Chevron Corporation Company Intelligence Report · PDF fileMarket capitalization (US$ bil) ... 4 Chevron Corporation, SWOT Analysis ... Chevron Corporation, Company Intelligence Report

Chevron Corporation, Company Intelligence Report © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.

REFERENCE CODE GDGE0674V | PUBLICATION DATE SEPTEMBER 2014

CHEVRON CORPORATION, COMPANY INTELLIGENCE REPORT

Chevron Corporation, Company Intelligence Report 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.


Executive Summary

Chevron Corporation, Key Valuation Metrics, 2014 Stock exchange NYSE

Stock symbol CVX

Current price (US$ per share) as of July 31, 2014 128.15

Target price (US$ per share) 134.40

2013 revenue (US$ bil) 220.16

Market capitalization (US$ bil) as of July 31, 2014 245.42

Estimated EV (US$ bil) 264.35

52-week high/low (US$ per share) 133.7 /106.7

Source: GlobalData; Yahoo, 2014a EV: Enterprise Value

Chevron Corporation, Operational Performance, 2013 Parameter 2013 Peer

average*

Proved reserves (mmboe) 11,202.7 16,570.6

Oil/gas share in total proved reserves (%) 56.64 53.1

Total production (mmboe) 947.7 1,100.2

Lifting cost (US$ per boe), three-year average

16.5 20.1

Net-back (US$ per boe), three-year average

59.6 47.4

Recycle ratio, three-year average 2.2 2.2

Oil and gas F&D cost per boe, three-year average

25.11 24.2

Proved acquisition cost (US$ mil), annual 162 806

Reserve replacement cost (US$ per boe), annual

41.38 20.42

Reserve life index 11.8 14.5

Exploration costs (US$ mil) 3,186 4,954

Development costs (US$ mil) 27,447.0 23,126.3

Acquisition costs (US$ mil) 2,872.0 3,173.7

Total net developed and undeveloped acreage (million)

70.87 91.60

Undeveloped acreage as a percentage of total acreage (%)

89 79

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on June 9, 2014] boe: barrels of oil equivalent; F&D: Finding and Development; mmboe: million barrels of oil equivalent *Peers include BP, ConocoPhillips, ExxonMobil, PetroChina, Shell and Total

Strong Upstream Projects and Downstream Restructuring to Drive Chevron Corporation’s Future Growth

Upcoming Upstream Projects to Drive Chevron Corporation’s Long-Term Production Growth

With global demand for oil and gas increasing, Chevron Corporation (Chevron) continues to maintain its focus on upstream activities in order to drive long-term growth. By 20XX, the company will have over XX startup projects in which the company has a net investment of over US$XX million and over XX projects with over US$XX billion of net investment. Chevron’s upstream projects are located in various geographical locations and involve different resource types such as conventional and unconventional oil and gas, heavy oil/oil sands, Liquefied Natural Gas (LNG), deepwater, arctic, and acid/sour gas. A strong global portfolio across diverse geographical locations enabled Chevron to achieve XX million barrels of oil equivalent per day (mmboed) of net production in 20XX.

2014 Update

Chevron’s planned expenditure for 20XX amounts to US$XX billion, of which the majority will be put towards upstream activities. In 20XX, of its total upstream capital expenditure (capex), the company plans to invest considerable capital in upstream activities outside the US. It also plans to focus on the improvement of its margins in the downstream operations through enhanced operational efficiency and vertical integration. Production from a number of projects – Bibiyana expansion, ACG Chirag oil, Escravos Gas-to-Liquids (EGTL), Jack/St. Malo and Tubular Bells – is scheduled to commence in 20XX. Of these, Chevron has so far commenced production from the ACG Chirag oil project. In 20XX, the company’s production is expected to amount to XX mmboed.



Executive Summary

Chevron Corporation, Key Production Data, 2010–2013

Parameter Unit 2010 2011 2012 2013

Crude oil and liquids

mmbbl 702 676 646 632

Natural gas bcf 1,839 1,805 1,857 1,895

Total production mmboe 1,008 975 955 948

Oil as share of total production

% 70 69 68 67

Production growth % - (3) (2) (1)

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on June 9, 2014] tcf: trillion cubic feet; mmbbl: million barrels of oil

Chevron Corporation, Key Reserves and Reserves Metrics, 2010–2013 Parameter Unit 2010 2011 2012 2013

Proved crude oil reserves

mmbbl 6,503 6,455 6,481 6,345

Proved natural gas reserves

bcf 24,251 28,683 29,195 29,146

Proved total oil and gas reserves

mmboe 10,545 11,236 11,347 11,203

Oil as share of total reserves

% 62 57 57 57

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on June 9, 2014]

Chevron Corporation, Key Production Data, 2010–2013

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on June 9, 2014] LHS: Left Hand Side

Chevron Corporation, Key Reserves and Reserves Metrics, 2010–2013

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on June 9, 2014] RHS: Right Hand Side



Executive Summary

Chevron Corporation, Key Cost, 2010–2013

Parameter Unit 2010 2011 2012 2013

F&D cost, three-year average

US$/boe 23.3 24.7 24.8 25.1

Reserve replacement cost, three-year average

US$/boe

22.5 22.8 23.2 23.6

Oil and gas finding cost, three-year average

US$/boe

8.1 7.3 10.6 11.4


Chevron Corporation, Key Costs, 2010–2013


Chevron Corporation, Key Valuation Metrics, 2010–2013 Parameter Unit 2010 2011 2012 2013

EV/reserves US$/ boe

15.4 16.9 17.0 21.5

EV/production

US$/ boe

58,729.8 71,082.5 74,056.1 92,865.3

EV/DACF - 5.2 4.6 5.0 6.9

EV/EBITDA - 3.0 5.0 3.0 6.8

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on June 9, 2014] DACF: Debt-Adjusted Cash Flow; EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

Chevron Corporation, Key Valuation Metrics, 2010–2013

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on June 9, 2014] 1P: Proved



Executive Summary

Chevron Corporation, Result of Oil and Gas Operations, 2010–2013 Parameter Unit 2010 2011 2012 2013

Oil and gas revenue

US$/boe

56.3 77.7 76.2 74.3

Lifting cost, three-year average

US$/boe

10.8 12.1 14.4 16.5

Net-back, three-year average

US$/boe

43.9 47.0 55.5 59.6

Recycle ratio, three-year average

- 1.2 1.2 1.4 2.2


Chevron Corporation, Results of Oil and Gas operations (US$/boe), 2010–2013




Table of Content

1 Table of Contents

1 Table of Contents ..................................................................................................................... 6

