Chevron 2025 Investor Presentation February 26, 2025 2025 Chevron
Higher returns 2025 Chevron
Balanced energy framework Economic prosperity Energy security Environmental protection Affordable for Reliable and Ever-cleaner customers and countries diverse supply energy 2025 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 oil and…
2025-2026 production outlook MBOED +3% to 6% TCO Growth Asset sales Permian Base / +6% to 8% other GOA 120 Growth (130) 85 (30) 50 6% CAGR through 2026 Delivering growth projects 81/BBL Brent 70/BBL Brent Forward…
Permian focused on capital efficiency Production Capex Net MBOED /BOE + 5-6% CAGR Free cash flow growth + 16% CAGR 2B by 20261 Reinvestment rate 20% lower2 Basin-leading royalty position CAGR Compound annual growth…
Permian 2023 well performance update Midland Basin Delaware Basin Texas Delaware Basin New Mexico 53 POPs in 2023 93 POPs in 2023 49 of 59 2023 POPs in 2H MB well performance DB-TX well performance DB-NM well performance…
TCO announces first oil at FGP January 2025 Milestones Base 4Q24 Metering station conversions complete First wet sour gas compressor ready for operation WPMP Crude processing systems ready for operation 1Q25 Wet sour gas…
TCO projects deliver shareholder value Investments TCO free and cash cash flow returns * TCO production profile CVX billions, share,70 billions Brent 100% Gross, MBOED Expected free cash flow 5B in 2025 & 6B in…
Long-term value in the upstream Gulf of America Australia West Africa Completed Agbami lease 2 of 7 Anchor wells online Gorgon backfill projects extension in Nigeria Whale first oil achieved, Strategic Wheatstone Project…
Advancing our Gulf of America portfolio Anchor first oil in August under budget 50% increase in production 300 MBOED by 20261 Optimizing development spend 30% reduction in unit drilling costs2 Replenishing the portfolio 40%…
Gulf of America 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…
Delivering value in the DJ Basin DJ Basin well performance DJ Basin inventory BOE / ft PV-10 breakeven CVX Basin average CVX Remaining operators Exceeding PDC synergies 30% above guidance Advantaged inventory…
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…
Reserves and resources 1-year reserve replacement 10-year resource replenishment BBOE Total 6P BBOE 19.0 (1.2) (10.8) 1-year (0.7) 0.6 45% organic RRR (14.4) in 2024 9.9 10-year net resource adds exceed production and…
Lower carbon 2025 Chevron
Carbon efficient supplier of energy Lowering upstream carbon intensity Keeping methane in the pipe Chevrons oil and gas production carbon intensity 14 advanced detection technologies trialed since 2016 Oil Gas 2028 targets…
Targeted growth in new energies Renewable fuels Hydrogen Carbon capture & storage Geismar expansion and ACES green H2 Pascagoula refinery and new oilseed processing plant production and storage Bayou Bend Geismar renewable…
Integrating renewables into our business RD / BD RNG / CNG Added feedstocks with Bunge & CoverCressTM Expanded production with CalBio & Brightmark Renewable fuels production capacity Renewable natural gas production MBD…
Reliable power solutions support U.S. data center growth Power demand growth Strong strategic fit Turbine slot reservation secured Competitive returns GE Vernova gas turbine 2025 Chevron 23
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…
Winning combination 2025 Chevron
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 1Peers 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…
Delivering value in 2024 Disciplined Rewarding Lower growth shareholders carbon Record production 27 billion Renewable fuels business 7% increase cash returned to shareholders 20 million bbls2 Project start-ups Repurchased…
Consistent financial priorities Dividend per share Capital allocation Indexed to 2019 1 Grow the dividend 2019 3Q24 Chevron Peers consistently Capex Dividends Buybacks Invest capital efficiently Net debt ratio Chevron…
Cost and capital discipline Capex and affiliate capex* Structural cost reductions billions Target year-end annual run-rate billions 2 - 3 16 15 14 - 16 Prudent capital allocation 1.5 - 2 Leveraging technology 2.5 2…
Optimizing the portfolio Asset divestments B/T proceeds billions High-grading assets prioritizing long-term value 10 - 15 Deal value 1 Attractive deal value high cash proceeds 8 Active market opportunities…
Winning combination 1Projected CAGR from 2024 production excluding assets sales. 4 Additional free cash flow projected by 2026 represents expected change in annual free cash flow compared to Forward guidance as of 4Q24 Earnings Call…
2024 cash flow 2,3 billions Free cash flow Asset sales Net debt Cash returned to 3 15 billion 8 billion ratio shareholders 10.4% 27 billion Working CFFO capital Capex excl. WC 1.2 Debt Dividends Asset sales 3.6 Share…
Forward guidance 1 Expect Chevrons share of equity affiliate income from TCO to be impacted by additional depreciation of approximately 700 million in the first quarter due to the start-up of FGP. Equity affiliate depreciation,…
Reconciliation of non-GAAP measures appendix 2025 Chevron 37
Appendix: reconciliation of non-GAAP measures RRR and organic RRR 2024 2015 - 2024 billion boe 1-year 10-year Asset sales (0.7) (1.8) Net adds (excluding acquisitions) 0.6 11.3 Acquisitions 0.1 3.2 Net proved reserves changes…
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 Adjusted ROCE millions 2024 millions 2024 Total reported earnings 17,661 Adjusted earnings 18,256 Non-controlling interest 88 Non-controlling interest 88 Interest expense (A/T) 539…
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital millions 1Q24 2Q24 3Q24 4Q24 FY2024 Net cash provided by operating…
Appendix: reconciliation of non-GAAP measures Net debt ratio millions 2024 Short term debt 4,406 Long term debt* 20,135 Total debt 24,541 Less: Cash and cash equivalents 6,781 Less: Time deposits 4 Less: Marketable securities…
Slide notes appendix 2024 Chevron 44
Appendix: slide notes Safely deliver higher returns, lower carbon Connecting our natural gas resources to demand Please see Advancing our lower carbon future slide regarding 2028 carbon intensity targets. Resources Net unrisked…
Appendix: slide notes Integrating renewables into our business Upside leverage and downside resilience RD Renewable diesel Brent pricing is illustrative purposes only and not necessarily indicative of Chevrons price forecast. BD…
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