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© 2026 Chevron February 3, 2026 Chevron 2026 Investor Presentation
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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 otherw ise. 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, each 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 related transcripts. All materials are posted on Chevron.com under the headings “Investors,” “Events & Presentations.”
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3© 2025 Chevron Stronger cash flow. Growing value. Wheatstone Platform
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4 © 2026 Chevron Stronger cash flow. Growing value. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Sustained free cash flow growth Industry-leading inflection is just the beginning Resilient world class portfolio Premier Upstream assets and diversified growth Superior shareholder returns Capital discipline rewards shareholders Permian
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5 © 2026 Chevron Oil supply gap MMBD Enduring demand for affordable, reliable energy Source: S&P Global Platts Commodity Insights Base Case 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Global oil & gas demand MMBOED Oil & gas demand record high Scale & expertise required to meet demand Global gas demand by sector BCFD Power Buildings Industrial Other Existing supply Capital assisted decline Demand ~50MMBD – 100
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6 © 2026 Chevron Consistency in approach See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Higher returns Capital and cost discipline Increased cash to shareholders Lower carbon Pragmatic approach to new energies Lowering carbon intensity
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7 © 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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8 © 2026 Chevron Industry leading growth, now 1 Source: FactSet 10/29/2025, projected 2026 values based on consensus. 2 Peers include BP, SHEL, TTE and XOM. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Highest value growth Breakeven <$50 Production CAGR1 2026 vs 2024 CFFO CAGR1 2026 vs 2024 Peers 2 Chevron Dividend + capex breakeven Brent $/BBL Peers 2 Chevron
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9 © 2026 Chevron Industry-leading growth only getting stronger 1 Additional free cash flow projected by 2026 represents expected change in annual free cash flow compared to 2024 and is based on $70/BBL Brent, $2.50/MMBTU Henry Hub, $11/MMBTU international LNG, mid-cycle refining and 2026 chemical margins, and excludes working capital and approximately $2B repayment of loans by equity affiliates expected in 2026. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. 2 Includes expected synergies. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information. Forward guidance as of 2Q25 Earnings Call on August 1, 2025. ~$12.5 billion additional free cash flow by 2026 1 Free cash flow, $ billions ~$12.5B TCO FGP at full production rates Gulf of America projects ramping Permian 1 MMBOED achieved New organizational structure live Completed Hess merger Significant progress in 2025 ~$10B Hess2
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10 © 2026 Chevron 2030 Brent: $70/BBL Real2 Stronger cash flow growth, for longer 1 CAGR = Compound annual growth rate on adjusted free cash flow excluding asset sale proceeds. 2 2025 Real dollars, assumes inflation of 2.7% per annum for price of $80/BBL in 2030. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Capital discipline World class assets Diversified growth Adjusted free cash flow Forecast $ billions Asset sales 2025e Brent: $70/BBL Upstream DSC, New Energies & Other 2030 Brent: $70/BBL Nominal >14% CAGR 1 >10% CAGR 1
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11 © 2026 Chevron Consistent financial priorities Grow the dividend consistently Invest capital efficiently Maintain a strong balance sheet Repurchase shares steadily See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Dividend growth per share CAGR to 2025 25 years 5 years 10 years 15 years 20 years Exxon Shell Total Energies BP
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12 © 2026 Chevron Capital discipline leadership 1 Peers include BP, SHEL, TTE and XOM. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Continued discipline leading efficiency Lowering capex guidance $18-21 billion per year Capital expenditures $ billions Reinvestment rate Capex / CFFO 18-21 1-2 Chevron Peer average1 S&P 500 Capex Affiliate capex
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13 © 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 Efficient capital program 1 Cash returned to shareholders $ billions
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14 © 2026 Chevron Buybacks through the cycle *Other includes cash on balance sheet, debt, net repayment (borrowing) of loans by equity affiliates and other cash items. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. 18 of 22 years repurchased shares $10-20 billion annual guidance ~3% to ~6% of shares outstanding per year Cash sources & uses 2026-2030 $ billions Buybacks $ billions and % shares repurchased Buybacks Hess shares Shares repurchased %
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15 © 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 Operating expense $ billions excluding special items
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16 © 2026 Chevron Higher earnings and returns *2025 Real dollars, assumes inflation of 2.7% per annum for price of $80/BBL in 2030 and no change in share count assumption vs $70 nominal case Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. High return growth Lower cost >3% ROCE improvement Adjusted earnings per share Forecast $ per share >14% CAGR >10% CAGR
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17 © 2026 Chevron >3% ROCE improvement by 2030 Adjusted earnings Year-end capital employed Earnings improvement higher return growth lower cost Lower capital employed capital discipline higher affiliate distributions >7% CAGR ~18% reduction Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.
