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© 2025 Chevron Permian Third quarter 2025 earnings call October 31, 2025
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2© 2025 Chevron 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 operations, assets, and strategy that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “ commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trend s,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identif y such forward looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous 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 document. 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 and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related governmen t policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countri es in which the company operates; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostiliti es; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing o f exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate -energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and 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 deve lopment, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other nat ural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or requ ired by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to successfully integrate the operations of the company and Hess Corporation and achieve the anticipated benefits and projected synergies from the transaction; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, div estitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule -setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this document could also have material adverse effects on forward -looking statements. As used in this presentation, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “i ts” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, eac h of which manages its own affairs. Terms such as “resources” may be used in this presentation to describe certain aspects of Chevron’s portfolio and oil and gas properties beyond the proved reserves. For definitions of, and further information regarding, this and other terms, see the “Glossary of Energy and Financial Terms” on pages 26 through 27 of Chevron’s 2024 Supplement to the Annual Report. This a nd other reports, publications, and data supplements, as well as a "Sensitivities and Forward Guidance" document that is updated quarterly, are available at chevron.com. This presentation is meant to be read in conjunction with the Third Quarter 2025 Transcript posted on Chevron.com under the headings “Investors,” “Events & Presentations.” Cautionary statement and additional information
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3© 2025 Chevron Higher returns, lower carbon 3Q25 highlights • Over 4 MMBOED worldwide production • Hess integration on track • Ballymore at design capacity ahead of schedule • First hydrogen production at ACES • Returned $6 billion cash to shareholders Bakken
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4© 2025 Chevron 3Q25 Earnings / Earnings per diluted share $3.5 billion / $1.82 Adjusted earnings / EPS 1 $3.6 billion / $1.85 Cash flow from operations / excl. working capital 1 $9.4 billion / $9.9 billion Total capex / Organic capex $4.4 billion / $4.4 billion ROCE / Adjusted ROCE 1 7.6% / 7.8% Dividends paid $3.4 billion Share repurchases $2.6 billion Debt ratio / Net debt ratio 1,2 18.0% / 15.1% Financial highlights 1 See Appendix for reconciliation of special items, FX, non-GAAP measures, definitions, calculations and other information. 2 As of 09/30/2025.
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5© 2025 Chevron 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 Reconciliation of special items and FX can be found in the appendix. Note: Numbers may not sum due to rounding. Special items 2 FX 2 DD&A 495 185 2,100 Realizations (20) (362) Interest expense / other Liftings Chevron earnings 3Q25 vs. 2Q25 1 (1,080) Opex / other 30 VolumeOther Upstream Downstream Other 2Q25 earnings 3Q25 earnings (530) Chemicals 755 Opex $ millions 151
