Slide 1: Third quarter 2024 earnings call
Third quarter 2024 earnings call November 1, 2024 © 2024 Chevron DJ Basin
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 This presentation contains forward-looking images and statements relating to Chevron’s lower carbon strategy and oper
Slide 3: Higher returns, lower carbon: 3Q24 highlights
Higher returns, lower carbon 3Q24 highlights • Returned record $7.7 billion cash to shareholders • Achieved Anchor first oil • Received Hess FTC clearance • Announced $7 billion of divestments • Awarded Australia CO2 storage assessment permit Anchor Platform – Gulf of Mexico © 2024 Chevron 3
Slide 4: Delivering value in the DJ Basin
Delivering value in the DJ Basin DJ Basin well performance DJ Basin inventory BOE / ft PV-10 breakeven CVX Basin average CVX Remaining operators Exceeding PDC synergies 30% above guidance Advantaged inventory ~75% <$50/bbl breakeven Maintaining plateau ~400 MBOED Source: Enverus, data as of October
Slide 5: TCO update October 2024
TCO update October 2024 Legacy KTLs Milestones Base wells Upgraded Sour gas injection gathering SGP SGI system 3Q24 ✓ First 3GP process systems ready for operation New New ✓ All PBF compressors available low pressure PBF high pressure ✓ KTL turnaround WPMP compressors 4Q24 & pumps Inlet separators M
Slide 6: Optimizing the portfolio
Optimizing the portfolio Asset divestments B/T proceeds $ billions High-grading assets prioritizing long-term value $10 - $15 Deal value 1 Attractive deal value high cash proceeds ~$8 Active market opportunities disciplined approach 1 Deal value includes proceeds, capital carry, and retained interes
Slide 7: Financial highlights
Financial highlights 3Q24 Earnings / Earnings per diluted share $4.5 billion / $2.48 1 Adjusted earnings / EPS $4.5 billion / $2.51 1 Cash flow from operations / excl. working capital $9.7 billion / $8.3 billion Total capex / Organic capex $4.1 billion / $4.0 billion 1,2 ROCE / Adjusted ROCE 10.1% /
Slide 8: Cash flow
Cash flow 2,3 3 $ billions Free cash flow Cash returned to shareholders Net debt ratio $5.6 billion $7.7 billion 11.9% Working capital Capex CFFO excl. WC 1.4 Dividends (4.1) Share repurchases (2.9) Asset sales / Debt other 0.2 8.3 (4.7) 2.6 2Q24 3Q24 cash balance1 cash balance1 1 Includes cash, cas
Slide 9: Earnings 3Q24 vs. 2Q24
Earnings 3Q24 vs. 2Q24 $ millions Upstream Downstream Other Timing Opex / FX* Realizations Timing Other Other Margins effects Chemicals Other Liftings DD&A effects Volumes 199 44 70 (73) (67) (135) 145 (165) 85 135 (420) 235 2Q24 3Q24 earnings earnings * Reconciliation of FX can be found in the appe
Slide 10: Earnings 3Q24 vs. 3Q23
Earnings 3Q24 vs. 3Q23 $ millions Upstream Downstream Other Special items* FX* Tax / (520) Realizations Opex other Margins (329) Liftings DD&A 120 Tax / Chemicals Opex (640) 300 (180) 280 other Other 200 (195) (69) Volumes (146) (1,730) 135 650 3Q23 3Q24 earnings earnings * Reconciliation of special
Slide 11: Worldwide net oil & gas production
Worldwide net oil & gas production 3Q24 vs. 2Q24 MBOED Shale & Downtime / Entitlement External tight other effects events 16 7 (14) 63 • Permian production growth • Gulf of Mexico hurricane activity $85/BBL $80/BBL Brent Brent Note: Numbers may not sum due to rounding. © 2024 Chevron 11
Slide 12: Costs always matter
Costs always matter Sustained cost discipline Standardization delivering Targeting $2-3B structural cost through inflation improved outcomes reductions by YE2026 Unit opex Turnaround duration for 2024 events2 Opex Indexed to 2019 Cumulative total days $ billions CVX Peers 1 Previous event 2024 event