1.1 List of Tables ...................................................................................................................... 11

1.2 List of Figures ..................................................................................................................... 14

2 Chevron Corporation, Company Overview .............................................................................. 21

3 Chevron Corporation, Key Highlights ...................................................................................... 26

3.1 Strong Upstream Startup Projects to Drive Future Growth .................................................. 26

3.1.1 US .................................................................................................................................. 29

3.1.2 Americas, Excluding US ................................................................................................. 29

3.1.3 Africa .............................................................................................................................. 29

3.1.4 Asia ................................................................................................................................ 30

3.1.5 Middle East .................................................................................................................... 30

3.1.6 Australia ......................................................................................................................... 31

3.1.7 Europe ........................................................................................................................... 31

3.2 Strong Operational and Financial Position .......................................................................... 31

4 Chevron Corporation, SWOT Analysis .................................................................................... 36

4.1 Strengths ............................................................................................................................ 36

4.1.1 Major Upstream Startup Projects to Strengthen Production ............................................ 36

4.1.2 Discretionary Cash Flow to Fund Capital Expenditure .................................................... 37

4.2 Weaknesses ....................................................................................................................... 40

4.2.1 High Finding and Development Cost .............................................................................. 40

4.2.2 Consistently Low Reserve Life Index .............................................................................. 41

4.3 Opportunities ...................................................................................................................... 41

4.3.1 Natural Gas Resource Base to Support Growth Opportunities ....................................... 41

4.3.2 Exploration of US Unconventional Resources ................................................................ 42

4.4 Threats ............................................................................................................................... 43

4.4.1 Alternate Energy Sources to Impact Business Model ..................................................... 43



Table of Content

4.4.2 Operations in Politically Imbalanced Countries May Impact Operations ......................... 43

5 Chevron Corporation, Goals and Strategies ............................................................................ 44

5.1 Focus on Future Projects to Improve Production and Strengthen Legacy Positions ........... 44

5.2 Continued Focus on Downstream and Chemicals Business ............................................... 45

6 Chevron Corporation, Production Overview ............................................................................ 48

6.1 Production Profile ............................................................................................................... 48

6.2 Assets Portfolio................................................................................................................... 53

6.2.1 US .................................................................................................................................. 53

6.2.2 Americas, Excluding US ................................................................................................. 54

6.2.3 Africa .............................................................................................................................. 56

6.2.4 Asia and Middle East ...................................................................................................... 57

6.2.5 Australia ......................................................................................................................... 59

6.2.6 Europe ........................................................................................................................... 60

7 Chevron Corporation, Capital Expenditure .............................................................................. 62

7.1 Costs Incurred .................................................................................................................... 64

8 Chevron Corporation, Acreage ............................................................................................... 66

9 Chevron Corporation, Exploration and Development Overview ............................................... 71

9.1 US ...................................................................................................................................... 78

9.1.1 California ........................................................................................................................ 78

9.1.2 Gulf of Mexico ................................................................................................................ 80

9.1.3 Midcontinent ................................................................................................................... 82

9.2 Americas, Excluding US ..................................................................................................... 85

9.2.1 Canada .......................................................................................................................... 85

9.2.2 Greenland ...................................................................................................................... 87

9.2.3 Argentina ........................................................................................................................ 88

9.2.4 Brazil .............................................................................................................................. 89

9.2.5 Colombia ........................................................................................................................ 90



Table of Content

9.2.6 Suriname ........................................................................................................................ 90

9.2.7 Trinidad and Tobago ...................................................................................................... 90

9.2.8 Venezuela ...................................................................................................................... 91

9.3 Africa .................................................................................................................................. 92

9.3.1 Angola ............................................................................................................................ 92

9.3.2 Nigeria............................................................................................................................ 95

9.3.3 Republic of the Congo and Democratic Republic of the Congo ...................................... 98

9.3.4 Chad/Cameroon ............................................................................................................. 98

9.3.5 Rest of Africa.................................................................................................................. 99

9.4 Asia .................................................................................................................................. 100

9.4.1 Azerbaijan .................................................................................................................... 100

9.4.2 Kazakhstan .................................................................................................................. 101

9.4.3 Bangladesh .................................................................................................................. 102

9.4.4 Cambodia and Myanmar .............................................................................................. 103

9.4.5 Thailand ....................................................................................................................... 104

9.4.6 Vietnam ........................................................................................................................ 105

9.4.7 China ........................................................................................................................... 106

9.4.8 Philippines .................................................................................................................... 107

9.4.9 Indonesia ..................................................................................................................... 108

9.5 Middle East Region .......................................................................................................... 109

9.5.1 Kurdistan Region of Iraq ............................................................................................... 109

9.5.2 Partitioned Zone ........................................................................................................... 111

9.6 Australia ........................................................................................................................... 111

9.7 Europe .............................................................................................................................. 115

9.7.1 Denmark ...................................................................................................................... 116

9.7.2 Netherlands .................................................................................................................. 117

9.7.3 Norway ......................................................................................................................... 117



Table of Content

9.7.4 Lithuania ...................................................................................................................... 117

9.7.5 Poland .......................................................................................................................... 117

9.7.6 Romania ....................................................................................................................... 118

9.7.7 Ukraine......................................................................................................................... 119

9.7.8 UK ................................................................................................................................ 119

10 Chevron Corporation, Forecast Production and Financial Statements .................................. 120

10.1 Income Statement, 2011–2018 ......................................................................................... 121

10.2 Balance Sheet (2011–2018) ............................................................................................. 123

10.3 Cash Flow Statement, 2011–2018 .................................................................................... 125

11 Chevron Corporation, Valuation ............................................................................................ 127

11.1 Net Asset Value ................................................................................................................ 127

12 Chevron Corporation, Peer Comparison ............................................................................... 128

12.1 Share Price Performance ................................................................................................. 128

12.2 Operational and Financial Performance ............................................................................ 129

12.3 Key Financial and Operational Ratio................................................................................. 134

13 Chevron Corporation, Production and Reserves Trends ....................................................... 137

13.1 Total Oil and Gas, Reserves and Production .................................................................... 137

13.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 ............. 137

13.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 .................................................................................................................... 139

13.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 .................................. 142

13.2 Crude Oil/Liquids Production and Reserve ....................................................................... 144

13.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013 ...................................... 144