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6© 2025 Chevron Special items 2 FX 2 DD&A 191 (1,015) 2,435 Realizations (235) (301) Interest expense / other 470 Liftings Chevron earnings 3Q25 vs. 3Q24 1 (1,750) Volume / otherMargins (200) Timing effects 175 Other Upstream Downstream Other 3Q24 earnings 3Q25 earnings (565) Opex 170 Chemicals (170) (153) Opex 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 Reconciliation of special items and FX can be found in the appendix. . Note: Numbers may not sum due to rounding. $ millions
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7© 2025 Chevron Cash flow 9.9 CFFO excl. WC2 Capex Debt Dividends Share repurchases Cash returned to shareholders $6 billion (4.4) (2.6) Working capital & other (0.4) 1 Includes cash, cash equivalents, time deposits and marketable securities. Excludes restricted cash. 2 See Appendix for reconciliation of non -GAAP measures, definitions, calculations and other information. Note: Numbers may not sum due to rounding. 2Q25 cash balance1 (3.4) Adjusted free cash flow 2 $7 billion 3Q25 cash balance 1 $ billions Asset sales & equity affiliate loans Hess cash acquired 2.1 1.1
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8© 2025 Chevron • Hess acquisition • Permian and Gulf of America growth • 2Q turnaround in Australia Note: Numbers may not sum due to rounding. See Appendix for slide notes and definitions. Shale & tight GOA 495 $68/BBL Brent $69/BBL Brent 30 MBOED Worldwide net oil & gas production 3Q25 vs. 2Q25 35 Base / otherHess TCO 5575
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© 2025 Chevron Anchor November 12, 2025 9:30 am – 12:30 pm ET chevron.co/CID2025
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10© 2025 Chevron questions answers
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11© 2025 Chevron Appendix: forward guidance 4Q25 outlook Turnarounds & downtime: ~(125) MBOED Turnarounds & downtime (A/T earnings): $(400) – $(500)MM Affiliate dividends: $0.8 – $0.9B Share repurchases: $2.5 – $3.0B “All Other” segment earnings: $(0.9) – $(1.1)B Upstream Downstream Corporate Oronite Singapore
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12© 2025 Chevron * Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on as set sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax ite ms, effects of pension settlements and curtailments, foreign currency effects and other special items. Note: Numbers may not sum due to rounding. Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q24 2Q24 3Q24 4Q24 FY 2024 1Q25 2Q25 3Q25 YTD 2025 Reported earnings ($ millions) Upstream 5,239 4,470 4,589 4,304 18,602 3,758 2,727 3,302 9,787 Downstream 783 597 595 (248) 1,727 325 737 1,137 2,199 All Other (521) (633) (697) (817) (2,668) (583) (974) (900) (2,457) Total reported earnings 5,501 4,434 4,487 3,239 17,661 3,500 2,490 3,539 9,529 Diluted weighted avg. shares outstanding (‘000) 1,849,116 1,833,431 1,807,030 1,777,366 1,816,602 1,751,441 1,724,397 1,946,035 1,808,004 Reported earnings per share $2.97 $2.43 $2.48 $1.84 $9.72 $2.00 $1.45 $1.82 $5.27 Special items ($ millions) UPSTREAM Asset dispositions - - - - - - 115 - 115 Pension settlement & curtailment costs - - - - - - - - - Impairments and other* - - - (427) (427) (185) - (315) (500) Subtotal - - - (427) (427) (185) 115 (315) (385) DOWNSTREAM Asset dispositions - - - - - - - - - Pension settlement & curtailment costs - - - - - - - - - Impairments and other* - - - (480) (480) (170) - - (170) Subtotal - - - (480) (480) (170) - - (170) ALL OTHER Pension settlement & curtailment costs - - - - - - (55) (40) (95) Impairments and other* - - - (208) (208) 180 (275) 120 25 Subtotal - - - (208) (208) 180 (330) 80 (70) Total special items - - - (1,115) (1,115) (175) (215) (235) (625) Foreign exchange ($ millions) Upstream 22 (237) 13 597 395 (136) (236) 89 (283) Downstream 56 (1) (55) 126 126 3 (102) 42 (57) All other 7 (5) (2) (1) (1) (5) (10) 16 1 Total FX 85 (243) (44) 722 520 (138) (348) 147 (339) Adjusted earnings ($ millions) Upstream 5,217 4,707 4,576 4,134 18,634 4,066 2,848 3,528 10,455 Downstream 727 598 650 106 2,081 492 839 1,095 2,426 All Other (528) (628) (695) (608) (2,459) (745) (634) (996) (2,388) Total adjusted earnings ($ millions) 5,416 4,677 4,531 3,632 18,256 3,813 3,053 3,627 10,493 Adjusted earnings per share $2.93 $2.55 $2.51 $2.06 $10.05 $2.18 $1.77 $1.85 $5.80
