Skip to main content 4Q 2022 Earnings Presentation – Chevron Corp | Shale Experts
Loading...
Pm

4Q 2022 Earnings Presentation – Chevron Corp

Chevron Corp · Feb 28, 2023 · 48 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 2022 Earnings Presentation – Chevron Corp – slide 1
    Chevron Investor Day Chevron 2023 Investor Presentation March 1, 2023 2023 Chevron. All rights reserved.
  2. 4Q 2022 Earnings Presentation – Chevron Corp – slide 2
    Chevron Investor Day Higher returns March 1, 2023 2023 Chevron. All rights reserved.
  3. 4Q 2022 Earnings Presentation – Chevron Corp – slide 3
    Balanced energy framework Economic prosperity Energy security Environmental protection Affordable for Reliable and Ever-cleaner customers and countries diverse supply energy 2023 Chevron 4
  4. 4Q 2022 Earnings Presentation – Chevron Corp – slide 4
    Safely deliver higher returns, lower carbon Higher returns Lower carbon Advantaged portfolio Progress toward 2028 carbon intensity targets Capital and cost discipline Aim to be a leader in methane management Growing…
  5. 4Q 2022 Earnings Presentation – Chevron Corp – slide 5
    Capital discipline Capex* Affiliate capex billions billions Capex outlook 13 - 15B per year 13 - 15 3.4 14 3 10.7 Affiliate capex outlook 2 2B per year * Includes organic spend only. See Appendix for reconciliation…
  6. 4Q 2022 Earnings Presentation – Chevron Corp – slide 6
    10-year reserves and resource Reserves Resource 10-year reserve replacement 10-year resource replenishment BBOE Total 6P BBOE 10-year -10.3 36.9 11.3 -10.3 11.3 11.2 99% RRR 64.7 -13.4 77.9 -1.1 YE 2012 Production Asset…
  7. 4Q 2022 Earnings Presentation – Chevron Corp – slide 7
    Profitably growing our upstream business Upstream earnings per barrel Production guidance Excludes special items Excludes impact of potential asset sales Net MMBOED Improved margins Capital & cost efficient Expect 3% CAGR…
  8. 4Q 2022 Earnings Presentation – Chevron Corp – slide 8
    Returns focused production growth Managing base decline Production guidance for key assets Excludes impact of potential asset sales Excludes impact of potential asset sales Net MMBOED Net MBOED Facility-constrained +450 MBOED…
  9. 4Q 2022 Earnings Presentation – Chevron Corp – slide 9
    Delivering value in the Permian Midland & Delaware Basin Free cash flow2 & ROCE Net MBOED Returns focused Technology driving efficiency Lower carbon expect 40% renewable power1 See Appendix for reconciliation of…
  10. 4Q 2022 Earnings Presentation – Chevron Corp – slide 10
    Permian COOP well performance 2022 POPs Midland Basin Delaware Basin Cumulative production vs. forecast Cumulative production vs. forecast Midland Basin 2023+ expected New Mexico program above forecast 2022 New Mexico wells…
  11. 4Q 2022 Earnings Presentation – Chevron Corp – slide 11
    Other Shale & Tight development plans Argentina Started El Trapial development Haynesville Rig counts and well POPs 1st rig began drilling January 2023 COOP & NOJV 2021 2023 2025 Rig count 4 8 11 DJ Basin Expect to POP 2x…
  12. 4Q 2022 Earnings Presentation – Chevron Corp – slide 12
    Focused on delivering FGP / WPMP Project update Looking ahead Bulk construction complete WPMP maintains base production Executing WPMP start-up activities FGP adds 260 MBD TCO production profile (100%) MBOED See Appendix…
  13. 4Q 2022 Earnings Presentation – Chevron Corp – slide 13
    Continuing deepwater excellence Gulf of Mexico West Africa Australia Eastern Med Expect 300 MBOED Supporting Record 99% by 2026 base business 2022 cargoes reliability Anchor, Whale, Nigeria Advancing Tamar Ballymore, Mad Dog 2…
  14. 4Q 2022 Earnings Presentation – Chevron Corp – slide 14
    Gulf of Mexico projects Major capital projects Liquids Gas Ownership capacity capacity Project Operator percentage (MBD, 100%) (MMCFD, 100%) Start-up1 Mad Dog 2 Other 15.6 140 75 2023 Anchor Chevron 75.4 / 62.92 75 28…
  15. 4Q 2022 Earnings Presentation – Chevron Corp – slide 15
    Connecting our natural gas resources to demand Large gas resource 175 net TCF 65 TCF 10 TCF Optimizing From USGC portfolio 20 TCF Accessing 45 TCF demand Key equity natural gas resources Current LNG Future LNG All…
  16. 4Q 2022 Earnings Presentation – Chevron Corp – slide 16
    Competitive chemical and downstream projects CPChem projects Refining evolution Geismar expansion Advantaged ethane feedstock Pasadena LTO integration Adds 15 MBD of RD capacity 2 MMTPA crackers (USGC, Qatar) Renewable…
  17. 4Q 2022 Earnings Presentation – Chevron Corp – slide 17
    Chevron Investor Day Lower carbon March 1, 2023 2023 Chevron. All rights reserved.