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18 © 2026 Chevron Winning combination Note: The figures on this slide represent the company’s previously announced guidance and targets. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Cash Expect >10% aFCF average annual growth Buyback potential ~3% to ~6% shares annually Returns Expect >10% EPS average annual growth Target >3% ROCE improvement by 2030 Capital & cost discipline Lowering capex guidance to $18-21 billion Dividend + capex breakeven <$50/BBL
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19 © 2026 Chevron Setting the standard for shareholder value Source: FactSet 10/29/2025 1 Based on available consensus EPS, FCF CAGR 2025-2027. 2 Dividend yield at 10/29/2025. 3 Capital return yield calculated as available 2026 consensus dividends and share repurchases dived by market capitalization at 10/29/2025. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Strong resilient growth Superior shareholder returns S&P 100 capital return yields3 2026 estimates100 companies S&P 100 35 companies >10% EPS and FCF growth1 9 companies AA- credit rating or above 1 company Dividend yield >4%2 Chevron S&P 100
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20© 2025 Chevron Premier global energy company TCO
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21 © 2026 Chevron Premier global energy company Upstream Downstream New Energies Leviathan Platform Pascagoula Refinery Gas Turbine Highest cash margin Deep resource base Leading natural gas position Integrated refining & marketing Top-tier flexibility Advantaged petrochemicals U.S. leader in renewable fuels Power solutions for AI growth Emerging opportunities
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22 © 2026 Chevron Leading upstream portfolio 1 Source: Wood Mackenzie. 2 Peers include BP, TTE, SHEL, XOM. 3 Source: FactSet and company data. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Highest margins and new project returns >20% higher commodity upside Leading natural gas position New project returns1 2025-2050 weighted average IRR% Cash margin1 2025-2034 $/BOE Oil upside3 2025 $10 Brent sensitivity / 2025e CFFO Worldwide natural gas production3 2025e net BCFD U.S. Intl. Peers 2 Chevron Peers 2 Chevron Peers 2 Chevron Peers 2 Chevron -
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23 © 2026 Chevron Growing high cash margin barrels Projected upstream cash margin % of total net production Production guidance Net MMBOED Capital disciplined growth 2% to 3% production CAGR ~10% average margin improvement Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. $15-$30< $15 > $30 --
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24 © 2026 Chevron Decades of natural gas resource in Australia 1 Source: Solomon Total Study Median Reliability. 2 Peers as defined by the Solomon study. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. >40 TCF gross resource Low-cost backfill projects $4-5 billion projected average annual FCF 2023-2025 reliability1 % Wheatstone First quartile Peers 2 Chevron
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25 © 2026 Chevron Maximizing value at TCO See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Fully optimized field and plants FGP at nameplate debottlenecking potential Maximum production capacity MBOED TCO FGP
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26 © 2026 Chevron Winning position in the Permian Reinvestment rate % Net inventory locations through 2040 PV-10 breakeven Net production MMBOED Long-term production Plateau with option to grow Inventory duration Thousands of economic locations Reducing capex ~$5B annual FCF through 2030 DB-NMMB DB-TX >3,100 >2,300 <250 Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. 20402025 20302021 2035
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27 © 2026 Chevron Leading in shale & tight advanced chemical treatments Advanced chemicals treatments on base wells2Advanced chemicals treatments on new wells1 New well treatments ~10% expected EUR uplift | ~11 MBOE breakeven Scaling to 100% of Permian COOP wells, piloting across S&T Base well treatments ~5% to ~8% reduced decline | ~6 MBOE breakeven Piloting across S&T Control wellTreatment well Chemical treatmentHistorical Base forecast Chemical injection 1 Source: Enverus. 2 Source: Company data. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.