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13© 2025 Chevron Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings * Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on as set sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax ite ms, effects of pension settlements and curtailments, foreign currency effects and other special items. Note: Numbers may not sum due to rounding. U.S. Upstream International Upstream Total Upstream U.S. Downstream International Downstream Total Downstream All Other Total 3Q24 Reported earnings ($ millions) 1,946 2,643 4,589 146 449 595 (697) 4,487 Special items ($ millions) Asset dispositions - - - - - - - - Pension settlement & curtailment costs - - - - - - - - Impairments and other* - - - - - - - - Total special items - - - - - - - - Foreign exchange ($ millions) - 13 13 - (55) (55) (2) (44) 3Q24 Adjusted earnings ($ millions) 1,946 2,630 4,576 146 504 650 (695) 4,531 2Q25 Reported earnings ($ millions) 1,418 1,309 2,727 404 333 737 (974) 2,490 Special items ($ millions) Asset dispositions 115 - 115 - - - - 115 Pension settlement & curtailment costs - - - - - - (55) (55) Impairments and other* - - - - - - (275) (275) Total special items 115 - 115 - - - (330) (215) Foreign exchange ($ millions) - (236) (236) - (102) (102) (10) (348) 2Q25 Adjusted earnings ($ millions) 1,303 1,545 2,848 404 435 839 (634) 3,053 3Q25 Reported earnings ($ millions) 1,282 2,020 3,302 638 499 1,137 (900) 3,539 Special items ($ millions) Asset dispositions - - - - - - - - Pension settlement & curtailment costs - - - - - - (40) (40) Impairments and other* (245) (70) (315) - - - 120 (195) Total special items (245) (70) (315) - - - 80 (235) Foreign exchange ($ millions) - 89 89 - 42 42 16 147 3Q25 Adjusted earnings ($ millions) 1,527 2,001 3,528 638 457 1,095 (996) 3,627
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14© 2025 Chevron Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Adjusted free cash flow Note: Numbers may not sum due to rounding. $ millions 3Q25 Net cash provided by operating activities 9,385 Less: Net decrease (increase) in operating working capital (555) Cash flow from operations excluding working capital 9,940 Net cash provided by operating activities 9,385 Less: Capital expenditures 4,444 Free cash flow 4,941 Less: Net decrease (increase) in operating working capital (555) Plus: Proceeds and deposits related to asset sales and returns of capital 483 Plus: Net repayment (borrowing) of loans by equity affiliates 974 Adjusted free cash flow 6,953
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15© 2025 Chevron * Includes capital lease obligations due / finance lease liabilities. Note: Numbers may not sum to rounding. Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 3Q25 Short term debt 3,591 Long term debt* 37,953 Total debt 41,544 Less: Cash and cash equivalents 7,725 Less: Time deposits 2 Less: Marketable securities - Total net debt 33,817 Total Chevron Corporation Stockholders’ Equity 189,843 Total net debt plus total Chevron Stockholders’ Equity 223,660 Net debt ratio 15.1%
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16© 2025 Chevron $ millions 3Q25 $ millions 3Q25 Total reported earnings 3,539 Adjusted earnings 3,627 Non-controlling interest 74 Non-controlling interest 74 Interest expense (A/T) 329 Interest expense (A/T) 329 ROCE earnings 3,942 Adjusted ROCE earnings 4,030 ROCE earnings 15,768 Adjusted ROCE earnings 16,120 Average capital employed* 206,935 Average capital employed* 206,935 ROCE 7.6% Adjusted ROCE 7.8% Appendix: reconciliation of non-GAAP measures Adjusted ROCE * Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and non -controlling interests. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period. Note: Numbers may not sum due to rounding.