  18. 4Q 2022 Earnings Presentation – Chevron Corp – slide 18
    Advancing our lower carbon future Lower carbon intensity Grow new energies 2030 targets Upstream CO2 intensity 35% by 2028 Renewable fuels 100 MBD reduction target1 Net Zero2 Upstream By 2050 CCUS & offsets 25 MMTPA Scope 1…
  19. 4Q 2022 Earnings Presentation – Chevron Corp – slide 19
    Carbon efficient supplier of energy Lowering upstream carbon intensity Keeping methane in the pipe Chevrons oil and gas production carbon intensity 13 advanced detection technologies trialed since 2016 Oil Gas 2028 targets…
  20. 4Q 2022 Earnings Presentation – Chevron Corp – slide 20
    Integrating renewables into our business RD / BD RNG / CNG Added feedstocks with Bunge & CoverCressTM Expanded production with CalBio & Brightmark Expect 5x more USWC stations selling RD / BD by year-end 75 CNG sites online or in…
  21. 4Q 2022 Earnings Presentation – Chevron Corp – slide 21
    Growing our CCUS business Over 65 active CCUS opportunities Secure pore space Create regional hubs Advance capture technology Focus area 2023 Chevron 22
  22. 4Q 2022 Earnings Presentation – Chevron Corp – slide 22
    Developing CCUS value chains U.S. Gulf Coast Asia Pacific Technology 1 billion tons CO2 storage resource1 3 permits to assess CO2 storage2 Investments in Svante & Carbon Clean Early mover 140,000 acres1 Advancing regional…
  23. 4Q 2022 Earnings Presentation – Chevron Corp – slide 23
    Growing our hydrogen business Over 50 active H2 opportunities Advance production hubs Leverage natural gas value chains From U.S. Enable technology Support expected future demand Opportunities Early mover (demand)…
  24. 4Q 2022 Earnings Presentation – Chevron Corp – slide 24
    Developing hydrogen value chains United States Asia Pacific Technology Advancing Gulf Coast hubs with CCUS Exploring low CI fuels Australia to Japan H2 transport and storage projects Establishing West Coast value chains Studying…
  25. 4Q 2022 Earnings Presentation – Chevron Corp – slide 25
    Technology powering todays businesses Safety Higher returns Lower carbon Scalable robotic tank inspection Optimizing field development Preventing & detecting emissions Eliminates worker risk & reduces costs Reduces cycle time &…
  26. 4Q 2022 Earnings Presentation – Chevron Corp – slide 26
    Technology building tomorrows businesses Asset class excellence Renewable fuels Enhance Convert reservoir challenged recoveries feedstocks Facilities of the future CCUS & H2 Automate Reduce facilities and costs across the…
  27. 4Q 2022 Earnings Presentation – Chevron Corp – slide 27
    Chevron Investor Day Winning combination March 1, 2023 2023 Chevron. All rights reserved.
