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Investor Presentation – Chevron Corp

Chevron Corp · Sep 1, 2014 · 62 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. Investor Presentation – Chevron Corp – slide 1
    Chevron 2014 Investor Presentation September 2014 2014 Chevron Corporation
  2. Investor Presentation – Chevron Corp – slide 2
    Key Messages Promising macro environment Consistent strategies with focus on execution Strong portfolio drives leading performance Pursuing value-driven growth 2014 Chevron Corporation 3
  3. Investor Presentation – Chevron Corp – slide 3
    Personal and Process Safety Culture Total Days Away From Work Rate Indexed Tier 1 Loss of Containment Basis: 2009 = 100 0.20 100 0.15 75 0.10 50 0.05 2 25 1 1 1 1 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 CVX…
  4. Investor Presentation – Chevron Corp – slide 4
    Rising Marginal Cost of Crude Liquids Productive Capacity Breakeven Range by Asset Class Percent of 2013 to 2020 Growth per Barrel Brent 100 International Tight 120 Oil Sands 80 U.S. Tight 80 60 Deepwater 40 40 Onshore and…
  5. Investor Presentation – Chevron Corp – slide 5
    Long-Term Crude Oil Supply Growth Global Crude Oil Supply and Demand MMBD 100 Demand Decline 80 in mature fields 200 Billion Barrels 60 Required Between 2013 and 2030 40 Existing Base 7-10 Trillion Production of additional…
  6. Investor Presentation – Chevron Corp – slide 6
    LNG Outlook Global LNG Supply and Demand MTPA LNG demand 500 expected to almost Supply double by 2025 400 Opportunity U.S. Probable U.S. Under 100 MTPA 300 Pacific Construction Basin Intl. Under of new supply Construction…
  7. Investor Presentation – Chevron Corp – slide 7
    Consistent Strategies Upstream Grow profitably in core areas and build new legacy positions Gas and Midstream Apply commercial and functional excellence to enable the success of Upstream and Downstream & Chemicals Downstream and…
  8. Investor Presentation – Chevron Corp – slide 8
    Investment Priorities World-Class Queue of Opportunities Key Criteria Asset Strategy Value Risk Resource quality Early entry Metrics (DPI,* NPV, ROR) Environmental Fiscal Technical aspects Technology Cash profile Execution Legal…
  9. Investor Presentation – Chevron Corp – slide 9
    Portfolio Management / Balance Oil-Linked Production Legacy Production Percent Continued Percent Upstream Bias 100 100 80% Oil-Linkage Maintained 50 50 Increased Legacy Production Geographically 2005 2010 2020* 2005 2010…
  10. Investor Presentation – Chevron Corp – slide 10
    Strong Financial Performance 2013 1H14 Earnings 21.4 Billion 10.2 Billion ROCE 13.5% 11.8% Dividend Increase 11.1% 7.9% Share Repurchases 5.0 Billion 2.5 Billion C&E Spending 41.9 Billion 19.6 Billion Debt Ratio 12.1%…
  11. Investor Presentation – Chevron Corp – slide 11
    Top-Tier ROCE 30 1 17.2% 20 2 1 1 4 Upstream 10 2013 Adjusted ROCE 2009 2010 2011 2012 2013 10.0% 30 Downstream 20 2 2013 Adjusted ROCE 2 10 2 2 CVX Ranking relative to IOC Competitors, 1 being the best 5 IOC…
  12. Investor Presentation – Chevron Corp – slide 12
    Superior Financial Performance Upstream Earnings Margin /BOE 30 1 20.32 1 1 20 1 1 Upstream 1H14 Adjusted Earnings Per BOE 10 2 5th year of peer leading 2009 2010 2011 2012 2013 1H14 earnings per barrel CVX Ranking…
  13. Investor Presentation – Chevron Corp – slide 13
    Strong Financial Results Indexed First Call EPS Indexed Cash Flow Per Share* Basis: 2008 = 100 Basis: 2008 =100 150 150 1 1 1 1 1 1 100 1 100 1 2 50 50 4 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 CVX…
  14. Investor Presentation – Chevron Corp – slide 14
    Total Shareholder Return Total Shareholder Return as of 8/31/2014 5-Year TSR 10-Year TSR 16.9% S&P RDS 13.9% XOM XOM RDS TOT TOT S&P BP BP Dividend Returns Stock Price Appreciation 2014 Chevron Corporation 15
  15. Investor Presentation – Chevron Corp – slide 15
    Competitive Shareholder Distributions Dividend Growth Share Repurchases Rolling 10 Year Compound Annual Growth Rate Cumulative Amount, Billions 20 10% 50 15 CAGR through 2014 40 Over 40 B Cumulative Share Repurchases Since…
  16. Investor Presentation – Chevron Corp – slide 16