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28 © 2026 Chevron Growing production >3x by 2035* Combining strengths across basins *Projected Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. DJ Basin Bakken Argentina DJ Basin Bakken Loma Campana ~75% inventory <$50/BBL breakeven Improving efficiencies Optimizing activity Enhancing value ~75% oil weighting Advancing infrastructure ~$2B combined annual FCF through 2035*
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29 © 2026 Chevron Expanding U.S. natural gas value chains 1 Source: Wood Mackenzie and FactSet. 2 Peers include BP, SHEL, TTE, XOM. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Premier portfolio Regional scale Price exposure Strong foundation Growing production & markets Market diversification Enabling optimization Expanding customer base Accessing international markets Potential U.S. gas exposure % by market U.S. natural gas production1 2025e net CFD per share Peers 2 Chevron RockiesUSGC Waha Power LNG Bakken DJ Basin Permian Haynesville Gulf of America Legend Potential power supply agreements LNG offtake agreements
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30 © 2026 Chevron Industry-leading resource in Guyana 1 Source: Latest operator publications and statements as of November 2025. 2 Source: Wood Mackenzie. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Cash margin vs. emissions intensity2 $/BOE vs Tonnes/MBOE Gross production capacity MBOD >30 major discoveries >11 BBOE gross resource Targeting Longtail sanction in 2026 1 FCF growth expected beyond 2030 Liza Phase 2 Liza Phase 1 Payara Yellowtail Uaru Longtail Whiptail Hammerhead -
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31 © 2026 Chevron Egypt Aphrodite Tamar Mediterranean Sea Cyprus Israel Leviathan Dalit Growing energy supply in Eastern Mediterranean Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Gross production capacity MMCFD In executionOnline Engineering Legend Producing fields Discoveries Chevron blocks Nargis In executionOnline Engineering Completed since 3Q25 Tamar optimization project first gas Leviathan expansion reached FID Aphrodite entered FEED Upcoming Leviathan additional capacity expected online 1Q26 2x growth potential ~44 TCF gross resource
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32 © 2026 Chevron Technology leader first to 20K psi Largest leaseholder ~1.7MM net acres Advancing exploration 10-15 wells through 2030 Leader in the Gulf of America Legend Producing assets Chevron leasesPerdido Whale Stampede Lobster Blind Faith Tubular Bells Cognac Petronius Tahiti Anchor Jack/ St Malo Big Foot Mad Dog Baldpate Louisiana Texas Ballymore Conger Llano Caesar-Tonga See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.
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33 © 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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34 © 2026 Chevron South N’Dola Equatorial GuineaEscravos-Gas-To-Liquids plant Strong base assets in West Africa Progressing pre-FEED for YoYo Yolanda* Aseng gas monetization FID targeted in 2026 Entered two blocks in Guinea-Bissau Namibia exploration well planned for 2026 Nigeria JV 31-well infill drilling underway 15 E&A wells planned over 3 years South N’Dola project achieved first oil Block 49 and 50 seismic studies underway Drilling rig *Crosses border with Cameroon. Forward guidance as of Chevron Investor Day on November 12, 2025. Angola Nigeria Equatorial Guinea Frontier
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35 © 2026 Chevron Legend Infrastructure enabled exploration Frontier exploration Investing in exploration Deepening acreage in core areas Extending breadth in frontier plays Investing in data & proprietary imaging Focused AI accelerating characterization ~50%
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36 © 2026 Chevron Diverse resource supports future growth Resource depth Wood Mackenzie commercial resource Long duration resource life Global resource base balanced across asset classes Resilient production growth Years BBOE Years of resource life BBOE Source: Wood Mackenzie. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. - -
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37 © 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% Preserving long-term value 1-year reserve replacement BBOE 10-year resource replenishment Total 6P BBOE
