Chevron 2024

Investor Presentation
November 4, 2024

© 2024 Chevron
 Cautionary statement
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER IMPORTANT LEGAL DISCLAIMERS
This presentation contains forward-looking images and statements relating to Chevron’s lower carbon strategy and operations 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,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions, and variations or
negatives of these words, are intended to identify 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. Our ability to achieve any aspiration, target or objective outlined in this presentation is subject to numerous risks, many of which are outside of our control. Examples of
such risks include: (1) sufficient and substantial advances in technology, including the continuing progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling
actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) the availability and acceptability of cost-effective, verifiable carbon credits; (4) the availability of suppliers that
can meet our sustainability-related standards; (5) evolving regulatory requirements, including changes to IPCC’s Global Warming Potentials and U.S. EPA Greenhouse Gas Reporting Program, affecting ESG standards or disclosures; (6) evolving standards for
tracking and reporting on emissions and emissions reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; (8) actions taken by the company’s competitors in response to legislation and
regulations; and (9) successful negotiations for carbon capture and storage and nature-based solutions. Further, standards of measurement and performance set forth in this presentation made in reference to our environmental, social, governance, and other
sustainability plans, goals and targets may be based on protocols, processes and assumptions that continue to evolve and are subject to change in the future, including due to the impact of future regulation. The reader should not place undue reliance on
these forward-looking statements, which speak only as of the date of this presentation. 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 government 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 countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the
conflict in Israel and the global response 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 regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; 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 inability 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 product 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 change; the potential liability resulting from pending or future litigation; the risk that regulatory approvals and clearances related to the Hess Corporation (Hess) transaction are not obtained or are obtained subject to
conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement;
risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result
of risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate
Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; 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 from 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 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 26 of the company’s 2023 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 “its” 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 2023 Supplement to the Annual Report available at [Link].
This presentation is meant to be read in conjunction with the related transcripts posted on [Link] under the headings “Investors,” “Events & Presentations.”

© 2024 Chevron 2
 Higher returns

© 2024 Chevron
 Balanced energy framework

Economic prosperity Energy security Environmental protection

Affordable for Reliable and Ever-cleaner

customers and countries diverse supply energy

© 2024 Chevron 4
 Safely deliver higher returns, lower carbon

Higher returns Lower carbon

Advantaged portfolio Progress toward 2028 carbon intensity targets

Capital and cost discipline Aim to be a leader in methane management

Growing oil and gas business Growing renewable fuels

Superior distributions to shareholders Early actions in CCUS and hydrogen

© 2024 Chevron 5
 Reserves and resources

1-year reserve replacement 10-year resource replenishment

BBOE Total 6P BBOE

(1.1) 31.5
1.0

<(0.1) 1-year (10.5)

86% RRR (13.7)

in 2023

11.2 11.1 75.2

67.9

10-year net adds

exceed
production and sales

YE 2022 Production Asset Net YE 2023 YE 2013 Production Asset Net YE 2023
sales adds sales adds

© 2024 Chevron 6
 Profitably growing our upstream business

Upstream earnings per barrel Production guidance

Excludes special items Excludes impact of potential asset sales
Net MMBOED

Improved
margins

Capital and cost

efficient

Expect >3% CAGR

for production by 2027

2023-2027 guidance is based on flat nominal $60/BBL Brent. This is for illustrative purposes only and not
necessarily indicative of Chevron’s price forecast.
Forward guidance as of Chevron Investor Day on February 28, 2023.
See Appendix for reconciliation of non-GAAP measures.

© 2024 Chevron 7
 2024 production outlook

MBOED Other organic Base /

Expected
growth other
Permian asset sales
DJ Basin ~(30)
~30
~(30)
~75
+4% to +7%
~125 Growth
Full year of PDC Energy

Permian growth >15%

3,120

More asset sales

2023 2024
Guidance
$83/BBL Brent $80/BBL Brent
Forward guidance as of 4Q23 Earnings Call on February 2, 2024. Updated November 4, 2024 to reflect Permian production growth guidance.

© 2024 Chevron 8
 Execution underpins Permian 1 MMBOED in 2025

Production1
Net MBOED

Strong base business

improved reliability

Efficiency gains
implementing and scaling triple-frac

COOP well performance

Delaware Basin ~10% improvement2

1Forecasted production includes our interest in company-operated (COOP), non-operated joint venture (NOJV) and royalty. 2 Six-month cumulative production normalized by lateral length for wells put on production (POP) in the first half of 2024 versus full-year 2023 wells.
MB – Midland Basin
DB-TX – Delaware Basin – Texas
DB-NM – Delaware Basin – New Mexico
Forward guidance as of 2Q24 Earnings Call on August 2, 2024.

