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Leviathan Platform© 2026 Chevron Fourth quarter 2025 earnings call January 30, 2026
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2© 2026 Chevron Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation contains forward-looking images and statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “ commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trend s,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identif y such forward looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward -looking statements, which speak only as of the date of this document. Unless legally required, Chevron undertakes no obligation to update publicly any forward -looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward -looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related governmen t policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countri es in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global respo nse to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or reg ulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate -energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inabil ity or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start -up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats , terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or prod uct changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate chang e; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or t he delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tar iffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule -setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 27 of the company’s 2024 Annual Report on Form 10 -K and in subsequent filings with the U.S. S ecurities and Exchange Commission. Other unpredictable or unknown factors not discussed in this document could also have material adverse effects on forward-looking statements. As used in this presentation, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “i ts” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, eac h of which manages its own affairs. Terms such as “resources” may be used in this presentation to describe certain aspects of Chevron’s portfolio and oil and gas properties beyond the proved reserves. For definitions of, and further information regarding, this and other terms, see the “Glossary of Energy and Financial Terms” on pages 26 through 27 of Chevron’s 2024 Supplement to the Annual Report. This a nd other reports, publications, and data supplements, as well as a "Sensitivities and Forward Guidance" document that is updated quarterly, are available at chevron.com. This presentation is meant to be read in conjunction with the Fourth Quarter 2025 Transcript posted on Chevron.com under the headings “Investors,” “Events & Presentations.”
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3© 2026 Chevron Execution Building a bigger stronger Chevron in 2025 1 Excluding asset sale proceeds. See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. 2 Includes $2.2B of Hess common stock purchased 1Q 2025. Record production 12% increase Projects & milestones TCO, Permian, GOA, Geismar Portfolio Hess acquisition premier upstream portfolio Future growth power, chemicals, exploration Results Adjusted FCF 1 up 35% oil price down ~15% Record $27 billion 2 cash returned to shareholders
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4© 2026 Chevron Venezuela HQ Caracas Petroboscán Petropiar Petroindependencia Loran field Venezuela Orinoco Oil Belt Petroindependiente Colombia Brazil Guyana Petropiar upgrader Trinidad & Tobago Long-term presence & potential in Venezuela Over a century of in-country presence Grown by ~200 MBOD since 2022 1 Focused on safe & reliable operations Crude delivered to U.S. refinery system Growing our advantaged position Diverse joint ventures with PDVSA 1 Represents change in gross production across joint ventures. See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information.
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5© 2026 Chevron Growing energy supply in Eastern Mediterranean Completed since 3Q25 Tamar optimization project first gas Leviathan expansion reached FID Aphrodite gas development entered FEED Upcoming Leviathan additional capacity expected online 1Q26 Milestones Tamar Platform See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information.
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6© 2026 Chevron Financial highlights 1 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. 2 As of 12/31/2025. 4Q25 2025 Earnings / Earnings per diluted share $2.8 billion / $1.39 $12.3 billion / $6.63 Adjusted earnings / EPS 1 $3.0 billion / $1.52 $13.5 billion / $7.29 Cash flow from operations / excl. working capital 1 $10.8 billion / $9.1 billion $33.9 billion / $34.9 billion Total capex / Organic capex $5.3 billion / $5.1 billion $17.3 billion / $16.5 billion ROCE / Adjusted ROCE 1,2 6.6% / 7.2% Dividends paid $3.4 billion $12.8 billion Share repurchases $3.0 billion $12.1 billion Debt to CFFO / Net debt to CFFO 1,2 1.2x / 1.0x
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7© 2026 Chevron Upstream Downstream Special items 2 FX 2 Timing effects (277) (810) (135) Realizations107 50 Other135 Liftings Chevron earnings 4Q25 vs. 3Q25 1 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. 95 Opex / other Margins (100) Volume (106) DD&A / other Other 3Q25 earnings 4Q25 earnings 140 Timing effects (65) Chemicals (145) 342 Opex $ millions
