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1Q 2023 Earnings Presentation – Chevron Corp

Chevron Corp · Apr 28, 2023 · 20 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. 1Q 2023 Earnings Presentation – Chevron Corp – slide 1
    First quarter 2023 earnings call April 28, 2023 2023 Chevron Anchor project topsides installation
  2. 1Q 2023 Earnings Presentation – Chevron Corp – slide 2
    Winning combination Higher returns Lower carbon 14.6% Expanded Bayou Bend CCS ROCE 140,000 acres of CO2 pore space 1 6.6 billion Expect to lower LNG fleet CO2 intensity Shareholder distributions by installing advanced…
  3. 1Q 2023 Earnings Presentation – Chevron Corp – slide 3
    Financial highlights 1Q23 Earnings / Earnings per diluted share 6.6 billion / 3.46 1 Adjusted Earnings / EPS 6.7 billion / 3.55 1 Cash flow from operations / excl. working capital 7.2 billion / 9.0 billion Capex 3.0 billion…
  4. 1Q 2023 Earnings Presentation – Chevron Corp – slide 4
    Delivering on financial priorities billions Free Shareholder Net debt cash flow 2,3 returns ratio 3 4.2B 6.6B 4% CFFO Working excl. WC capital Capex (1.8) Dividends (3.0) Share repurchases (2.9) 9.0 Other Debt (3.8)…
  5. 1Q 2023 Earnings Presentation – Chevron Corp – slide 5
    Chevron earnings 1Q23 vs. 1Q22 millions Upstream Downstream Other Special Timing Other items* FX* Realizations effects Opex Other (64) 178 458 Margins (400) 174 Timing 750 effects Other Liftings DD&A (141) 950 (2,060) (115)…
  6. 1Q 2023 Earnings Presentation – Chevron Corp – slide 6
    Chevron earnings 1Q23 vs. 4Q22 millions Upstream Downstream Other Special FX* Realizations items* 365 Opex / Timing Other other Margins Other Liftings DD&A effects Volumes Chemicals 962 291 (1,600) (240) 134 (250) 345 (195)…
  7. 1Q 2023 Earnings Presentation – Chevron Corp – slide 7
    Worldwide net oil & gas production 1Q23 vs. 1Q22 MBOED Shale & Entitlement Base / Asset tight effects other Contract sales expirations 10 (25) 26 (28) (64) Primarily Permian growth Eagle Ford asset sale Thailand contract…
  8. 1Q 2023 Earnings Presentation – Chevron Corp – slide 8
    Permian 2023 outlook Production COOP lateral feet drilled Net MBOED Thousand feet Production growth weighted to 2H23 New Mexico drilling 3x growth year-over-year COOP Company-operated DB-NM Delaware Basin New Mexico NOJV…
  9. 1Q 2023 Earnings Presentation – Chevron Corp – slide 9
    Strong Permian partners Non-operated Royalty 60% production with 5 major operators 60% production in Pecos River New Mexico Royalty production outlook by area Texas Midland Net MBOED Basin Delaware Basin Non-operated…
  10. 1Q 2023 Earnings Presentation – Chevron Corp – slide 10
    Forward guidance 2Q23 UPSTREAM Turnarounds & downtime: (80) MBOED DOWNSTREAM Refinery turnarounds (A/T earnings): (250) - (350)MM CORPORATE Share repurchase: 4.375B Worker at Gorgon 2023 Chevron Corporation 11
  11. 1Q 2023 Earnings Presentation – Chevron Corp – slide 11
    questions answers 2023 Chevron Corporation 12
  12. 1Q 2023 Earnings Presentation – Chevron Corp – slide 12
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 FY23 Reported earnings ( millions) Upstream 6,934 8,558 9,307 5,485 30,284 5,161 5,161 Downstream 331 3,523 2,530…
  13. 1Q 2023 Earnings Presentation – Chevron Corp – slide 13
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital millions 1Q23 Net cash provided by operating activities 7,205 Less: Net…
  14. 1Q 2023 Earnings Presentation – Chevron Corp – slide 14
    Appendix: reconciliation of non-GAAP measures Net debt ratio millions 1Q23 Short term debt 2,931 Long term debt* 20,275 Total debt 23,206 Less: Cash and cash equivalents 15,668 Less: Marketable securities 130 Total…
  15. 1Q 2023 Earnings Presentation – Chevron Corp – slide 15
    Appendix: reconciliation of non-GAAP measures Adjusted ROCE millions 1Q23 millions 1Q23 Total reported earnings 6,574 Adjusted earnings 6,744 Non-controlling interest 31 Non-controlling interest 31 Interest expense (A/T) 106…
  16. 1Q 2023 Earnings Presentation – Chevron Corp – slide 16
    Worldwide net oil & gas production 1Q23 vs. 4Q22 MBOED Shale & tight Entitlement Base / effects Downtime other (22) (11) (18) 19 Lower Permian NOJV and royalty production Cost entitlement effects Lower downtime 4Q22…
  17. 1Q 2023 Earnings Presentation – Chevron Corp – slide 17
    Appendix U.S. upstream earnings: 1Q23 vs. 4Q22 millions Realizations Liftings Lower liquids and gas realizations DD&A Other (720) (67) (180) 130 4Q22 1Q23 earnings earnings 2023 Chevron Corporation 18
  18. 1Q 2023 Earnings Presentation – Chevron Corp – slide 18
    Appendix International upstream earnings: 1Q23 vs. 4Q22 millions Special items* Realizations Opex / other Timing DD&A effects FX (880) Liftings Lower liquids and gas realizations 27 945 (70) 215 (220) 496 4Q22 1Q23…
  19. 1Q 2023 Earnings Presentation – Chevron Corp – slide 19
    Appendix U.S. downstream earnings: 1Q23 vs. 4Q22 millions Margins Volumes Chemicals Other (95) Lower refining margins (48) (200) 140 Lower refining volumes Higher chemicals Timing effects: 1Q23: 26 Absence of 4Q22:…
  20. 1Q 2023 Earnings Presentation – Chevron Corp – slide 20
    Appendix International downstream earnings: 1Q23 vs. 4Q22 millions Other FX Margins Timing Lower refining margins effects 130 (145) Chemicals Higher chemicals 272 (90) 65 Favorable trading results Timing effects: 1Q23:…

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