© 2024 Chevron 9
 Permian 2023 well performance update

Midland Basin Delaware Basin – Texas Delaware Basin – New Mexico

53 POPs in 2023 93 POPs in 2023 49 of 59 2023 POPs in 2H

MB well performance DB-TX well performance DB-NM well performance

Produced volume per 2 mile well Produced volume per 2 mile well Produced volume per 2 mile well

2023 2023 2H 2023

2022 2022 2022

COOP – Company-operated
POP – Put on production
MB – Midland Basin
DB-TX – Delaware Basin – Texas
DB-NM – Delaware Basin – New Mexico

© 2024 Chevron 10
 High quality, long duration resource

Permian inventory Permian long-term production

Large diverse portfolio of economic resource Over 15 years of production >1 MMBOED

Net inventory locations* Net production*

MMBOED
>6,600 locations

>2,200 locations

0
5-Year Plan Longer-Term Plan 2023 2025 2030 2035 2040
2023 - 2027 2028 - 2040
MB DB-TX DB-NM MB DB-TX DB-NM

* Projected; inventory and production include our interests in company-operated (COOP), non-operated joint venture (NOJV) and royalty.
MB – Midland Basin
DB-TX – Delaware Basin – Texas
DB-NM – Delaware Basin – New Mexico
Forward guidance as of 2Q23 Earnings Call on July 28, 2023.

© 2024 Chevron 11
 TCO update
October 2024

Legacy
KTLs Milestones
Base wells
Upgraded Sour gas
injection
gathering SGP SGI
system 3Q24
✓ First 3GP process systems ready for operation
New New ✓ All PBF compressors available
low
pressure PBF
high
pressure ✓ KTL turnaround
WPMP compressors 4Q24
& pumps

Inlet separators
Metering station conversions complete
Metering
station ✓
First wet sour gas compressor ready for operation
Crude processing systems ready for operation
conversion
Sour gas 1Q25
New New low pressure injection All wet sour gas compressors ready for operation
FGP wells
Future
low 3GP 3GI
3GI systems ready for start-up
pressure
Begin 3GP initial start-up procedures

Legend
New or Gas turbine generators (GTGs)
Operating
upgraded Remaining WPMP scope
infrastructure Utilities / Power distribution / Control center 1H 2025: FGP first oil
See appendix for slide notes providing definitions.
Forward guidance as of 3Q24 Earnings Call on November 1, 2024.

© 2024 Chevron 12
 TCO cash generation

Chevron’s investments in and cash returns from TCO

$ billions (CVX share)

4 100

TCO base business generates

significant cash 3 75

$ billions

$/BBL
2 50
Higher cash returns to shareholders
as capex declines 1 25

0 0
FGP oil production expected to further
increase TCO cash generation
-1 -25
2008 - 2015 2016 - 2020 2021 - 2022
average average average

TCO Dividends & Loans* Affiliate Capex Brent

Forward guidance as of Barclays CEO Energy-Power Conference on September 6, 2023. * Dividends include the impact of 15% withholding tax.

© 2024 Chevron 13
 Continuing deepwater excellence

Gulf of Mexico West Africa Australia Eastern Med

Expect 300 MBOED Supporting Record 99%

in 2026 base business 2023 cargoes reliability

Anchor, Whale, Nigeria Advancing Tamar

Ballymore, Mad Dog 2 lease renewals backfill projects expansion

Forward guidance as of Chevron Investor Day on February 28, 2023.

© 2024 Chevron 14
 Advancing our Gulf of Mexico portfolio

Anchor first oil this month

under budget

~50% increase in production

300 MBOED by 20261

Optimizing development spend

~30% reduction in unit drilling costs2

Replenishing the portfolio

~40% increase in lease position3

Anchor
Forward guidance as of 2Q24 Earnings Call on August 2, 2024.
1 Forecasted production.
2 Jun 2024 year-to-date drilling costs per foot versus 2022 full-year drilling costs per foot.
3 Leases as of Jul 2024 compared to Jan 2023.

