1. Kaitlyn Emerick Keiarra Ragland Victoria Saber

2. Agenda:  Company Introduction  Overview Analysis  Analysis of Firm Riskiness  Financial Statement Analysis  Firm Valuation  Future Recommendations

3. Company Overview & Facts

4. SWOT Analysis & Competitors S Presence across the energy value chain -Strategic acquisition of Atlas Energy -Wide geographic presence W -Involvement in the environmental disaster in Ecuador -Strain on sales of refined products T Regulation of greenhouse gas emissions Civil unrest in Nigeria threatens crude oil production Commodity prices risks O Planned investments for future development Agreement to acquire Marcellus shale acreage Technological innovations $41.06 Market Cap 130.8B --- CVX $117.25 Market Cap 2227.78B $87.04 Market Cap $389.98 --- CVX $117.25 Market Cap 2227.78B

5. Environmental Health Safety

7. CalculatedBeta Industry Beta.90 as of 2/27/2013 Reuters Beta.80 as of 2/27/2013 Yahoo Beta1.17 as of 2/27/2013 Group Calculation.77 as of 2/27/2013 CAPM Computation3.22%

8. Ratio Analysis: Liquidity

9. Ratio Analysis: Asset Management

10. Ratio Analysis: Debt Management

11. Ratio Analysis: Profitability & Market Value

12. Firm Valuation: Discount Dividend Model (DDM) Do(1+g)/re-g = 3.69/3.22-2.56  For Chevron’s discount dividend model,  re (calculated from CAPM) 3.22  constant growth = 2.56 Calculations = Stock Price $184.71 Currently trading: $117.22 UNDERVALUED Year201220112010200920082007 Dividend$3.51$3.09$2.84$2.66$2.53$2.26 % Change.1359.0880.0677.0514.1195 %13%8.80%6.77%5.14%11.95% Average of all years 9.25% Cost of EquityCost of Debt Debt to Value Equity to ValueWACC Terminal WACC 4.56%3.50%41%59%4.71% Firm Valuation: WACC

13. Chevron's P/E Ratio Industry P/EChevron's EPSStock Price $12.2$13.32$162.50 Firm Valuation: Valuation using multiples (P/E ratio)

14. Firm Valuation Revenue Growth Fiscal Year20122011201020092008 Total Revenues 241,909.00253,706.00204,928.00171,636.00273,005.00 Revenue Growth Rate-4.88%19.23%16.25%-59.06% 5 year average -7.12% 2 year average 7.17% Analysts predict -1.30%(yahoo finance) Our Prediction -1.30% Tax Rate20122011201020092008 43.16%43.30%40.37%43.05%44.19% Average42.81%

15. Firm Valuation: Free Cash Flow Model (FCFM)

16. Firm Valuation: Stock Price Valuation

17. Recommendations Begin Investing Hold stock Currently Stable Well Established Company Potential Future Gains Increased Stock Price Value Continued Growth of Dividends