  4. 3Q 2022 Earnings Presentation – Chevron Corp – slide 4
    More capital and cost efficient Annual C&E Unit opex billions /boe C&E guidance of 15 - 17B per year Target reduction of unit opex 10% by 2026* See Appendix for reconciliation of non-GAAP measures and slide notes…
  5. 3Q 2022 Earnings Presentation – Chevron Corp – slide 5
    Raising ROCE target at flat 60 Brent nominal Adjusted ROCE CFFO per share at 60 Brent excl. working capital at 60 Brent, /share Capital Efficiency 12% ROCE by 2026 Cost & margin 10% CAGR CFFO per share excl. WC…
  6. 3Q 2022 Earnings Presentation – Chevron Corp – slide 6
    Accelerating lower carbon businesses Integrating Investing Delivering our capabilities and assets across the value chain value to customers Expected capital expenditures 10B through 2028 Projected annual CFFO 1B end of…
  7. 3Q 2022 Earnings Presentation – Chevron Corp – slide 7
    Advancing our lower carbon future Lower carbon intensity Grow new energies 2030 targets Upstream CO2 intensity 1 35% by 2028 Renewable fuels 100 MBD reduction target 2 Net Zero Upstream 5 By 2050 Hydrogen 150 KTPA Scope 1…
  8. 3Q 2022 Earnings Presentation – Chevron Corp – slide 8
    Consistent financial priorities Maintain and grow dividend 2X dividend per share since 2010 Fund capital program 20% more capital efficient Strong balance…
  9. 3Q 2022 Earnings Presentation – Chevron Corp – slide 9
    Downside resilience and upside leverage Downside potential Upside potential 50 Brent* 75 Brent* billions, 2022-2026 billions, 2022-2026 Upside potential to Asset sales & buyback 20% other Buyback capability Debt Buyback of…
  10. 3Q 2022 Earnings Presentation – Chevron Corp – slide 10
    Winning combination More efficient More cash Lower carbon Maintain 15 - 17 billion Driving to 12% ROCE Target1 35% reduction in in C&E through 2026 by 2026 Upstream CO2 intensity by 2028 2 100 MBD 150 KTPA 25 MMTPA 10%…
  11. 3Q 2022 Earnings Presentation – Chevron Corp – slide 11
    Financial highlights 3Q22 Earnings / Earnings per diluted share 11.2 billion / 5.78 1 Adjusted Earnings / EPS 10.8 billion / 5.56 1 Cash flow from operations / excl. working capital 15.3 billion / 13.7 billion 1,2 ROCE /…
  12. 3Q 2022 Earnings Presentation – Chevron Corp – slide 12
    Delivering on financial priorities 3Q22 cash flow Quarterly average free cash flow2,3 billions excl. working capital billions Cash CFFO WC capex Superior Shareholder -3.0 returns shareholder returns CFFO excl. Debt Asset…
  13. 3Q 2022 Earnings Presentation – Chevron Corp – slide 13
    Winning combination Higher returns Lower carbon 25% Aim to be a leader in methane 1 third quarter ROCE emissions management 6.5B in cash Received three permits to assess returned to shareholders 2 CO2 storage offshore…
  14. 3Q 2022 Earnings Presentation – Chevron Corp – slide 14
    Looking ahead Forward guidance 4Q22 UPSTREAM Turnarounds & Downtime: (40) MBOED DOWNSTREAM Refinery turnarounds (A/T earnings): (100) - (200)MM OTHER Share repurchase: 3.75B 2022 Chevron 15
  15. 3Q 2022 Earnings Presentation – Chevron Corp – slide 15
    Upstream & Midstream Jay Johnson Executive Vice President, Upstream Colin Parfitt Vice President, Midstream 2022 Chevron. All rights reserved.
