Chevron Corporation · NYSE:CVX
Chevron — Q4 2024 Earnings Presentation
35 slides from Chevron's earnings presentation, Jan 31, 2025
Slide 1: Fourth quarter 2024 earnings call
Fourth quarter 2024 earnings call January 31, 2025 © 2025 Chevron 3GP at TCO
Slide 2: Cautionary statement and additional information
Cautionary statement and additional information 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 contains forward-looking images and statements relating to Chevron’s ope
Slide 3: Delivering value in 2024
Delivering value in 2024 Disciplined Rewarding Lower growth shareholders carbon Record production $27 billion Renewable fuels business 7% increase cash returned to shareholders 20 million bbls2 Project start-ups Repurchased 5% Completed projects in Gulf of America and TCO of shares outstanding1 desi
Slide 4: Financial highlights
Financial highlights 4Q24 2024 Earnings / Earnings per diluted share $3.2 billion / $1.84 $17.7 billion / $9.72 1 Adjusted earnings / EPS $3.6 billion / $2.06 $18.3 billion / $10.05 1 Cash flow from operations / excl. working capital $8.7 billion / $5.3 billion $31.5 billion / $30.3 billion Total ca
Slide 5: Chevron earnings 4Q24 vs. 3Q24
Chevron earnings 4Q24 vs. 3Q24 $ millions Upstream Downstream Other Special items* FX* Realizations Liftings DD&A Timing 185 effects Timing (135) Other Margins (360) Volume effects Chemicals (345) 213 (160) 60 Other (1,115) 766 (170) Other (250) (24) 87 3Q24 4Q24 earnings earnings * Reconciliation o
Slide 6: 2024 cash flow
2024 cash flow 2,3 $ billions Free cash flow Asset sales Net debt Cash returned to 3 $15 billion $8 billion ratio shareholders 10.4% $27 billion Working CFFO capital Capex excl. WC 1.2 Debt Dividends Asset sales 3.6 Share repurchases (16.4) 7.7 (11.8) Other 30.3 (15.2) (0.7) 2023 2024 cash balance1
Slide 7: Consistent financial priorities
Consistent financial priorities Dividend per share Capital allocation Indexed to 2019 1 Grow the dividend 2019 – 3Q24 Chevron Peers consistently Capex Dividends Buybacks Invest capital efficiently Net debt ratio Chevron Peers 1 Maintain a strong balance sheet Repurchase 2 shares steadily 1 1 Peers i
Slide 8: Positioned to win in 2025 and 2026
Positioned to win in 2025 and 2026 Higher returns, lower carbon Industry-leading free cash flow* growth Strengthening the portfolio Advancing New Energies opportunities Maintaining cost and capital discipline Workers at Wheatstone LNG Plant * Excludes working capital. See Appendix for reconciliation
Slide 9: Industry-leading growth
Industry-leading growth ~$10 billion additional free cash flow by 2026* TCO FGP online + Structural cost reductions + Downstream & Chemicals +/- Portfolio changes ~$10B ~$9B Gulf of America ramp-up Permian cash flow focus Structural cost reductions *Additional free cash flow projected by 2026 repres
Slide 10: TCO projects deliver shareholder value
TCO projects deliver shareholder value Investments TCO free and cash cash flow returns * TCO production profile CVX $ billions, share,$70 $ billions Brent 100% Gross, MBOED Expected free cash flow ~$5B in 2025 & ~$6B in 2026 Incremental production ~260 MBD from FGP Fixed loan repayment Cash availabl
Slide 11: Permian focused on capital efficiency
Permian focused on capital efficiency Production Capex Net MBOED $/BOE + ~5-6% CAGR Free cash flow growth + 16% CAGR ~$2B by 20261 Reinvestment rate ~20% lower2 Basin-leading royalty position CAGR – Compound annual growth rate 1 Additional free cash flow projected by 2026 represents expected change
Slide 12: Long-term value in the upstream
Long-term value in the upstream Gulf of America Australia West Africa Completed Agbami lease 2 of 7 Anchor wells online Gorgon backfill projects extension in Nigeria Whale first oil achieved, Strategic Wheatstone Project start-ups in Angola Ballymore online in 2025 transaction Anchor Gorgon LNG Sahn
