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Pascagoula refinery© 2026 Chevron Second quarter 2026 earnings call July 31, 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 ongoing conflict in the Middle East and the glob al response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and ef ficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estima ted 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 storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential fail ure 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 t he 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 assessme nts under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreemen ts and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; 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 the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses f rom asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compar ed 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 Fact ors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10 -K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this presentation 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 2025 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 Second Quarter 2026 Transcript posted on Chevron.com under the headings “Investors,” “Events & Presentations.”
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3© 2026 Chevron Delivering value through execution >5% upstream global production increase Record U.S. upstream production Record U.S. refinery throughput Strong operations Financial and capital discipline Achieved structural cost savings & Hess synergies Further U.S. shale & tight capital efficiencies Strengthened balance sheet See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Permian
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4© 2026 Chevron Captured $1.5B synergies six months ahead of schedule Significant cash generated FCF far exceeds incremental dividends Strategic benefits realized Stronger combined portfolio driving efficiencies, higher oil weighting Enhances and extends growth into 2030s Accelerated financial delivery Bakken ONE GUYANA Hess acquisition: one-year lookback See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Accelerated financial delivery
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5© 2026 Chevron Source: Company analysis, as of July 28, 2026. See Appendix for reconciliation of non -GAAP measures and slide notes providing definitions, source information, calculations and other information. Uniquely positioned to power AI growth Announced U.S. data center power projects Behind-the-meter (BTM) or private-grid projects Signed long-term PPAs >1 GW 1 >100 70 10 Kilby is the only BTM multi-GW project with a long-term PPA Durable demand constrained by reliable power Leveraging Chevron strengths natural gas & execution capabilities Value driven platform for differentiated growth
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6© 2026 Chevron 1 Capacity shown on 100% gross basis, subject to final investment decision and project schedule. 2 Expected timing. See Appendix for reconciliation of non -GAAP measures and slide notes providing definitions, source information, calculations and other information. Executing Project Kilby with speed and scale Project Kilby indicative capacity ramp1 Full capacity 20-year take-or-pay PPA Microsoft (AAA-rated) Resilient & diversified cash flow Uncorrelated to oil & gas cycles Building shared value through community partnership GW
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7© 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 June 30, 2026. 2Q26 Earnings / Earnings per diluted share $12.1 billion / $6.11 Adjusted earnings / EPS 1 $12.0 billion / $6.06 Cash flow from operations / excl. working capital 1 $22.6 billion / $19.7 billion Total capex / Organic capex $4.5 billion / $4.4 billion ROCE / Adjusted ROCE 1,2 21.4% / 21.3% Dividends paid $3.5 billion Share repurchases $3.0 billion Debt to CFFO / Net debt to CFFO 1,2 0.8x / 0.6x
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8© 2026 Chevron Upstream Downstream Special items 2 FX 2 Timing effects 174 3,125 730 Realizations 504 (5) Other 1,670 Liftings Chevron earnings 2Q26 vs. 1Q26 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. (555) Other Margins 90 Volume 462 Tax / other Other 1Q26 earnings 2Q26 earnings 1,810 Timing effects 2,620 Chemicals 230 (993) DD&A $ millions
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9© 2026 Chevron 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. 19.7 CFFO excl. WC 2 Capex Debt paydown Dividends Share repurchases (3.5) Working capital & other 1Q26 cash balance 1 (3.0) $ billions 2Q26 cash balance 1 2.7(8.4) Asset sales & equity affiliate loans 0.3 (4.5) Cash returned to shareholders $6.5 billion Adjusted free cash flow 2 $15.4 billion
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10© 2026 Chevron Worldwide net oil & gas production 2Q26 vs. 1Q26 1 Includes (20) MBOED entitlement effects associated with price relative to the previous period. 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. U.S. TCO (20) 170 Middle East 1Q26 $81/BBL Brent 2Q26 1 $104/BBL Brent MBOED 55 Record U.S. production Strong performance from key assets Limited Middle East exposure Australia Base / other 15 (8)
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11© 2026 Chevron Operating expense $ billions excluding special items Achieved structural savings early 1 Chevron / Hess 2024 pro forma. 2 Trailing 12-months (TTM) from June 30, 2026. 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. (0.4) 1.6 (3.0) Structural cost reductions Growth / other Hess opex synergies Lowered controllable opex while growing production $3B structural cost reductions captured six months early Efficiency gains >70% of total reduction Market 1.2 1.2 Transport / fuel 1 2
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12© 2026 Chevron Delivering 2030 plan 1 Executing today Stacking growth options Capital and cost discipline Consistent financial priorities Diversified new resource options Emerging Power business >10% aFCF CAGR >3% ROCE improvement 2% to 3% production CAGRStrong operations South America potential Focused execution, disciplined growth 1 Source: 2025 Chevron Investor Day materials, November 12, 2025. See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information.