© 2024 Chevron 15
 Gulf of Mexico projects

Major capital projects

Liquids Gas
Ownership capacity capacity Start-
Project Operator percentage (MBD, 100%) (MMCFD, 100%) up1

Mad Dog 2 Other 15.6 140 75 2023

Anchor Chevron 75.4 / 62.92 75 28 2024

St. Malo Stage 4 Maintain Maintain

Chevron 51 2024
Waterflood capacity capacity

Whale Other 40 100 200 2024

Ballymore Chevron 60 863 613 2025

1Projected start-up timing for non-operated projects per operator’s estimate.

2 Represents 75.4% interest in the northern unit area and 62.9% interest in the southern unit area.
3 Blind Faith facility original capacity to be upgraded from 65MBPD and 45MMCFPD. Allocated design capacity for the Ballymore Project is 75MBPD of crude oil and

50MMCFD of natural gas.

© 2024 Chevron 16
 Delivering value in the DJ Basin

DJ Basin well performance DJ Basin inventory

BOE / ft PV-10 breakeven
CVX Basin average CVX Remaining operators
Exceeding PDC synergies
30% above guidance

Advantaged inventory
~75% <$50/bbl breakeven

Maintaining plateau
~400 MBOED

Source: Enverus, data as of October 17, 2024. CVX total well performance includes PDC Energy historical data. The Source: Enverus, 20:1 WTI:HH ($/bbl) non-drilled locations and permit inventory data as of August/September
Basin average is inclusive of CVX well performance. 2023.
BOE = Barrel of oil equivalent PV-10 = Represents the present value, discounted at 10% per year, of estimated future net cash flows.

© 2024 Chevron 17
 Connecting our natural gas resources to demand

Large gas resource

>175 net TCF
>65 TCF
>10 TCF

Optimizing From
USGC
portfolio
>20 TCF

Accessing
>45 TCF
demand
Key equity natural gas resources
Current LNG
Future LNG

All resource figures are net unrisked resource as of December 31, 2022.

© 2024 Chevron 18
 Competitive chemical and downstream projects

CPChem projects Refining evolution Geismar expansion

Advantaged ethane feedstock Pasadena LTO integration Adds ~15 MBD of RD capacity

2 MMTPA crackers (USGC, Qatar) Renewable hydroprocessing Expected start-up in 2024

Forward guidance as of Chevron Investor Day on February 28, 2023.

© 2024 Chevron 19
 Lower carbon

© 2024 Chevron
 Advancing our lower carbon future

Lower carbon intensity Grow new energies

2030 targets

Upstream oil & gas 24 kg CO2e/BOE

CO2 intensity targets by 2028 Renewable fuels 100 MBD

Net Zero Upstream

By 2050 Offsets business & CCUS 25 MMTPA
Scope 1 & 2 aspiration*

PCI target 71 g CO2e/MJ

Hydrogen 150 MTPA
Scope 1, 2 & 3 by 2028

Chevron’s ability to achieve any goal, target or aspiration, including with respect to climate-related initiatives, our lower carbon strategy and any lower carbon new * The company believes accomplishing this aspiration depends on, among other things, sufficient and substantial advances in technology, including the continuing
energy businesses, is subject to numerous risks, many of which are outside of our control. Chevron regularly evaluates its goals, targets and aspirations and may progress of commercially viable technologies and low- or non-carbon-based energy sources; enabling policies and other actions by governing authorities, including those
eliminate, increase or decrease them for various reasons, including market conditions; changes in its portfolio; and financial, operational, regulatory, reputational, legal regarding subsidies, tax and other incentives as well as the granting of necessary permits; successful negotiations for carbon capture and storage and nature-based
and other factors. For more information, see the Cautionary statement on slide 2. solutions; and availability and acceptability of cost-effective, verifiable carbon credits.

© 2024 Chevron 21
 Carbon efficient supplier of energy

Lowering upstream carbon intensity Keeping methane in the pipe

Chevron’s oil and gas production carbon intensity

14 advanced detection technologies
trialed since 2016
Oil

Gas 2028
targets >1,900 methane detection flyovers
1
completed in 2023

>13 million component inspections

2
conducted in 2022
…

Forward guidance as of Chevron Investor Day on February 28, 2023; updated August 5, 2024 to reflect progress updates through 2023. 1 Permian only.
2 At our Colorado operations.

