First Quarter 2013 Earnings Conference Call and Webcast

Similar documents
Second Quarter 2013 Earnings Conference Call and Webcast

Second Quarter 2014 Earnings Conference Call and Webcast

Fourth Quarter 2010 Earnings Conference Call and Webcast

Third quarter 2017 earnings conference call and webcast

Fourth quarter 2016 earnings conference call and webcast

Second Quarter 2008 Earnings Conference Call and Webcast

Fourth quarter 2018 earnings conference call and webcast

First quarter 2018 earnings conference call and webcast

Third Quarter 2015 Earnings Conference Call and Webcast

Chevron Reports First Quarter Net Income of $6.2 Billion

Second Quarter 2015 Earnings Conference Call and Webcast

Second quarter 2017 earnings conference call and webcast

Third Quarter 2012 Earnings Conference Call and Webcast

Bank of America / Merrill Lynch 2009 Energy Conference

Chevron Reports Fourth Quarter Net Income of $3.5 Billion And 2014 Earnings of $19.2 Billion

Chevron Reports Fourth Quarter Net Income of $3.7 Billion, Annual Earnings of $14.8 Billion

2018 Scotia Howard Weil Energy Conference

Chevron Reports Second Quarter Net Income of $1.5 Billion

Chevron Reports Second Quarter Net Income of $3.4 Billion

CHEVRON REPORTS THIRD QUARTER NET INCOME OF $3.77 BILLION, DOWN FROM $3.83 BILLION IN THIRD QUARTER 2009

CHEVRON REPORTS FOURTH QUARTER NET INCOME OF $5.1 BILLION, COMPARED TO $5.3 BILLION IN FOURTH QUARTER 2010

Chevron Reports Third Quarter Net Income of $2.0 Billion

Chevron Reports Second Quarter Net Income of $3.4 Billion

- 2 - U.S. Upstream Three Months Ended Sept. 30. Nine Months Ended Sept. 30 Millions of dollars

Chevron Reports First Quarter Net Income of $3.6 Billion

CHEVRON REPORTS SECOND QUARTER NET INCOME OF $5.4 BILLION, UP FROM $1.7 BILLION IN SECOND QUARTER 2009

Chevron Reports Third Quarter Net Income of $5.3 Billion, Compared to $7.8 Billion in Third Quarter 2011

Chevron Reports Third Quarter Net Income of $2.0 Billion

Chevron Reports Fourth Quarter Earnings of $3.1 Billion, Annual Earnings of $9.2 Billion

CHEVRON REPORTS FIRST QUARTER NET INCOME OF $4.7 BILLION, UP 18 PERCENT FROM FIRST QUARTER 2006

Chevron Reports First Quarter Net Income of $3.6 Billion

CHEVRON REPORTS FOURTH QUARTER NET INCOME OF $5.3 BILLION, UP FROM $3.1 BILLION IN FOURTH QUARTER 2009

CHEVRON REPORTS FOURTH QUARTER NET INCOME OF $4.9 BILLION, UP 29 PERCENT FROM $3.8 BILLION IN FOURTH QUARTER 2006

FOR IMMEDIATE RELEASE CHEVRON ISSUES INTERIM UPDATE FOR THIRD QUARTER 2012

FOR RELEASE AT 5:30 AM PDT AUGUST 1, 2008

FOR RELEASE AT 5:30 AM PDT OCTOBER 31, 2008 CHEVRON REPORTS THIRD QUARTER NET INCOME OF $7.9 BILLION, UP FROM $3.7 BILLION IN THIRD QUARTER 2007

CHEVRON REPORTS FOURTH QUARTER NET INCOME OF $3.77 BILLION, DOWN 9 PERCENT FROM $4.14 BILLION IN FOURTH QUARTER 2005

CHEVRON ISSUES INTERIM UPDATE FOR FIRST QUARTER 2008

CHEVRON ISSUES INTERIM UPDATE FOR FOURTH QUARTER 2007

Chevron Announces Agreement to Acquire Anadarko

CHEVRON ISSUES INTERIM UPDATE FOR SECOND QUARTER 2008

Exploration A Decade of Success

CHEVRON REPORTS SECOND QUARTER NET INCOME OF $3.7 BILLION

Private Capital Adapts to New American Energy Paradigm ALTERNATIVE LIQUIDITY OPTIONS. JW Marriott, Galleria

Louisiana Energy Conference

J. Russell Porter Chief Executive Officer

CHEVRONTEXACO REPORTS NET INCOME OF $1.7 BILLION IN FOURTH QUARTER AND $7.2 BILLION FOR YEAR. Earnings Summary

Corporate overview. John Watson Chairman and Chief Executive Officer Chevron Corporation