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13© 2026 Chevron questions answers
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14© 2026 Chevron Turnarounds & downtime: $(175) - $(225)MM (A/T earnings) Share repurchases: $2.5 - $3.0B Affiliate distributions: $1.5 - $1.7B TCO loan repayment 1 : $1.0B Turnarounds & downtime: (150) - (200) MBOEDUPSTREAM DOWNSTREAM CORPORATE 3Q26 outlook Appendix Forward guidance 1 TCO loan repayment will be recorded within Investing Activities on the Consolidated Statement of Cash Flows. See Appendix for reconciliation of special items, FX and non -GAAP measures, as well as definitions, calculations and other information. Permian
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15© 2026 Chevron Upstream Special items 2 FX 2 DD&A 300 3,760 3,140 Realizations 360 (255) Other Liftings Appendix Chevron earnings: 2Q26 vs. 2Q25 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. (1,160) Volume Opex / tax Downstream Other 2Q25 earnings 2Q26 earnings (854) Timing effects 713 (185)Timing effects 825 Margins 2,120525 Other $ millions Chemicals 295
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16© 2026 Chevron • Higher liquids realizations • Higher production • Timing effects: • 2Q26: $(62) • Absence of 1Q26: $(68) Appendix U.S. upstream adjusted earnings: 2Q26 vs. 1Q26 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. (130)(60) Liftings Other 180 DD&A Realizations 1,580 Timing effects (141) 1Q26 adjusted earnings 2Q26 adjusted earnings $ millions
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17© 2026 Chevron • Higher realizations • Higher TCO production • Higher TCO withholding tax • Timing effects: • 2Q26: $742 • Absence of 1Q26: $1,198 Timing effects Realizations 550 DD&A 1,940 Appendix International upstream adjusted earnings: 2Q26 vs. 1Q26 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. 1,545 Liftings (495) 1Q26 adjusted earnings 2Q26 adjusted earnings (852) Tax / other $ millions
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18© 2026 Chevron • Higher refining margins • Stronger chemicals margins • Timing effects: • 2Q26: $(27) • Absence of 1Q26: $287 Appendix U.S. downstream adjusted earnings: 2Q26 vs. 1Q26 1,2 Margins Volume 260 Other 1,140 Timing effects Chemicals 235 150 70 1Q26 adjusted earnings 2Q26 adjusted earnings $ millions 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 • Higher refining margins • Strong trading and shipping • Timing effects: • 2Q26: $887 • Absence of 1Q26: $1,473 Appendix International downstream adjusted earnings: 2Q26 vs. 1Q26 1,2 Timing effects 2Q26 adjusted earnings Other $ millions 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. (60) 2,360 387 Volume 530 Margins 1Q26 adjusted earnings
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20© 2026 Chevron Hess integration Organic growth Strong portfolio performance Worldwide net oil & gas production 2Q26 vs. 2Q25 1 Includes (40) MBOED entitlement effects associated with price relative to the previous period. 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. U.S. onshore Guyana 14Bakken 275 180 2Q25 $68/BBL Brent 2Q26 1 $104/BBL Brent MBOED GOA 95 Base / other 110
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21© 2026 Chevron Appendix Reconciliation of non-GAAP measures The company cannot provide a reconciliation of forward-looking non-GAAP and other measures to the most comparable GAAP measure without unreasonable effort. Certain information needed to make a meaningful or reasonably accurate reconciliation cannot be predicted and is dependent on future events that are uncertain or beyond the company’s control. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measure. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions.