© 2024 Chevron 22
 Integrating renewables into our business

RD / BD RNG / CNG

Added feedstocks with Bunge & CoverCressTM Expanded production with CalBio & Brightmark

Renewable fuels production capacity Renewable natural gas production

MBD MMBTU/D

Forward guidance as of Chevron Investor Day on February 28, 2023; updated August 5, 2024 to reflect progress updates through 2023.

© 2024 Chevron 23
 Developing CCUS value chains

U.S. Gulf Coast Asia Pacific Technology

Early mover 4 permits to assess Investments in Svante, Carbon Clean
~140,000 acres1 CO2 storage2 and Ion Clean Energy

Drilled onshore and offshore Advancing regional MOU with JX to evaluate export of CO2
stratigraphic wells emissions hub from Japan to storage projects

Texas
Beaumont
Port Arthur
Houston

Bayou
Bend Hub

Select Chevron Asia Pacific operations

Concentrated emissions
Storage area
1 Combined offshore and onshore gross acreage. 2Offshore Western Australia.
Updated November 4, 2024 to reflect new permits in 2024.

© 2024 Chevron 24
 Developing hydrogen value chains

United States Asia Pacific Technology

Advancing Gulf Coast Exploring low CI fuels H2 transport and
hubs with CCUS Australia to Japan storage projects

Establishing West Coast Studying H2 & NH3 Investments in

value chains from geothermal Raven and Aurora

West Coast Gulf Coast

Korea
Japan

H2 SE
Asia

H2
H2
H2
NH3 export
to Asia
NH3 export to
Europe & Asia H2

H2 H2 production nodes Potential trade flows

© 2024 Chevron 25
 Technology powering today’s businesses

Safety Higher returns Lower carbon

Scalable robotic tank inspection Optimizing field development Preventing & detecting emissions
Eliminates worker risk & reduces costs Reduces cycle time & unlocks resources Real-time identification & mitigation

© 2024 Chevron 26
 Technology building tomorrow’s businesses

Asset class excellence Renewable fuels

Enhance Convert
reservoir challenged
recoveries feedstocks

Facilities of the future CCUS & H2

Automate Reduce
facilities and costs across the
operations value chain

© 2024 Chevron 27
 Winning combination

© 2024 Chevron
 Delivering higher returns

ROCE improvement Free cash flow

2017-2022 at $60 Brent, $ billions

Peer leading
ROCE improvement

2
Target >12% ROCE
by 2027

2
Expect >10% FCF
average annual growth
3

CVX Peers1
1Peers include BP, SHEL, TTE, and XOM. 2 ROCE and FCF at $60 Brent. 3 2022FCF is normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG, mid-cycle refining and
See Appendix for ROCE calculation and reconciliation of non-GAAP measures. chemical margins, and excludes working capital.
Forward guidance as of Chevron Investor Day on February 28, 2023.

© 2024 Chevron 29
 Upside leverage and downside resilience

Downside potential* Upside potential*

$ billions, 2023-2027 $ billions, 2023-2027

Raise annual buyback Other

guidance to Cash on B/S

$10 - $20 billion

Other Buyback
Cash on B/S capacity
Buyback
Debt capacity

Cash from
ops
Capex Capex

Cash from
ops
~3% to ~6%
of shares
Dividend outstanding per year Dividend

* Each case assumes a transition during 2023-24 from higher nominal prices to a lower flat nominal price for the
subsequent three years. The Downside case assumes $50 flat nominal for 2025-2027, resulting in $60 Brent
average 2023-2027. The Upside case assumes $70 flat nominal for 2025-2027, resulting in $85 Brent average
2023-2027. Forward guidance as of Chevron Investor Day February 28, 2023.

© 2024 Chevron 30
 Delivering unmatched value to shareholders

Leading capital efficiency1 Higher dividend per share growth

2019-2023 5-year CAGR
2 2
Chevron S&P 500 Peers Chevron S&P 500 Peers
60% 10%

45% Capital and cost 5%

30%
discipline 0%

15% -5%

0%
Leading dividend -10%

Cost focus per share growth More cash returned to shareholders3

Unit opex indexed to 2019 2019-2023
2 2
Chevron Peers Chevron Peers
75% 60%

50% Steady cash returns 45%

25% through the cycle 30%

0%
15%

-25%
2019 2020 2021 2022 2023 0%
1Calculated as cumulative capital expenditures, cash acquisitions and loans to affiliates net of repayments divided by cash flow from operations (CFFO).
2 Peers include BP, XOM, SHEL and TTE.
3 Calculated as cumulative dividends and gross share repurchases divided by CFFO.