  16. 3Q 2022 Earnings Presentation – Chevron Corp – slide 16
    Continuing to advance our Upstream business Upstream C&E Upstream operating expense billions /BOE Capital & Cost efficient Expect production Upstream production growth 3% CAGR Upstream cash after C&E MMBOED Financial…
  17. 3Q 2022 Earnings Presentation – Chevron Corp – slide 17
    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…
  18. 3Q 2022 Earnings Presentation – Chevron Corp – slide 18
    Strong resource base underpins production Resources Net Production Potential 10-year resource replenishment Excludes impact of potential asset sales Total 6P BBOE MMBOED Strong resource base Organic Opportunities Other Shale &…
  19. 3Q 2022 Earnings Presentation – Chevron Corp – slide 19
    Advancing our lower carbon future in Upstream Carbon Intensity Flaring Methane Upstream scope 1 & 2 emissions Targeting Methane target Net zero1 aspiration Zero routine flaring 50% intensity reduction2 by 2050 by 2030 by 2028…
  20. 3Q 2022 Earnings Presentation – Chevron Corp – slide 20
    TCO on-track Project update Looking ahead Drilling program complete Advancing systems completions and startup Construction 97% complete Higher dividends expected Project Progress Annual % Actual Forecasted Actual…
  21. 3Q 2022 Earnings Presentation – Chevron Corp – slide 21
    Executing our Permian plan 1 Permian COOP Development Cost Permian Production per BOE MBOED Efficient development 2 Lower carbon 15kg CO2e/BOE Advantaged royalty position 1Development costs per BOE are calculated as…
  22. 3Q 2022 Earnings Presentation – Chevron Corp – slide 22
    Higher returns and free cash flow in Permian Scale & efficiency outlook Expected returns Investment pace 4B per year 4B FCF in 2026 Production grows to 1.2 - 1.5 MMBOED 30% ROCE in 2026 Net Production Free cash flow* & ROCE…
  23. 3Q 2022 Earnings Presentation – Chevron Corp – slide 23
    Production growth in the Permian Midland and Delaware Basin Net MBOED On track for 1 MMBOED by 2025 Royalty benefit1 and barrels2 20% of production 2016 2018 2020 2022 2024 2026 Monthly production 2021 CID production…
  24. 3Q 2022 Earnings Presentation – Chevron Corp – slide 24
    Expanding the factory model DJ Basin Vaca Muerta Angola…
  25. 3Q 2022 Earnings Presentation – Chevron Corp – slide 25
    Expect growth in the deepwater Australia Gulf of Mexico Eastern Mediterranean Gorgon Stage 2 first gas 3Q 2022 300 MBOED by 2026 Increasing regional exports 6 MMT CO2 gross stored to date Carbon intensity 6 kg CO2e/BOE* Gas…
  26. 3Q 2022 Earnings Presentation – Chevron Corp – slide 26
    Portfolio updates Australia Gulf of Mexico Gulf Coast LNG 1st quartile reliability Announced Ballymore FID 4 MMTPA of LNG offtake in 2027 Gorgon Stage 2 starting up Anchor hull completed Increases Atlantic Basin exposure 2022…
  27. 3Q 2022 Earnings Presentation – Chevron Corp – slide 27
    Optimizing our global natural gas portfolio Diverse market presence Maximize realized value LNG plant with CVX equity interest Key equity natural gas assets 2022 Chevron 28
  28. 3Q 2022 Earnings Presentation – Chevron Corp – slide 28
    Delivering results across global value chains Capabilities Assets Customers Global trading and marketing Integrated traditional & new energy business Long-term, global customer base Shipping, Pipeline, and Power expertise Global…
  29. 3Q 2022 Earnings Presentation – Chevron Corp – slide 29
    Executing our supply & trading strategy to maximize returns Flow assurance Optimize value chains Trade around flows Tengizchevroil (TCO) Richmond Permian Pasadena To Europe GS Caltex Pascagoula El Segundo SPRC / SRC To…
  30. 3Q 2022 Earnings Presentation – Chevron Corp – slide 30
    Downstream & Chemicals Mark Nelson Executive Vice President, Downstream & Chemicals Bruce Chinn Chief Executive Officer, Chevron Phillips Chemical Company 2022 2021 Chevron Chevron.Corporation. All rights reserved. All…
  31. 3Q 2022 Earnings Presentation – Chevron Corp – slide 31
    Strong demand outlook for our products Global demand forecast Polyethylene demand growth Indexed to 2019 2021 vs 2026 Constructive Diesel demand outlook Gasoline Jet Recovery driven by economic growth Polyethylene 3%…
  32. 3Q 2022 Earnings Presentation – Chevron Corp – slide 32
    Improving downstream & chemicals performance 1 Adjusted downstream ROCE Increasing earnings billions Renewables / Petchem Driving controllables Self-Help Volumes Leveraging integrated value chains Realized Self-Help…
  33. 3Q 2022 Earnings Presentation – Chevron Corp – slide 33
    Driving self-help Value chain optimization Productivity Reliability & turnarounds Drive feedstock optionality Reduce non-turnaround costs Increase turnaround efficiency Advanced data analytics Execute digital initiatives Optimize…
  34. 3Q 2022 Earnings Presentation – Chevron Corp – slide 34
    Accelerating actions on renewable fuels targets Renewable Renewable Renewable natural gas fuels base oil & lubricants 40,000 MMBTU/D by 2030 100,000 B/D by 2030 100,000 TPA by 2030 TM 45% farms online Closed REG acquisition…
  35. 3Q 2022 Earnings Presentation – Chevron Corp – slide 35
    REG positions us to advance our objectives Higher returns Lower carbon Accretive 70% of feedstock5 to earnings1 & FCF2 lower carbon intensity 500 - 600MM 50 MBD EBITDA3,4 in 2025 renewable fuel capacity in 2025 1 Projected…
  36. 3Q 2022 Earnings Presentation – Chevron Corp – slide 36
    Attractive petrochemical business Selective future growth Cost management discipline Advanced recycling focus Advantaged feedstock 5% unit opex reduction on-track CPChem accelerating product circularity Strong project execution…
  37. 3Q 2022 Earnings Presentation – Chevron Corp – slide 37
    Chevron New Energies Jeff Gustavson President, Chevron New Energies Eimear Bonner Vice President, Chief Technology Officer 2022 Chevron. All rights reserved.