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17© 2025 Chevron Appendix U.S. upstream adjusted earnings: 3Q25 vs. 2Q25 1,2 (305) 60 Liftings Other 815 DD&A (485) Timing effects 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 Reconciliation of adjusted segment earnings can be found in the appendix. Note: Numbers may not sum due to rounding. Realizations 90 $ millions 2Q25 adjusted earnings 3Q25 adjusted earnings Opex 49 • Hess acquisition • Higher liquids realizations • Higher Gulf of America and Permian liftings and DD&A • Timing effects: • 3Q25: $43 • Absence of 2Q25: $17
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18© 2025 Chevron Timing effects Realizations 1,285 DD&A (115) Appendix International upstream adjusted earnings: 3Q25 vs. 2Q25 1,2 $ millions 95 (225) Opex Liftings (595) 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income 2 Reconciliation of adjusted segment earnings can be found in the appendix. Note: Numbers may not sum due to rounding. 2Q25 adjusted earnings 3Q25 adjusted earnings 11 Other • Hess acquisition • Higher liquids realizations • Higher liftings and DD&A on lower downtime • Timing effects: • 3Q25: $7 • Absence of 2Q25: $(122)
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19© 2025 Chevron Appendix U.S. downstream adjusted earnings: 3Q25 vs. 2Q25 1,2 Margins Volume 85 2Q25 adjusted earnings 3Q25 adjusted earnings Opex / other $ millions (15) Timing effects 24 35 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 Reconciliation of adjusted segment earnings can be found in the appendix. Note: Numbers may not sum due to rounding. Chemicals 105 • Pasadena LTO and Geismar ramp • Higher chemicals margins and lower maintenance • Timing effects: • 3Q25: $33 • Absence of 2Q25: $52
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20© 2025 Chevron Appendix International downstream adjusted earnings: 3Q25 vs. 2Q25 1,2 Margins Timing effects 2Q25 adjusted earnings 3Q25 adjusted earnings Other $ millions 10 Chemicals (75) (30) 117 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 Reconciliation of adjusted segment earnings can be found in the appendix. Note: Numbers may not sum due to rounding. • Favorable tax and other results • Timing effects: • 3Q25: $27 • Absence of 2Q25: $(102)
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21© 2025 Chevron Appendix Worldwide net oil & gas production: 3Q25 vs. 3Q24 Note: Numbers may not sum due to rounding. See Appendix for slide notes and definitions. GOA 95 150 $80/BBL Brent $69/BBL Brent Shale & tight (3)TCOHess 495 120 Asset sales Base / other MBOED • Hess acquisition • TCO, Permian and Gulf of America growth • Asset sales in Canada and Congo (135)
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22© 2025 Chevron Appendix: glossary Common units of measure • BBL – Barrel of oil • MBOED – Thousand barrels of oil equivalent per day • MMBD – Million barrels per day • MMBOED – Million barrels of oil equivalent per day Common financial and performance definitions • A/T earnings – After tax earnings • Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and non-controlling interests. • CFFO – Cash flow from operations as disclosed in the Consolidated Statement of Cash Flows • DD&A – Depreciation, depletion and amortization • EPS – Earnings per share • FX – Foreign currency effects • Inorganic capex includes acquisition costs, lease bonus payments and other costs associated with the creation of new businesses • Organic capex – Capital expenditures excluding inorganic capex • ROCE – Return on capital employed • WC – Changes in operating working capital as disclosed in the Consolidated Statement of Cash Flows Non-GAAP measures • Adjusted earnings reflect reported earnings excluding special items and foreign currency effects. • Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates. • Adjusted ROCE is return on capital employed with earnings adjusted to exclude special items and foreign currency effects. • Cash flow from operations / excl. working capital as disclosed in the Consolidated Statement of Cash Flows excluding working capital. • Net debt ratio is defined as debt less cash equivalents, marketable securities and time deposits divided by debt less cash equivalents, marketable securities and time deposits plus stockholders’ equity. Other definitions • ACES – Advanced Clean Energy and Storage hydrogen storage project in Delta, Utah. • GOA – Gulf of America • Pasadena LTO refers to the light tight oil project at the Pasadena, TX refinery. • Structural cost reductions describe decreases in operating expenses as a result of operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels. The total change between periods in underlying operating expenses will reflect both structural cost reductions and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. YE2026 target reflects targeted annualized savings achieved by the end of 2026 compared to 2024. • TCO refers to Chevron’s 50 percent owned affiliate Tengizchevroil LLP.