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8© 2026 Chevron 2025 cash flow 1 Includes cash, cash equivalents, time deposits and marketable securities. Excludes restricted cash. 2 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. 34.9 CFFO excl. WC2 Capex Debt Dividends Share repurchases Cash returned to shareholders $27 billion (12.8) (2.2) Working capital & other 5.9 2024 cash balance1 (12.1) Adjusted free cash flow 2 $20 billion 2025 cash balance 1 $ billions Hess cash acquired (0.6)1.1 Hess shares (17.3) Asset sales & equity affiliate loans
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9© 2026 Chevron Worldwide net oil & gas production 2025 vs. 2024 1 Excluding legacy Hess production. See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. Permian Hess 115 (26)TCO 261 Base / other 100 GOA 65 Asset sales (130) $81/BBL Brent $69/BBL Brent “Bulk up” – match stylistic of 11 and 12 Execution milestones Record productionExecuted growth milestones TCO, Permian, GOA Record production Top end of guidance range 1 Asset sales Canada, Congo MBOED
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10© 2026 Chevron 2026 production outlook See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. Full year of Hess assets Guyana, Bakken Offshore growth GOA, EMED U.S. shale & tight portfolio at production plateau GOAShale & tight 125 20 Guyana 130 EMED 60 TCO 30 Base / other $69/BBL Brent Guidance $60/BBL Brent +7% to 10% Growth MBOED (50)
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11© 2026 Chevron Delivering on cost reductions See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. $1.5 billion structural cost savings in 2025 On track for $3-4 billion run-rate reduction by end of 2026 Efficiency gains >60% of expected total reduction Structural cost reductions 2025 savings $ billions Divestments 0.8 Efficiencies & technology 0.7 Total 1.5
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12© 2026 Chevron Position of strength 1 Source: Visible Alpha, January 2026. 2 Peers include BP, SHEL, TTE, XOM. 3 $2.2B of Hess common stock purchased 1Q 2025. 4 Brent oil breakeven price to cover dividend and capex (2026 -30 average). See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. <$50 breakeven 4 underpins dividend growth Capital discipline prioritizing value Aa2 & AA- credit rating significant debt capacity Shareholder returns through the cycle approach
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13© 2026 Chevron questions answers
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14© 2026 Chevron Turnarounds (A/T earnings): $(275) - $(325)MM Share repurchases: $2.5 - $3B Dividend per share increase of 4% to $1.78 Affiliate distributions $300 - $400MM TCO loan repayment 3 : $1B Turnarounds & downtime: (185) - (225) MBOEDUPSTREAM DOWNSTREAM CORPORATE 1Q26 outlook Production outlook: +7% - 10% (excl. impact from asset sales) 3,980 - 4,100 MBOED Full year 2026 outlook Adjusted “All Other” segment earnings 1 : $(3.6) - $(4.0)B Affiliate distributions at $60/BBL Brent: ~$4.5B Distributions more than income from equity affiliates at $60/BBL Brent: ~$2.5B B/T asset sales proceeds: $1 - $3B Capex (organic): $18 - $19B Affiliate capex: $1 - $2B DD&A 2 : $23 - $24B TCO loan repayments 3 : ~$2B Sensitivities: ~15 MBOED per $10 change in Brent $600 MM A/T earnings and cash flow per $1 change in Brent $700 MM A/T earnings and cash flow per $1 change in Henry Hub $150 MM A/T earnings and cash flow per $1 change in International spot LNG Appendix Forward guidance 1 Excludes foreign exchange and special items. Due to the forward -looking nature, management cannot reliably predict certain com ponents of the most directly comparable forward-looking GAAP measure and is therefore unable to provide a quantitative reconciliation. 2 Excludes equity affiliate depreciation, depletion, and amortization (DD&A). 3 TCO loan repayment will be recorded within Investing Activities on the Consolidated Statement of Cash Flows.
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15© 2026 Chevron See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. 1-year 158% RRR in 2025 Growing resource depth up ~10% Appendix Preserving long-term value
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16© 2026 Chevron 17,661 12,299 UpstreamSpecial items 2 FX 2 DD&A (989) (4,145) 4,955 Realizations362 (875) Corporate expenses Liftings Appendix Chevron earnings: 2025 vs. 2024 1 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. (4,345) Opex 160 Timing / other Downstream Other 2024 earnings 2025 earnings (24) Chemicals (236)755 Opex (480) VolumeMargins 960(1,460) Timing / other $ millions
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17© 2026 Chevron • Lower liquids realizations • Lower production opex • Timing effects: • 4Q25: $(16) • 4Q25 LIFO: $59 • Absence of 3Q25: $(43) Appendix U.S. upstream adjusted earnings: 4Q25 vs. 3Q25 1,2 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income. 2 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding.
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18© 2026 Chevron • Lower liquids realizations • Lower TCO liftings and DD&A on higher downtime • Full quarter of Venezuela collections • Timing effects: • 4Q25: $32 • 4Q25 LIFO: $70 • Absence of 3Q25: $(7) Appendix International upstream adjusted earnings: 4Q25 vs. 3Q25 1,2 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income 2 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding.