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22© 2026 Chevron Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings * Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on as set sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailmen ts, foreign currency effects and other special items. Note: Numbers may not sum due to rounding. 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 YTD 2026 Reported earnings ($ millions) Upstream 3,758 2,727 3,302 3,035 12,822 3,909 8,182 12,091 Downstream 325 737 1,137 823 3,022 (817) 4,868 4,051 All Other (583) (974) (900) (1,088) (3,545) (882) (978) (1,860) Total reported earnings 3,500 2,490 3,539 2,770 12,299 2,210 12,072 14,282 Diluted weighted avg. shares outstanding (‘000) 1,751,441 1,724,397 1,946,035 1,996,984 1,855,637 1,985,900 1,975,087 1,980,464 Reported earnings per share $2.00 $1.45 $1.82 $1.39 $6.63 $1.11 $6.11 $7.21 Special items ($ millions) UPSTREAM Asset dispositions - 115 - - 115 - - - Pension Settlement & Curtailment Costs - - - - - - - - Impairments and other* (185) - (315) - (500) - - - Subtotal (185) 115 (315) - (385) - - - DOWNSTREAM Asset dispositions - - - - - - 230 230 Pension Settlement & Curtailment Costs - - - - - - - - Impairments and other* (170) - - - (170) (360) - (360) Subtotal (170) - - - (170) (360) 230 (130) ALL OTHER Pension Settlement & Curtailment Costs - (55) (40) (128) (223) - (86) (86) Impairments and other* 180 (275) 120 - 25 - - - Subtotal 180 (330) 80 (128) (198) - (86) (86) Total special items (175) (215) (235) (128) (753) (360) 144 (216) Foreign exchange ($ millions) Upstream (136) (236) 89 (125) (408) (233) (77) (310) Downstream 3 (102) 42 9 (48) 8 31 39 All other (5) (10) 16 (14) (13) 2 (3) (1) Total FX (138) (348) 147 (130) (469) (223) (49) (272) Adjusted earnings ($ millions) Upstream 4,079 2,848 3,528 3,160 13,615 4,142 8,259 12,401 Downstream 492 839 1,095 814 3,240 (465) 4,607 4,142 All Other (758) (634) (996) (946) (3,334) (884) (889) (1,773) Total adjusted earnings ($ millions) 3,813 3,053 3,627 3,028 13,521 2,793 11,977 14,770 Adjusted earnings per share $2.18 $1.77 $1.85 $1.52 $7.29 $1.41 $6.06 $7.46
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23© 2026 Chevron Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings * Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on as set sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailmen ts, foreign currency effects and other special items. Note: Numbers may not sum due to rounding. U.S. Upstream International Upstream Total Upstream U.S. Downstream International Downstream Total Downstream All Other Total 2Q25 Reported earnings ($ millions) 1,418 1,309 2,727 404 333 737 (974) 2,490 Special items ($ millions) Asset dispositions 115 - 115 - - - - 115 Pension settlement & curtailment costs - - - - - - (55) (55) Impairments and other* - - - - - - (275) (275) Total special items 115 - 115 - - - (330) (215) Foreign exchange ($ millions) - (236) (236) - (102) (102) (10) (348) 2Q25 Adjusted earnings ($ millions) 1,303 1,545 2,848 404 435 839 (634) 3,053 1Q26 Reported earnings ($ millions) 2,112 1,797 3,909 196 (1,013) (817) (882) 2,210 Special items ($ millions) Asset dispositions - - - - - - - - Pension settlement & curtailment costs - - - - - - - - Impairments and other* - - - (360) - (360) - (360) Total special items - - - (360) - (360) - (360) Foreign exchange ($ millions) - (233) (233) - 8 8 2 (223) 1Q26 Adjusted earnings ($ millions) 2,112 2,030 4,142 556 (1,021) (465) (884) 2,793 2Q26 Reported earnings ($ millions) 3,541 4,641 8,182 2,411 2,457 4,868 (978) 12,072 Special items ($ millions) Asset dispositions - - - - 230 230 - 230 Pension settlement & curtailment costs - - - - - - (86) (86) Impairments and other* - - - - - - - - Total special items - - - - 230 230 (86) 144 Foreign exchange ($ millions) - (77) (77) - 31 31 (3) (49) 2Q26 Adjusted earnings ($ millions) 3,541 4,718 8,259 2,411 2,196 4,607 (889) 11,977
