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Chevron corporate report

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07 February 2018

Chevron corporate report

Report summary

Chevron is poised to reap the benefits from a difficult period of capital-intensive development. Successful ramp-up from its flagship Australian LNG projects will drive peer-beating near-term growth and free cash flow generation. The upstream strategy will now shift to exploiting a world-class shale position, spearheaded by a leading portfolio in the Permian tight oil play. M&A and more aggressive new ventures are both strategic options as free cash flow generation builds. But Chevron can afford to be choosy: its deep pool of unconventional opportunities can sustain growth well into the late 2020s.

Table of contents

  • Other Chevron research
  • Executive summary
    • Overview
    • Strategic position
    • Strategic priorities and opportunities
      • 1. Delivering the growth agenda
  • Portfolio summary
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
    • Executive summary
    • North America
      • Overview
      • Future focus
      • Upsides
      • Risks
      • Timeline
    • Asia
      • Overview
        • Links to upstream asset analyses for top assets (access subject to subscription)
        • Future focus
      • Upsides
      • Risks
      • Timeline
    • Oceania
      • Overview
        • Links to upstream asset analyses for top assets (access subject to subscription)
      • Future focus
      • Upsides
      • Risks
      • Timeline
    • Africa
      • Overview
        • Links to upstream asset analyses for top assets (access subject to subscription)
      • Future focus
      • Upsides
      • Downsides
      • Timeline
    • Europe
      • Overview
        • Links to upstream asset analyses for top assets (access subject to subscription)
      • Future focus
      • Upsides
      • Risks
      • Timeline
    • Middle East
      • Overview
        • Links to upstream asset analyses for top assets (access subject to subscription)
      • Future focus
      • Upsides
      • Risks
      • Timeline
    • Russia and the Caspian
      • Overview
        • Links to upstream asset analyses for top assets (access subject to subscription)
      • Future focus
      • Upsides
      • Risks
      • Timeline
    • Latin America and the Caribbean
      • Overview
        • Links to upstream asset analyses for top assets (access subject to subscription)
      • Future focus
      • Upsides
      • Risks
      • Timeline
    • Economic assumptions

Tables and charts

This report includes 56 images and tables including:

  • SWOT analysis
  • Top legacy assets by value
  • Top growth assets by value
  • Benchmarking: share price performance
  • Chevron's upstream NPV,10 sensitivity vs Upstream Enterprise Value
  • Strategic fit of upstream regions
  • Benchmarking: NPV,10 by resource theme
  • Chevron's change in NPV,10 by resource theme discounting from 2017 and 2022
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs. Upstream NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported costs
  • New project returns
  • Reported and WM forecast production
  • Liquids vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total resources: regional breakdown
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Top assets by value
  • Greenfiled upstream project IRR versus associated capital investment
  • Base case production outlook by region
  • Breakdown of WM reserves by region
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • Base price assumptions
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions
  • Chevron's production (WM projections)
  • Benchmarking: Majors' production CAGR
  • Chevron's sub-commercial reserve upside
  • Resource upside as a % of 2017 production
  • Benchmarking: capital investment (2017 to 2021)
  • Development spend per unit of production
  • Development returns on discretionary growth projects
  • Evolution of real post capex upstream cash flow margins
  • Chevron's free cash flow generation
  • Evolution of Chevron's net debt
  • Strategy: Table 1
  • Production from greenfield pre-FID commercial projects
  • % of gas production
  • Exploration acreage additions 2015-2017
  • Net acreage by category
  • Benchmark: tight oil production - top players
  • Chevron's Permian Basin NPV,10 sensitivity
  • WM base case: Chevron's investment in international shale
  • WM base case: Chevron's production from international shale
  • Development IRRs at FID vs. Q4 dataset
  • Net capex from Tengiz FGP/WPMP

What's included

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    PDF 1.81 MB

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