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19© 2026 Chevron • Downtime impacts • Softer chemicals margins • Timing effects: • 4Q25: $66 • 4Q25 LIFO: $(53) • Absence of 3Q25: $(33) Appendix U.S. downstream adjusted earnings: 4Q25 vs. 3Q25 1,2 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income 2 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding.
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20© 2026 Chevron • Higher refining margins • Timing effects: • 4Q25: $84 • 4Q25 LIFO: $(102) • Absence of 3Q25: $(27) Appendix International downstream adjusted earnings: 4Q25 vs. 3Q25 1,2 1 Waterfall items include impacts from equity affiliate operations, which are reported under Income (loss) from equity affiliat es in the Consolidated Statement of Income 2 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding.
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21© 2026 Chevron Appendix Worldwide net oil & gas production: 4Q25 vs. 3Q25 See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Note: Numbers may not sum due to rounding. • Deepwater growth • Entitlement effects • TCO downtime
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22© 2026 Chevron Appendix Reconciliation of non-GAAP measures The company cannot provide a reconciliation of forward-looking non-GAAP and other measures to the most comparable GAAP measure without unreasonable effort. Certain information needed to make a meaningful or reasonably accurate reconciliation cannot be predicted and is dependent on future events that are uncertain or beyond the company’s control. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measure. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions.
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23© 2026 Chevron Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings * Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on as set sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, f oreign currency effects and other special items. Note: Numbers may not sum due to rounding. 1Q24 2Q24 3Q24 4Q24 FY 2024 1Q25 2Q25 3Q25 4Q25 FY 2025 Reported earnings ($ millions) Upstream 5,239 4,470 4,589 4,304 18,602 3,758 2,727 3,302 3,035 12,822 Downstream 783 597 595 (248) 1,727 325 737 1,137 823 3,022 All Other (521) (633) (697) (817) (2,668) (583) (974) (900) (1,088) (3.545) Total reported earnings 5,501 4,434 4,487 3,239 17,661 3,500 2,490 3,539 2,770 12,299 Diluted weighted avg. shares outstanding (‘000) 1,849,116 1,833,431 1,807,030 1,777,366 1,816,602 1,751,441 1,724,397 1,946,035 1,996,984 1,855,637 Reported earnings per share $2.97 $2.43 $2.48 $1.84 $9.72 $2.00 $1.45 $1.82 $1.39 $6.63 Special items ($ millions) UPSTREAM Asset dispositions - - - - - - 115 - - 115 Pension settlement & curtailment costs - - - - - - - - - - Impairments and other* - - - (427) (427) (185) - (315) - (500) Subtotal - - - (427) (427) (185) 115 (315) - (385) DOWNSTREAM Asset dispositions - - - - - - - - - - Pension settlement & curtailment costs - - - - - - - - - - Impairments and other* - - - (480) (480) (170) - - - (170) Subtotal - - - (480) (480) (170) - - - (170) ALL OTHER Pension settlement & curtailment costs - - - - - - (55) (40) (128) (223) Impairments and other* - - - (208) (208) 180 (275) 120 - 25 Subtotal - - - (208) (208) 180 (330) 80 (128) (198) Total special items - - - (1,115) (1,115) (175) (215) (235) (128) (753) Foreign exchange ($ millions) Upstream 22 (237) 13 597 395 (136) (236) 89 (125) (408) Downstream 56 (1) (55) 126 126 3 (102) 42 9 (48) All other 7 (5) (2) (1) (1) (5) (10) 16 (14) (13) Total FX 85 (243) (44) 722 520 (138) (348) 147 (130) (469) Adjusted earnings ($ millions) Upstream 5,217 4,707 4,576 4,134 18,634 4,066 2,848 3,528 3,160 13,615 Downstream 727 598 650 106 2,081 492 839 1,095 814 3,240 All Other (528) (628) (695) (608) (2,459) (745) (634) (996) (946) (3,334) Total adjusted earnings ($ millions) 5,416 4,677 4,531 3,632 18,256 3,813 3,053 3,627 3,028 13,521 Adjusted earnings per share $2.93 $2.55 $2.51 $2.06 $10.05 $2.18 $1.77 $1.85 $1.52 $7.29
