Houston Hilbun
CVX - In the last few years, revenues are decreasing slower than expenses, so expenses are becoming a
larger percentage of eh whole. What makes you believe that this trend will either reverse or cease?
Michael Kozemchak
CVX – What are the current regulations like that are imposed on companies such as Chevron? – What is
an example of how these regulations may be increased/enhanced?
Andrew Hockey
CVX – How much growth is Chevron experiencing from the fracking boom?
Jordan Fuentes
CVX: You mention that their CAPEX spending is quite high, while their D/E ratio is very low. How are
they raising capital for their CAPEX? Is it through stock issuance (which would negatively affect our
position), or is it just their ability to generate FCF?
Christian LANG

Chevron Corporation (CVX)
What is the reason, why Chevron has such a low D/E ratio? You mentioned in your report that usually
capital-intensive industries have high D/E ratios due to costly asset acquisitions.
How does Chevron regulate greenhouse gas emissions? Do they already take care about them?
James A. Dominguez
Chevron Corporation (CVX):
You mentioned that Chevron has started researching and investing in geothermal energy and is the largest
renewable energy producer of the major oil companies. Knowing these two things, do you see Chevron
staying relevant, as Gasoline may become the fuel of the past? How can they affirm that the company
stays relevant using such research and findings?
What is Chevron doing in terms of research or investing in natural gas?
John Cordova
Chevron (CVX)
Relative to ExxonMobil and ConocoPhilips, Chevron has declined more substantially in its ATR. It was
mentioned that this was the result of operational efficiency. Are there any other factors besides operations
that could affect the decline in average turnover?
Armin Triendl
Chevron (CVX):
Is a low interest expense necessarily a good thing for businesses? Through interest
expense a company is able to lower its taxable income and thus don’t pay as much taxes. If a
company has higher interest payments because of investing in new methods, projects, etc. that
will guarantee future cash flows it might not be a bad thing to have interest payments to not only
lower taxable income but also invest in future growth.
Stefanie Stebegg
Chevron Corporation (CVX)
Do you think Chevron is highly sensitive to the economic?
Antonio Trujillo
CVX
Could the low level of debt be detrimental to the company in that it would not have much of an
interest tax shield?
Tyler Victor

Chevron
o
You mention Chevron’s ability to invest in itself. How much are they investing in
themselves compared to their competitors? What are some examples of these
investments?
Katherine Hollingsworth
Chevron (CVX)
Chevron is spending about $10 billion a year on the Gorgon and Wheatstone projects. Project end dates
are into 2016 and capex must remain high through next year and throughout 2016. If all goes well
Chevron will see a higher margin per barrel. In the meantime, investors are nervous: Industry IRR
estimations are generally higher than the actual IRRs on these types of projects. While these projects are
going on, there are falling commodity prices and Chevron sales are down. What do you know about the
company and the industry that can help ease investor skepticism during the next two years until theses
projects are finished? How likely are they to finish their projects on budget?
How likely will Chevron stay on their 2017 target of
3.1 million barrels a day production if prices are low? Will they need to readjust this target number?
Taha Majbar
Chevron Corporation:
You mentioned that the company has a high and growing CAPEX and you said that one of the risk
factors, is the fact that oil and gas will expire one day. What percentage of the investments in the
company is used in projects for renewable energy ?
In the earnings by segment for the third quarter of 2014 compared to 2013, there is an important increase
in downstream revenue but a decrease in upstream. How can you explain that?
Gabriel Aragon
Chevron: If Chevron isn’t using debt to acquire assets, what methods are they using? And are these
practices sustainable for Chevron?
Jeffrey Alberti
Chevron:

You say in your recommendation that there is opportunity for Chevron to invest in energy sources
outside of oil and petroleum because it is a largely untapped market. What percentage of their
current business is done outside the oil and petroleum sector?
John Kapuranis
1. Chevron Corporation (CVX):
With the price of oil dropping below $80 a barrel now, where do you see Chevron standing in this
collapse? Will they still be profitable? Are they making any changes? Since there's higher operating
expenses.
Justin Fouts
1. Chevron (CVX) – You seem to have overlooked the increasing cost of production as oil becomes
harder to find and is increasingly difficult to remove from where it is found. This has already had
an effect on oil company’s profits, wouldn’t it begin to have a greater effect on Chevron as well?
Source (https://www.americanprogress.org/issues/green/news/2014/02/10/83879/with-only-93billion-in-profits-the-big-five-oil-companies-demand-to-keep-tax-breaks/)
David Trimmer
Chevron:
Do you feel that there is a possibility they are under-leveraging themselves by financing everything with
capital/cash with interest rates being as low as they are?
Dylan Gregory
I. Chevron (CVX) Buy, to Jacob Mast & Robert Smith:
Since the price of crude oil has a principal effect on Chevrons operations, what effect will changes in
commodity oil prices have on Chevrons profitability?
Since the crude oil commodity is priced in the U.S. Dollar, do you anticipate the strength of the U.S.
Dollar to increase in the future, thereby affecting the price of oil and therein affecting the profitability of
Chevron?
“The price of crude oil is the principal element that affects the outcomes of operations of the company.”
http://www.unm.edu/~maj/Security%20Analysis/Fall%202014%20Analyst%20Reports/CVX.pdf
- Oils priced in the US Dollar
- Stronger U.S. Dollar, lower oil prices
Jacob Mast
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Chevron (CVX): It says Chevron has an ability to invest in itself as a positive. What are examples
of this?