Slide 13: Forward guidance
Forward guidance 4Q24 outlook Turnarounds & downtime: ~(45) MBOED Upstream Asset sales production impact: ~(45) MBOED Downstream Turnarounds (A/T earnings): $(350) – $(400)MM Affiliate dividends: ~$1B Corporate Share repurchases: $4 – $4.75B Permian Basin B/T asset sales proceeds: ~$8B © 2024 Chevro
Slide 14: Questions and answers
questions answers © 2024 Chevron 14
Slide 15: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 2Q24 3Q24 YTD 2024 Reported earnings ($ millions) Upstream 5,161 4,936 5,755 1,586 17,438 5,239 4,470 4,589 14,298 Downstream 1,800 1,507 1,683 1,147 6,137 783 597 595 1,975 All Other
Slide 16: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 3Q24 $ millions 3Q24 Total reported earnings 4,487 Adjusted earnings 4,531 Non-controlling interest 9 Non-controlling interest 9 Interest expense (A/T) 146 Interest expense (A/T) 146 ROCE earnings 4,642 Adjusted ROCE earnings 4,6
Slide 17: 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 3Q24 Net cash provided by operating activities 9,674 Less: Net decrease (increase) in operating working capital 1,403 Cash Flow from Op
Slide 18: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 3Q24 Short term debt 5,144 Long term debt* 20,697 Total debt 25,841 Less: Cash and cash equivalents 4,699 Less: Time deposits 4 Less: Marketable securities - Total adjusted debt 21,138 Total Chevron Corporation Stockholders’ Equ
Slide 19: U.S. upstream earnings: 3Q24 vs. 2Q24
Appendix U.S. upstream earnings: 3Q24 vs. 2Q24 $ millions Realizations Other Liftings • Lower liquids realizations 55 • Higher liquids liftings (375) 105 • Timing effects • 3Q24: $13 • Absence of 2Q24: $(2) 2Q24 3Q24 earnings earnings © 2024 Chevron 19
Slide 20: International upstream earnings: 3Q24 vs. 2Q24
Appendix International upstream earnings: 3Q24 vs. 2Q24 $ millions Liftings DD&A FX Realizations (45) 130 (135) 250 • Lower liquids realizations • Higher gas realizations • Higher gas liftings • Higher TCO DD&A • Timing effects: • 3Q24: $77 • Absence of 2Q24: $57 2Q24 3Q24 earnings earnings © 2024 C
Slide 21: U.S. downstream earnings: 3Q24 vs. 2Q24
Appendix U.S. downstream earnings: 3Q24 vs. 2Q24 $ millions Margins • Lower refining margins • Higher chemicals margins & Chemicals volume Timing • Timing effects: Volume effects • 3Q24: $3 (25) 85 • Absence of 2Q24: $(28) (299) 105 2Q24 3Q24 earnings earnings © 2024 Chevron 21
Slide 22: International downstream earnings: 3Q24 vs. 2Q24
Appendix International downstream earnings: 3Q24 vs. 2Q24 $ millions Timing effects Other (89) Margins Volume • Higher margins on product mix (20) 160 • Timing effects: FX • 3Q24: $257 • Absence of 2Q24: $(97) (54) 135 2Q24 3Q24 earnings earnings © 2024 Chevron 22
Slide 23: Worldwide net oil & gas production: 3Q24 vs. 3Q23
Appendix Worldwide net oil & gas production: 3Q24 vs. 3Q23 MBOED Entitlement / Turnarounds / External DJ Basin other downtime events Permian 24 (19) (19) 59 173 • Permian growth • PDC Energy acquisition • Turnarounds at TCO and in Australia • Gulf of Mexico hurricane impacts $87/BBL $80/BBL Brent Br
Slide 24: Appendix: Slide notes
Appendix Slide notes Slide 5 – TCO update • WPMP – Wellhead Pressure Management Project • FGP – Future Growth Project • KTL – Complex Technology Line (includes 5 trains) • GTG – Gas Turbine Generator (includes 5 generators) • SGP – Second-Generation Plant (includes 1 train) • SGI – Second-Generation