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24© 2026 Chevron Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings * Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on as set sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, f oreign currency effects and other special items. Note: Numbers may not sum due to rounding. U.S. Upstream International Upstream Total Upstream U.S. Downstream International Downstream Total Downstream All Other Total 2024 Reported earnings ($ millions) 7,602 11,000 18,602 531 1,196 1,727 (2,668) 17,661 Special items ($ millions) Asset dispositions - - - - - - - - Pension settlement & curtailment costs - - - - - - - - Impairments and other* (183) (244) (427) (278) (202) (480) (208) (1,115) Total special items (183) (244) (427) (278) (202) (480) (208) (1,115) Foreign exchange ($ millions) - 395 395 - 126 126 (1) 520 2024 Adjusted earnings ($ millions) 7,785 10,849 18,634 809 1,272 2,081 (2,459) 18,256 2025 Reported earnings ($ millions) 5,815 7,007 12,822 1,375 1,647 3,022 (3,545) 12,299 Special items ($ millions) Asset dispositions 115 - 115 - - - - 115 Pension settlement & curtailment costs - - - - - - (223) (223) Impairments and other* (375) (125) (500) (170) - (170) 25 (645) Total special items (260) (125) (385) (170) - (170) (198) (753) Foreign exchange ($ millions) - (408) (408) - (48) (48) (13) (469) 2025 Adjusted earnings ($ millions) 6,075 7,540 13,615 1,545 1,695 3,240 (3,334) 13,521 3Q25 Reported earnings ($ millions) 1,282 2,020 3,302 638 499 1,137 (900) 3,539 Special items ($ millions) Asset dispositions - - - - - - - - Pension settlement & curtailment costs - - - - - - (40) (40) Impairments and other* (245) (70) (315) - - - 120 (195) Total special items (245) (70) (315) - - - 80 (235) Foreign exchange ($ millions) - 89 89 - 42 42 16 147 3Q25 Adjusted earnings ($ millions) 1,527 2,001 3,528 638 457 1,095 (996) 3,627 4Q25 Reported earnings ($ millions) 1,258 1,777 3,035 230 593 823 (1,088) 2,770 Special items ($ millions) Asset dispositions - - - - - - - - Pension settlement & curtailment costs - - - - - - (128) (128) Impairments and other* - - - - - - - - Total special items - - - - - - (128) (128) Foreign exchange ($ millions) - (125) (125) - 9 9 (14) (130) 4Q25 Adjusted earnings ($ millions) 1,258 1,902 3,160 230 584 814 (946) 3,028
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25© 2026 Chevron Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Adjusted free cash flow Note: Numbers may not sum due to rounding. $ millions 2024 1Q25 2Q25 3Q25 4Q25 2025 Net cash provided by operating activities 31,492 5,189 8,576 9,385 10,789 33,939 Less: Net decrease (increase) in operating working capital 1,211 (2,408) 278 (555) 1,677 (1,008) Cash flow from operations excluding working capital 30,281 7,597 8,298 9,940 9,112 34,947 Net cash provided by operating activities 31,492 5,189 8,576 9,385 10,789 33,939 Less: Capital expenditures 16,448 3,927 3,712 4,444 5,264 17,347 Free cash flow 15,044 1,262 4,864 4,941 5,525 16,592 Less: Net decrease (increase) in operating working capital 1,211 (2,408) 278 (555) 1,677 (1,008) Plus: Proceeds and deposits related to asset sales and returns of capital 7,704 600 390 483 353 1,826 Plus: Net repayment (borrowing) of loans by equity affiliates (233) (66) (110) 974 (20) 778 Adjusted free cash flow 21,304 4,204 4,866 6,953 4,181 20,204 Less: Proceeds and deposits related to asset sales and returns of capital 7,704 600 390 483 353 1,826 Adjusted free cash flow excluding proceeds and deposits related to asset sales and returns of capital 13,600 3,604 4,476 6,470 3,828 18,378
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26© 2026 Chevron Appendix: reconciliation of non-GAAP measures Net debt to CFFO $ millions 2025 Short term debt 977 Long term debt* 39,781 Total debt 40,758 Less: Cash and cash equivalents 6,293 Less: Time deposits 4 Less: Marketable securities - Total net debt 34,461 Net cash provided by operating activities (last 12 months) 33,939 Net debt to CFFO 1.0x * Includes capital lease obligations due / finance lease liabilities. Note: Numbers may not sum to rounding.