    Strong Balance Sheet Debt Ratio Net Debt Position Percent Billions Significant 30 capacity AA Rating Range 20 20% Net 10 1 1 Cash 0 Mitigate 1 10% (10) 1 Net risk Debt (20) (30) Maintain 0% 2011 2012 2013 1H14…
  17. Investor Presentation – Chevron Corp – slide 17
    Consistent Financial Priorities Maintain Fund Maintain Return and grow capital financial surplus dividend program strength cash to for future and flexibility stockholders earnings 2014 Chevron Corporation 18
  18. Investor Presentation – Chevron Corp – slide 18
    Growing the Business and Rewarding Shareholders Top Quality Project Queue Funding Future Disciplined Growth Investment Profitable Strong Growth Returns Rewarding Competitive Top Earnings and Shareholders Cash Per Barrel…
  19. Investor Presentation – Chevron Corp – slide 19
    2014 2016 Projected Capital Spending By Region By Category Downstream & Other 34% Chemicals 15% 3% Exploration 8% North America Europe, Eurasia & Middle East 7% Upstream Base 21% Other Upstream* Shale/Tight 15% 11%…
  20. Investor Presentation – Chevron Corp – slide 20
    Capital Spend Guidance Total Capital & Exploratory Spend Billions Peak Spend 2013 50 Flattening 40 2015 - 2016 30 LNG spend declining 20 Shale / Tight increase 10 TCO expansion CPChems Gulf Coast 2012 2013 2014 2015 - 2016…
  21. Investor Presentation – Chevron Corp – slide 21
    Reinvestment Drives Leading Production Growth Reinvestment Ratio Industry Leading Production Percent Basis: 2013 = 100 150 140 120 3 130 90 4 3 120 60 5 110 30 100 2010 2011 2012 2013 2014 2016 2013 2017 2020 Est.…
  22. Investor Presentation – Chevron Corp – slide 22
    Moderating Capital Intensity Pre-Productive Capital Percent of Capital Employed, Annual Average 40 2013 peak level 30 20 2011 - 2013 2014 - 2016* * Projected 2014 Chevron Corporation 23
  23. Investor Presentation – Chevron Corp – slide 23
    Active Portfolio Management Asset Divestment Proceeds Billions 10 Billion 10 Value-based 8 7 Billion decisions 6 4 Lifecycle 2 view 2011 - 2013 2014 - 2016 * Upstream Downstream & Chemicals Other * Projected 2014…
  24. Investor Presentation – Chevron Corp – slide 24
    Strategic Portfolio Management Prioritizing discretionary Production Life Cycle of Assets investments Exploration, Mature Economic and value driven Early Entry Developments Base, MCP, Exploration Unfunded assets Defer, recycle…
  25. Investor Presentation – Chevron Corp – slide 25
    Significant Profitable Production Growth Production growth Projected Net Production MMBOED 110 continues to end of decade 3.5 3.1 TCO Expansion ALNG 3.0 Jack/St. Malo Hebron 2.6 Assets for growth 2.5 Big Foot Permian Other…
  26. Investor Presentation – Chevron Corp – slide 26
    Value Proposition Estimated Cash Generation* Cash Flow from Operations and Cash Capex Leading earnings Billions and cash margins 70 60 Strongest 50 future volume growth 40 30 Projects accretive to 20 future cash margins…
  27. Investor Presentation – Chevron Corp – slide 27
    Downstream & Chemicals 2014 Chevron Corporation
  28. Investor Presentation – Chevron Corp – slide 28
    Well-Positioned for Today and the Future Strategy Performance Growth Sustain Returns Top-Tier Performance Targeted Growth Operational excellence Safety Asia Focused portfolio Reliability Chemicals Competitive assets Profitability…
  29. Investor Presentation – Chevron Corp – slide 29
    A Strong Worldwide Portfolio Chemicals Portfolio Fuels Refining Feed & Market Advantage 2013 Capital Employed Pacific Rim Strength 34% 35% 31% 31% 2016 Capital Employed 28% 41% 31 % 31 % Olefins Production Lubricants &…
  30. Investor Presentation – Chevron Corp – slide 30
    Chevron Phillips Performance Strong performance Returns EBITDA/Average Assets* Peer leading cash returns 40% 1 1 Reliable operations 20% 2 1 1 Industry leading performance 2009 2010 2011 2012 2013 Competitive portfolio…
  31. Investor Presentation – Chevron Corp – slide 31
    Chemicals Growth CPChem Attractive Positions GS Caltex Capacity Growth US, Middle East and Asia Capacity Growth Olefins & Polyolefins* Aromatics MMTPA Gulf Coast Cracker MMTPA North America Middle East First mover advantage 9…