Chevron and Unocal. New Terms. July 19, 2005

Corporate appendix Chevron Corporation

BAML Global Energy Conference. Occidental Petroleum Corporation November 15, 2018 Cedric Burgher Chief Financial Officer

Keynote Presentation. Keynote Presenter. Luc J. Messier Senior Vice President, Project Development, ConocoPhillips

Corporate overview. Mike Wirth Chairman and Chief Executive Officer Chevron Corporation

US Ecology, Inc. Q Earnings Conference Call

Occidental Petroleum Announces 2nd Quarter 2018 Results

UNITED TECHNOLOGIES REPORTS SECOND QUARTER 2018 RESULTS RAISES 2018 OUTLOOK

US Ecology, Inc. Q Earnings Conference Call

HEADWATERS INCORPORATED ANNOUNCES RESULTS FOR SECOND QUARTER OF FISCAL 2017

Occidental Petroleum Announces 4th Quarter and Full Year 2018 Results

HEADWATERS INCORPORATED ANNOUNCES RESULTS FOR FIRST QUARTER OF FISCAL 2015

Third quarter 2017 results

Occidental Petroleum Announces 3rd Quarter 2018 Results

Occidental Petroleum Announces 2017 Results and 2018 Guidance

BALANCING GROWTH & RETURNS SECOND QUARTER 2014 RESULTS 31 JULY 2014 ROYAL DUTCH SHELL PLC

W. R. Grace & Co. Fourth Quarter 2014 Business Update. Investor Presentation February 5, 2015

US Ecology, Inc. Q Earnings Conference Call

Scotia Howard Weil Energy Conference Occidental Petroleum March 25, Cedric Burgher Chief Financial Officer

Occidental Petroleum Corporation

UNITED TECHNOLOGIES REPORTS FIRST QUARTER 2018 RESULTS RAISES 2018 OUTLOOK

MRC Global Announces Third Quarter 2018 Results and $150 Million Share Repurchase Program

Occidental Petroleum Announces 2 nd Quarter 2017 Results and Progress Toward Cash Flow Breakeven at Low Oil Prices

Chevron 2016 Investor presentation

HEADWATERS INCORPORATED ANNOUNCES RESULTS FOR FIRST QUARTER OF FISCAL 2016

CONTINENTAL RESOURCES ANNOUNCES PRELIMINARY 2017 RESULTS AND 2018 CAPITAL BUDGET

Jefferies 2012 Global Energy Conference November 2012 Matt Fox EVP, Exploration and Production

Safe Harbor and Non-GAAP Measures

Third Quarter Fiscal 2019 Earnings Call

Sunoco Reports First Quarter Results

UNITED TECHNOLOGIES CORPORATION (Exact name of registrant as specified in its charter)

Advanced Flow Solutions Energy Fluid Handling. Fourth Quarter Investor Review. Presented February 28, 2018

Resolute Energy Corporation

Second Quarter Investor Review

QUARTERLY RESULTS Oil and Gas

Fourth Quarter and FY 2018 Earnings Presentation November 28, 2018

Occidental Petroleum Announces 4 th Quarter 2015 Results

First Quarter 2016 Business Update

Q Earnings Release Published October 29, 2018 (Earnings Conference Call October 30, 2018)

OCCIDENTAL PETROLEUM CORPORATION

4Q17 Earnings Conference Call FEBRUARY 1, 2018

Acquisition of Stronghold

MRC Global Announces Second Quarter 2018 Results

Polyolefin Catalysts Acquisition

SECOND QUARTER 2018 BUSINESS REVIEW. Jonathan W. Painter, President & CEO Michael J. McKenney, Executive Vice President & CFO

McKESSON REPORTS FISCAL 2013 SECOND-QUARTER RESULTS

Chevron 2017 Investor presentation

Corporate overview. Mike Wirth Chairman and Chief Executive Officer Chevron Corporation

First quarter 2018 earnings call. Jeff Woodbury Vice President, Investor Relations and Secretary April 27, 2018

Why do Chevron s capex projects determine production growth?

