Chevron 2025 Investor Presentation May 6, 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 2024 COOP well performance Delaware Basin Texas Delaware Basin New Mexico Midland Basin 103 POPs in 2024 90 POPs in 2024 51 POPs in 2024 DB-TX well performance DB-NM well performance MB well performance Produced volume…
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…
TCO 2025 guidance and projected impact on Chevron financial statements TCO free cash flow 1 2025 guidance 70/BBL Brent CVX share, billions Annual 2 Consolidated Statement of Comprehensive Income guidance Notes B Income from…
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 and Ballymore Strategic Wheatstone Project start-ups…
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%…
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 22
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
Execution in action Project start-ups Portfolio TCO Asset sales 30 day ramp up Canada, Alaska, Congo and 1 1 MMBOED East Texas TCO Gulf of America Structural cost reductions Anchor, Whale and Divestments, technology and…
Consistent financial priorities Growing the dividend Strong balance sheet Dividend per share indexed to 2014 Grow the dividend Net debt ratio % consistently 1 1 Chevron Peers Brent Chevron Peers SP500 avg. Brent Brent…
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…
Financial highlights 1Q25 Earnings / Earnings per diluted share 3.5 billion / 2.00 1 Adjusted earnings / EPS 3.8 billion / 2.18 1 Cash flow from operations / excl. working capital 5.2 billion / 7.6 billion Total capex / Organic…
Appendix Forward guidance 2Q25 outlook Full year 2025 outlook Turnarounds & downtime: (105) MBOED Production outlook: +6% to 8% UPSTREAM (excl. impact from asset sales) DOWNSTREAM Turnarounds (A/T earnings): (300) - (350)MM…
Reconciliation of non-GAAP measures appendix 2025 Chevron 33
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 Reported segment earnings to adjusted segment earnings U.S. International Total U.S. International Total Upstream Upstream Upstream Downstream Downstream Downstream All Other Total 1Q24…
Appendix: reconciliation of non-GAAP measures Adjusted ROCE millions 1Q25 millions 1Q25 Total reported earnings 3,500 Adjusted earnings 3,813 Non-controlling interest 12 Non-controlling interest 12 Interest expense (A/T) 192…
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital millions 1Q25 Net cash provided by operating activities 5,189 Less: Net…
Appendix: reconciliation of non-GAAP measures Net debt ratio millions 1Q25 Short term debt 4,076 Long term debt* 25,605 Total debt 29,681 Less: Cash and cash equivalents 4,638 Less: Time deposits 5 Less: Marketable securities…
Slide notes appendix 2024 Chevron 41
Appendix: slide notes Safely deliver higher returns, lower carbon Carbon efficient supplier of energy Please see Advancing our lower carbon future slide regarding 2028 carbon intensity targets. For additional detail, see our 2023…
Appendix: slide notes Consistent financial priorities Capital allocation is defined as cash capex plus dividends and share repurchases (buybacks). All figures are based on published financial reports. Net debt ratio is defined as…
Loading...