13.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013 ............................ 145

13.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013 .......................................................... 148

13.3 Natural Gas Production and Reserve ............................................................................... 149

13.3.1 Natural Gas Production and Reserve Trend, 2009-2013 .............................................. 149

13.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013 ....................... 150



Table of Content

13.3.3 Natural Gas Reserve Changes, 2009-2013 .................................................................. 153

13.4 Total Crude Oil and Natural Gas Reserves Life Index....................................................... 154

13.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 ............................... 154

13.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 .................................................................................................................... 155

14 Chevron Corporation, E&P Costs Trends .............................................................................. 159

14.1 Allocation of the Upstream Capital Expenditure ................................................................ 159

14.1.1 Upstream Capital Expenditure, 2009-2013 ................................................................... 159

14.1.2 Acquisition Costs By Country/Region, 2009-2013 ........................................................ 161

14.1.3 Exploration and Development Costs, By Country/Region, 2009-2013 .......................... 164

14.2 Oil and Gas Cost Per boe, US$/boe ................................................................................. 167

14.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013 .......................................................... 167

14.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 .......................... 169

15 Chevron Corporation, Reserve Replacement Ratio ............................................................... 173

15.1 Oil and Gas Production Replacement Ratio ...................................................................... 173

15.1.1 Oil and Gas Production Replacement Ratio, 2009-2013 .............................................. 173

15.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 ............... 175

16 Chevron Corporation, Results of Oil & Gas Operations Trend .............................................. 183

16.1 Oil and Gas Revenue and Expenses ................................................................................ 183

16.1.1 Oil and Gas Revenue and Expenses, 2009-2013 ......................................................... 183

16.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 ......................... 185

16.2 Oil and Gas Revenue and Expenses, Per boe .................................................................. 195

16.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013 ............................................ 195

16.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 ............ 196

16.3 Oil and Gas Performance Metrics ..................................................................................... 205

17 Chevron Corporation, Land Holdings and Well Data ............................................................. 206

17.1 Developed and Undeveloped Acreage ............................................................................. 206

17.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013 ............................... 206



Table of Content

17.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 .................................................................................................................... 208

17.2 Well Statistics ................................................................................................................... 214

17.2.1 Producible Oil and Gas Well, 2009-2013 ...................................................................... 214

17.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013 ...................................... 215

17.2.3 Exploration and Development Wells Drilled, 2009-2013 ............................................... 224

17.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013................ 226

18 Appendix ............................................................................................................................... 229

18.1 Abbreviations .................................................................................................................... 229

18.2 Sources ............................................................................................................................ 232

18.3 Research Methodology ..................................................................................................... 233

18.3.1 Coverage ..................................................................................................................... 233

18.3.2 Secondary Research .................................................................................................... 233

18.3.3 Primary Research ........................................................................................................ 234

18.4 Disclaimer......................................................................................................................... 234

1.1 List of Tables Table 1: Chevron Corporation, Startup Projects, 2014 ..................................................................27

Table 2: Chevron Corporation, Total Oil and Gas Production Forecast, 2011–2018 ......................42

Table 3: Chevron Corporation, Total Liquids Production by Region/Country (mbd), 2011–2013 ....50

Table 4: Chevron Corporation, Total Natural Gas Production by Region/Country (mmcfd), 2011–2013 ..........................................................................................................................51

Table 5: Chevron Corporation, Total Natural Gas Production by Region/Country (mmcfd), 2011–2013 ..........................................................................................................................52

Table 6: Chevron Corporation, Total Oil and Gas Production Forecast, 2011–2018 ......................53

Table 7: Chevron Corporation, Capital Expenditure (US$ mil), 2011–2013 ...................................63

Table 8: Chevron Corporation, Costs Incurred (US$ bil), 2011–2013 ............................................65



Table of Content

Table 9: Chevron Corporation, Net Developed and Undeveloped Acreage (Million), 2011–2013 ...68

Table 10: Chevron Corporation, Net Developed and Undeveloped Acreage (Million), 2011–2013 .69

Table 11: Chevron Corporation, Gross Undeveloped Acres Expiring (Million), 2013 ......................70

Table 12: Chevron Corporation, Startup Projects, 2014 ................................................................72

Table 13: Chevron Corporation, Development Well Activity, 2013 .................................................74

Table 14: Chevron Corporation, Exploratory Well Activity, 2013....................................................75

Table 15: Chevron Corporation, Exploratory and Development Well Activity by Region, 2011–2013 ..........................................................................................................................75

Table 16: Chevron Corporation, Wells Activity Profile, 2011–2013 ................................................76

Table 17: Chevron Corporation, Net Productive Wells, 2011–2013 ...............................................77

Table 18: Chevron Corporation, Forecast Production, 2011–2018 ..............................................120

Table 19: Chevron Corporation, Price Forecasts, 2014–2018 .....................................................120

Table 20: Chevron Corporation, Income Statement (US$ bil), 2011–2018 ..................................121

Table 21: Chevron Corporation, Balance Sheet (US$ bil), 2011–2018 ........................................123

Table 22: Chevron Corporation, Cash Flow Statement (US$ bil), 2011–2018 .............................125

Table 23: Chevron Corporation, Net Asset Value, 2013 ..............................................................127

Table 24: Chevron Corporation and Peers, Operational and Financial Performance, 2013 ..........129

Table 25: Chevron Corporation and Peers, Financial Ratios, 2013 .............................................134

Table 26: Chevron Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 .................................................................................................137

Table 27: Chevron Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 .......................................................................140

Table 28: Chevron Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 ...............................................................................................................142

Table 29: Chevron Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013144



Table of Content

Table 30: Chevron Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 ...................................................................................................146

Table 31: Chevron Corporation, Crude Oil Reserve Changes, mmbbl, 2009-2013 .....................148

Table 32: Chevron Corporation, Natural Gas Production and Reserves Metrics, bcf, 2009-2013 .149

Table 33: Chevron Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 ...............................................................................................................151

Table 34: Chevron Corporation, Natural Gas Reserve Changes, bcf, 2009-2013 ........................153

Table 35: Chevron Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013 .................154

Table 36: Chevron Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 ...............................................................................................................157

Table 37: Chevron Corporation, Upstream Capital Expenditure, US$ mil, 2009-2013..................159

Table 38: Chevron Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 .................................................................................................162

Table 39: Chevron Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013.........................................................................................................165

Table 40: Chevron Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 ..............167

Table 41: Chevron Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 ...............................................................................................................171

