Company report
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24 Pages

Chevron corporate report


Chevron corporate report

Report summary

Project execution setbacks have weighed on Chevron's performance. But we remain positive on the overall outlook, assuming the company can turn around its project management performance. Defining a longer-term strategy with the right balance between growth and shareholder returns – i.e. value oriented – will be an important objective.


What's included?

This report includes 2 file(s)

  • Chevron corporate report PDF - 1.76 MB 24 Pages, 8 Tables, 27 Figures
  • Chevron Corporate Report.xls XLS - 3.73 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
    • Crunch time for peer-leading investment programme; strategy shifting
    • Current strategic positioning
    • Strategic priorities
      • 1. Re-building project management credentials
      • 2. Capital discipline
      • 3. Sustaining the base business
      • 4. Growing the unconventional business
        • Tight oil will be the primary near-term focus
        • Shale gas will become increasingly important
      • 5. Developing the post-2020 vision
        • 1. Portfolio streamlining
        • 2. Conventional exploration
        • 3. M&A
        • 4. Discovered Resource Opportunities
  • 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 35 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
    • Benchmarking: exposure to resource themes (weightings versus Majors' average)
    • Benchmarking: production CAGR
    • Benchmarking: % production from projects under development
    • % change in time from FID to first production (FID vs. current estimate)
    • Development IRR at FID vs current dataset
    • Benchmarking: pre-FID new project and yet-to-drill NA onshore returns
    • Benchmarking: capital investment (2016 to 2020)
    • Benchmark: tight oil NPV,10 - top players
    • Benchmark: tight oil production - top players
    • Returns from conventional exploration at US$85/bbl flat real Brent
    • Net deepwater acreage by category
  • Financial health
    • Cash flow breakevens
    • Benchmarking: cash flow breakevens (2016 to 2018)
    • Net debt outlook
    • Free cash flow outlook
  • Investment
    • Chevron: 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
  • 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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