Chevron Investor Day Chevron 2023 Investor Presentation May 2, 2023 2023 Chevron. All rights reserved.
Chevron Investor Day Higher returns May 2, 2023 2023 Chevron. All rights reserved.
Balanced energy framework Economic prosperity Energy security Environmental protection Affordable for Reliable and Ever-cleaner customers and countries diverse supply energy 2023 Chevron 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…
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…
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 Net adds YE 2012…
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…
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…
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…
Permian COOP well performance 2022 POPs Midland Basin Delaware Basin Cumulative production vs. forecast Cumulative production vs. forecast Midland Basin 2023+ expected above forecast New Mexico program 2022 New Mexico wells…
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…
Strong Permian partners Non-operated Royalty 60% production with 5 major operators 60% production from the Pecos River area New Mexico Royalty production outlook by area Texas Midland Net MBOED Basin Delaware Basin…
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…
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…
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…
Gulf of Mexico projects Major capital projects Liquids Gas Ownership capacity capacity Start- Project Operator percentage (MBD, 100%) (MMCFD, 100%) up1 Mad Dog 2 Other 15.6 140 75 2023 Anchor Chevron 75.4 / 62.92 75 28…
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…
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…
Chevron Investor Day Lower carbon May 2, 2023 2023 Chevron. All rights reserved.
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…
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…
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…
Growing our CCUS business Over 65 active CCUS opportunities Secure pore space Create regional hubs Advance capture technology Focus area 2023 Chevron 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…
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)…
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…
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 &…
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…
Chevron Investor Day Winning combination May 2, 2023 2023 Chevron. All rights reserved.
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…
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…
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 Peers…
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…
Winning combination Disciplined growth Lower carbon Higher cash Progress toward Raised annual buyback Affirmed production growth of Upstream CO2 intensity guidance to 3% CAGR by 2027 reduction target2 10 - 20 billion…
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…
Delivering on financial priorities in 1Q23 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…
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 39
Looking ahead Forward guidance 2Q23 outlook Full year 2023 outlook Production outlook Upstream Turnarounds/Downtime: (80) MBOED (excl. 2023 asset sales): Flat to +3% Downstream Refinery turnarounds (A/T earnings): (250) -…
Reconciliation of non-GAAP measures appendix 2023 Chevron 41
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)…
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…
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…
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…
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…
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…
Slide notes appendix 2023 Chevron 49
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…
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…
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…
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