Downstream & Chemicals
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1 Downstream & Chemicals Mike Wirth Executive Vice President
2 Themes Strategy Performance Growth 2
3 Strategy Focused on Improving Returns Improve returns and grow earnings across the value chain Operational Excellence Focused refining and marketing portfolio Asset scale, flexibility, complexity Targeted growth 3
4 Demand Growth Points to Attractive Segments Outlook Outlook Premium Base Oils 83 % growth Rest of World Asia is the primary growth engine Fuels 14 % growth Americas Petrochemicals 43 % growth Americas Asia Americas Rest of World Asia Lubricants and petchem growth faster than fuels Distillate growth continues globally Rest of World Asia Fuel Products 14 % growth Gasoline LPG/Naphtha Distillate Source: Nexant, IHS/Purvin & Gertz and CVX estimates 4
5 New Resources Creating Opportunity Ethylene cash costs Brent-WTI differential $/MT 1000 North America Ethane Asia Naphtha $/BBL Middle East Ethane Source: Nexant, EIA Annual Energy Outlook (2013 early release) 5
6 Themes Strategy Performance Growth 6
7 Sustained Top-Tier Reliability Sustaining high-level of utilization performance Solomon Utilization Chevron vs. International Majors 85% Deploying turnaround improvement initiatives 7 80% % 70% CVX Ranking Relative to Competitors 1 being the best Competitor Range (Majors tracked by Solomon) Source: Solomon Associates, CVX estimates 7
8 Restructuring Complete Country Count % reduction Focused footprint Simpler model Reduced costs Trade Sales Million Barrels / Day % reduction Higher returns Terminal Count % reduction Company-Owned Stations % reduction Headcount Thousands % reduction Excludes chemicals 8
9 We Deliver Results Return on Capital Employed 3-Year R&M Commitment Portfolio and Costs 7 % Improvement Target 10 % Improvement Actual Marketing Market? Refining Excludes chemicals, non-recurring items 9
10 Strong Competitive Performance $ 3.01 per barrel 2012 Adjusted Earnings* $3 $2 $ % 2012 Adjusted ROCE $0 5 -$ % 20% 10% 0% * Downstream excluding chemicals Base chemicals included for TOT starting 2012 CVX Ranking Relative to Competitors 1 being the best Competitor Range BP, RDS, TOT, XOM Source: Competitor analysis based on publicly available information. Adjusted ROCE analysis based on Chevron estimates and public information treated on a consistent basis. Excludes special items. Reconciliation to non-gaap earnings measure for Chevron can be found in the Appendix of this presentation. Chevron s 2008 to 2010 information conforms to 2011 segment presentation. 10
11 Themes Strategy Performance Growth 11
12 Competitive Asia Portfolio Focused footprint Scale at regional and facility level High Value Products Gasoline & Distillates, MMBD XOM Strong market positions 1.0 RDS Targeted capital investments 0.5 BP 0.0 Refinery Capacity Average Size, MBD XOM RDS BP Refinery Product Supply 0 Both charts are 100% basis Source: CVX estimates 12
13 Chevron Phillips Commodity Chemicals Growth Advantaged feedstock position North America and Middle East Strong performance trend Peer leading cash returns Attractive opportunities USGC Cracker FID 2013 Feedstock Cost $/MT 1, Middle East Performance N. America Ethane EBITDA/Average Assets* N. America Naphtha Asia Naphtha 40% 20% 0% -20% 4 * Adjusted for non-operational earnings CPChem Ranking 1 Competitor Range XOM, RDS, LYO, DOW, WLK, BAK, Nova, Borealis Source: Nexant, CPChem estimates 13
14 Chevron Oronite Specialty Chemicals Growth Lubricant Additives Demand 55 % increase 21 % increase 7 % increase Asia Pacific Europe Africa Middle East Americas World-scale plants 3 major demand centers Expanding capacity Detergents and dispersants Investing in technology Differentiated engine oil additives Performance After-Tax Earnings 4-year Average 3x increase Operating Expenses 4-year Average Source: CVX estimates 14
15 Chevron Lubricants Growing a High Margin Business Base Oil Capacity Premium Base Oils end of 2013 MBD RDS XOM Premium base oils Leading producer Expanding capacity Asia and Americas Sustaining profitable growth Performance After-Tax Earnings 4-year Average 2x increase Operating Expenses 4-year Average 0 Pascagoula Base Oil Plant Source: Lubes n Greases 15
16 Major Capital Projects Drive Earnings Growth Cedar Bayou Hexene Plant 250 kmta USGC Petrochemicals Ethylene 1500 kmta Polyethylene 1000 kmta Oronite Additives Plant Expansions Singapore Capital Employed % 29 % 47 % % 34 % Projected Startup 33 % Pascagoula Premium Base Oils 25 MBD South Korea Gas Oil Conversion 53 MBD Chemicals & Lubricants R&M - Asia Pacific R&M - All Other 16
17 Well-Positioned for Today and the Future Strategy Improve returns Operational excellence Focused portfolio Competitive assets Performance Top-tier performance Safety Reliability Profitability Growth Targeting growth Asia Chemicals Lubricants 17
18 Questions and Answers
19 Break
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