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38 © 2026 Chevron Advantaged refining & marketing value chain 1 Source: Wood Mackenzie. Peers include BP, MPC, PSX, SHEL, TTE, VLO, XOM. 2 Source: OPIS. Peers include BP, MPC, PSX, SHEL, SUN, VLO, XOM. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Flexible system Cash generation Top-tier brand Diverse high-value products Adaptive to market dynamics Leading margins >$4B projected annual FCF Leading retail share Strategic markets Nelson complexity index1 of U.S. refineries U.S. refining net cash margin1 $/BBL Top U.S. retail brands2 Market share (%) Price differential ($/gallon) 10% PeersChevron PeersChevron PeersChevron -$0.05
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39 © 2026 Chevron Leading chemicals portfolio growth 1 Source: Wood Mackenzie. 2 Source: Company data. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Feedstock advantaged Increasing leadership Competitive product Low-cost ethane Enhancing existing strength USGC & Qatar projects >85% complete Start-up anticipated 2027 Resilient & reliable Cost management 250– $/tonne million tonnes Middle East / NA Ethane SE Asia NE Asia / Western Europe Existing CPChem facilitiesCPChem projects 20015010050 Ethylene cost vs. global capacity1 2027 forecast CPChem Golden Triangle Polymers Project Utilization rates 2023-2025 expected avg. % Global operating rates1 CPChem2
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40 © 2026 Chevron New Energies & Lower Carbon TCO
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41 © 2026 Chevron Powering AI with American energy *Capacity shown on 100% gross basis, subject to final investment decision and project schedule. Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Value chain extension >3 BCFD U.S. natural gas production Long-duration cash flow capital efficient approach Anticipate FID early 2026 exclusive negotiations with customer Advancing project development Expected capacity*, MW Years 2 to 3 -
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42 © 2026 Chevron Bio-based diesel 2nd largest producer in U.S. Renewable natural gas ~11,000 MMBTUD gross capacity Feedstock advantaged Bunge JV Customers policy-supported markets Processing El Segundo traditional/renewable Pre-treatment Geismar expansion Advantaged renewable fuels Scale Integrated Flexible Geismar BiorefineryBunge Destrehan Soybean Processing Plant See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Seneca Biorefinery
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43 © 2026 Chevron New Energies activity Hydrogen achieved first production and storage at ACES Lithium appraisal wells in 2026 Carbon capture & storage advancing Bayou Bend and Pascagoula ACES 1 Project in Delta, Utah Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.
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44 © 2026 Chevron Carbon intensity leadership First quartile in both oil and gas Upstream oil intensity reduced ~50% since 2016 Global upstream oil GHG intensity distribution kg CO2e/BOE 2022 IEA Chevron Source: IEA, Emissions from Oil and Gas Operations in Net Zero Transitions, 2022. Emissions reported are Scope 1 and Scope 2. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Global upstream gas GHG intensity distribution kg CO2e/BOE Q1 Q4Q2 Q3 2022 IEA Chevron
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45 © 2026 Chevron Consistent strategy for lower carbon & new energies See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Pragmatic approach Disciplined execution Path forward Customers Capabilities Returns GHG abatement projects Competitive renewable fuels Attractive future options Value focus Market & technology driven Lower carbon intensity
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46 © 2026 Chevron 2025–2030 major capital project activity Upstream Country Project Operator Status Next milestone Angola South N’Dola Chevron Online N/A Angola New Gas Consortium Quiluma Maboquiero Other Execution Start-up 2026 Australia Jansz-Io Compression Chevron Execution Start-up 2028 Australia Gorgon Stage 3 Chevron Execution Start-up end of decade Cyprus Aphrodite Chevron FEED FID 2027 Guyana Uaru Other Execution Start-up 2026 Guyana Whiptail Other Execution Start-up 2027 Guyana Hammerhead Other Execution Start-up 2029 Guyana Longtail Other FEED FID 2026 Israel Leviathan Gathering Line Chevron Execution Start-up 2026 Israel Tamar Optimization Project Chevron Online N/A Israel Leviathan Expansion Stage 1 Chevron Execution Start-up end of decade Equatorial Guinea Aseng Gas Development Chevron FEED FID 2026 Equatorial Guinea and Cameroon YoYo Yolanda Chevron Pre-FEED FID 2027 Nigeria OML 89 Obokun Chevron Pre-FEED FID 2027 U.S. Offshore Jack/ St Malo Stage 5 Chevron Online N/A U.S. Offshore Ballymore Stage 2 Chevron Pre-FEED FID 2027 Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.