© 2024 Chevron 31
 Higher returns, lower carbon

3Q24 highlights

• Returned record $7.7 billion cash to shareholders

• Achieved Anchor first oil

• Received Hess FTC clearance

• Announced $7 billion of divestments

• Awarded Australia CO2 storage assessment permit

Anchor Platform – Gulf of Mexico

© 2024 Chevron 32
 Optimizing the portfolio

Asset divestments
B/T proceeds $ billions

High-grading assets
prioritizing long-term value
$10 - $15

Deal value
1
Attractive deal value
high cash proceeds
~$8

Active market opportunities

disciplined approach

1Deal value includes proceeds, capital carry, and retained interest as well as other forms of consideration.
Forward guidance as of 3Q24 Earnings Call on November 1, 2024.

© 2024 Chevron 33
 Costs always matter

Sustained cost discipline Standardization delivering Targeting $2-3B structural cost

through inflation improved outcomes reductions by YE2026

Unit opex Turnaround duration for 2024 events2 Opex

Indexed to 2019 Cumulative total days $ billions

CVX Peers
1
Previous event 2024 events 1st quartile
duration

target $2-3B
reductions

55-day
reduction

run-rate
2 Data
as of September 30, 2024. Includes Medium, High and Mega AP-Network complexity turnarounds that
1 Peers include BP, SHEL, TTE and XOM. See appendix for slide notes providing definitions.
commenced in 2024. Forward guidance as of 3Q24 Earnings Call on November 1, 2024.

© 2024 Chevron 34
 Financial highlights

3Q24

Earnings / Earnings per diluted share $4.5 billion / $2.48

1
Adjusted earnings / EPS $4.5 billion / $2.51
1
Cash flow from operations / excl. working capital $9.7 billion / $8.3 billion

Total capex / Organic capex $4.1 billion / $4.0 billion

1,2
ROCE / Adjusted ROCE 10.1% / 10.2%

Dividends paid $2.9 billion

Share repurchases $4.7 billion

1,3
Debt ratio / Net debt ratio 14.2% / 11.9%
1Reconciliation of special items, FX, and other non-GAAP measures can be found in the appendix.
2 Calculations of ROCE and Adjusted ROCE can be found in the appendix.
3 As of 9/30/2024. 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.

© 2024 Chevron 35
 Cash flow

2,3 3
$ billions Free cash flow Cash returned to shareholders Net debt ratio
$5.6 billion $7.7 billion 11.9%

Working
capital Capex
CFFO
excl. WC
1.4
Dividends
(4.1)
Share
repurchases
(2.9) Asset sales /
Debt other

0.2
8.3

(4.7) 2.6

2Q24 3Q24
cash balance1 cash balance1
1Includes cash, cash equivalents, time deposits, and marketable securities. Excludes restricted cash.
2 Free cash flow is defined as cash flow from operations less capital expenditures.
3 Reconciliation of non-GAAP measures can be found in the appendix.

Note: Numbers may not sum due to rounding.

© 2024 Chevron 36
 Forward guidance

4Q24 outlook Full year 2024 outlook

Turnarounds & downtime: ~(45) MBOED Production outlook: +4% to +7%

UPSTREAM Asset sales production impact: ~(45) MBOED (incl. expected 2024 asset sales)

DOWNSTREAM Turnarounds (A/T earnings): $(350) – $(400)MM

1
Adjusted “All Other” segment earnings : ~$(2.2)B
2
Affiliate dividends : ~$4B
Distributions more (less) than income from equity affiliates: ~$(1)B
B/T asset sales proceeds: $1 - $2B
Capex (organic): $15.5 - $16.5B
Affiliate dividends: ~$1B Affiliate Capex: ~$3B
CORPORATE Share repurchases: $4 – $4.75B DD&A :
3
$16 – $17B
B/T asset sales proceeds: ~$8B
Sensitivities:
~10 MBOED per $10 change in Brent
$425 MM A/T earnings per $1 change in Brent
$550 MM A/T earnings per $1 change in Henry Hub
$150 MM A/T earnings per $1 change in Int’l spot LNG
1Excludes 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 Affiliate dividends at $80/BBL Brent.
3 Excludes equity affiliate depreciation, depletion, and amortization (DD&A), which is recorded within “Income (loss) from equity affiliates” on the Consolidated Statement of Income. Affiliate DD&A will increase after TCO’s WPMP comes online.