Table 42: Chevron Corporation, Oil and Gas Production Replacement Ratio, %, 2009-2013 ......173

Table 43: Chevron Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 ................................................................................180

Table 44: Chevron Corporation, Revenue and Expenses, US$ mil, 2009-2013 ...........................183

Table 45: Chevron Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 ........................................................................................................................192

Table 46: Chevron Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 ......195

Table 47: Chevron Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 .....................................................................................202



Table of Content

Table 48: Chevron Corporation, Oil and Gas Performance Metrics, 2009-2013 ...........................205

Table 49: Chevron Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 ...............................................................................................................206

Table 50: Chevron Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 ..........................................................................211

Table 51: Chevron Corporation, Producible Oil and Gas Wells, 2009-2013 .................................214

Table 52: Chevron Corporation, Producible Oil and Gas Wells, By Country/Region, 2009-2013 ..221

Table 53: Chevron Corporation, Exploratory and Developed Wells, 2009-2013 ...........................224

Table 54: Chevron Corporation, Exploratory and Developed Wells, By Country/Region, 2009-2013 ........................................................................................................................226

1.2 List of Figures Figure 1: Chevron Corporation, Operational Map, 2014 ................................................................22

Figure 2: Chevron Corporation, Financial and Operational Overview, 2010–2013 .........................24

Figure 3: Chevron Corporation, Share Performance, August 2013–July 2014 ...............................25

Figure 4: Chevron Corporation, Worldwide Startup Projects, 2014–2020 ......................................26

Figure 5: Chevron Corporation, US Startup Projects, 2014 ...........................................................27

Figure 6: Chevron Corporation, Financial and Operational Performance, 2013 .............................32

Figure 7: Chevron Corporation vs. Peers, Dividend, Five-Year Average (US$/Share), 2009–2013 ..........................................................................................................................33

Figure 8: Chevron Corporation vs. Peers, Return on Equity and Return on Capital Employed, Five-Year Average (%), 2009–2013 ...........................................................................34

Figure 9: Chevron Corporation vs. Peers, Total Shareholder Return, 2013 ...................................35

Figure 10: Chevron Corporation, Major Startup Projects, 2013 .....................................................37

Figure 11: Chevron Corporation, Cash Flow from Operations vs. Capex, 2013 .............................38

Figure 12: Chevron Corporation and Peers, Debt Ratio, Three-Year Average (%), 2013 ...............39



Table of Content

Figure 13: Chevron Corporation and Peers, Finding and Development Cost, 2013 .......................40

Figure 14: Chevron Corporation and Peers, Oil and Gas Reserve Life Index, 2013.......................41

Figure 15: Chevron Corporation, Chemicals Growth Target, 2013–2017 .......................................46

Figure 16: Chevron Corporation, Upcoming Petrochemicals and Refinery Plants Operational Map, 2013 .................................................................................................................47

Figure 17: Chevron Corporation, Production Mix (%), 2011–2018 .................................................49

Figure 18: Chevron Corporation, Capital Expenditure (US$ bil), 2011–2013 .................................63

Figure 19: Chevron Corporation, Capital Expenditure by Category (%), 2014–2016 ......................64

Figure 20: Chevron Corporation, Costs Incurred (US$ bil), 2011–2013 .........................................65

Figure 21: Chevron Corporation and Peers, Total Net Acreage (Million), 2013 ..............................66

Figure 22: Chevron Corporation and Peers, Net Developed and Undeveloped Acreage (%), 2013 ..........................................................................................................................67

Figure 23: Chevron Corporation, Net Developed and Undeveloped Acreage (Million), 2011–2013 ..........................................................................................................................69

Figure 24: Chevron Corporation and Peers, Net Developed and Undeveloped Acreage (Million), 2010–2013 ................................................................................................................70

Figure 25: Chevron Corporation, Exploration Operations, 2014 ....................................................72

Figure 26: Chevron Corporation, Net Development and Exploratory Wells Drilled and Completed, 2011–2013 .............................................................................................77

Figure 27: Chevron Corporation, California, Operational Map, 2013 .............................................79

Figure 28: Chevron Corporation, Gulf of Mexico, Operational Map, 2013 ......................................80

Figure 29: Chevron Corporation, Permian Basin, Operational Map, 2013 .....................................83

Figure 30: Chevron Corporation, Utica Shale, Marcellus Shale and Antrim Shale, Operational Map, 2013 .................................................................................................................85

Figure 31: Chevron Corporation, Canada, Operational Map, 2013 ................................................86

Figure 32: Chevron, Greenland, Operational Map, 2013 ...............................................................88

Figure 33: Chevron, Argentina and Brazil, Operational Map, 2013 ................................................89



Table of Content

Figure 34: Chevron, Colombia, Suriname, Trinidad and Tobago and Venezuela, Operational Map, 2013 .................................................................................................................92

Figure 35: Chevron, Angola, Operational Map, 2013 ....................................................................93

Figure 36: Chevron, Nigeria, Operational Map, 2013 ....................................................................96

Figure 37: Chevron, Liberia, Operational Map, 2013 .....................................................................99

Figure 38: Chevron, Morocco, Operational Map, 2013 ................................................................100

Figure 39: Chevron, Kazakhstan, Operational Map, 2013 ...........................................................101

Figure 40: Chevron, Bangladesh, Operational Map, 2013 ...........................................................103

Figure 41: Chevron, Myanmar, Cambodia and Thailand, Operational Map, 2013 ........................105

Figure 42: Chevron, China, Operational Map, 2013 ....................................................................107

Figure 43: Chevron, Indonesia, Operational Map, 2013 ..............................................................109

Figure 44: Chevron, Kurdistan Region of Iraq and Saudi–Kuwaiti Partitioned Zone, Operational Map, 2013 ...............................................................................................................110

Figure 45: Chevron, Australia, Operational Map, 2013 ................................................................112

Figure 46: Chevron, PEL 218 and ATP 855, Australia, Operational Map, 2013 ...........................114

Figure 47: Chevron, Great Australian Bight, Operational Map, 2013 ...........................................115

Figure 48: Chevron, North Sea and Norwegian Sea, Operational Map, 2013 ..............................116

Figure 49: Chevron, Lithuania, Poland, Romania and Ukraine, Operational Map, 2013 ...............118

Figure 50: Chevron Corporation and Peers, Relative Share Price Performance Index (%), August 2013–July 2014 ...........................................................................................128

Figure 51: Chevron Corporation and Peers, Financial Parameters, 2013 ....................................130