  28. 4Q 2022 Earnings Presentation – Chevron Corp – slide 28
    Delivering higher returns ROCE improvement Free cash flow 2017-2022 at 60 Brent, billions Peer leading ROCE improvement 2 Target 12% ROCE by 2027 2 Expect 10% FCF average annual growth 3 CVX Peers1 1 Peers include…
  29. 4Q 2022 Earnings Presentation – Chevron Corp – slide 29
    Upside leverage and downside resilience Downside potential* Upside potential* billions, 2023-2027 billions, 2023-2027 Raise annual buyback Other guidance to Cash on B/S 10 - 20 billion Other Buyback Cash on B/S capacity…
  30. 4Q 2022 Earnings Presentation – Chevron Corp – slide 30
    Financial priorities unchanged Dividend growth per share Net debt ratio2 CAGR, 2017-2022 2018-2022 Maintain and grow dividend Fund capital program Strong balance sheet Return surplus cash CVX Peers1 CVX Peers1 1…
  31. 4Q 2022 Earnings Presentation – Chevron Corp – slide 31
    Consistent, prepared, adaptive Pragmatic approach Higher returns Lower carbon Advantaged portfolio Efficient execution Reduce carbon intensity Leverage strengths Maintain capital discipline Grow New Energies 2023 Chevron 32
  32. 4Q 2022 Earnings Presentation – Chevron Corp – slide 32
    Consistency drives value Disciplined execution Performance delivery Leading capital efficiency More cash returned per share Continued cost and capital discipline Strong balance sheet Capital efficiency Total cash returned to…
  33. 4Q 2022 Earnings Presentation – Chevron Corp – slide 33
    Winning combination Disciplined growth Lower carbon Higher cash Progress toward Affirmed production growth of Upstream CO2 intensity Raised annual buyback 3% CAGR by 2027 reduction target2 guidance to 10 - 20 billion…
  34. 4Q 2022 Earnings Presentation – Chevron Corp – slide 34
    Financial highlights 4Q22 2022 Earnings / Earnings per diluted share 6.4 billion / 3.33 35.5 billion / 18.28 1 Adjusted Earnings / EPS 7.9 billion / 4.09 36.5 billion / 18.83 1 Cash flow from operations / excl. working capital…
  35. 4Q 2022 Earnings Presentation – Chevron Corp – slide 35
    2022 aligned with financial priorities billions Working CFFO capital Capex 6% dividend per share excl. WC growth 2.1 Dividends -12.0 Organic capex 5% Share repurchases below budget -11.0 Shares Debt issued for Asset…
  36. 4Q 2022 Earnings Presentation – Chevron Corp – slide 36
    Returning surplus cash throughout the cycle Share repurchase history billions 15 out of last 19 years 65 billion in repurchases Average 95 per share 2 lower than market volume weighted average 2023 Chevron 37
  37. 4Q 2022 Earnings Presentation – Chevron Corp – slide 37
    Looking ahead Forward guidance 1Q23 outlook Full year 2023 outlook Production outlook Upstream Turnarounds/Downtime: (25) MBOED (excl. 2023 asset sales): Flat to +3% Refinery turnarounds (A/T earnings): (200) - (300)MM…
  38. 4Q 2022 Earnings Presentation – Chevron Corp – slide 38
    Reconciliation of non-GAAP measures appendix 2023 Chevron 39
  39. 4Q 2022 Earnings Presentation – Chevron Corp – slide 39
    Appendix: reconciliation of non-GAAP measures Upstream earnings per barrel excluding special items TOTAL UPSTREAM TOTAL UPSTREAM 2015 2016 2017 2018 2019 2015 - 2019 Earnings (MM) (1,961) (2,537) 8,150 13,316 2,576 Earnings (MM)…
  40. 4Q 2022 Earnings Presentation – Chevron Corp – slide 40
    Appendix: reconciliation of non-GAAP measures Free cash flow MM FY 2022 Net cash provided by operating activities 49,602 Net decrease (Increase) in operating working capital 2,125 Cash Flow from Operations Excluding Working…
  41. 4Q 2022 Earnings Presentation – Chevron Corp – slide 41
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital millions FY 2022 Net cash provided by operating activities 49,602 Less:…
  42. 4Q 2022 Earnings Presentation – Chevron Corp – slide 42
    Appendix: reconciliation of non-GAAP measures Net debt ratio MM 2018 2019 2020 2021 2022 Short term debt 5,726 3,282 1,548 256 1,964 Long term debt* 28,733 23,691 42,767 31,113 21,375 Total Debt 34,459 26,973 44,315 31,369…
  43. 4Q 2022 Earnings Presentation – Chevron Corp – slide 43
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Reported earnings ( millions) Upstream 2,350 3,178 5,135 5,155 15,818 6,934 8,558 9,307 5,485…
  44. 4Q 2022 Earnings Presentation – Chevron Corp – slide 44
    Appendix: reconciliation of non-GAAP measures Adjusted ROCE millions FY 2022 millions FY 2022 Total reported earnings 35,465 Adjusted earnings 36,542 Non-controlling interest 143 Non-controlling interest 143 Interest expense…
  45. 4Q 2022 Earnings Presentation – Chevron Corp – slide 45
    Slide notes appendix 2023 Chevron 46
  46. 4Q 2022 Earnings Presentation – Chevron Corp – slide 46
    Appendix: slide notes This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings Investors, Events & Presentations. Safely deliver higher returns, lower…
  47. 4Q 2022 Earnings Presentation – Chevron Corp – slide 47
    Appendix: slide notes This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings Investors, Events & Presentations. Advancing our lower carbon future…
  48. 4Q 2022 Earnings Presentation – Chevron Corp – slide 48
    Appendix: slide notes This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings Investors, Events & Presentations. Delivering higher returns Financial…

From the store

Browse maps, data & reports in the Shale Experts store