  32. Investor Presentation – Chevron Corp – slide 32
    Major Capital Projects Drive Earnings Growth US Gulf Coast Petrochemicals France Korea 1-Hexene Ethylene Polyethylene Additive Plant Paraxylene 250 MTPA 1500 MTPA 1000 MTPA Expansion Plant Projected Startup Pascagoula Singapore…
  33. Investor Presentation – Chevron Corp – slide 33
    Upstream 2014 Chevron Corporation
  34. Investor Presentation – Chevron Corp – slide 34
    A Strong Worldwide Portfolio 728 MBOED 587 MBOED 2013 Production By Region 1,000 North America Europe, Eurasia and 800 Middle East 600 400 200 0 2017 Production By Region* 1,000 800 600 400 592 MBOED 690 MBOED 200…
  35. Investor Presentation – Chevron Corp – slide 35
    Leading Realizations and Competitive Cost Structure Realizations Upstream Costs per BOE per BOE 90 50 1 1 1 70 40 1 50 2 2 3 30 2 4 3 30 20 10 10 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Realizations lead peer…
  36. Investor Presentation – Chevron Corp – slide 36
    Differentiated Portfolio Management Earnings per Barrel Distribution per BOE 25 Performance improvement over 10 years driven by 20 value-focused investment 15 2013 results are the highest 10 of competitor range 5 2004…
  37. Investor Presentation – Chevron Corp – slide 37
    Profitable Growth through Capital Investments 2014 Upstream C&E: 35.8 Capital investment drives Billions valuable production and 40 financial growth 30 2015 - 2016 C&E range: 36 B +/- 1 B 20 Exploration 10% for long-term value…
  38. Investor Presentation – Chevron Corp – slide 38
    Strategic Portfolio Investments Net Production Natural decline of base production 14% MBOED Investment in base reduces average Major Capital Projects decline rate to less than 3% Investment in Base Base investment 30% of C&E…
  39. Investor Presentation – Chevron Corp – slide 39
    Significant Growth to End of Decade Project Startups Project Startups 70 250MM Chevron Share 25 1B Chevron Share Liard and Horn River Basin Rosebank Clair Ridge Kitimat Marcellus TCO FGP/WPMP Hebron Duvernay and Utica Permian…
  40. Investor Presentation – Chevron Corp – slide 40
    North America Unconventional Resources Chevron Net Acreage 3.6 million net acres in multiple 000s unconventional plays Delaware Basin Marcellus Midland Basin Significant acreage with wet gas Utica and / or liquids potential…
  41. Investor Presentation – Chevron Corp – slide 41
    Strong Permian Position Superior lease position Largest undeveloped lease holder* 1.9 MM net acres across basin 17,000 well prospects Midland Basin Advantaged acreage 60% no royalty, 30% low royalty Delaware Basin Low lease…
  42. Investor Presentation – Chevron Corp – slide 42
    Value Focused Development Stacked play advantage Delaware Midland Acreage multiplier Basin Basin Multiple wells from each location Avalon Clearfork 1st Bone Lowers risk and cost Upper Spring Spraberry Central Basin Platform…
  43. Investor Presentation – Chevron Corp – slide 43
    Long-Term Potential Midland Basin Permian Basin Growth 500 M net acres with Wolfcamp focus Net Production MBOED Rig Count 8,200 liquid-rich well prospects 250 50 Drilled 330 gross wells in 2013 Plan to drill 330 gross wells in…
  44. Investor Presentation – Chevron Corp – slide 44
    International Shale and Tight Resource Growth Duvernay Argentina Large position 325,000 acres Liquids-rich Vaca Muerta shale Successful exploration program Exploration and development opportunities High condensate yields Plan to…
  45. Investor Presentation – Chevron Corp – slide 45
    Gulf of Mexico Gulf of Lower Tertiary Trend Mexico World-Class Petroleum Basin* Most challenging wells in the world Miocene Deepest water developments in the world Trend Blind Jack & Buckskin & Big Deepwater St. Malo Moccasin…
  46. Investor Presentation – Chevron Corp – slide 46
    Deepwater Gulf of Mexico Potential Cumulative Resource Estimates Prolific petroleum basin Discovered / Yet-to-Find BBOE 9 billion BOE produced 40 Norphlet 30 Lower Tertiary Significant resource potential 20 Miocene 10 24…
  47. Investor Presentation – Chevron Corp – slide 47
    Leading Player in the Gulf of Mexico Core Shelf Assets DW Producing Fields Main Pass DW MCPs Wilcox Discoveries Petronius Planned Exploration Drills Bay Marchand Chevron Leases Shelf Eugene Island 105 MBOED South Timbalier…