Figure 52: Chevron Corporation and Peers, Reserve Life Index (Years), 2013............................131

Figure 53: Chevron Corporation and Peers, Finding and Development Cost and Reserve Replacement Comparison, 2013 ..............................................................................132

Figure 54: Chevron Corporation and Peers, Total Oil and Gas Proved Reserves and Production (mmboe), 2013 ........................................................................................................133



Table of Content

Figure 55: Chevron Corporation, Valuation Ratios, 2013 ............................................................136

Figure 56: Chevron Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 .................................................................................................137

Figure 57: Chevron Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 .................................................................................................139

Figure 58: Chevron Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 ........................................................................................................................140

Figure 59: Chevron Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 ........................................................................................................................142

Figure 60: Chevron Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 ........................................................................................................................144

Figure 61: Chevron Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 ...............................................................................................................145

Figure 62: Chevron Corporation, Oil Production, By Country/Region, mmbbl, 2009-2013............146

Figure 63: Chevron Corporation, Crude Oil Reserve Changes, mmbbl, 2013 .............................148

Figure 64: Chevron Corporation, Natural Gas Production and Reserves Metrics, bcf, 2009-2013149

Figure 65: Chevron Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 ........................................................................................................................150

Figure 66: Chevron Corporation, Gas Production, By Country/Region, bcf, 2009-2013 ...............151

Figure 67: Chevron Corporation, Natural Gas Reserve Changes, bcf, 2013 ................................153

Figure 68: Chevron Corporation, Oil and Gas Reserves Life Index, Years, 2009-2013 ................154

Figure 69: Chevron Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013155

Figure 70: Chevron Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2009-2013 ........................................................................................................................156

Figure 71: Chevron Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2009-2013 .157

Figure 72: Chevron Corporation, Upstream Capital Expenditure, US$ mil, 2009-2013 ................159

Figure 73: Chevron Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 ........................................................................................................................161



Table of Content

Figure 74: Chevron Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 ...............................................................................................................162

Figure 75: Chevron Corporation, Development Costs, By Country/Region, US$ mil, 2009-2013 .164

Figure 76: Chevron Corporation, Exploration Costs, By Country/Region, US$ mil, 2009-2013 ....165

Figure 77: Chevron Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 ...............................................................................................................167

Figure 78: Chevron Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 ................................................................169

Figure 79: Chevron Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 .....................................................................170

Figure 80: Chevron Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 .....................................................................171

Figure 81: Chevron Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 ..........................................................................................................173

Figure 82: Chevron Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 ................................................................................175

Figure 83: Chevron Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 ................................................................................176

Figure 84: Chevron Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 ................................................................................177

Figure 85: Chevron Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 ................................................................................178

Figure 86: Chevron Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 ................................................................................179

Figure 87: Chevron Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 ................................................................................180

Figure 88: Chevron Corporation, Revenue and Expenses, US$ mil, 2009-2013 ..........................183

Figure 89: Chevron Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013........................................185



Table of Content

Figure 90: Chevron Corporation, Exploration Expenses, By Country/Region, US$ mil, 2009-2013 ........................................................................................................................186

Figure 91: Chevron Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 ...............................................187

Figure 92: Chevron Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 .......................................................................188

Figure 93: Chevron Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 ..189

Figure 94: Chevron Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 ...............................................190

Figure 95: Chevron Corporation, Production Costs, By Country/Region, US$ mil, 2009-2013 .....191

Figure 96: Chevron Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 .......................................................................192

Figure 97: Chevron Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 .....195

Figure 98: Chevron Corporation, Exploration Expenses per boe, By Country/Region, US$/boe, 2009-2013 ...............................................................................................................196

Figure 99: Chevron Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013 ...............................................................................................................197

Figure 100: Chevron Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013 ........................................................................................................................198

Figure 101: Chevron Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013 ...............................................................................................................199

Figure 102: Chevron Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013 ...............................................................................................................200

Figure 103: Chevron Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2009-2013 ........................................................................................................................201

Figure 104: Chevron Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2009-2013 ........................................................................................................................202

Figure 105: Chevron Corporation, Oil and Gas Performance Metrics, 2009-2013 .......................205

Figure 106: Chevron Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 ....................................................................................................206



Table of Content

Figure 107: Chevron Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013 ....................................................................................................208

Figure 108: Chevron Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013 ...............................................................................................................209

Figure 109: Chevron Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013 ...............................................................................................................210

Figure 110: Chevron Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013 ...............................................................................................................211

Figure 111: Chevron Corporation, Producible Oil and Gas Wells, 2009-2013 ..............................214

Figure 112: Chevron Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2009-2013 ...............................................................................................................215

Figure 113: Chevron Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 .................................................................................................216

Figure 114: Chevron Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2009-2013 ...............................................................................................................217

Figure 115: Chevron Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013 ........................................................................................................................218

Figure 116: Chevron Corporation, Net Productive Gas Wells, By Country/Region, Number, 2009-2013 ...............................................................................................................219

Figure 117: Chevron Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 ...............................................................................................................220

Figure 118: Chevron Corporation, Net Productive Oil Wells, By Country/Region, Number, 2009-2013 ........................................................................................................................221

Figure 119: Chevron Corporation, Exploratory and Developed Wells, 2009-2013 .......................224



Chevron Corporation, Company Overview

2 Chevron Corporation, Company Overview

Chevron Corporation (Chevron) is an integrated energy company headquartered in San Ramon, California, US. The company is primarily engaged in Exploration and Production (E&P) activities upstream, while its downstream activity consists primarily of manufacturing, products, chemicals and transportation. It also has interest in other business segments, including midstream, power generation, mining, petrochemicals manufacturing and technology.

Chevron produces oil and natural gas from assets across the globe. In 20XX, the company’s net production averaged XX million barrels of oil equivalent per day (mmboed). Some of its major producing areas are Angola, Australia, Bangladesh, Canada, Indonesia, Kazakhstan, Nigeria, the Partitioned Zone (PZ) between Kuwait and Saudi Arabia, Thailand, the US and Venezuela. Of the company’s total production in 20XX, XX% was derived from its US assets and the remaining amount was produced from more than XX different countries.

