Fourth Quarter 2014 Earnings Call Jeff Woodbury Vice President, Investor Relations & Secretary February 2, 2015
Headlines Full-year earnings 32.5 billion; Fourth quarter 6.6 billion Integrated business model produces solid results throughout business cycle Generated cash flow from operations and asset sales of 49.2 billion in 2014 Free…
Business Environment Global economic growth moderated in the fourth quarter U.S. expansion continued, but growth slowed from the third quarter Chinas economy decelerated Ongoing economic weakness in Europe and Japan Crude oil…
4Q14 Financial Results Earnings 6.6 Earnings Per Share Diluted (dollars) 1.56 Shareholder Distributions 5.9 CAPEX 10.5 Cash Flow from Operations and Asset Sales1 7.7 Cash 4.7 Debt 29.1 Billions of dollars unless specified…
4Q14 Sources and Uses of Funds Cash decreased by 0.3B in the fourth quarter Beginning Cash1 5.0 Earnings 6.6 Depreciation 4.5 7.7 Working Capital / Other (3.6) Proceeds Associated with Asset Sales 0.2 PP&E Adds / Investments and…
Total Earnings 4Q14 vs. 4Q13 Earnings decreased 1.8B from lower Upstream and Downstream earnings and higher Corporate expenses, partly offset by higher Chemical earnings Millions of Dollars 8,350 (1,318) (419) 317 (360)…
Total Earnings 4Q14 vs. 3Q14 Earnings decreased by 1.5B, reflecting lower Upstream and Downstream earnings Millions of Dollars 8,070 (948) (527) 27 (52) 6,570 3Q14 U/S D/S Chem C&F 4Q14 8
Upstream Earnings 4Q14 vs. 4Q13 Earnings decreased 1.3B due to lower crude prices, partly offset by favorable sales mix effects and net positive other items Millions of Dollars 6,786 (2,360) 640 5,468 400 4Q13 Realization…
Upstream Earnings 4Q14 vs. 3Q14 Earnings decreased 948M due to lower crude prices, partly offset by net positive other items Millions of Dollars 6,416 (2,160) 1,070 5,468 140 3Q14 Realization Vol/Mix Other 4Q14 11
Upstream Volumes 4Q14 vs. 3Q14 Volumes increased 5.8%: Liquids +117 kbd, natural gas +639 mcfd koebd 155 4,054 3,831 76 (8) Price/Spend: +78 Liquids: +57 Net Interest: -2 Gas: +98 3Q14 Entitlements Divestments Net Growth…
Downstream Earnings 4Q14 vs. 4Q13 Earnings decreased 419M due to higher maintenance activities and unfavorable tax items Millions of Dollars 40 20 (480) 916 497 4Q13 Margin Vol/Mix Other 4Q14 13
Downstream Earnings 4Q14 vs. 3Q14 Earnings decreased 527M reflecting lower U.S. refining margins and higher maintenance, partly offset by favorable forex and other effects Millions of Dollars 1,024 (360) (20) (150) 497…
Chemical Earnings 4Q14 vs. 4Q13 Earnings increased 317M due to higher non-U.S. margins, partly offset by unfavorable volume/mix and forex effects Millions of Dollars 490 (60) (110) 1,227 910 4Q13 Margin Vol/Mix Other…
Chemical Earnings 4Q14 vs. 3Q14 Earnings essentially flat as stronger specialty product margins were offset by volume/mix effects and higher maintenance Millions of Dollars 200 (70) (100) 1,200 1,227 3Q14 Margin Vol/Mix…
2014 Financial Results Earnings 32.5 Earnings Per Share Diluted (dollars) 7.60 Shareholder Distributions 23.6 CAPEX 38.5 Cash Flow from Operations and Asset Sales1 49.2 Cash 4.7 Debt 29.1 Billions of dollars unless…
2014 Sources and Uses of Funds Cash decreased by 0.2B in 2014 Beginning Cash1 4.9 Earnings 32.5 Depreciation 17.3 49.2 Working Capital / Other (4.6) Proceeds Associated with Asset Sales 4.0 PP&E Adds / Investments and Advances2…
Total Earnings 2014 vs. 2013 Earnings essentially flat as higher Upstream and Chemical earnings were offset by lower Downstream earnings and higher Corporate expenses Millions of Dollars 32,580 707 (404) 487 (850) 32,520 2013…
Upstream Earnings 2014 vs. 2013 Earnings increased 707M due to net positive other items and favorable sales mix effects, partly offset by lower crude prices Millions of Dollars 26,841 (2,010) 2,210 27,548 510 2013…
Downstream Earnings 2014 vs. 2013 Earnings decreased 404M on lower refining margins, and unfavorable forex and tax effects, partly offset by refining optimization Millions of Dollars 480 (650) 3,449 (230) 3,045 2013 Margin…
Chemical Earnings 2014 vs. 2013 Earnings increased 487M due to stronger commodity product margins and positive volume/mix effects, partly offset by higher maintenance Millions of Dollars 520 100 (130) 4,315 3,828 2013 Margin…
Upstream Delivering Profitable Growth Demonstrating world-class project execution capabilities Completed record 8 major projects in 2014 Arkutun-Dagi started up Steam injection underway at Nabiye Lucius on-stream Analyst Mtg.…
Upstream New Opportunity Growth Pursuing a broad exploration program Drilling Activity United Kingdom Romania Continuing drilling operations Canada Romania East Coast Argentina Successfully tested 2nd operated discovery in the…
Summary Strong performance underscores value of integrated business model Billions of dollars unless specified otherwise 2014 Highlights Delivered full-year production plan Earnings 32.5 Disciplined capital allocation Upstream…
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