Waste Management Announces Fourth Quarter and Full Year 2009 Earnings Capital Allocation Plan to Return up to $1.3 Billion to Shareholders

News Release Exxon Mobil Corporation 5959 Las Colinas Boulevard Irving, TX Telephone Facsimile

Transcription:

First Quarter 2013 Conference Call and Webcast Pat Yarrington Vice President and Chief Financial Officer Jeff Gustavson General Manager, Investor Relations April 26, 2013

Cautionary Statement CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation of Chevron Corporation contains forward-looking statements relating to Chevron s operations that are based on management s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as anticipates, expects, intends, plans, targets, forecasts, projects, believes, seeks, schedules, estimates, budgets, outlook and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company s production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes required by existing or future environmental statutes, regulations and litigation; the potential liability resulting from other pending or future litigation; the company s future acquisition or disposition of assets and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading Risk Factors on pages 28 through 30 of the company s 2012 Annual Report on Form 10-K. In addition, such results could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements. Certain terms, such as unrisked resources, unrisked resource base, recoverable resources, and oil in place, among others, may be used in this presentation to describe certain aspects of the company s portfolio and oil and gas properties beyond the proved reserves. For definitions of, and further information regarding, these and other terms, see the Glossary of Energy and Financial Terms on pages 58 and 59 of the company s 2012 Supplement to the Annual Report and available at Chevron.com. As used in this report, the term project may describe new upstream development activity, including phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investment in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term project as it relates to any specific government law or regulation. 2

Financial Highlights 1Q13 $ 6.2 Billion 1Q13 per Diluted Share $ 3.18 ROCE (trailing 12 months thru 3/31/2013) 17.9 % Debt Ratio (as of 3/31/2013) 9.2 % 1Q13 Share Repurchases $ 1.25 Billion 3

Delivering Top-Tier Returns Indexed Dividend Growth Basis: 2004 = 100 300 250 200 150 100 50 0 CAGR = 11% 11.1 % 2Q13 Increase 2004 2Q 2013 5-Year Total Stockholder Return as of 3/31/2013 (Annualized) 10.5 % S&P 5.8 % RDS 4.3 % XOM 3.7 % BP TOT Chevron S&P 500 Competitor Range BP, RDS, TOT, XOM (2.6) % (3.1) % 4

Sources and Uses of Cash (1) 1Q13 $ Billions 12 8 0.6 0.1 1.25 1.7 Heavy 1Q Downstream working capital requirements 2.0 - Expect reversal in 2013 4 5.7 8.2 Strong Upstream cash generation 0 Sources Uses Sources of Cash: Cash flow from operations (1, 2) Net debt issuance Other Asset sales Uses of Cash: Capital expenditures (2) Dividends Share repurchases (1) Includes cash and cash equivalents, time deposits and marketable securities. (2) Per U.S. GAAP, expensed exploration expenditures and assets acquired from capital leases are part of cash flow from operations in our SEC reports. In our earnings release, these two items are included in our capital and exploratory expenditure table in Attachment 2. 5

Chevron (1) 1Q13 vs. 4Q12 $ Millions Upstream -942 Downstream Other -224 99 7,245 6,178 4Q12 (1) Net income attributable to Chevron Corporation. 1Q13 6

U.S. Upstream 1Q13 vs. 4Q12 $ Millions Realizations Volumes Opex / DD&A 95-80 -85 Other -161 1,363 1,132 1,132 4Q12 1Q13 7

International Upstream 1Q13 vs. 4Q12 $ Millions Other Opex Realizations / FX Liftings 214 200 205 130 Asset Sale Gain -1,460 5,495 4,784 4Q12 1Q13 8

Worldwide Net Oil & Gas Production 1Q13 vs. 4Q12 MBOED Cost Recovery -16 Base Business / Other -16 Major Capital Projects 9 2,668 2,645 4Q12 1Q13 9

U.S. Downstream 1Q13 vs. 4Q12 $ Millions Volume 331-190 Margins Other -65 59 135 4Q12 1Q13 10

International Downstream 1Q13 vs. 4Q12 $ Millions FX Asset Transactions Volume -75 Opex 95 175-135 Other -88 594 566 4Q12 1Q13 11

All Other Net Charges (1) 1Q13 vs. 4Q12 $ Millions -538 Tax Corporate Charges & Other -439 4Q12 Net Charges -12 111 1Q13 Net Charges (1) Includes mining operations of coal and other minerals, and power generation. 12

Superior Financial Performance Segment ROCE 21.5 % Upstream 2012 Adjusted ROCE 60 50 40 3 30 1 2 20 1 4 10 0 2008 2009 2010 2011 2012 18.1 % Downstream 2012 Adjusted ROCE Ranking Relative to Competitors 1 being the best Competitor Range BP, RDS, TOT, XOM 35 25 15 2 2 2 2 5 5-5 2008 2009 2010 2011 2012 Competitor analysis based on public information handled on a consistent basis. Excludes special items. Reconciliation to non-gaap earnings measure for Chevron can be found in the Appendix of this presentation. Chevron s 2008-2009 information is conformed to 2010 segment presentation. 13

