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January 2023 Company Presentation – Chevron Corp

Chevron Corp · Jan 31, 2023 · 59 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. January 2023 Company Presentation – Chevron Corp – slide 1
    Chevron 2023 Investor Presentation January 31, 2023 2022 Chevron
  2. January 2023 Company 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. January 2023 Company 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. January 2023 Company 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. January 2023 Company 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. January 2023 Company 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. January 2023 Company 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. January 2023 Company 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. January 2023 Company 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. January 2023 Company 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. January 2023 Company Presentation – Chevron Corp – slide 11
    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…
  12. January 2023 Company Presentation – Chevron Corp – slide 12
    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…
  13. January 2023 Company Presentation – Chevron Corp – slide 13
    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 2022 Chevron 14
  14. January 2023 Company Presentation – Chevron Corp – slide 14
    Delivering value in 2022 Higher Disciplined Lower cash growth carbon Record 20% Acquired free cash flow1 ROCE3 Renewable Energy Group Repurchased 4% Record Secured of shares outstanding2 U.S. oil & gas production offshore…
  15. January 2023 Company Presentation – Chevron Corp – slide 15
    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…
  16. January 2023 Company Presentation – Chevron Corp – slide 16
    2023 Chevron Investor Day Chevron Investor Day Tuesday, February 28, 2023 8:30 am 11:30 am ET chevron.com/investors 2022 Chevron 17
  17. January 2023 Company Presentation – Chevron Corp – slide 17
    Upstream & Midstream Jay Johnson Executive Vice President, Upstream Colin Parfitt Vice President, Midstream 2022 Chevron. All rights reserved.
  18. January 2023 Company Presentation – Chevron Corp – slide 18
    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…
  19. January 2023 Company Presentation – Chevron Corp – slide 19
    Production and reserves on track 2022 production 1-year reserve replacement MMBOED BBOE Within -1.1 -0.1 1.1 production guidance 2022 guidance in 2022 range Entitlement price effects 1-year 97% RRR in 2022 60/BBL…
  20. January 2023 Company Presentation – Chevron Corp – slide 20
    2023 Production outlook MBOED Base / Portfolio & Growth other price effects (20) 110 (45) Shale & tight ramp-up Base decline 2022 2022 2023 101/BBL 80/BBL Brent* 80/BBL Brent excl. contract expirations Brent* &…
  21. January 2023 Company Presentation – Chevron Corp – slide 21
    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 &…
  22. January 2023 Company Presentation – Chevron Corp – slide 22
    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…
  23. January 2023 Company Presentation – Chevron Corp – slide 23
    TCO on-track Project update Looking ahead Drilling program complete Advancing systems completions and startup Construction largely complete Higher dividends expected Project Progress Annual % Actual Forecasted Actual…
  24. January 2023 Company Presentation – Chevron Corp – slide 24
    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…
  25. January 2023 Company Presentation – Chevron Corp – slide 25
    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…
  26. January 2023 Company Presentation – Chevron Corp – slide 26
    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…
  27. January 2023 Company Presentation – Chevron Corp – slide 27
    Expanding the factory model DJ Basin Vaca Muerta Angola…
  28. January 2023 Company Presentation – Chevron Corp – slide 28
    Expect growth in the deepwater Australia Gulf of Mexico Eastern Mediterranean Gorgon Stage 2 300 MBOED by 2026 Increasing regional exports 6 MMT CO2 gross stored to date Carbon intensity 6 kg CO2e/BOE* Gas displacing coal-fired…
  29. January 2023 Company Presentation – Chevron Corp – slide 29
    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 Anchor hull completed Increases Atlantic Basin exposure 2022 Chevron 30
  30. January 2023 Company Presentation – Chevron Corp – slide 30
    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 31
  31. January 2023 Company Presentation – Chevron Corp – slide 31
    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…
  32. January 2023 Company Presentation – Chevron Corp – slide 32
    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…
  33. January 2023 Company Presentation – Chevron Corp – slide 33
    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…
  34. January 2023 Company Presentation – Chevron Corp – slide 34
    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%…
  35. January 2023 Company Presentation – Chevron Corp – slide 35
    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…
  36. January 2023 Company Presentation – Chevron Corp – slide 36
    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…
  37. January 2023 Company Presentation – Chevron Corp – slide 37
    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…
  38. January 2023 Company Presentation – Chevron Corp – slide 38
    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…
  39. January 2023 Company Presentation – Chevron Corp – slide 39
    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…
  40. January 2023 Company Presentation – Chevron Corp – slide 40
    Chevron New Energies Jeff Gustavson President, Chevron New Energies Eimear Bonner Vice President, Chief Technology Officer 2022 Chevron. All rights reserved.
  41. January 2023 Company Presentation – Chevron Corp – slide 41
    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…
  42. January 2023 Company Presentation – Chevron Corp – slide 42
    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…
  43. January 2023 Company Presentation – Chevron Corp – slide 43
    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…
  44. January 2023 Company Presentation – Chevron Corp – slide 44
    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…
  45. January 2023 Company Presentation – Chevron Corp – slide 45
    Platform for growth Assets Capabilities Customers Upstream Partnership Brand Heavy-duty Refineries Technology Stakeholder Power Retail Value chain Financial Industrial 2022 Chevron 46
  46. January 2023 Company Presentation – Chevron Corp – slide 46
    Reconciliation of non-GAAP measures appendix 2022 Chevron 47
  47. January 2023 Company Presentation – Chevron Corp – slide 47
    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…
  48. January 2023 Company Presentation – Chevron Corp – slide 48
    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:…
  49. January 2023 Company Presentation – Chevron Corp – slide 49
    Appendix: reconciliation of non-GAAP measures Net debt ratio millions 2022 Short term debt 1,964 Long term debt* 21,375 Total debt 23,339 Less: Cash and cash equivalents 17,678 Less: Marketable securities 223 Total…
  50. January 2023 Company Presentation – Chevron Corp – slide 50
    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…
  51. January 2023 Company Presentation – Chevron Corp – slide 51
    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 1 Special items (289) Change in working capital…
  52. January 2023 Company Presentation – Chevron Corp – slide 52
    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)…
  53. January 2023 Company Presentation – Chevron Corp – slide 53
    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…
  54. January 2023 Company Presentation – Chevron Corp – slide 54
    Corporate appendix 2022 Chevron 55
  55. January 2023 Company Presentation – Chevron Corp – slide 55
    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…
  56. January 2023 Company Presentation – Chevron Corp – slide 56
    Upstream & Midstream appendix 2022 Chevron 57
  57. January 2023 Company Presentation – Chevron Corp – slide 57
    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…
  58. January 2023 Company Presentation – Chevron Corp – slide 58
    Downstream & Chemicals appendix 2022 Chevron 59
  59. January 2023 Company Presentation – Chevron Corp – slide 59
    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…

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