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2023 Investor Day – Chevron Corp

Chevron Corp · Feb 28, 2023 · 46 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. 2023 Investor Day – Chevron Corp – slide 1
    February 28, 2023 2023 Chevron. All rights reserved.
  2. 2023 Investor Day – Chevron Corp – slide 2
    Agenda Presentation and Q&A 8:30 AM 11:30 AM ET Introduction Roderick Green General Manager, Investor Relations Higher returns Mike Wirth Chairman of the Board and Chief Executive Officer 8:30 9:30 AM + Q&A Nigel Hearne…
  3. 2023 Investor Day – Chevron Corp – slide 3
    Chevron Investor Day Higher returns February 28, 2023 Mike Wirth Nigel Hearne Chairman of the Board and Executive Vice President, Chief Executive Officer Oil, Products & Gas 2023 Chevron. All rights reserved.
  4. 2023 Investor Day – Chevron Corp – slide 4
    Balanced energy framework Economic prosperity Energy security Environmental protection Affordable for Reliable and Ever-cleaner customers and countries diverse supply energy 2023 Chevron 5
  5. 2023 Investor Day – Chevron Corp – slide 5
    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…
  6. 2023 Investor Day – Chevron Corp – slide 6
    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…
  7. 2023 Investor Day – 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. 2023 Investor Day – Chevron Corp – slide 8
    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…
  9. 2023 Investor Day – Chevron Corp – slide 9
    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…
  10. 2023 Investor Day – Chevron Corp – slide 10
    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…
  11. 2023 Investor Day – Chevron Corp – slide 11
    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…
  12. 2023 Investor Day – Chevron Corp – slide 12
    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…
  13. 2023 Investor Day – Chevron Corp – slide 13
    Higher returns supplemental slides 2023 Chevron 14
  14. 2023 Investor Day – Chevron Corp – slide 14
    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…
  15. 2023 Investor Day – Chevron Corp – slide 15
    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…
  16. 2023 Investor Day – Chevron Corp – slide 16
    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…
  17. 2023 Investor Day – Chevron Corp – slide 17
    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…
  18. 2023 Investor Day – Chevron Corp – slide 18
    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…
  19. 2023 Investor Day – Chevron Corp – slide 19
    Chevron Investor Day Lower carbon February 28, 2023 Jeff Gustavson Eimear Bonner President, Vice President, Chevron New Energies Chief Technology Officer 2023 Chevron. All rights reserved.
  20. 2023 Investor Day – Chevron Corp – slide 20
    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…
  21. 2023 Investor Day – Chevron Corp – slide 21
    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…
  22. 2023 Investor Day – Chevron Corp – slide 22
    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…
  23. 2023 Investor Day – Chevron Corp – slide 23
    Growing our CCUS business Over 65 active CCUS opportunities Secure pore space Create regional hubs Advance capture technology Focus area 2023 Chevron 24
  24. 2023 Investor Day – Chevron Corp – slide 24
    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…
  25. 2023 Investor Day – Chevron Corp – slide 25
    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)…
  26. 2023 Investor Day – Chevron Corp – slide 26
    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…
  27. 2023 Investor Day – Chevron Corp – slide 27
    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 &…
  28. 2023 Investor Day – Chevron Corp – slide 28
    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…
  29. 2023 Investor Day – Chevron Corp – slide 29
    Chevron Investor Day Winning combination February 28, 2023 Pierre Breber Mark Nelson Vice President and Vice Chairman and EVP, Chief Financial Officer Strategy, Policy & Development 2023 Chevron. All rights reserved.
  30. 2023 Investor Day – Chevron Corp – slide 30
    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…
  31. 2023 Investor Day – Chevron Corp – slide 31
    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…
  32. 2023 Investor Day – Chevron Corp – slide 32
    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…
  33. 2023 Investor Day – Chevron Corp – slide 33
    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 34
  34. 2023 Investor Day – Chevron Corp – slide 34
    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…
  35. 2023 Investor Day – Chevron Corp – slide 35
    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…
  36. 2023 Investor Day – Chevron Corp – slide 36
    Reconciliation of non-GAAP measures appendix 2023 Chevron 37
  37. 2023 Investor Day – Chevron Corp – slide 37
    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)…
  38. 2023 Investor Day – Chevron Corp – slide 38
    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…
  39. 2023 Investor Day – Chevron Corp – slide 39
    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…
  40. 2023 Investor Day – Chevron Corp – slide 40
    Higher returns appendix 2023 Chevron 41
  41. 2023 Investor Day – Chevron Corp – slide 41
    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. Slide 6 Safely deliver higher returns,…
  42. 2023 Investor Day – Chevron Corp – slide 42
    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. Slide 15 10-year reserves & resource…
  43. 2023 Investor Day – Chevron Corp – slide 43
    Lower carbon appendix 2023 Chevron 44
  44. 2023 Investor Day – Chevron Corp – slide 44
    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. Slide 21 Advancing our lower carbon…
  45. 2023 Investor Day – Chevron Corp – slide 45
    Winning combination appendix 2023 Chevron 46
  46. 2023 Investor Day – 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. Slide 31 Delivering higher returns…

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