Slide 1: First quarter 2024 earnings call
First quarter 2024 earnings call April 26, 2024 © 2024 Chevron SGP at TCO
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 lo
Slide 3: Winning combination
Winning combination Higher returns Lower carbon 12.4% Sanctioned oilseed processing plant ROCE* on the Gulf Coast $6 billion Developing solar-to-hydrogen cash returned to shareholders production project in California Production 12% higher Launched $500 million than same quarter last year Future Ener
Slide 4: TCO update
TCO update April 2024 Milestones 1Q24 ✓ Inlet separator ready for operation 2Q24 ✓ First PBF compressor online ✓ Begin metering station conversions Second PBF compressor online SGI turnaround 3Q24 First 3GP process systems ready for operation All PBF compressors available KTL turnaround Legend Opera
Slide 5: Financial highlights
Financial highlights 1Q24 Earnings / Earnings per diluted share $5.5 billion / $2.97 1 Adjusted earnings / EPS $5.4 billion / $2.93 1 Cash flow from operations / excl. working capital $6.8 billion / $8.0 billion Total capex / Organic capex $4.1 billion / $4.0 billion 1,2 ROCE / Adjusted ROCE 12.4% /
Slide 6: Cash flow
Cash flow 2,3 3 $ billions Free cash flow Cash returned to shareholders Net debt ratio $2.7 billion $6 billion 8.8% CFFO Working excl. WC capital Capex (1.1) Dividends (4.1) Share repurchases 8.0 Asset sales / (3.0) Debt other 0.3 (3.0) 1.0 YE 2023 1Q24 cash balance1 cash balance1 1 Includes cash, c
Slide 7: Earnings: 1Q24 vs. 4Q23
Earnings 1Q24 vs. 4Q23 $ millions Upstream Downstream Other Tax / Timing FX* Realizations Margins Volume Special other effects Liftings Opex / items* Opex 250 (135) (320) Chemicals other Other 564 (280) 65 289 (765) 95 77 (313) 5,501 3,715 2,259 4Q23 1Q24 earnings earnings * Reconciliation of specia
Slide 8: Earnings: 1Q24 vs. 1Q23
Earnings 1Q24 vs. 1Q23 $ millions Upstream Downstream Other Special Liftings DD&A Tax / items* FX* Realizations other Margins Timing 125 effects 130 (445) 110 (375) Opex Other (665) 870 Other (370) (125) (185) (143) 6,574 5,501 1Q23 1Q24 earnings earnings * Reconciliation of special items and FX can
Slide 9: Worldwide net oil & gas production
Worldwide net oil & gas production 1Q24 vs. 1Q23 MBOED External Base / Permian events other DJ Basin (17) (22) 142 263 • PDC Energy acquisition • Permian growth $81/BBL $83/BBL Brent Brent Note: Numbers may not sum due to rounding. © 2024 Chevron 9
Slide 10: Forward guidance
Forward guidance 2Q24 outlook Turnarounds & downtime: ~(65) MBOED Upstream TCO DD&A to increase with WPMP start-up* Downstream Turnarounds (A/T earnings): $(300) – $(400)MM Affiliate dividends: $1 – $1.5B Corporate Share repurchases: $2.5 – $3B Permian Basin * Equity affiliate depreciation, depletio
Slide 11: Questions and answers
questions answers © 2024 Chevron 11
Slide 12: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q23 2Q23 3Q23 4Q23 FY 2023 1Q24 YTD 2024 Reported earnings ($ millions) Upstream 5,161 4,936 5,755 1,586 17,438 5,239 5,239 Downstream 1,800 1,507 1,683 1,147 6,137 783 783 All Other (387) (433) (912) (474) (2,206)
Slide 13: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Adjusted earnings and adjusted ROCE $ millions 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Reported earnings 6,259 11,622 11,231 6,353 6,574 6,010 6,526 2,259 5,501 Noncontrolling interest 18 93 7 25 31 (2) 29 (16) 50 Interest expense (A/T) 126 120 117
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 1Q24 Net cash provided by operating activities 6,828 Less: Net decrease (increase) in operating working capital (1,144) Cash Flow from
Slide 15: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 1Q24 Short term debt 282 Long term debt* 21,553 Total debt 21,835 Less: Cash and cash equivalents 6,278 Less: Marketable securities - Total adjusted debt 15,557 Total Chevron Corporation Stockholders’ Equity 160,625 Total adjust
Slide 16: U.S. upstream earnings: 1Q24 vs. 4Q23
Appendix U.S. upstream earnings: 1Q24 vs. 4Q23 $ millions Special items* Realizations Liftings Timing Other (140) DD&A Opex Effects (205) 117 (120) (55) 110 • Lower gas and liquids realizations 2,075 • Lower liquids liftings • Higher DD&A • Timing effects: • 1Q24: $(28) • Absence of 4Q23: $(27) (1,3
Slide 17: International upstream earnings: 1Q24 vs. 4Q23
Appendix International upstream earnings: 1Q24 vs. 4Q23 $ millions Tax / Timing other FX Realizations effects DD&A Liftings 112 184 (180) 80 (75) 110 • Lower liquids and gas realizations • Lower DD&A • Timing effects: • 1Q24: $68 • Absence of 4Q23: $12 4Q23 1Q24 earnings earnings © 2024 Chevron 17
Slide 18: U.S. downstream earnings: 1Q24 vs. 4Q23
Appendix U.S. downstream earnings: 1Q24 vs. 4Q23 $ millions Margins Volume Timing • Higher refining margins effects 165 (145) Chemicals Opex Other • Lower refining volumes • Higher chemicals margins (55) 78 (150) 90 • Higher opex • Timing effects: • 1Q24: $(42) • Absence of 4Q23: $(108) 4Q23 1Q24 ea
Slide 19: International downstream earnings: 1Q24 vs. 4Q23
Appendix International downstream earnings: 1Q24 vs. 4Q23 $ millions Timing Margins effects FX 85 • Higher refining margins 114 • Lower opex • Timing effects: • 1Q24: $(238) Opex Other • Absence of 4Q23: $(377) (46) (615) 115 4Q23 1Q24 earnings earnings © 2024 Chevron 19
Slide 20: Worldwide net oil & gas production: 1Q24 vs. 4Q23
Appendix Worldwide net oil & gas production: 1Q24 vs. 4Q23 MBOED Shale & Base / Turnarounds / tight other downtime (17) (15) (14) • Lower DJ Basin and Permian production $84/BBL $83/BBL Brent Brent Note: Numbers may not sum due to rounding. © 2024 Chevron 20
Slide 21: Permian 2023 well performance update
Appendix Permian 2023 well performance update Midland Basin Delaware Basin – Texas Delaware Basin – New Mexico 53 POPs in 2023 93 POPs in 2023 49 of 59 2023 POPs in 2H MB well performance DB-TX well performance DB-NM well performance Produced volume per 2 mile well Produced volume per 2 mile well Pr
Slide 22: Slide notes
Appendix Slide notes Slide 4 – TCO update • WPMP – Wellhead Pressure Management Project • FGP – Future Growth Project • KTL – Komplex Technology Line (includes 5 trains) • GTG – Gas Turbine Generator (includes 5 generators) • SGP – Second-Generation Plant (includes 1 train) • SGI – Second-Generation