Superior Cash Margin Position Oil and Gas Cash Margin Adjusted Cash Margin $/BOE 50 40 30 1 1 1 20 1 10 0 2009 2010 2011 2012 CVX Ranking Relative to Competitors 1 being the highest cash margin Competitor Range BP, RDS, TOT, XOM Source: Public information handled on a consistent basis and Chevron estimates. Includes consolidated and affiliate companies and excludes working capital effects. Based on adjusting oil & gas earnings with DD&A, accretion, exploration expense and any gains or losses on asset sales. 14

Strategic Progress Execution Successful well test at St. Malo Big Foot and Jack/St. Malo hulls sailed Signed binding long-term SPA for Wheatstone LNG Started up heavy oil upgrader at Yeosu Growth Discoveries in DWGOM (Coronado) and Australia (Kentish Knock, Elfin-1) New exploration acreage added in China and Morocco Entry into discovered resource opportunity in the Cooper Basin of Australia Reached FID on Moho Nord in the Republic of the Congo 15

Questions Answers 16

Appendix Reconciliation of Chevron s Adjusted TOTAL UPSTREAM 1Q13 2012 4Q12 3Q12 2Q12 1Q12 2011 2010 2009 2008 Adjusted * ($MM) $5,916 $21,788 $5,458 $4,539 $5,620 $6,171 $24,786 $17,677 $10,632 $ 21,619 Adjustment Items: Asset Impairments & Revaluations -- -- -- -- -- -- -- -- (100) (400) Asset Dispositions -- 2,000 1,400 600 -- -- -- -- 400 950 Tax Adjustments -- -- -- -- -- -- -- -- -- -- Environmental Remediation Provisions -- -- -- -- -- -- -- -- -- -- Restructurings & Reorganizations -- -- -- -- -- -- -- -- -- -- Litigation Provisions -- -- -- -- -- -- -- -- -- -- Total Special Items -- 2,000 1,400 600 -- -- -- -- 300 550 Cumulative Effect of Changes in Accounting Principles -- -- -- -- -- -- -- -- -- -- Reported ($MM) $5,916 $23,788 $6,858 $5,139 $5,620 $6,171 $24,786 $17,677 $ 10,932 $22,169 Net Production Volume (MBOED) ** 2,547 2,512 2,571 2,425 2,529 2,531 2,576 2,674 2,617 2,443 Reported per BOE $25.81 $25.87 $28.99 $23.04 $24.42 $26.79 $26.36 $ 18.11 $ 11.44 $ 24.79 Adjusted per BOE $25.81 $23.70 $23.08 $20.35 $24.42 $26.79 $26.36 $ 18.11 $ 11.13 $ 24.18 Average Capital Employed ($MM) *** $109,943 $101,566 $93,189 $93,189 $93,189 $93,189 $86.589 $77,662 $71,387 $63,545 * Adjusted = Reported less adjustments for certain non-recurring items noted above. of competitors are adjusted on a consistent basis as Chevron to exclude certain non-recurring items based on publicly available information. ** Excludes own use fuel (natural gas consumed in operations). *** 2012 year-end capital employed is the proxy for quarterly average capital employed in 2013. 17

Reconciliation of Chevron s Adjusted TOTAL DOWNSTREAM, INCLUDING CHEMICALS 1Q13 2012 4Q12 3Q12 2Q12 1Q12 2011 2010 2009 2008 Adjusted * ($MM) $701 $3,899 $925 $689 $1,681 $604 $3,091 $2,228 $(67) $3,152 Adjustment Items: Asset Impairments & Revaluations -- -- -- -- -- -- -- -- -- -- Asset Dispositions -- 400 -- -- 200 200 500 400 540 -- Tax Adjustments -- -- -- -- -- -- -- -- -- -- Environmental Remediation Provisions -- -- -- -- -- -- -- -- -- -- Restructurings & Reorganizations -- -- -- -- -- -- -- (150) -- -- Litigation Provisions -- -- -- -- -- -- -- -- -- -- Total Special Items -- 400 -- -- 200 200 500 250 540 -- Cumulative Effect of Changes in Accounting Principles -- -- -- -- -- -- -- -- -- -- Reported ($MM) $701 $4,299 $925 $689 $1,881 $804 $3,591 $2,478 $473 $3,152 Average Capital Employed ($MM)** $21,674 $21,518 $21,361 $21,361 $21,361 $21,361 $21,682 $21,816 $21,840 $20,810 * Adjusted = Reported less adjustments for certain non-recurring items noted above. of competitors are adjusted on a consistent basis as Chevron to exclude certain non-recurring items based on publicly available information. ** 2012 year-end capital employed is the proxy for quarterly average capital employed in 2013. 18