Chevron’s conventional asset exploration activities are focused upon the deepwater Gulf of Mexico (GoM) in the US, offshore areas of



Chevron Corporation, Company Overview

Figure 1: Chevron Corporation, Operational Map, 2014

Source: Chevron, 2013d



Chevron Corporation, Key Highlights

3 Chevron Corporation, Key Highlights

3.1 Strong Upstream Startup Projects to Drive Future Growth Chevron’s revenue and profitability are primarily driven by its upstream activities. The company’s producing assets are located in a number of countries across the globe and it is continuously striving to increase its overall production volumes. Although its production volumes declined between 20XX and 20XX the company has built up a strong base of projects expected to commence production over the next few years. By 20XX, Chevron will have over

Figure 4: Chevron Corporation, Worldwide Startup Projects, 2014–2020

Source: Chevron, 2014



Chevron Corporation, SWOT Analysis

4 Chevron Corporation, SWOT Analysis

4.1 Strengths

4.1.1 Major Upstream Startup Projects to Strengthen Production

In 20XX, Chevron’s production averaged XX mmboed, a decline compared with 20XX. However, the company has strong upcoming projects in the pipeline, which are expected to have commenced production by the end of the decade. These upcoming projects consist of a diversified portfolio of conventional and unconventional assets, both onshore and offshore, across various geographic locations. Chevron has invested more than US$XX million in around XX projects in the pipeline, while XX major projects have received more than



Chevron Corporation, SWOT Analysis

4.2 Weaknesses

4.2.1 High Finding and Development Cost

Chevron’s five-year average Finding and Development (F&D) cost has been consistently high compared with those of its peers, and the company ranks low in this area. In 20XX, while the peer group five-year average F&D cost amounted to US$XX/boe, Chevron’s five-year average F&D cost stood at US$XX/boe, and its annual F&D reached as high as US$XX per boe, while the peer group average amounted to

Figure 13: Chevron Corporation and Peers, Finding and Development Cost, 2013


Chevron Corporation, Company Intelligence Report 44 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form


Chevron Corporation, Goals and Strategies

5 Chevron Corporation, Goals and Strategies

5.1 Focus on Future Projects to Improve Production and Strengthen Legacy Positions

Chevron plans to have improved its production from the current XX mboed level to XX mboed by 20XX. In order to achieve these target production volumes, the company has invested in major projects across the globe in both conventional and unconventional assets, of which the majority are expected to have commenced production by 20XX. By 20XX, Chevron’s investment amounted to more than US$XX million in the case of XX projects, and to more than US$XX billion in the case of a further XX. In addition, the company has several other expansion and enhanced recovery projects in development, which are expected to have commenced production by 20XX.

Chevron is currently more inclined towards liquids-rich assets due to prevailing low natural gas prices. However, the company does have natural gas-rich assets in its portfolio, such as its conventional natural gas assets in Australia, Bangladesh, Colombia, the Gulf of Thailand, Indonesia, Kazakhstan, Trinidad and Tobago, the US and Venezuela, and shale natural gas assets in areas of the US such as



Chevron Corporation, Forecast Production and Financial Statements

10 Chevron Corporation, Forecast Production and Financial

Statements

Chevron’s production and financial projections have been calculated using information that is publicly available. GlobalData has used a forecast period of five years for its analysis. The following table shows Chevron’s estimated production from 2014 to 2018.

Table 18: Chevron Corporation, Forecast Production, 2011–2018

Production split Actual Projected annual forecast

2011 2012 2013 2014 2015 2016 2017 2018

Crude oil and NGL production (mmbbl)

675 644 632 653 668 676 673 696

Natural gas production (bcf)

1,803 1,852 1,895 1,863 2,009 2,306 2,791 2,997

Total oil and gas production (mmboe)

975 953 948 964 1,003 1,060 1,138 1,196

Source: GlobalData

GlobalData’s price forecast is divided into strong, base and weak cases to predict a company’s performance in multiple scenarios. GlobalData has applied company-specific differentials to its projected crude oil and natural gas prices. The following table provides details of GlobalData’s benchmark West Texas Intermediate price deck for crude oil and Henry Hub for natural gas from 2014 to 2018.

Table 19: Chevron Corporation, Price Forecasts, 2014–2018 2014 2015 2016 2017 2018

Crude oil price (US$ per bbl)

Strong case 109.5 102.6 99.1 97.3 96.4

Base case 99.6 93.3 90.1 88.5 87.7

Weak case 89.6 83.9 81.1 79.6 78.9

Natural gas price (US$ per mcf)

Strong case 5.0 4.3 4.4 4.6 4.8

Base case 4.5 3.9 4.0 4.2 4.4

Weak case 4.1 3.5 3.6 3.8 4.0

Source: GlobalData bbl: barrel of oil; mcf: thousand cubic feet




10.1 Income Statement, 2011–2018

Table 20: Chevron Corporation, Income Statement (US$ bil), 2011–2018 2011 2012 2013 2014 2015 2016 2017 2018

Natural gas and oil revenue

82.84 77.20 75.56 80.37 78.99 79.46 81.27 84.80

Downstream 214.30 204.46 195.03 198.94 202.91 206.97 211.11 215.33

Other services revenue

1.64 1.73 1.92 1.95 1.99 2.03 2.07 2.12

Intersegment elimination

54.41 52.80 52.35 52.37 55.98 59.76 64.03 66.17

Total revenue 244.37 230.59 220.16 228.89 227.92 228.70 230.43 236.07

Production costs

12.95 13.87 14.71 14.96 15.57 16.46 17.67 18.57

Downstream costs

149.92 140.77 134.70 137.84 140.60 143.41 146.28 149.20

General and administrative expenses

4.75 4.72 4.51 4.61 4.59 4.60 4.64 4.75

EBITDAX 76.75 71.23 66.24 71.48 67.16 64.22 61.84 63.55

(Gain) loss on divestment

(1.50) (4.20) (0.71) - - - - -

Other operating expenses

24.33 21.08 22.98 22.79 22.79 22.79 22.79 22.79

Exploration expense/dry hole

1.22 1.73 1.86 1.11 - - - -

EBITDA 52.71 52.63 42.11 47.57 44.36 41.43 39.04 40.76

Depreciation, depletion and amortization expenses

12.91 13.41 14.19 13.90 16.55 19.01 21.55 24.09

Operating income (EBIT)

39.80 39.21 27.92 33.67 27.81 22.42 17.50 16.67

Other non-operating income/ (expenditure)

0.47 0.23 0.46 0.39 0.39 0.39 0.39 0.39

Equity in income of

7.36 6.89 7.53 7.68 7.83 7.99 8.15 8.31




affiliates

EBT 47.63 46.33 35.91 41.74 36.03 30.79 26.03 25.37

Current 19.04 17.98 12.43 15.78 13.62 11.64 9.84 9.59

Deferred 1.59 2.02 1.88 1.75 1.51 1.29 1.09 1.07

Total income tax

20.63 20.00 14.31 17.53 15.13 12.93 10.93 10.65

Tax rate (%) 43 43 40 42 42 42 42 42

Share of total taxes deferred (%)