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47 © 2026 Chevron 2025–2030 major capital project activity Country Project Operator Status Next milestone Downstream, Midstream & Chemicals Qatar Ras Laffan Petrochemical Project Other Execution Start-up 2027 U.S. Onshore Golden Triangle Polymers Project Other Execution Start-up 2027 Country Project Operator Status Next milestone New Energies U.S. Onshore ACES 1 Green Hydrogen Project Chevron Online N/A U.S. Onshore Destrehan Oilseed Processing Plant Other Execution Start-up 2026 U.S. Onshore Power for AI Data Centers Chevron FEED FID 2026 U.S. Offshore Bayou Bend Offshore CO2 Transport and Storage Chevron FEED FID 2026 U.S. Onshore Pascagoula CO2 Capture, Transport and Storage Chevron Feasibility TBA U.S. Onshore Lithium Stage 1 Chevron Feasibility TBA Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.
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48 © 2026 Chevron Latest results TCO
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49 © 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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50 © 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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51 © 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 production Executed growth milestones TCO, Permian, GOA Record production Top end of guidance range 1 Asset sales Canada, Congo MBOED
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52 © 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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53 © 2026 Chevron Forward guidance 1 Excludes foreign exchange and special items. Due to the forward-looking nature, management cannot reliably predict certain components 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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Appendix Reconciliation of non-GAAP measures
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55 © 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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56 © 2026 Chevron Appendix: reconciliation of non-GAAP measures Operating expenses excluding special items $ millions 2024 Operating expenses 27,464 Selling, general and administrative expenses 4,834 Other components of net periodic benefit costs 195 Operating expenses 32,493 Less: special items 983 Operating expenses excluding special items 31,510 Legacy Hess Corporation Operating costs and expenses 1,961 General and administrative expenses 492 Hess Operating expenses 2,453 Pro forma Chevron and Hess operating expenses excluding special items 33,963
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57 © 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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58 © 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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59 © 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 asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign 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 $7.29
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60 © 2026 Chevron Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings * Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on as set sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, f oreign currency effects and other special items. Note: Numbers may not sum due to rounding. U.S. Upstream International Upstream Total Upstream U.S. Downstream International Downstream Total Downstream All Other Total 2024 Reported earnings ($ 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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61 © 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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62 © 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.
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63 © 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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64 © 2026 Chevron Appendix Slide notes
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65 © 2026 Chevron Appendix: glossary and pricing assumptions Common units of measure • BBL – Barrel of oil • BBOE – Billion barrels of oil equivalent • BCFD – Billion cubic feet per day • BCMY – Billion cubic meters per year • CO2 – Carbon dioxide • CO2e – Carbon dioxide equivalent • GW – Gigawatt • MBOED – Thousand barrels of oil equivalent per day • MMBD – Million barrels per day • MBOD – Thousand barrels of oil per day • MMBOED – Million barrels of oil equivalent per day • MMBTUD – Million British thermal units per day • MW – Megawatt • TCF – Trillion cubic feet This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.” Forward looking pricing assumptions for financial performance metrics • Pricing assumptions for forward-looking performance metrics: – $70/BBL Brent, – $3.50/MMBTU Henry Hub, – $10/MMBTU international LNG, and – Mid-cycle refining and 2030 chemical margins This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast 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. • TCO refers to Chevron’s 50 percent owned affiliate Tengizchevroil LLP. Common financial and performance definitions • 6P – Reserves classification system used to estimate the total, unrisked resource base. • A/T – After tax • aFCF – Adjusted free cash flow • B/T – Before tax • 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. • CFFO – Cash flow from operations as disclosed in the Consolidated Statement of Cash Flows • CAGR – Compound annual growth rate • Carbon intensity – Amount of carbon dioxide equivalent per unit of measure • DD&A – Depreciation, depletion and amortization • EPS – Earnings per share • FCF – 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 • WC – Changes in operating working capital as disclosed in the Consolidated Statement of Cash Flows
