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3Q 2022 Earnings Transcript – Chevron Corp

Chevron Corp · Nov 11, 2022 · 18 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 Transcript – Chevron Corp – slide 1
    Mike Wirth Pierre Breber Roderick Green Chairman of the Board and Vice President and General Manager Chief Executive Officer Chief Financial Officer Investor Relations October 28, 2022 2022 Chevron. All rights reserved.…
  2. 3Q 2022 Earnings Transcript – Chevron Corp – slide 2
    Winning combination Higher returns Lower carbon 25% Aim to be a leader in methane third quarter ROCE 1 emissions management 6.5B in cash Received three permits to assess returned to shareholders 2 CO2 storage offshore…
  3. 3Q 2022 Earnings Transcript – Chevron Corp – slide 3
    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 /…
  4. 3Q 2022 Earnings Transcript – Chevron Corp – slide 4
    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. WC -6.5…
  5. 3Q 2022 Earnings Transcript – Chevron Corp – slide 5
    Chevron earnings 3Q22 vs. 3Q21 millions Upstream Downstream Other Timing effects Volume Opex Margins -230 Other Other Timing Tax / 400 Realizations Liftings effects -540 -76 other -284 -80 -255 -43 1,610 Special items*…
  6. 3Q 2022 Earnings Transcript – Chevron Corp – slide 6
    Chevron earnings 3Q22 vs. 2Q22 millions Upstream Downstream Other Tax / Special Liftings DD&A other Margins Timing items* FX* Realizations effects Volumes Opex -44 -380 327 Other Other 234 -140 705 -750 350 -365 -350 88 -66…
  7. 3Q 2022 Earnings Transcript – Chevron Corp – slide 7
    Worldwide net oil & gas production 3Q22 vs. 3Q21 MBOED Turnarounds / External Base / Asset Contract Shale & downtime events other sales expirations tight 35 20 -30 61 99 -192 + Primarily Permian growth + Absence of…
  8. 3Q 2022 Earnings Transcript – Chevron Corp – slide 8
    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 Corporation 9 Now,…
  9. 3Q 2022 Earnings Transcript – Chevron Corp – slide 9
    questions answers 2022 Chevron Corporation 10 10
  10. 3Q 2022 Earnings Transcript – Chevron Corp – slide 10
    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…
  11. 3Q 2022 Earnings Transcript – Chevron Corp – slide 11
    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…
  12. 3Q 2022 Earnings Transcript – Chevron Corp – slide 12
    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…
  13. 3Q 2022 Earnings Transcript – Chevron Corp – slide 13
    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…
  14. 3Q 2022 Earnings Transcript – Chevron Corp – slide 14
    Worldwide net oil & gas production 3Q22 vs. 2Q22 MBOED Turnarounds / External Contract Base / downtime events expiration other 26 -13 60 58 + Absence of turnarounds and downtime Thailand contract expiration 2Q22 3Q22…
  15. 3Q 2022 Earnings Transcript – Chevron Corp – slide 15
    Appendix U.S. upstream earnings: 3Q22 vs. 2Q22 millions Special item* Realizations Liftings Other 600 51 -695 75 Lower liquids realizations 2Q22 3Q22 earnings earnings * Reconciliation of the special item can be found in…
  16. 3Q 2022 Earnings Transcript – Chevron Corp – slide 16
    Appendix International upstream earnings: 3Q22 vs. 2Q22 millions Tax / Liftings DD&A other Special Realizations FX -410 306 item* 630 -163 -200 555 Higher gas realizations Higher production 2Q22 3Q22 earnings earnings *…
  17. 3Q 2022 Earnings Transcript – Chevron Corp – slide 17
    Appendix U.S. downstream earnings: 3Q22 vs. 2Q22 millions Margins Volumes Lower refining margins -440 Lower refining volumes Opex -410 Higher operating costs Other -230 -72 Timing effects: 3Q22: 62 Absence of 2Q22:…
  18. 3Q 2022 Earnings Transcript – Chevron Corp – slide 18
    Appendix International downstream earnings: 3Q22 vs. 2Q22 millions Timing Other effects FX Margins 65 34 Lower refining margins Favorable timing effects: -310 370 3Q22: 325 Absence of 2Q22: 45 2Q22 3Q22 earnings…

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