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27© 2026 Chevron Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 2025 $ millions 2025 Total reported earnings 12,299 Adjusted earnings 13,521 Non-controlling interest 186 Non-controlling interest 186 Interest expense (A/T) 1,096 Interest expense (A/T) 1,096 ROCE earnings 13,581 Adjusted ROCE earnings 14,803 ROCE earnings 13,581 Adjusted ROCE earnings 14,803 Average capital employed* 205,316 Average capital employed* 205,316 ROCE 6.6% Adjusted ROCE 7.2% * Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and non -controlling interests. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period. Note: Numbers may not sum due to rounding.
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28© 2026 Chevron Appendix: reconciliation of non-GAAP measures Operating expenses excluding special items $ millions 2024 2025 Operating expenses* 32,493 33,444 Special items: Pension settlement & curtailment costs - 294 Other items 983 732 Total special items 983 1,026 Operating expenses excluding special items 31,510 32,418 * Includes operating expense, selling, general and administrative expense and other components of net periodic benefit costs Note: Numbers may not sum due to rounding.
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29© 2026 Chevron Appendix: reconciliation of non-GAAP measures RRR and organic RRR billion boe 2025 1-year 2016 - 2025 10-year Asset sales <(0.1) (1.8) Net adds (excluding acquisitions) 0.8 7.8 Acquisitions 1.4 4.6 Net proved reserves changes 2.2 10.6 Net proved reserves changes 2.2 10.6 Production 1.4 11.2 Reserves replacement ratio % 158% 95% Net proved reserves changes 2.2 10.6 Less: Asset sales <(0.1) (1.8) Less: Acquisitions 1.4 4.6 Organic proved reserves changes 0.8 7.8 Organic proved reserves changes 0.8 7.8 Production 1.4 11.2 Organic reserves replacement ratio % 60% 70% Note: Numbers may not sum and percentages may not precisely reflect absolute figures due to rounding.
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30© 2026 Chevron Appendix Slide notes
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31© 2026 Chevron Appendix: slide notes Common units of measure • BBL – Barrel of oil • BBOE – Billions of barrels of oil equivalent • MBOED – Thousand barrels of oil equivalent per day • MMBD – Million barrels per day • MBOD – Thousands barrels of oil per day • MMBOED – Million barrels of oil equivalent per day Common financial and performance definitions and acronyms • 6P – Reserves classification system used to estimate the total, unrisked resource base. • A/T earnings – After tax earnings • Breakeven – Is defined as Brent equivalent price required to cover expected dividend and capex payouts; calculation excludes working capital and includes net repayment (borrowing) of loans by equity affiliates. • Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and non-controlling interests. • CFFO – Cash flow from operations as disclosed in the Consolidated Statement of Cash Flows • DD&A – Depreciation, depletion and amortization • EPS – Earnings per share • FCF – Free cash flow • aFCF – Adjusted free cash flow • FX – Foreign currency effects • Inorganic capex includes acquisition costs, lease bonus payments and other costs associated with the creation of new businesses. • Organic capex – Capital expenditures excluding inorganic capex • ROCE – Return on capital employed • RRR – Reserve replacement ratio, the proved reserve changes divided by production over a given time period. • WC – Changes in operating working capital as disclosed in the Consolidated Statement of Cash Flows Non-GAAP measures • Adjusted earnings reflect reported earnings excluding special items and foreign currency effects. • Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates. • Adjusted ROCE is return on capital employed with earnings adjusted to exclude special items and foreign currency effects. • Cash flow from operations / excl. working capital as disclosed in the Consolidated Statement of Cash Flows excluding working capital. • Debt coverage ratio is defined as total debt divided by 12-month rolling cash flow from operations. • Free Cash Flow is net cash from operating activities less capital expenditures as disclosed in the Consolidated Statement of Cash Flows. • Net debt ratio is defined as debt less cash equivalents, marketable securities and time deposits divided by debt less cash equivalents, marketable securities and time deposits plus stockholders’ equity. • Net debt coverage ratio is defined as debt less cash equivalents, marketable securities and time deposits divided by 12 month rolling cash flow from operations. Other definitions and acronyms • GOA – Gulf of America • FEED – Front-End Engineering Design • FID – Final Investment Decision • NGL – Natural gas liquids • PDVSA refers to Petróleos de Venezuela, S.A., Chevron’s joint venture partners in Venezuela. • Structural cost reductions describe decreases in operating expenses as a result of operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels. The total change between periods in underlying operating expenses will reflect both structural cost reductions and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. YE2026 target reflects targeted annualized savings achieved by the end of 2026 compared to 2024. • TCO refers to Chevron’s 50 percent owned affiliate Tengizchevroil LLP.