Forward guidance as of 4Q23 Earnings Call on February 2, 2024 and 3Q24 Earnings Call on November 1, 2024.

© 2024 Chevron 37
 Reconciliation of non-GAAP measures appendix

© 2024 Chevron 38
 Appendix: reconciliation of non-GAAP measures
Upstream earnings per barrel excluding special items

TOTAL UPSTREAM TOTAL UPSTREAM

2015 2016 2017 2018 2019 2015 - 2019

Earnings ($MM) $(1,961) $(2,537) $8,150 $13,316 $2,576 Earnings ($MM) $19,544

Adjustment items: Adjustment items:

Asset dispositions 310 (70) 760 0 1,200 Asset dispositions 2,200

Other special items1 (4,180) (2,915) 2,750 (1,590) (10,170) Other special items1 (16,105)

Total adjustment items (3,870) (2,985) 3,510 (1,590) (8,970) Total adjustment items (13,905)

Earnings Excluding Special Items ($MM)2 $1,909 $448 $4,640 $14,906 $11,546 Earnings Excluding Special Items ($MM)2 33,449

Net production volume (MBOED)3 2,539 2,513 2,634 2,827 2,952 Net production volume (MMBOE)3 4,917

Earnings per barrel $(2.12) $(2.76) $8.48 $12.90 $2.39 Earnings per barrel $3.97

Earnings per Barrel Excluding Special Items $2.06 $0.49 $4.83 $14.45 $10.72 Earnings per Barrel Excluding Special Items $6.80
1 Includesasset impairments & revaluations, certain non-recurring tax adjustments & environmental remediation provisions, severance accruals, and any other special items.
2 Earnings excluding special items = Reported earnings less adjustments for asset dispositions and other special items, except foreign exchange.
3 Excludes own use fuel (natural gas consumed in operations).

© 2024 Chevron 39
 Appendix: reconciliation of non-GAAP measures
Free cash flow

$MM FY 2022

Net cash provided by operating activities 49,602

Net decrease (Increase) in operating working capital 2,125

Cash Flow from Operations Excluding Working Capital 47,477

Net cash provided by operating activities 49,602

Less: capital expenditures 11,974

Free Cash Flow 37,628

Price normalization* (19,941)

Mid-cycle downstream & chemicals margins (5,500)

Less: change in operating working capital (2,125)

Normalized Free Cash Flow Excluding Working Capital 10,062

* Normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG.

© 2024 Chevron 40
 Appendix: reconciliation of non-GAAP measures
Reported earnings to adjusted earnings
1Q23 2Q23 3Q23 4Q23 FY2023 1Q24 2Q24 3Q24 YTD 2024
Reported earnings ($ millions)
Upstream 5,161 4,936 5,755 1,586 17,438 5,239 4,470 4,589 14,298
Downstream 1,800 1,507 1,683 1,147 6,137 783 597 595 1,975
All Other (387) (433) (912) (474) (2,206) (521) (633) (697) (1,851)
Total reported earnings 6,574 6,010 6,526 2,259 21,369 5,501 4,434 4,487 14,422
Diluted weighted avg. shares outstanding (‘000) 1,900,785 1,875,508 1,877,104 1,868,101 1,880,307 1,849,116 1,833,431 1,807,030 1,829,776
Reported earnings per share $3.46 $3.20 $3.48 $1.22 $11.36 $2.97 $2.43 $2.48 $7.88
Special items ($ millions)
UPSTREAM
Asset dispositions - - - - - - - - -
Pension Settlement & Curtailment Costs - - - - - - - - -
Impairments and other* (130) 225 560 (3,715) (3,060) - - - -
Subtotal (130) 225 560 (3,715) (3,060) - - - -
DOWNSTREAM -
Asset dispositions - - - - - - - - -
Pension Settlement & Curtailment Costs - - - - - - - - -
Impairments and other* - - - - - - - - -
Subtotal - - - - - - - - -
ALL OTHER
Pension Settlement & Curtailment Costs - - (40) - (40) - - - -
Impairments and other* - - - - - - - - -
Subtotal - - (40) - (40) - - - -
Total special items (130) 225 520 (3,715) (3,100) - - - -
Foreign exchange ($ millions)
Upstream (56) 10 584 (162) 376 22 (237) 13 (202)
Downstream 18 4 24 (58) (12) 56 (1) (55) -
All other (2) (4) (323) (259) (588) 7 (5) (2) -
Total FX (40) 10 285 (479) (224) 85 (243) (44) (202)
Adjusted earnings ($ millions)
Upstream 5,347 4,701 4,611 5,463 20,122 5,217 4,707 4,576 14,500
Downstream 1,782 1,503 1,659 1,205 6,149 727 598 650 1,975
All Other (385) (429) (549) (215) (1,578) (528) (628) (695) (1,851)
Total adjusted earnings ($ millions) 6,744 5,775 5,721 6,453 24,693 5,416 4,677 4,531 14,624
Adjusted earnings per share $3.55 $3.08 $3.05 $3.45 $13.13 $2.93 $2.55 $2.51 $7.99
* Includes impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, unusual tax items, and other special items.
Note: Numbers may not sum due to rounding.