8 10 13 10 10 10 10 10

Share of total taxes paid (%)

92 90 87 90 90 90 90 90

Profit after tax

27.01 26.34 21.60 24.21 20.90 17.86 15.10 14.71

Minority interest

0.11 0.16 0.17 0.20 0.17 0.14 0.12 0.12

Reported net income to common shareholders

26.90 26.18 21.42 24.01 20.73 17.72 14.98 14.60

Weighted average shares outstanding (bil)

1.99 1.95 1.92 1.87 1.83 1.79 1.75 1.71

Fully diluted shares outstanding (bil)

1.99 1.95 1.92 1.87 1.83 1.79 1.75 1.71

Basic EPS 13.54 13.43 11.18 12.81 11.31 9.90 8.57 8.55

Dilutive EPS 13.54 13.43 11.18 12.81 11.31 9.90 8.57 8.55

Source: GlobalData EBITDAX: Earnings Before Interest, Taxes, Depreciation, Amortization and Exploration; EPS: Earnings Per Share (US$/share) Values in parenthesis are negative




10.2 Balance Sheet (2011–2018)

Table 21: Chevron Corporation, Balance Sheet (US$ bil), 2011–2018 2011 2012 2013 2014 2015 2016 2017 2018

Cash and cash equivalents*

15.86 20.94 16.25 11.07 11.40 11.44 11.52 11.80

Restricted cash 4.21 0.97 0.27 0.27 0.27 0.27 0.27 0.27

Accounts receivable

21.79 21.00 21.62 22.48 22.38 22.46 22.63 23.19

Inventories 5.54 6.14 6.38 6.53 6.67 6.83 7.00 7.16

Prepaid expenditure

5.83 6.67 5.73 5.86 5.83 5.85 5.90 6.04

Long-term receivables

2.23 3.05 2.83 2.83 2.83 2.83 2.83 2.83

Investment in unconsolidated entities

22.87 23.72 25.50 26.58 27.67 28.79 29.93 31.10

Property, plant and equipment

122.61 141.35 164.83 185.62 201.07 214.06 225.51 234.42

Other current and non-current assets

8.53 9.14 10.34 10.34 10.34 10.34 10.34 10.34

Total assets 209.47 232.98 253.75 271.57 288.47 302.87 315.93 327.16

Accounts payable

22.15 22.78 22.82 23.33 23.85 24.41 25.04 25.62

Accrued expenditure

5.29 5.74 5.40 5.52 5.50 5.51 5.56 5.69

Domestic and foreign income taxes

4.58 4.34 3.09 3.79 3.27 2.80 2.36 2.30

Current portion of long-term debt

- - - - 0.75 2.00 2.00 -

Short term and long-term debt

10.02 12.09 20.33 22.73 27.84 32.43 38.78 45.27

Deferred and other income taxes

15.54 17.67 21.30 23.05 24.57 25.86 26.95 28.02

Other current and non-current liabilities

29.71 32.53 30.38 30.38 30.38 30.38 30.38 30.38

Total liabilities 87.29 95.15 103.33 108.80 116.15 123.40 131.07 137.29




Common stock 1.83 1.83 1.83 1.83 1.83 1.83 1.83 1.83

Additional paid in-capital

15.16 15.50 15.71 15.71 15.71 15.71 15.71 15.71

Treasury stock (29.69) (33.88) (38.29) (43.38) (48.50) (53.68) (58.90) (64.16)

Retained earnings (deficit)

140.40 159.73 173.68 190.98 205.56 217.81 228.37 238.59

Accumulated loss/ other

(6.02) (6.37) (3.58) (3.58) (3.58) (3.58) (3.58) (3.58)

Deferred compensation

(0.30) (0.28) (0.24) (0.24) (0.24) (0.24) (0.24) (0.24)

Total shareholder equity

121.38 136.52 149.11 161.33 170.78 177.86 183.20 188.16

Non-controlling interest

0.80 1.31 1.31 1.44 1.54 1.61 1.66 1.71

Total equity 122.18 137.83 150.43 162.77 172.32 179.47 184.86 189.87

Total liability plus share-holder equity

209.47 232.98 253.75 271.57 288.47 302.87 315.93 327.16

Source: GlobalData *Includes short-term investment




10.3 Cash Flow Statement, 2011–2018

Table 22: Chevron Corporation, Cash Flow Statement (US$ bil), 2011–2018 2011 2012 2013 2014 2015 2016 2017 2018

Net income 26.90 26.18 21.42 24.01 20.73 17.72 14.98 14.60

Depreciation, depletion and amortization

12.91 13.41 14.19 13.90 16.55 19.01 21.55 24.09

Deferred taxes 1.59 2.02 1.88 1.75 1.51 1.29 1.09 1.07

Dry hole and impairment expense

0.38 0.56 0.68 1.11 - - - -

Income from equity investment

(0.57) (1.35) (1.18) (1.08) (1.10) (1.12) (1.14) (1.16)

Minority interest 0.11 0.16 0.17 0.20 0.17 0.14 0.12 0.12

Change in working capital

2.32 0.36 (1.33) 0.21 (0.05) (0.15) (0.16) (0.20)

Other operating (2.54) (2.52) (0.83) - - - - -

Cash from operations

41.10 38.81 35.00 40.10 37.81 36.90 36.44 38.50

Capex (26.50) (30.94) (37.99) (39.80) (35.00) (35.00) (35.00) (35.00)

Asset acquisitions (3.41) - - - - - - -

Asset sales 3.52 2.78 1.14 4.00 3.00 3.00 2.00 2.00

Other investing (1.09) 3.37 1.23 - - - - -

Cash from investing

(27.49) (24.80) (35.61) (35.80) (32.00) (32.00) (33.00) (33.00)

Additions to (reductions in) short-term and long-term debt

(2.37) 2.05 8.25 2.39 5.86 5.85 6.35 4.49

Common and preferred dividends

(6.14) (6.84) (7.47) (6.71) (6.15) (5.46) (4.42) (4.38)

Treasury stock repurchases

(3.19) (4.14) (4.49) (5.09) (5.13) (5.17) (5.22) (5.26)