  38. 3Q 2022 Earnings Presentation – Chevron Corp – slide 38
    Recent lower carbon highlights Renewable Energy Group Bunge feedstock JV CCUS progress Transaction closed mid-June 600MM inorganic investment* 50% stake in Bayou Bend JV Integration on-track Launched Bunge Chevron CCS initiative at…
  39. 3Q 2022 Earnings Presentation – Chevron Corp – slide 39
    Attractive sectors, strong strategic fit Hydrogen Carbon capture Significant growth potential Critical to lower carbon future Harder-to-abate demand Existing assets and larger-scale opportunities Existing assets and capabilities…
  40. 3Q 2022 Earnings Presentation – Chevron Corp – slide 40
    Generating value through offsets Our approach Recent actions Future developments Grow with customer needs Established offset integrity framework Invest in nature-based solutions Portfolio supplier of high-quality credits Published…
  41. 3Q 2022 Earnings Presentation – Chevron Corp – slide 41
    Advancing technology for lower carbon businesses Venture investments Research & development Deploying at scale 20 lower carbon companies Enabling bio-feedstock processing 10 lower carbon tech deployments in 2021 Innovation in…
  42. 3Q 2022 Earnings Presentation – Chevron Corp – slide 42
    Platform for growth Assets Capabilities Customers Upstream Partnership Brand Heavy-duty Refineries Technology Stakeholder Power Retail Value chain Financial Industrial 2022 Chevron 43
  43. 3Q 2022 Earnings Presentation – Chevron Corp – slide 43
    Reconciliation of non-GAAP measures appendix 2022 Chevron 44
  44. 3Q 2022 Earnings Presentation – Chevron Corp – slide 44
    Appendix: reconciliation of non-GAAP measures Adjusted ROCE CFFO per share excl. working capital millions 2021 millions 2021 Total reported earnings 15,625 Reported CFFO 29,187 Special items1 (289) Change in working capital…
  45. 3Q 2022 Earnings Presentation – Chevron Corp – slide 45
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 FY22 Reported earnings ( millions) Upstream 2,350 3,178 5,135 5,155 15,818 6,934 8,558 9,307 24,798…
  46. 3Q 2022 Earnings Presentation – Chevron Corp – slide 46
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital FY 2019 FY 2020 FY 2021 2022 YTD millions FY 2019 FY 2020 FY 2021 3Q22 2022…
  47. 3Q 2022 Earnings Presentation – Chevron Corp – slide 47
    Appendix: reconciliation of non-GAAP measures Net debt ratio millions 3Q22 Short term debt 2,221 Long term debt* 21,420 Total debt 23,641 Less: Cash and cash equivalents 15,164 Less: Marketable securities 267 Total…
  48. 3Q 2022 Earnings Presentation – Chevron Corp – slide 48
    Appendix: reconciliation of non-GAAP measures Adjusted ROCE millions 3Q22 millions 3Q22 Total reported earnings 11,231 Adjusted earnings 10,784 Non-controlling interest 7 Non-controlling interest 7 Interest expense (A/T) 117…
  49. 3Q 2022 Earnings Presentation – Chevron Corp – slide 49
    Appendix: reconciliation of non-GAAP measures Downstream adjusted earnings Downstream adjusted ROCE TOTAL DOWNSTREAM 2010-14 2015-19 2010 2011 2012 2013 2014 Average 2015 2016 2017 2018 2019 Average Total reported earnings (MM)…
  50. 3Q 2022 Earnings Presentation – Chevron Corp – slide 50
    Appendix: reconciliation of non-GAAP measures Downstream normalized adjusted earnings TOTAL DOWNSTREAM 2021 Total reported earnings (MM) 2,914 Special items* (110) FX 185 Total special items and FX 75 Total adjusted…
  51. 3Q 2022 Earnings Presentation – Chevron Corp – slide 51
    Corporate appendix 2022 Chevron 52
  52. 3Q 2022 Earnings Presentation – Chevron Corp – slide 52
    Appendix: slide notes This presentation is meant to be read in conjunction with the 2022 Chevron Investor Day Transcript posted on chevron.com under the headings Investors, Events & Presentations. Slide 5 Winning combination Slide 9…
  53. 3Q 2022 Earnings Presentation – Chevron Corp – slide 53
    Upstream & Midstream appendix 2022 Chevron 54
  54. 3Q 2022 Earnings Presentation – Chevron Corp – slide 54
    Appendix: slide notes This presentation is meant to be read in conjunction with the 2022 Chevron Investor Day Transcript posted on chevron.com under the headings Investors, Events & Presentations. Slide 13 Continuing to advance our…
  55. 3Q 2022 Earnings Presentation – Chevron Corp – slide 55
    Downstream & Chemicals appendix 2022 Chevron 56
  56. 3Q 2022 Earnings Presentation – Chevron Corp – slide 56
    Appendix: slide notes This presentation is meant to be read in conjunction with the 2022 Chevron Investor Day Transcript posted on chevron.com under the headings Investors, Events & Presentations. Slide 26 Strong demand outlook for our…

From the store

Browse maps, data & reports in the Shale Experts store