© 2024 Chevron 41
 Appendix: reconciliation of non-GAAP measures
Adjusted ROCE

$ millions 3Q24 $ millions 3Q24

Total reported earnings 4,487 Adjusted earnings 4,531
Non-controlling interest 9 Non-controlling interest 9
Interest expense (A/T) 146 Interest expense (A/T) 146
ROCE earnings 4,642 Adjusted ROCE earnings 4,686

Annualized ROCE earnings 18,568 Annualized adjusted ROCE earnings 18,744

Average capital employed* 183,159 Average capital employed* 183,159
ROCE 10.1% Adjusted ROCE 10.2%
* 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.

© 2024 Chevron 42
 Appendix: reconciliation of non-GAAP measures
Cash flow from operations excluding working capital
Free cash flow
Free cash flow excluding working capital

$ millions 3Q24
Net cash provided by operating activities 9,674
Less: Net decrease (increase) in operating working capital 1,403
Cash Flow from Operations Excluding Working Capital 8,271

Net cash provided by operating activities 9,674

Less: Capital expenditures 4,055
Free Cash Flow 5,619

Less: Net decrease (increase) in operating working capital 1,403

Free Cash Flow Excluding Working Capital 4,216
Note: Numbers may not sum due to rounding.

© 2024 Chevron 43
 Appendix: reconciliation of non-GAAP measures
Net debt ratio

$ millions 3Q24
Short term debt 5,144
Long term debt* 20,697
Total debt 25,841
Less: Cash and cash equivalents 4,699
Less: Time deposits 4
Less: Marketable securities -
Total adjusted debt 21,138
Total Chevron Corporation Stockholders’ Equity 156,202
Total adjusted debt plus total Chevron Stockholders’ Equity 177,340
Net debt ratio 11.9%
* Includes capital lease obligations due / finance lease liabilities.
Note: Numbers may not sum to rounding.

© 2024 Chevron 44
 Slide notes appendix

© 2024 Chevron 45
 Appendix: slide notes

Safely deliver higher returns, lower carbon TCO update

• Please see Advancing our lower carbon future slide regarding 2028 carbon intensity targets. • WPMP – Wellhead Pressure Management Project
• For additional detail, see our 2023 Climate Change Resilience Report, available at [Link] • FGP – Future Growth Project
/media/chevron/sustainability/documents/[Link]
• KTL – Complex Technology Line (includes 5 trains)
• For additional detail, see our 2022 Methane Report, available at [Link]
media/documents/[Link] • GTG – Gas Turbine Generator (includes 5 generators)
• SGP – Second-Generation Plant (includes 1 train)
Reserves and resources • SGI – Second-Generation Injection
• BBOE – Billion barrels of oil equivalent • 3GP – Third-Generation Plant (includes 1 train)
• RRR – Reserve replacement ratio • 3GI – Third-Generation Injection
• PBF – Pressure Boost Facility (includes 4 PBF compressors)
Profitably growing our upstream business • Inlet Separators (includes 4 trains)
• BOE – Barrel of oil equivalent • WSG – Wet Sour Gas (includes 5 compressors)
• EPB – Earnings per barrel
– Upstream earnings per barrel excludes special items. See Appendix: reconciliation of non-GAAP measures. Connecting our natural gas resources to demand
– 2023-2027 is based on flat nominal $60/BBL Brent. This is for illustrative purposes only and not necessarily • Resources – Net unrisked resource as defined in the 2022 Supplement to the Annual Report
indicative of Chevron’s price forecast.
• TCF – Trillion cubic feet
• MMBOED – Millions of barrels of oil equivalent per day
• LNG – Liquified natural gas
• CAGR – Compound annual growth rate