Slide 13: Focused downstream and chemicals portfolio
Focused downstream and chemicals portfolio Downstream CPChem Higher operational availability Executing USGC & Qatar projects 1 ~25% lighter 2025 turnaround schedule > 50% complete Extending value chain Advantaged feedstock & locations 2 Permian & USGC synergies 4 MMTPA cracker capacity Pasadena refi
Slide 14: Targeted growth in new energies
Targeted growth in new energies Renewable fuels Hydrogen Carbon capture & storage Geismar expansion and ACES green H2 Pascagoula refinery and new oilseed processing plant production and storage Bayou Bend Geismar renewable Plant Oilseed Processing dieselinbiorefinery Destrehan, Louisiana Electrolyze
Slide 15: Reliable power solutions support U.S. data center growth
Reliable power solutions support U.S. data center growth Power demand growth Strong strategic fit Turbine slot reservation secured Competitive returns GE Vernova gas turbine © 2025 Chevron 15
Slide 16: Cost and capital discipline
Cost and capital discipline Capex and affiliate capex* Structural cost reductions $ billions Target year-end annual run-rate $ billions $2 - $3 ~$16 ~$15 $14 - $16 Prudent capital allocation $1.5 - $2 Leveraging technology ~$2.5 ~$2 Changing how we work ~$1 Capex Affiliate capex * Includes organic s
Slide 17: 2025-2026 production outlook
2025-2026 production outlook MBOED +3% to 6% TCO Growth Asset sales Permian Base / +6% to 8% other GOA 120 Growth (130) 85 (30) 50 ~6% CAGR through 2026 Delivering growth projects $81/BBL Brent $70/BBL Brent CAGR – Compound annual growth rate © 2025 Chevron 17
Slide 18: Winning combination
Winning combination 1 Projected CAGR from 2024 production excluding assets sales. 4 Additional free cash flow projected by 2026 represents expected change in annual free cash flow compared to 2 In addition to our organic capex guidance of $14.5 – $15.5B, our affiliate capex guidance is ~$1.7 - $2.0B
Slide 19: Questions and answers
questions answers © 2025 Chevron 19
Slide 20: Appendix: forward guidance
Appendix Forward guidance 1 Expect Chevron’s share of equity affiliate income from TCO to be impacted by additional depreciation of approximately $700 million in the first quarter due to the start-up of FGP. Equity affiliate depreciation, depletion, and amortization (DD&A) is recorded within “Income
Slide 21: Appendix - TCO announces first oil at FGP
Appendix - TCO announces first oil at FGP January 2025 Milestones Base 4Q24 Metering station conversions complete First wet sour gas compressor ready for operation WPMP Crude processing systems ready for operation 1Q25 Wet sour gas compressors ready for operation FGP 3GI systems ready for start-up B
Slide 22: Appendix: Reserves and resources
Appendix Reserves and resources 1-year reserve replacement 10-year resource replenishment BBOE Total 6P BBOE 19.0 (1.2) (10.8) 1-year (0.7) 0.6 45% organic RRR (14.4) in 2024 9.9 10-year net resource adds exceed production and sales See appendix for reconciliation of non-GAAP measures and slide note
Slide 23: Chevron earnings: 2024 vs. 2023
Appendix Chevron earnings: 2024 vs. 2023 $ millions Upstream Downstream Other Special Realizations Liftings DD&A FX* Timing items* effects Other Margins 744 (1,560) 1,635 (1,610) (190) 237 Timing 1,985 Volume effects Opex Chemicals Other Other (3,190) (20) (95) (605) 265 (423) (881) 2023 2024 earnin
Slide 24: U.S. upstream earnings: 4Q24 vs. 3Q24
Appendix U.S. upstream earnings: 4Q24 vs. 3Q24 $ millions Special items* Liftings DD&A Timing effects (183) 170 (230) Other (145) • Higher liquids liftings (138) • Higher DD&A on ARO revisions • Higher opex • Timing effects • 4Q24: $(9) • 4Q24 LIFO: $(123) • Absence of 3Q24: $(13) 3Q24 4Q24 earnings
