Slide 1: First quarter 2023 earnings call
First quarter 2023 earnings call April 28, 2023 © 2023 Chevron Anchor project topsides installation
Slide 2: Cautionary statement
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 The statements and images in this presentation are forward-looking statements relating to Chevron’s operations and en
Slide 3: Winning combination
Winning combination Higher returns Lower carbon 14.6% Expanded Bayou Bend CCS ROCE >140,000 acres of CO2 pore space 1 $6.6 billion Expect to lower LNG fleet CO2 intensity Shareholder distributions by installing advanced technologies <5% Corporate Sustainability Report Net debt ratio to be released i
Slide 4: Financial highlights
Financial highlights 1Q23 Earnings / Earnings per diluted share $6.6 billion / $3.46 1 Adjusted Earnings / EPS $6.7 billion / $3.55 1 Cash flow from operations / excl. working capital $7.2 billion / $9.0 billion Capex $3.0 billion 1,2 ROCE / Adjusted ROCE 14.6% / 15.0% Dividends paid $2.9 billion Sh
Slide 5: Delivering on financial priorities
Delivering on financial priorities $ billions Free Shareholder Net debt cash flow 2,3 returns ratio 3 $4.2B $6.6B ~4% CFFO Working excl. WC capital Capex (1.8) Dividends (3.0) Share repurchases (2.9) 9.0 Other Debt (3.8) (0.1) 0.5 YE 2022 1Q23 1 1 cash balance cash balance 1 Includes cash, cash equi
Slide 6: Chevron earnings 1Q23 vs. 1Q22
Chevron earnings 1Q23 vs. 1Q22 $ millions Upstream Downstream Other Special Timing Other items* FX* Realizations effects Opex Other (64) 178 458 Margins (400) 174 Timing 750 effects Other Liftings DD&A (141) 950 (2,060) (115) 110 475 1Q22 1Q23 earnings earnings * Reconciliation of special items and
Slide 7: Chevron earnings 1Q23 vs. 4Q22
Chevron earnings 1Q23 vs. 4Q22 $ millions Upstream Downstream Other Special FX* Realizations items* 365 Opex / Timing Other other Margins Other Liftings DD&A effects Volumes Chemicals 962 291 (1,600) (240) 134 (250) 345 (195) 404 (200) 205 4Q22 1Q23 earnings earnings * Reconciliation of special item
Slide 8: Worldwide net oil & gas production
Worldwide net oil & gas production 1Q23 vs. 1Q22 MBOED Shale & Entitlement Base / Asset tight effects other Contract sales expirations 10 (25) 26 (28) (64) • Primarily Permian growth • Eagle Ford asset sale • Thailand contract expiration 1Q22 1Q23 $102/BBL $81/BBL Brent Brent Note: Numbers may not s
Slide 9: Permian 2023 outlook
Permian 2023 outlook Production COOP lateral feet drilled Net MBOED Thousand feet Production growth weighted to 2H23 New Mexico drilling ~3x growth year-over-year COOP – Company-operated DB-NM – Delaware Basin New Mexico NOJV – Non-operated joint venture DB-TX – Delaware Basin Texas POP – Put on pro
Slide 10: Strong Permian partners
Strong Permian partners Non-operated Royalty ~60% production with 5 major operators ~60% production in Pecos River New Mexico Royalty production outlook by area Texas Midland Net MBOED Basin Delaware Basin Non-operated acreage Major operators include Coterra, Devon, Pioneer, ConocoPhillips and Summi
Slide 11: Forward guidance
Forward guidance 2Q23 UPSTREAM Turnarounds & downtime: ~(80) MBOED DOWNSTREAM Refinery turnarounds (A/T earnings): $(250) - $(350)MM CORPORATE Share repurchase: ~$4.375B Worker at Gorgon © 2023 Chevron Corporation 11
Slide 12: Questions and answers
questions answers © 2023 Chevron Corporation 12
Slide 13: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 FY23 Reported earnings ($ millions) Upstream 6,934 8,558 9,307 5,485 30,284 5,161 5,161 Downstream 331 3,523 2,530 1,771 8,155 1,800 1,800 All Other (1,006) (459) (606) (903) (2,974) (3
Slide 14: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital $ millions 1Q23 Net cash provided by operating activities 7,205 Less: Net decrease (increase) in operating working capital (1,815) Cash Flow from
Slide 15: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 1Q23 Short term debt 2,931 Long term debt* 20,275 Total debt 23,206 Less: Cash and cash equivalents 15,668 Less: Marketable securities 130 Total adjusted debt 7,408 Total Chevron Corporation Stockholder’s Equity 159,449 Total ad
Slide 16: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 1Q23 $ millions 1Q23 Total reported earnings 6,574 Adjusted earnings 6,744 Non-controlling interest 31 Non-controlling interest 31 Interest expense (A/T) 106 Interest expense (A/T) 106 ROCE earnings 6,711 Adjusted ROCE earnings 6
Slide 17: Worldwide net oil & gas production
Worldwide net oil & gas production 1Q23 vs. 4Q22 MBOED Shale & tight Entitlement Base / effects Downtime other (22) (11) (18) 19 • Lower Permian NOJV and royalty production • Cost entitlement effects • Lower downtime 4Q22 1Q23 $89/BBL $81/BBL Brent Brent Note: Numbers may not sum due to rounding. ©
Slide 18: U.S. upstream earnings: 1Q23 vs. 4Q22
Appendix U.S. upstream earnings: 1Q23 vs. 4Q22 $ millions Realizations Liftings • Lower liquids and gas realizations DD&A Other (720) (67) (180) 130 4Q22 1Q23 earnings earnings © 2023 Chevron Corporation 18
Slide 19: International upstream earnings: 1Q23 vs. 4Q22
Appendix International upstream earnings: 1Q23 vs. 4Q22 $ millions Special items* Realizations Opex / other Timing DD&A effects FX (880) Liftings • Lower liquids and gas realizations 27 945 (70) 215 (220) 496 4Q22 1Q23 earnings earnings * Reconciliation of special items can be found in the appendix.
Slide 20: U.S. downstream earnings: 1Q23 vs. 4Q22
Appendix U.S. downstream earnings: 1Q23 vs. 4Q22 $ millions Margins Volumes Chemicals Other (95) • Lower refining margins (48) (200) 140 • Lower refining volumes • Higher chemicals • Timing effects: • 1Q23: $26 • Absence of 4Q22: $(22) 4Q22 1Q23 earnings earnings © 2023 Chevron Corporation 20
Slide 21: International downstream earnings: 1Q23 vs. 4Q22
Appendix International downstream earnings: 1Q23 vs. 4Q22 $ millions Other FX Margins Timing • Lower refining margins effects 130 (145) Chemicals • Higher chemicals 272 (90) 65 • Favorable trading results • Timing effects: • 1Q23: $75 • Absence of 4Q22: $(165) 4Q22 1Q23 earnings earnings © 2023 Chev