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25 Pages

Chevron corporate report


Chevron corporate report

Report summary

Chevron is on the cusp of a big structural portfolio shift. New long-life assets will inject material volumes and cash flow. The risk profile and returns should improve as capital allocation transitions away from complex mega projects towards short-cycle opportunities, led by an advantaged tight oil portfolio in the Permian. The journey to this point has been difficult. But delivery of Australian LNG is happening. Execution success will lay the foundation for a new phase of out-performance on value and volume-base metrics.


What's included?

This report includes 2 file(s)

  • Chevron corporate report PDF - 1.59 MB 25 Pages, 8 Tables, 32 Figures
  • Chevron Corporate report.xls XLS - 3.55 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
    • Recent strategic moves
    • Current strategic positioning
    • Strategic priorities
      • 1. Improving project management
      • 2. Driving improved returns from shift in capital allocation
      • 3. Growing the unconventional business
      • 4. Repositioning towards low cost and low carbon
        • 1. Portfolio streamlining
        • 2. A return to M&A looking more likely
        • 3. Discovered Resource Opportunities could also be on the agenda
      • 5. Delivering value and new resource opportunities through exploration
  • Financial health
  • Investment
    • Legacy assets
    • Development pipeline
    • Assets under development
    • Yet-to-be sanctioned projects
    • Onshore North American investment
  • Resources, reserves and production
    • Production overview
  • Key success factors
  • Economic assumptions
    • Economic assumptions

In this report there are 40 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Strategy
    • Benchmarking: share price performance
    • Benchmarking: market premium / discount to WM upstream NPV,10
    • 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
    • Development IRRs at FID vs Q4 dataset
    • Net cash flow from Australian LNG and Tengiz FGP/WPMP
    • Breakdown of Chevron’s development spend
    • Benchmarking: pre-FID new project and yet-to-drill NA onshore returns vs. capex
    • Capex and NPV,15 breakevens from probable developments
    • Chevron’s production from probable developments
    • Benchmark: % of gas in overall production mix
    • Benchmark: Free cash flow after dividends, investment and debt servicing
    • Wood Mackenzie North American onshore liquids commercial reserves by NPV,10 breakeven
    • Benchmark: tight oil production - top players
    • Chevron’s Permian Basin NPV,10 sensitivity
    • Exploration resource additions 2013-2015
    • Net deepwater acreage by category
  • Financial health
    • Cash flow breakevens
    • Benchmarking: cash flow breakevens (2016 to 2018)
    • Net debt outlook
    • Base case upstream cash flow outlook
  • Investment
    • Chevron: upstream development investment
    • Top ten probable projects by projected capex
  • Resources, reserves and production
    • Reserves and resource detail
    • Benchmarking: reserves and resources detail
    • Benchmarking: reserves and resource life
    • Production outlook
    • Chevron’s production by resource theme
    • Benchmarking: production growth
  • Key success factors
    • Top legacy assets by value
    • Key growth assets by value
  • Economic assumptions
    • 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
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