© 2008 Chevron Corporation
Financial Priorities & Financial Priorities & PerformancePerformance
Steve CroweSteve CroweVice President and Vice President and Chief Financial OfficerChief Financial Officer
2© 2008 Chevron Corporation
Key Financial Priorities
Fund capital programFund capital program
Maintain AA credit ratingMaintain AA credit rating
Increase dividends annuallyIncrease dividends annually
Repurchase sharesRepurchase shares
3© 2008 Chevron Corporation
Record Earnings Again
0.00.0(0.5)(0.5)OtherOther
0.40.40.50.5ChemicalChemical
17.117.1
4.04.0
13.113.1
20062006
18.718.7Net IncomeNet Income
3.53.5DownstreamDownstream
14.814.8UpstreamUpstream
20072007
$ Billions$ Billions
13.314.1
17.1 18.7
0
5
10
15
20
2004 2005 2006 2007
$ Billions$ Billions
4© 2008 Chevron Corporation
A Diversified PortfolioStrong Returns Across the Segments
n/an/a55OtherOther
17%17%22ChemicalChemical
$84$84
2424
5353
23%23%
16%16%DownstreamDownstream
30%30%Upstream Upstream 11
1 Upstream includes Goodwill of $5 Billion2 Peer group includes: BP, COP, RDS, and XOM3 Updated March 26th, 2008
$23
$6$15
$20$4 $11
Capital Capital EmployedEmployed ROCEROCE
Capital EmployedCapital Employed
$ Billions 2007$ Billions 2007
Ranked #2 in peer group Ranked #2 in peer group 22
33
5© 2008 Chevron Corporation
2004–2007 Uses of Cash FromOperations and Divestments
55%
4%9%
15%
17%
Capital Capital SpendingSpending
DividendsDividends
Debt ReductionDebt Reduction
BuybacksBuybacks
Cash & OtherCash & Other
$97 Billion$97 Billion
6© 2008 Chevron Corporation
Capital Spending Reflects Our Growth Opportunities
* Capital expenditures/net cash provided by operating activities per statement of cash flows
PercentReinvestment Ratios *
0
10
20
30
40
50
60
70
80
90
20042004 20052005 20062006 20072007
CVXCVX XOMXOM BPBP COPCOP RDSRDS
7© 2008 Chevron Corporation
Investing for the Future2008 Capital & Exploratory Expenditures
CashCashCAPEXCAPEX
2.62.6
20.020.0
InterestInterestCapitalizationCapitalization
Affiliate Affiliate SpendingSpending
TotalTotalC&EC&E
22.922.9
$ Billions$ Billions
0.30.3 Chemical Chemical & Other& Other
DownstreamDownstream
UpstreamUpstream
1.31.3
17.517.5
4.14.1
8© 2008 Chevron Corporation
Agbami
Angola LNG
Athabasca Expansion
Blind Faith
Perdido Development
Frade
Pascagoula CCR
South Korea Yield Project
Tombua Landana
Tahiti
Piceance
-1
4
9
14
19
24
Discipline in Selecting and Executing Value-Creating Projects
* Includes Chevron’s share of affiliates' expenditures, which does not require cash outlay by Chevron
$ Billion $ Billion
2008 Total Capital & Exploratory Expenditures: $22.9 Billion*2008 Total Capital & Exploratory Expenditures: $22.9 Billion*
North America
Africa
Asia-Pacific
Rest of World 15%
20%
24%
41%
9© 2008 Chevron Corporation
9.8
12.911.3
7.2
2004 2005 2006 2007
Exceptionally Strong Balance Sheet
Debt Debt RatioRatio 20%20% 17%17% 13%13%
Net Net DebtDebt 0.50.5 1.71.7 (0.9)(0.9)
8.6%8.6%
(1.6)(1.6)
Debt Debt $ Billions$ Billions
10© 2008 Chevron Corporation
Consistent Dividend Growth
20 consecutive 20 consecutive annual increasesannual increases
Growth rateGrowth rate
6.9% since 19876.9% since 1987
10.1% since 200210.1% since 2002
Current yield ~3%Current yield ~3%
0%
50%
100%
150%
200%
250%
300%
1987 1991 1995 1999 2003 2007
11© 2008 Chevron Corporation
Delivering Shareholder ValueCash Returned to Shareholders
2004 2004 –– 20072007
BuybacksBuybacks
$17.1 Billion$17.1 Billion
$66.07/Share$66.07/Share
259 Million Shares259 Million Shares
DividendsDividends
$16.2 Billion$16.2 Billion
$ Billions $ Billions
3.2 3.8 4.4
2.13.0
5.0
4.8
7.0
5.3
6.8
9.4
11.8
0
2
4
6
8
10
12
2004 2005 2006 2007
Buybacks
Dividends
12© 2008 Chevron Corporation
Disciplined Cost Management
Safe and Reliable Safe and Reliable OperationsOperations
Energy EfficiencyEnergy Efficiency
Rig StrategyRig Strategy
Application of Application of TechnologyTechnology
13© 2008 Chevron Corporation
Balancing Earnings Growth WithCurrent Profitability
Disciplined project Disciplined project selectionselection
WorldWorld--class project class project executionexecution
Exploration successExploration success
Excellent project queueExcellent project queue
Technical/financial Technical/financial resourcesresources
Earnings GrowthEarnings Growth
Reliable and safe Reliable and safe operationsoperations
Attentive to cost Attentive to cost structurestructure
Base business Base business capabilitycapability
Earnings/returns Earnings/returns mindsetmindset
Current ProfitabilityCurrent Profitability