Slide 25: International upstream earnings: 4Q24 vs. 3Q24
Appendix International upstream earnings: 4Q24 vs. 3Q24 $ millions FX* Realizations Opex / other DD&A Timing Special (145) effects items* (130) (200) 376 (244) 584 3Q24 4Q24 earnings earnings * Reconciliation of special items and FX can be found in the appendix. © 2025 Chevron 25
Slide 26: U.S. downstream earnings: 4Q24 vs. 3Q24
Appendix U.S. downstream earnings: 4Q24 vs. 3Q24 $ millions Special items* • Lower refining margins Timing • Lower chemicals margins & volumes effects Chemicals • Timing effects: Margins • 4Q24: $112 (280) • 4Q24 LIFO: $91 Opex / • Absence of 3Q24: $(3) Volume other 200 (200) (165) 50 (99) 3Q24 4Q24
Slide 27: International downstream earnings: 4Q24 vs. 3Q24
Appendix International downstream earnings: 4Q24 vs. 3Q24 $ millions Special Timing items* Volume effects FX* Margins 5 10 • Timing effects: • 4Q24: $(22) • 4Q24 LIFO: $(91) (200) 181 • Absence of 3Q24: $(257) Other (370) 25 3Q24 4Q24 earnings earnings * Reconciliation of special items and FX can be
Slide 28: Worldwide net oil & gas production: 4Q24 vs. 3Q24
Appendix Worldwide net oil & gas production: 4Q24 vs. 3Q24 MBOED Shale & Entitlement / tight Asset sales other 40 (25) (29) • Permian growth • Canada asset sale $80/BBL $75/BBL Brent Brent Note: Numbers may not sum due to rounding. © 2025 Chevron 28
Slide 29: Worldwide net oil & gas production: 2024 vs. 2023
Appendix Worldwide net oil & gas production: 2024 vs. 2023 MBOED PDC Entitlement Asset Base / Turnarounds / Energy effects sales other Shale & downtime tight 20 (20) (27) (40) 135 150 • Permian growth • Full year of PDC Energy • Entitlement cost impacts • Asset sales in Canada and Indonesia, and wit
Slide 30: Reconciliation of non-GAAP measures: reported to adjusted earnings
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 2Q24 3Q24 4Q24 FY2024 Reported earnings ($ millions) Upstream 5,161 4,936 5,755 1,586 17,438 5,239 4,470 4,589 4,304 18,602 Downstream 1,800 1,507 1,683 1,147 6,137 783 597 595 (248)
Slide 31: Reconciliation of non-GAAP measures: cash flow and free cash flow
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital $ millions 1Q24 2Q24 3Q24 4Q24 FY2024 Net cash provided by operating activities 6,828 6,295 9,674 8,695 31,492 Less: Net decrease (increase) in op
Slide 32: Reconciliation of non-GAAP measures: net debt ratio
Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 2024 Short term debt 4,406 Long term debt* 20,135 Total debt 24,541 Less: Cash and cash equivalents 6,781 Less: Time deposits 4 Less: Marketable securities - Total adjusted debt 17,756 Total Chevron Corporation Stockholders’ Equ
Slide 33: Reconciliation of non-GAAP measures: Adjusted ROCE
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 2024 $ millions 2024 Total reported earnings 17,661 Adjusted earnings 18,256 Non-controlling interest 88 Non-controlling interest 88 Interest expense (A/T) 539 Interest expense (A/T) 539 ROCE earnings 18,288 Adjusted ROCE earning
Slide 34: Reconciliation of non-GAAP measures: RRR and organic RRR
Appendix: reconciliation of non-GAAP measures RRR and organic RRR 2024 2015 - 2024 billion boe 1-year 10-year Asset sales (0.7) (1.8) Net adds (excluding acquisitions) 0.6 11.3 Acquisitions 0.1 3.2 Net proved reserves changes (0.0) 9.5 Net proved reserves changes (0.0) 9.5 Production 1.2 10.8 Reserv
Slide 35: Appendix: Slide notes
Appendix Slide notes Slide 7 – Consistent financial priorities Slide 21 – TCO update • Capital allocation is defined as cash capex plus dividends and share repurchases (“buybacks”). All figures • WPMP – Wellhead Pressure Management Project are based on published financial reports. • FGP – Future Gro