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66 © 2026 Chevron Appendix: slide notes Stronger Cash Flow. Growing Value. • Free cash flow growth – Is defined as adjusted free cash flow growth. • Adjusted free cash flow (aFCF) – Defined as cash flow from operations excluding working capital less capital expenditures plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and is based on $70/BBL Brent, $3.50/MMBTU Henry Hub, $10/MMBTU international LNG, mid -cycle refining and 2030 chemical margins. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. Enduring demand for affordable, reliable energy • Capital assisted decline – Estimated oil supply decline rate calculated at ~5.6% per annum as per IEA 2025 report “The Implications of Oil and Gas Field Decline Rates”. • Oil and gas demand – Data sourced from S&P Global Platts 2025 “Commodity Insights Base Case”. Consistency in approach • Carbon intensity – Amount of carbon dioxide or carbon dioxide equivalent per unit of measure. Bigger, stronger, better • 2025e – 2025 full year forecast, except for shares outstanding and headcount which are year-end 2025 forecast. • Distributions dollar per share – Distributions include dividends, share repurchases and the acquisition of 15 million Hess shares in 1Q25, presented on a per-share basis using average outstanding diluted shares. • Shares outstanding – Common shares outstanding were 1.9 billion at December 31, 2015, estimated outstanding shares at December 31, 2025 are 2 billion. • Capital expenditures (Capex) – Includes additions to fixed asset or investment accounts for the company’s consolidated subsidiaries and is disclosed in the Consolidated Statement of Cash Flows. • Headcount – Employee headcount at December 31, 2015 and estimated at December 31, 2025, excludes service station employees and equity affiliate employees. Industry leading growth, now • Breakeven – Is defined as Dividend + Capex breakeven. • Dividend + Capex breakeven – Is defined as Brent equivalent price required to cover expected dividend and capex payouts through 2026-2030, calculation excludes working capital and includes net repayment (borrowing) of loans by equity affiliates. Industry-leading growth only getting stronger • Free cash flow excluding working capital – defined as the net cash provided by operating activities excluding working capital less capital expenditures. • 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. Stronger cash flow growth, for longer • Adjusted free cash flow (aFCF) – Is defined as cash flow from operations excluding working capital less capital expenditures plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and is based on $70/BBL Brent, $3.50/MMBTU Henry Hub, $10/MMBTU international LNG, mid-cycle refining and 2030 chemical margins. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. No asset sale proceeds have been included in the adjusted free cash flow guidance for 2030. Consistent financial priorities • Dividend growth per share – All historical figures are based on published Dividend Per Share (DPS) from each peer company’s official website or financial reports adjusted for any stock splits. TTE dividends are calculated in Euros to avoid FX impacts. • 2025 dividend per share (DPS) estimates – Calculated using actual and projected 2025 DPS, based on peer company guidance or current quarter DPS plus any anticipated increase in 2025. This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.”
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67 © 2026 Chevron Appendix: slide notes Capital discipline leadership • Capital expenditures (Capex) – The 2026-2030 capital expenditure guidance includes organic spend only. It includes additions to fixed asset or investment accounts for the company’s consolidated subsidiaries and is disclosed in the Consolidated Statement of Cash Flows. • Affiliate capital expenditures (Affiliate capex) – The 2026-2030 affiliate capex guidance does not require cash outlays by the company. • Reinvestment rate – Calculated as capex including acquisitions divided by CFFO. All figures are based on published financial reports for each peer company. S&P 500 figures sourced from FactSet. Buybacks through the cycle • % shares repurchased – Calculated as number of shares repurchased as a % of common shares outstanding at prior year end. 2025e includes 15 million Hess shares acquired in 1Q2025. • Cash sources & uses – Calculated as cumulative cash flow from 2026 to 2030. Both $60 Brent and $80 Brent cases assume flat nominal prices, and are based on $3.50/MMBTU Henry Hub, $10/MMBTU international LNG, mid -cycle refining and below mid-cycle chemical margins. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. • Potential to buyback ~3 to ~6% of shares outstanding is based on market capitalization at 10/29/2025. Costs always matter • Operating expenses – Calculated as the sum of operating expenses and selling, general and administrative expenses from the Consolidated Statement of Income. • 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. Higher earnings and returns • Adjusted earnings per share (EPS) – Does not include earnings impact of special items and FX. Price normalized to $70/BBL Brent, $3.50/MMBTU Henry Hub, $10/MMBTU international LNG, mid -cycle refining and 2030 chemical margins. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. • Adjusted EPS assumes constant share repurchases at mid-point of annual guidance. • ROCE – Return on capital employed >3% ROCE improvement by 2030 • ROCE – Return on capital employed is calculated as the sum of adjusted earnings, noncontrolling interest and interest expense (A/T) divided by average capital employed. • Adjusted earnings – Does not include earnings impact of special items and FX. • Capital Employed – 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. Winning combination • In addition to our capital expenditure guidance of $18 - $21 billion through 2030, our affiliate capital expenditure guidance is $1 - $2 billion from 2026 through 2030. Setting the standard for shareholder value • FCF – Free cash flow as defined by FactSet is net cash from operating activities less capital expenditures. • EPS – Earnings per share This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.”