Competitive chemical and downstream projects

2024 production outlook
• MMTPA – Millions of tonnes per annum
• MBOED – Thousands of barrels of oil equivalent per day
• USGC – United States Gulf Coast
• LTO – Light tight oil
FGP-WPMP outlook
• RD – Renewable diesel
• FGP – Future Growth Project
• WPMP – Wellhead Pressure Management Project

© 2024 Chevron 46
 Appendix: slide notes

Advancing our lower carbon future Developing hydrogen value chains

• For additional detail, see our 2023 Climate Change Resilience Report, available at [Link] • Chevron’s target for hydrogen production capacity includes hydrogen created from a variety of feedstocks,
/media/chevron/sustainability/documents/[Link] including renewable power or fossil fuels with carbon capture and storage.
• Carbon intensity – Amount of carbon dioxide or carbon dioxide equivalent per unit of measure • CI – Carbon intensity
• CO2 – Carbon dioxide • H2 – Hydrogen
• PCI – Representation of the estimated energy-weighted average greenhouse gas emissions intensity from a • NH3 – Ammonia
simplified value chain from the production, refinement, distribution and end use of marketed energy products
per unit of energy delivered.
Technology powering today’s businesses
• MJ – Megajoule
• For additional detail, see our 2022 Methane Report, available at [Link]
• MBD – Thousands of barrels per day media/documents/[Link]
• CCUS – Carbon capture, utilization and storage
• MMTPA – Millions of tonnes per annum Delivering higher returns
• MTPA – Thousands of tonnes per annum • ROCE improvement – 2017-2022 ROCE improvement is based on a rolling 3-year average for each of the 5
years and excludes special items. All figures are based on published financial reports for each peer company
Carbon efficient supplier of energy and are preliminary subject to 20-F/10-K filings.

• For additional detail, see our 2023 Climate Change Resilience Report, available at [Link] • FCF excluding working capital – FCF excluding working capital is defined as net cash provided by operating
/media/chevron/sustainability/documents/[Link] activities excluding working capital less capital expenditures and generally represents the cash available to
creditors and investors after investing in the business excluding the timing impacts of working capital. 2022
• For additional detail, see our 2022 Methane Report, available at [Link] FCF is normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG and mid-cycle refining and chemical
media/documents/[Link] margins.
• $5.5 billion refining mid-cycle margin normalization in 2022 is based on 2013-2019 refining margins and
Integrating renewables into our business assumed 2027 chemical margins.
• RD – Renewable diesel • See Appendix: reconciliation of non-GAAP measures.
• BD – Biodiesel
• RNG – Renewable natural gas Upside leverage and downside resilience
• CNG – Compressed natural gas • Brent pricing is illustrative purposes only and not necessarily indicative of Chevron’s price forecast.
• MMBTU/D – Millions of British thermal units per day • Each case assumes a transition during 2023-24 from higher nominal prices to a lower flat nominal price for the
subsequent three years. The Downside case assumes $50 flat nominal for 2025-2027, resulting in $60 Brent
average 2023-2027. The Upside case assumes $70 flat nominal for 2025-2027, resulting in $85 Brent average
2023-2027.
• Potential to buyback ~3% to ~6% of shares outstanding is based on the CVX average market capitalization
across the month of January 2023.
© 2024 Chevron 47
 Appendix: slide notes

Delivering unmatched value to shareholders

• 3Q 2023 YTD data are used for all charts except dividend per share growth where full-year 2023 data were
available and used.
• Capital efficiency – Calculated as cumulative capital expenditures, cash acquisitions and loans to affiliates net of
repayments divided by cash flow from operations (CFFO).
• Unit opex – Calculated as the sum of operating expenses and selling, general and administrative expenses from
the Consolidated Statement of Income, divided by corresponding estimated volumes that include Upstream net
production, Refinery throughput and oil-equivalent Chemicals production.
• Dividends & buybacks % of CFFO – Calculated as cumulative dividends and gross share repurchases divided by
CFFO.
• Dividend growth per share – Five-year compound annual growth rate from 2018 to 2023. All figures are based
on published financial reports for each peer company. TTE dividends are calculated in Euros to avoid FX
impacts.

Costs always matter

• 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.

© 2024 Chevron 48