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2Q 2023 Earnings Presentation – Chevron Corp

Chevron Corp · Jul 28, 2023 · 21 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. 2Q 2023 Earnings Presentation – Chevron Corp – slide 1
    Second quarter 2023 earnings call July 28, 2023 2023 Chevron Delaware Basin
  2. 2Q 2023 Earnings Presentation – Chevron Corp – slide 2
    Financial highlights 2Q23 Earnings / Earnings per diluted share 6.0 billion / 3.20 1 Adjusted Earnings / EPS 5.8 billion / 3.08 1 Cash flow from operations / excl. working capital 6.3 billion / 9.4 billion Total Capex / Organic…
  3. 2Q 2023 Earnings Presentation – Chevron Corp – slide 3
    Delivering FGP-WPMP at TCO Project update Project outlook FGP-WPMP project 98% complete WPMP and FGP start-up on track Commissioning activity 66% complete Cost and schedule guidance unchanged FGP-WPMP schedule Commissioning…
  4. 2Q 2023 Earnings Presentation – Chevron Corp – slide 4
    Permian COOP well performance on plan Midland Basin Delaware Basin Texas Delaware Basin New Mexico 75% multi-bench Mix of single and multi-bench Single bench 28 POPs 1H 2023 58 POPs 1H 2023 10 POPs 1H 2023 MB well performance…
  5. 2Q 2023 Earnings Presentation – Chevron Corp – slide 5
    High quality, long duration resource Permian inventory Permian long-term production Large diverse portfolio of economic resource Over 15 years of production 1 MMBOED Net inventory locations* Net production* MMBOED 6,600…
  6. 2Q 2023 Earnings Presentation – Chevron Corp – slide 6
    Portfolio updates Gulf of Mexico Eastern Mediterranean PDC Energy acquisition Anchor project FPU moored on location Drilled Aphrodite appraisal well Expect to close in August 2023 Awarded 73 blocks in lease sale 259 Leviathan…
  7. 2Q 2023 Earnings Presentation – Chevron Corp – slide 7
    Delivering on financial priorities billions Free Shareholder Net debt cash flow 2, 3 returns ratio 3 2.5B 7.2B 7% CFFO Working excl. WC capital Capex (3.1) Dividends (3.8) Share repurchases 9.4 (2.8) Debt (4.4)…
  8. 2Q 2023 Earnings Presentation – Chevron Corp – slide 8
    Chevron earnings 2Q23 vs. 2Q22 millions Upstream Downstream Other Special items* FX* Realizations 636 (658) Timing Other Margins Liftings DD&A effects Timing 95 155 421 Volume effects Opex Other (4,740) 415 Other 11,622…
  9. 2Q 2023 Earnings Presentation – Chevron Corp – slide 9
    Chevron earnings 2Q23 vs. 1Q23 millions Upstream Downstream Other Special items* FX* Realizations 50 Other Margins 355 Liftings DD&A Volumes Other Other (20) 219 (29) (44) (1,025) 180 (400) 150 6,574 6,010 1Q23 2Q23…
  10. 2Q 2023 Earnings Presentation – Chevron Corp – slide 10
    Worldwide net oil & gas production 2Q23 vs. 1Q23 MBOED Shale & Turnarounds / tight downtime External events Base / other (42) 58 (19) (16) Permian production growth Turnarounds at Gorgon and in the Gulf of Mexico Canadian…
  11. 2Q 2023 Earnings Presentation – Chevron Corp – slide 11
    Forward guidance 3Q23 UPSTREAM Turnarounds & downtime: (110) MBOED DOWNSTREAM Refinery turnarounds (A/T earnings): (50) - (150)MM CORPORATE Share repurchases: 3.0B Drone operator 2023 Chevron Corporation 12
  12. 2Q 2023 Earnings Presentation – Chevron Corp – slide 12
    questions answers 2023 Chevron Corporation 13
  13. 2Q 2023 Earnings Presentation – Chevron Corp – slide 13
    Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 YTD 2023 Reported earnings ( millions) Upstream 6,934 8,558 9,307 5,485 30,284 5,161 4,936 10,097 Downstream 331…
  14. 2Q 2023 Earnings Presentation – Chevron Corp – slide 14
    Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital millions 1Q23 2Q23 YTD 2023 Net cash provided by operating activities 7,205…
  15. 2Q 2023 Earnings Presentation – Chevron Corp – slide 15
    Appendix: reconciliation of non-GAAP measures Net debt ratio millions 2Q23 Short term debt 1,269 Long term debt* 20,245 Total debt 21,514 Less: Cash and cash equivalents 9,292 Less: Marketable securities 318 Total adjusted…
  16. 2Q 2023 Earnings Presentation – Chevron Corp – slide 16
    Appendix: reconciliation of non-GAAP measures Adjusted ROCE millions 2Q23 millions 2Q23 Total reported earnings 6,010 Adjusted earnings 5,775 Non-controlling interest (2) Non-controlling interest (2) Interest expense (A/T) 111…
  17. 2Q 2023 Earnings Presentation – Chevron Corp – slide 17
    Appendix Worldwide net oil & gas production: 2Q23 vs. 2Q22 MBOED Shale & Entitlement External Base / tight price effects events other 17 6 (46) 85 Primarily Permian growth Normal field decline 2,896 2,959 2Q22 2Q23…
  18. 2Q 2023 Earnings Presentation – Chevron Corp – slide 18
    Appendix U.S. upstream earnings: 2Q23 vs. 1Q23 millions Realizations Liftings DD&A Other (55) 44 (315) 185 Lower liquids and gas realizations Higher Permian production 1,781 1,640 1Q23 2Q23 earnings earnings 2023…
  19. 2Q 2023 Earnings Presentation – Chevron Corp – slide 19
    Appendix International upstream earnings: 2Q23 vs. 1Q23 millions Special items* Realizations FX Other 66 355 Liftings DD&A 175 (710) (5) 35 Lower gas realizations 3,380 3,296 1Q23 2Q23 earnings earnings *…
  20. 2Q 2023 Earnings Presentation – Chevron Corp – slide 20
    Appendix U.S. downstream earnings: 2Q23 vs. 1Q23 millions Volumes Other Margins 24 (75) 155 Lower refining margins Higher refining volumes Timing effects: 1,081 2Q23: 38 977 Absence of 1Q23: (26) 1Q23 2Q23 earnings…
  21. 2Q 2023 Earnings Presentation – Chevron Corp – slide 21
    Appendix International downstream earnings: 2Q23 vs. 1Q23 millions FX Margins (14) Lower refining margins Opex Other Lower opex (325) 60 Lower trading results 823 (118) Timing effects: 2Q23: 82 426 Absence of 1Q23:…

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