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1Q 2014 Earning Conference Call – Chevron Corp

Chevron Corp · May 2, 2014 · 19 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 2014 Earning Conference Call – Chevron Corp – slide 1
    First Quarter 2014 Earnings Conference Call and Webcast Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General Manager, Investor Relations May 2, 2014 2014 Chevron Corporation
  2. 1Q 2014 Earning Conference Call – Chevron Corp – slide 2
    Financial Highlights 1Q14 Earnings 4.5 Billion 1Q14 Earnings per Diluted Share 2.36 ROCE (trailing 12 months thru 3/31/2014) 12.0% Debt Ratio (as of 3/31/2014) 13.3% 2014 Chevron Corporation 3
  3. 1Q 2014 Earning Conference Call – Chevron Corp – slide 3
    (1) Sources and Uses of Cash 1Q14 Billions 12 0.3 1.25 2.6 1.9 8 4 8.4 8.5 0 Sources Uses (1, 2) Sources of Cash: Cash flow from operations Net debt issuance Asset Sales (2) Uses of Cash: Capital expenditures…
  4. 1Q 2014 Earning Conference Call – Chevron Corp – slide 4
    Consistent Shareholder Distributions Dividend Growth Rolling 10 Year Compound Annual Growth Rate 10% 20 CAGR through 2014 15 10 5 Over 40 B in Cumulative Share 0 Repurchases over Period 2004 2Q 2014 -5 IOC Range: BP,…
  5. 1Q 2014 Earning Conference Call – Chevron Corp – slide 5
    Chevron Earnings 1Q14 vs. 1Q13 Millions Negative FX swing (-325 million) Upstream Upstream Lower crude realizations and Downstream/ Other volumes -1,609 -57 Higher tax effects, DD&A, FX and 6,178 exploration expenses 4,512…
  6. 1Q 2014 Earning Conference Call – Chevron Corp – slide 6
    Chevron Earnings 1Q14 vs. 4Q13 Millions Upstream Negative FX swing (-355 million) Upstream Lower liftings, higher tax effects Downstream Other Lower exploration expenses -193 -545 320 Downstream 4,930 Lower operating expenses…
  7. 1Q 2014 Earning Conference Call – Chevron Corp – slide 7
    U.S. Upstream Earnings 1Q14 vs. 4Q13 Millions Realizations Volumes Other Increase in natural gas and -50 29 West Coast crude prices 130 Gulf of Mexico impacted by turnarounds and normal field 912 declines 803 4Q13 1Q14…
  8. 1Q 2014 Earning Conference Call – Chevron Corp – slide 8
    International Upstream Earnings 1Q14 vs. 4Q13 Millions Realizations Liftings Exploration Timing of liftings across multiple Expenses FX -50 Tax/ countries -235 190 Other -355 Lower well write-offs and G&G -204 expenses 4,049…
  9. 1Q 2014 Earning Conference Call – Chevron Corp – slide 9
    Worldwide Net Oil & Gas Production 1Q14 vs. 4Q13 MBOED Base Major Shale & Business / Capital Tight Other Projects 12 Increases from Angola LNG, -21 21 Papa-Terra projects Permian and Vaca Muerta production growth 2,576…
  10. 1Q 2014 Earning Conference Call – Chevron Corp – slide 10
    Worldwide Net Oil & Gas Production 1Q14 vs. 1Q13 MBOED Major Capital External Base Shale & Projects Constraints Business Tight / Other Permian, Marcellus and Vaca 23 -25 Muerta growth 37 Contributions from Angola LNG -92 and…
  11. 1Q 2014 Earning Conference Call – Chevron Corp – slide 11
    U.S. Downstream Earnings 1Q14 vs. 4Q13 Millions Other Chemicals Refinery turnarounds in California and Mississippi 67 Volumes Opex Lower operating expenses 80 despite turnaround activity 422 Stronger Chemicals margins -85…
  12. 1Q 2014 Earning Conference Call – Chevron Corp – slide 12
    International Downstream Earnings 1Q14 vs. 4Q13 Millions Other FX Refinery turnarounds in Thailand 13 and South Africa Opex 70 Stronger R&M margins in Asia Volumes Margins 288 Lower fuel costs 85 Favorable FX movements 125…
  13. 1Q 2014 Earning Conference Call – Chevron Corp – slide 13
    Strong 2013 Financial Performance 30 1 17.2% 20 2 1 1 4 Upstream 10 2013 Adjusted ROCE 2009 2010 2011 2012 2013 30 10.0% 20 2 Downstream 2 10 2 2 2013 Adjusted ROCE 0 5 CVX Ranking relative to IOC Competitors, 1…
  14. 1Q 2014 Earning Conference Call – Chevron Corp – slide 14
    Superior Upstream Cash Margin Position Cash Margin Cash Margin Price Sensitivity Adjusted Cash Margin /BOE Adjusted Cash Margin /BOE 40 60 35 50 40 30 30 25 20 20 10 15 2009 2013 70 90 110 130 Brent Price (/BBL) IOC…
  15. 1Q 2014 Earning Conference Call – Chevron Corp – slide 15
    Key Upstream Updates Deepwater LNG Shale / Tight Jack/St. Malo Gorgon Permian On budget and on-track for Project 80% complete 25 rigs active, 120 wells drilled 4Q14 start-up Final two gas turbine this year Completed testing of…
  16. 1Q 2014 Earning Conference Call – Chevron Corp – slide 16
    Other Highlights Upstream U.K. reached FID on Alder Field development in the Central North Sea Azerbaijan achieved first production from the Chirag Oil Project Myanmar announced acquisition of offshore shallow water acreage…
  17. 1Q 2014 Earning Conference Call – Chevron Corp – slide 17
    Questions Answers 2014 Chevron Corporation 18
  18. 1Q 2014 Earning Conference Call – Chevron Corp – slide 18
    Appendix Reconciliation of Chevrons Adjusted Earnings TOTAL UPSTREAM 1Q14 2013 4Q13 3Q13 2Q13 1Q13 2012 2011 2010 2009 Adjusted Earnings * (MM) 4,457 20,809 4,852 5,092 4,949 5,916 21,788 24,786 17,677 10,632 Adjustment Items:…
  19. 1Q 2014 Earning Conference Call – Chevron Corp – slide 19
    Reconciliation of Chevrons Adjusted Earnings TOTAL DOWNSTREAM, INCLUDING CHEMICALS 1Q14 2013 4Q13 3Q13 2Q13 1Q13 2012 2011 2010 2009 Adjusted Earnings * (MM) 610 2,237 390 380 766 701 3,899 3,091 2,228 (67) Adjustment Items:…

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