  48. Investor Presentation – Chevron Corp – slide 48
    Gulf of Mexico Start-ups Jack / St. Malo Big Foot Tubular Bells On track for 4Q start-up Planned start-up in 2015 Operator forecast 3Q 177 MBOED capacity 79 MBOED capacity 2014 start-up Facilities 99% complete Drilling module heavy…
  49. Investor Presentation – Chevron Corp – slide 49
    Deepwater Developments Stampede Rosebank Mad Dog II Buckskin / Entered FEED in 2013 Entered FEED in 2012 Monetizes field extension Moccasin 87 MBOED capacity 100 MBOED capacity Resource potential of Hub concept opportunity…
  50. Investor Presentation – Chevron Corp – slide 50
    Gorgon LNG Start-up Mid-2015 Progress 2014 Key Milestones Project 83% complete Complete LNG loading jetty structure All Train 1 & common modules installed Complete LNG Tank 1 LNG Tank 1 on track for year end completion Start-up…
  51. Investor Presentation – Chevron Corp – slide 51
    Wheatstone Progress and Milestones Progress 2014 Key Milestones Project 40% complete Deliver first LNG train module Offshore platform 63% complete Complete LNG Tank 1 foundation Development drilling ongoing Install offshore Steel…
  52. Investor Presentation – Chevron Corp – slide 52
    TCO Production Growth TCO Expansion Projects Key Milestones Grow production to 1 MMBOED Signed alignment MOU with Kazakh WPMP extends production plateau government in November 2013 FGP expands facility and well capacity FGP and WPMP…
  53. Investor Presentation – Chevron Corp – slide 53
    Canadian MCPs Hebron Kitimat LNG Operator forecast late 2017 start-up 2 x 5 MTPA LNG trains & Capacity - 150 MBOED Pacific Trail Pipeline 40 well platform rig drilling program 322,000 acres net in Liard and Horn River Gravity…
  54. Investor Presentation – Chevron Corp – slide 54
    Significant Expansions Wafra Steamflood Projects Gorgon Expansion 1st Eocene Pilot 11 TCF of resources* support expansion Achieved thermal maturity 3Q 2013 Leverages existing infrastructure 50% recovery Evaluating Train 4 2nd…
  55. Investor Presentation – Chevron Corp – slide 55
    Global Legacy Portfolio Large, low-decline 50 % of current production from legacy assets 60 % of 2020 production from legacy assets assets growing in portfolio Sustained long-term production Increased portfolio certainty…
  56. Investor Presentation – Chevron Corp – slide 56
    Leading Growth Driven by MCPs Recent Startups Net Production MBOED Usan MCP Angola LNG +150 +340 +250 1,000 Additions* Papa-Terra 2014 Startups Jack / St. Malo Tubular Bells 500 2015 Startups Gorgon Big Foot 2016…
  57. Investor Presentation – Chevron Corp – slide 57
    Superior Cash Margin Position Cash Margin Cash Margin Price Sensitivity Adjusted Cash Margin /BOE Adjusted Cash Margin /BOE 40 60 50 35 40 30 30 25 20 10 20 15 70 90 110 130 2009 2013 Brent Price (/BBL) CVX Forecasted…
  58. Investor Presentation – Chevron Corp – slide 58
    Consistent Exploration Success 10.2 BBOE 56 % 59 % Exploration Resource(2) Resource(1) Adds Success Rate Success Rate Replacement 10 Year Total 10 Year Average in 2013 20032012 Percent Replacement 120% 110% XOM 95% RDS 77% 66%…
  59. Investor Presentation – Chevron Corp – slide 59
    2014 Exploration Program Highlights Poland & Romania Liard Basin Duvernay Midland & Marcellus & Utica Delaware Basins Morocco China Offshore SA/PZ Myanmar GOM DW Liberia Kurdistan Region of Iraq Suriname Nigeria…
  60. Investor Presentation – Chevron Corp – slide 60
    Appendix 2014 Chevron Corporation
  61. Investor Presentation – Chevron Corp – slide 61
    Appendix Reconciliation of Chevrons Adjusted Earnings TOTAL UPSTREAM 1H14 2Q14 1Q14 2013 2012 2011 2010 2009 Adjusted Earnings * (MM) 9,111 4,654 4,457 20,809 21,788 24,786 17,677 10,632 Adjustment Items: Asset Impairments &…
  62. Investor Presentation – Chevron Corp – slide 62
    Appendix Reconciliation of Chevrons Adjusted Earnings TOTAL DOWNSTREAM, INCLUDING CHEMICALS 1H14 2Q14 1Q14 2013 2012 2011 2010 2009 Adjusted Earnings * (MM) 1,191 581 610 2,237 3,899 3,091 2,228 (67) Adjustment Items: Asset…

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