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68 © 2026 Chevron Appendix: slide notes Leading upstream portfolio • Cash Margin – Wood Mackenzie operating cash margin defined as free cash flow with capital investment added back divided by working interest production. Excludes standalone LNG plants. • New Project Returns – Wood Mackenzie conventional new project internal rate of return as per October 2025 “Benchmarking the Majors” report. • Oil upside – Chevron internal analysis using company and peer publications. Calculated as 2025 Brent oil sensitivity divided by FactSet 2025 consensus estimated cash flow from operations. FactSet data as of 10/29/2025. • Worldwide natural gas production – FactSet data for peers as of 10/29/2025. Company data for Chevron. Growing high cash margin barrels • Production guidance – Net production guidance excludes impact of potential asset sales. • Cash margin – Defined as cash flow from operations divided by net production; excludes working capital impacts. Cash margin is based on $70/BBL Brent, $3.50/MMBTU Henry Hub and $10/MMBTU international LNG. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. Decades of natural gas resource in Australia • FCF – Free cash flow defined as cash flow from operations excluding working capital less capital expenditures based on $70/BBL Brent and $10/MMBTU international LNG. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. • Reliability – Chevron average reliability from 01/01/2023-06/30/2025 and Solomon 2023 and 2024 Total Study Median Reliability. Peers in the benchmarking study account for ~50% of global LNG production capacity. • First quartile – First quartile reliability defined by Solomon 2023 and 2024 Total Study Median Reliability. Maximizing value at TCO • FGP – Future Growth Project • Maximum production capacity – Calculated as seven-day actual structural maximum production potential. Winning position in the Permian • MB – Midland Basin • DB-TX – Delaware Basin – Texas • DB-NM – Delaware Basin – New Mexico • Net production and inventory – Projected net production and net inventory locations through 2040. Net production and inventory include our interests in company-operated (COOP), non-operated joint venture (NOJV) and royalty. • PV-10 Breakeven – 20:1 WTI:HH $/BBL breakeven. Represents the present value, discounted at 10% per year, of estimated future net cash flows. • FCF – Free cash flow defined as cash flow from operations excluding working capital less capital expenditures based on $70/BBL Brent and $3.50/MMBTU Henry Hub. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. • Reinvestment rate – Calculated as capex divided by cash flow from operations. All results based on $70/BBL Brent and $3.50/MMBTU Henry Hub. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. Leading in shale and tight advanced chemical treatments • EUR – Estimated ultimate recovery • COOP – Company-operated • S&T – Shale and tight • New well treatments – Charted average well performance based on Enverus data for 33 treated and 19 control wells with 6-months of production data. – Treatment well APIs: 3001545423, 3001545425, 3001549624, 3001549625, 3001549626, 3001549627, 3001553752, 3001553753, 3001553884, 3001553802, 3001553803, 3001553804, 3001553805, 3001553737, 3001553738, 3001553739, 3001553801, 3001553516, 3001553581, 3001553699, 3001553731, 3001549956, 3001549957, 3002550232, 3002550395, 3002550407, 3002550088, 3002550089, 3002550142, 3001549992, 3001550021, 3001553362, 3001553363 – Control well APIs: 3001545600, 3001545720, 3001549469, 3001549470, 3001549471, 3001549472, 3001549465, 3001549466, 3001549467, 3001549468, 3002549898, 3002549899, 3002549900, 3002550085, 3002550086, 3002550087, 3001550051, 3001553374, 3001553734 • Base well treatments – Average reduced decline and well performance based on company data for 33 wells put on production in 2024 with more than 12-months of production data. This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.”