Dividends to minority interests

(0.07) (0.04) (0.10) (0.07) (0.07) (0.07) (0.07) (0.07)

Cash from (11.77) (8.98) (3.82) (9.48) (5.49) (4.86) (3.36) (5.22)




financing

Effect of exchange rate changes on cash

(0.03)

0.04 (0.27) - - - - -

Total increase/decrease of cash

1.80 5.08 (4.69) (5.18) 0.33 0.04 0.09 0.28

Source: GlobalData



Appendix

18 Appendix

18.1 Abbreviations AIOC: Azerbaijan International Operating Company

AOSP: Athabasca Oil Sands Project

bbl: barrel of oil

bcf: billion cubic feet

boe: barrels of oil equivalent

BTC: Baku-Tbilisi-Ceyhan

CAGR: Compound Annual Growth Rate

Capex: Capital expenditure

CAR: Capacity and Reliability

CFO: Cash Flow from Operations

CPChem: Chevron Philips Chemicals

CPC: Caspian Pipeline Consortium

DACF: Debt-Adjusted Cash Flow

DUC: Danish Underground Consortium

E&P: Exploration and Production

EBIT: Earnings Before Interest and Taxes

EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

EBITDAX: Earnings Before Interest, Taxes, Depreciation, Amortization and Exploration

EGP: Escravos Gas Project

EGTL: Escravos Gas-to-Liquids

EPS: Earnings Per Share

ESR: Enhanced Secondary Recovery

EV: Enterprise Value

F&D: Finding and Development

FEED: Front End Engineering Design

FGP: Future Growth Project

FPU: Floating Production Unit



Appendix

FSO: Floating Storage and Offloading

FST: Fina Sonangol Texaco

GLA: Greater Longui Area

GoM: Gulf of Mexico

HSE: Hibernia Southern Extension

LHS: Left Hand Side

LNG: Liquefied Natural Gas

LPG: Liquefied Petroleum Gas

LSP: Large-Scale Steamflood Pilot

mbd: thousand barrels of oil per day

mboed: thousand barrels of oil equivalent per day

mcf: thousand cubic feet

mmbbl: million barrels of oil

mmbd: million barrels of oil per day

mmboe: million barrels of oil equivalent

mmboed: million barrels of oil equivalent per day

mmcfd: million cubic feet per day

mmtpa: million metric tons per annum

NGL: Natural Gas Liquids

NWS: North West Shelf

OML: Oil Mining Lease

PSC: production sharing contract

PV: Present Value

PZ: Partitioned Zone

RHS: Right-Hand Side

tcf: trillion cubic feet

TCO: Tengizchevroil

TSR: Total Shareholder Return

WI: Working Interest



Appendix

WPMP: Wellhead Pressure Management Project

X: multiple

Y-o-Y: Year-on-Year



Appendix

18.2 Sources Chevron (2013a). Chevron Corporation Annual Report. Chevron Corporation. Available from: http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTk0MTI0NzQmRFNFUT0wJlNFUT0wJlNRREVTQz1TRUNUSU9OX0VOVElSRSZzdWJzaWQ9NTc%3d [Accessed on June 9, 2014]

Chevron (2013b). Chevron Corporation Annual Report Supplement. Chevron Corporation. Available from: http://www.chevron.com/documents/pdf/chevron2013annualreportsupplement.pdf? [Accessed on June 9, 2014]

Chevron (2013c). Chevron Corporation Credit Suisse 19th Annual Energy Summit. Chevron Corporation. Available from: http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-EventDetails&EventId=5097369 [Accessed on June 9, 2014]

Chevron (2013d). Chevron Corporation Upstream. Chevron Corporation. Available from: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjI0MjU2fENoaWxkSUQ9LTF8VHlwZT0z&t=1 [Accessed on June 9, 2014]

Chevron (2013e). Chevron Corporation Upstream. Chevron Corporation. Available from: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjI0MjU5fENoaWxkSUQ9LTF8VHlwZT0z&t=1 [Accessed on June 9, 2014]

Chevron (2014). Chevron Corporation Investor Presentation. Chevron Corporation. Available from: http://phx.corporate- ir.net/External.File?item=UGFyZW50SUQ9MjM2MDQ1fENoaWxkSUQ9LTF8VHlwZT0z&t=1 [Accessed on August 19, 2014]

Yahoo (2014a). Summary. Yahoo Finance. Available from: http://finance.yahoo.com/q?s=CVX [Accessed on August 1, 2014]

Yahoo (2014b). Historical Prices. Yahoo Finance. Available from: http://finance.yahoo.com/q/hp?s=CVX+Historical+Prices [Accessed on August 1, 2014]



Appendix

18.3 Research Methodology GlobalData’s dedicated research and analysis teams consist of experienced professionals with advanced statistical expertise and marketing, market research and consulting backgrounds in the energy industry.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and Strategic and Competitive Intelligence Professionals (www.scip.org).

All GlobalData databases are continuously updated and revised.

18.3.1 Coverage

The objective of updating GlobalData’s coverage is to ensure that it represents the most up-to-date vision of the industry possible.

Changes to the industry taxonomy are built on the basis of extensive research of company, association and competitor sources.

Company coverage is based on three key factors: market capitalization; revenues; and media attention and innovation and market potential.

An exhaustive search of 56 member exchanges is conducted and companies are prioritized on the basis of their market capitalization.

The estimated revenues of all major companies, including private and governmental, are gathered and used to prioritize coverage.

Companies that are making the news or that are of particular interest due to their innovative approach are prioritized.

GlobalData aims to cover all major news events and deals in the energy industry, updated on a daily basis.

18.3.2 Secondary Research

The research process begins with extensive secondary research using internal and external sources to gather qualitative and quantitative information relating to each market.

The secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings

Industry trade journals and other technical literature

Internal proprietary and external databases

National government documents, statistical databases and market reports

News articles, press releases and web-casts specific to the companies operating in the market



Appendix

18.3.3 Primary Research

GlobalData conducts hundreds of primary interviews each year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions:

Provides first-hand information on market size, market trends, growth trends, competitive landscape and future outlook

Helps to validate and strengthen secondary research findings

Further develops the analysis team’s expertise and market understanding

18.4 Disclaimer All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means; electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.

Documents

Chevron Corporation Company Intelligence Report · PDF fileMarket capitalization (US$ bil) ... 4 Chevron Corporation, SWOT Analysis ... Chevron Corporation, Company Intelligence Report