Financial Priorities &
              Performance




              Steve Crowe
              Vice President and
          ...
Key Financial Priorities


                             Fund capital program


                             Maintain AA cr...
Record Earnings Again

      $ Billions
                                            $ Billions
                           ...
A Diversified Portfolio
      Strong Returns Across the Segments

      $ Billions 2007
                                  ...
2004–2007 Uses of Cash From
      Operations and Divestments



                                                 Cash & Ot...
Capital Spending Reflects Our Growth
      Opportunities

      Reinvestment Ratios *
      Percent
                      ...
Investing for the Future
      2008 Capital & Exploratory Expenditures

      $ Billions

                                ...
Discipline in Selecting and Executing
      Value-Creating Projects

      2008 Total Capital & Exploratory Expenditures: ...
Exceptionally Strong Balance Sheet


          Debt
                             20%    17%    13%     8.6%
          Rati...
Consistent Dividend Growth


      300%
                                                                20 consecutive
   ...
Delivering Shareholder Value
      Cash Returned to Shareholders

      $ Billions
                                       ...
Disciplined Cost Management

             Safe and Reliable
             Operations

             Energy Efficiency

     ...
Balancing Earnings Growth With
      Current Profitability

                 Earnings Growth               Current Profita...
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Chevron Finance

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Chevron Finance

  1. 1. Financial Priorities & Performance Steve Crowe Vice President and Chief Financial Officer © 2008 Chevron Corporation
  2. 2. Key Financial Priorities Fund capital program Maintain AA credit rating Increase dividends annually Repurchase shares 2 © 2008 Chevron Corporation
  3. 3. Record Earnings Again $ Billions $ Billions 2006 2007 18.7 20 17.1 Upstream 13.1 14.8 14.1 13.3 15 Downstream 4.0 3.5 10 Chemical 0.5 0.4 5 Other (0.5) 0.0 Net Income 17.1 18.7 0 2004 2005 2006 2007 3 © 2008 Chevron Corporation
  4. 4. A Diversified Portfolio Strong Returns Across the Segments $ Billions 2007 Capital Capital Employed Employed ROCE 30% 3 Upstream 53 1 $11 Downstream 24 16% $4 $23 $20 Chemical 2 17% $15 $6 Other 5 n/a $84 23% Ranked #2 in peer group 2 Upstream includes Goodwill of $5 Billion 1 Peer group includes: BP, COP, RDS, and XOM 2 Updated March 26th, 2008 3 4 © 2008 Chevron Corporation
  5. 5. 2004–2007 Uses of Cash From Operations and Divestments Cash & Other Debt Reduction 4% 9% Buybacks 15% Capital 55% Spending Dividends 17% $97 Billion 5 © 2008 Chevron Corporation
  6. 6. Capital Spending Reflects Our Growth Opportunities Reinvestment Ratios * Percent CVX XOM BP COP RDS 90 80 70 60 50 40 30 20 10 0 2004 2005 2006 2007 * Capital expenditures/net cash provided by operating activities per statement of cash flows 6 © 2008 Chevron Corporation
  7. 7. Investing for the Future 2008 Capital & Exploratory Expenditures $ Billions 2.6 Chemical 0.3 & Other Downstream 1.3 4.1 20.0 22.9 Upstream 17.5 Cash Interest Affiliate Total CAPEX Capitalization Spending C&E 7 © 2008 Chevron Corporation
  8. 8. Discipline in Selecting and Executing Value-Creating Projects 2008 Total Capital & Exploratory Expenditures: $22.9 Billion* $ Billion 24 Agbami Pascagoula Rest of World 15% CCR 19 Angola LNG 20% Asia-Pacific South Korea Athabasca Yield Project 14 Expansion Africa 24% Tombua Blind Faith 9 Landana Perdido Tahiti North America 41% Development 4 Piceance Frade -1 * Includes Chevron’s share of affiliates' expenditures, which does not require cash outlay by Chevron 8 © 2008 Chevron Corporation
  9. 9. Exceptionally Strong Balance Sheet Debt 20% 17% 13% 8.6% Ratio 12.9 11.3 9.8 Debt 7.2 $ Billions 2004 2005 2006 2007 Net 0.5 1.7 (1.6) (0.9) Debt 9 © 2008 Chevron Corporation
  10. 10. Consistent Dividend Growth 300% 20 consecutive annual increases 250% Growth rate 200% 6.9% since 1987 150% 10.1% since 2002 100% Current yield ~3% 50% 0% 1987 1991 1995 1999 2003 2007 10 © 2008 Chevron Corporation
  11. 11. Delivering Shareholder Value Cash Returned to Shareholders $ Billions 2004 – 2007 11.8 12 Buybacks Buybacks Dividends 9.4 10 $17.1 Billion 7.0 $66.07/Share 8 6.8 5.0 259 Million Shares 5.3 6 3.0 2.1 4 Dividends 4.8 4.4 $16.2 Billion 2 3.8 3.2 0 2004 2005 2006 2007 11 © 2008 Chevron Corporation
  12. 12. Disciplined Cost Management Safe and Reliable Operations Energy Efficiency Rig Strategy Application of Technology 12 © 2008 Chevron Corporation
  13. 13. Balancing Earnings Growth With Current Profitability Earnings Growth Current Profitability Reliable and safe Disciplined project operations selection Attentive to cost World-class project structure execution Base business Exploration success capability Excellent project queue Earnings/returns Technical/financial mindset resources 13 © 2008 Chevron Corporation

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