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69 © 2026 Chevron Appendix: slide notes Combining strengths across basins • FCF – Free cash flow defined as cash flow from operations excluding working capital less capital expenditures based on $70/BBL Brent and $3.50/MMBTU Henry Hub. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. • $/BBL breakeven – 20:1 WTI:HH $/BBL PV-10 breakeven, defined as the present value, discounted at 10% per year, of estimated future net cash flows. Expanding U.S. natural gas value chains • Natural Gas Production per Share – US natural gas production forecast source from Wood Mackenzie for peers as of October 2025. Shares outstanding from FactSet as of 10/29/2025. • USGC – U.S. Gulf Coast • Potential U.S. gas exposure – USGC represents combination of Henry Hub and Houston Ship Channel; Rockies and Waha are in-basin pricing markers for the DJ and Permian, respectively. Power indicates potential supply agreements; LNG is potential supply pegged to international price markets via offtake agreements. Industry-leading resource in Guyana • Cash margin vs. emissions intensity source: Wood Mackenzie. Cash margin is defined as Wood Mackenzie operating cash margin. Operating cash margin and emissions intensity relative positioning in 2028. • FCF – Free cash flow defined as cash flow from operations excluding working capital less capital expenditures. Supplying growing Eastern Mediterranean demand • Engineering – Defined as projects in pre-front end engineering design (pre-FEED) and front end engineering design (FEED). Leader in the Gulf of America • PSI – Pounds per square inch Strong base assets in West Africa • E&A – Exploration and appraisal Diverse resource supports future growth • Resource depth – Defined as Wood Mackenzie net unrisked commercial resource. • Estimated resource life – Defined as Wood Mackenzie net unrisked commercial resource divided by Wood Mackenzie 2025e production by resource theme. Reserves and resources • RRR – Reserve replacement ratio Advantaged refining & marketing value chain • Nelson Complexity Index – Measures the complexity and cost of each major type of refinery equipment; the larger the Nelson Index, the more complex. Source: Wood Mackenzie, Refinery Evaluation Model including NCM benchmarking, forecast, and refinery benchmarking tool. Peers weighted by refinery crude distillation capacity and site-specific Nelson Complexity Index. • Net Cash Margin – Wood Mackenzie, Refinery Evaluation Model including NCM benchmarking, forecast, and refinery benchmarking tool. Peers average net cash margin weighted by refinery crude distillation capacity. • FCF – Free cash flow defined as cash flow from operations excluding working capital less capital expenditures based on mid-cycle refining margins. This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast. • Top Retail Brands – OPIS, 2024 Retail Year in Review, Market Share is the percent of gasoline volume sold by the brand in the U.S. Price differential is difference between the average street price sold by each brand and the average market street price in the geographies that those brands operate ($/ gallon). Weighted by traditional U.S. street brands under common owners. “Chevron” includes Chevron and Texaco brands. This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.”
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70 © 2026 Chevron Appendix: slide notes Leading chemicals portfolio growth • Ethylene cost vs. global capacity – Wood Mackenzie, 1H25 ethylene global asset benchmarking tool, reflects ethylene supply cost by asset and cumulative global capacity. 2027 estimates to include Golden Triangle Polymers Project (GTPP) and Ras Laffan Petrochemicals Project (RLPP). • Utilization rates – global operating source – Wood Mackenzie, 1H25 ethylene and polyethylene strategic planning outlooks. CPChem utilization rates based on company data. • Definitions/ additional information – USGC (US Gulf Coast): Golden Triangle Polymers Project (GTPP); 51% CPChem equity share. Qatar: Ras Laffan Petrochemicals Project (RLPP); 30% CPChem equity share. CPChem is the 50-50 joint venture between Chevron and Phillips 66. Advantaged renewable fuels • Renewable fuels – Fuels produced from renewable sources • Bio-based diesel – Includes renewable diesel and biodiesel New Energies activity • ACES – Advanced Clean Energy Storage Carbon intensity leadership • Carbon intensity – Amount of carbon dioxide equivalent per unit of measure • GHG – Greenhouse gases • Scope 1 – Direct emissions from the business • Scope 2 – Indirect emissions from imported electricity and steam • kg CO2e/BOE – Kilogram of carbon dioxide equivalent per barrel of oil equivalent Reducing the carbon intensity of our operations • Abatement projects – Includes projects and operational changes completed since 2021. Total estimated designed abatement of over 1 MMTPA (millions of tonnes per annum) of CO2e emissions. • GHG – Greenhouse gases 2025-2030 major capital project activity • Major capital projects – Select major capital projects with >$150MM in cumulative spend. • Other operator – Data sourced from latest operator publications and statements as of November 2025. • TBA – To be announced This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.”