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24© 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 2Q26 Net cash provided by operating activities 22,633 Less: Net decrease (increase) in operating working capital 2,945 Cash flow from operations excluding working capital 19,688 Net cash provided by operating activities 22,633 Less: Capital expenditures 4,538 Free cash flow 18,095 Less: Net decrease (increase) in operating working capital 2,945 Plus: Proceeds and deposits related to asset sales and returns of investment 283 Plus: Net repayment (borrowing) of loans by equity affiliates - Adjusted free cash flow 15,433
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25© 2026 Chevron Appendix: reconciliation of non-GAAP measures Net debt to CFFO $ millions 2Q26 Short-term debt 401 Long-term debt* 36,674 Total debt 37,075 Less: Cash and cash equivalents 8,527 Less: Time deposits 3 Less: Marketable securities - Total net debt 28,545 Net cash provided by operating activities (last 12 months) 45,321 Net debt to CFFO 0.6x * Includes finance lease liabilities. Note: Numbers may not sum to rounding.
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26© 2026 Chevron Appendix: reconciliation of non-GAAP measures Adjusted ROCE * 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. $ millions 2Q26 $ millions 2Q26 Total reported earnings 12,072 Adjusted earnings 11,977 Non-controlling interest 142 Non-controlling interest 142 Interest expense (A/T) 318 Interest expense (A/T) 318 ROCE earnings 12,532 Adjusted ROCE earnings 12,437 Annualized ROCE earnings 50,128 Annualized adjusted ROCE earnings 49,748 Average capital employed* 233,716 Average capital employed* 233,716 ROCE 21.4% Adjusted ROCE 21.3%
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27© 2026 Chevron Appendix: reconciliation of non-GAAP measures Operating expenses excluding special items Note: Numbers may not sum due to rounding. $ millions 2024 3Q25 4Q25 1Q26 2Q26 Trailing 12-months (TTM) 2Q26 Operating expenses 27,464 7,534 7,389 7,676 7,451 30,050 Selling, general and administrative expenses 4,834 1,524 1,492 1,066 1,314 5,396 Other components of net periodic benefit costs 195 70 149 (18) 96 297 Operating expenses 32,493 9,128 9,030 8,724 8,861 35,743 Less: special items (983) (431) (168) (470) (113) (1,182) Operating expenses excluding special items 31,510 8,697 8,862 8,254 8,748 34,561 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 8,697 8,862 8,254 8,748 34,561
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28© 2026 Chevron Appendix Slide notes
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29© 2026 Chevron Appendix: slide notes Slide 5: Uniquely Positioned to Power AI Growth • Funnel notes: – Behind-the-meter (BTM) or private-grid projects – reflects publicly-available data for behind-the-meter / co-located private-grid data center power generation projects. – Signed long-term PPAs – includes only power-as-a-service projects (excludes self-build campuses). – >1 GW – Signed capacity. 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. Common units of measure • BBL – Barrel of oil • GW – Gigawatts • MBOED – Thousand barrels of oil equivalent per day • MMBOED – Million barrels of oil equivalent per day Common financial and performance definitions and acronyms • A/T earnings – After-tax earnings • CAGR – Compound annual growth rate • 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 • WC – Changes in operating working capital as disclosed in the Consolidated Statement of Cash Flows
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30© 2026 Chevron Appendix: slide notes 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 • Behind-the-meter (BTM) – co-located generation that provides electricity directly to a facility, without relying on the public grid for primary delivery. • GOA – Gulf of America • Power purchase agreement (PPA) – long-term contract under which a customer agrees to purchase electricity from a power generator at specified terms and pricing for a defined period. • 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.