Chevron
Deepwater
Strategy and The
Energy Transition
Patrick Toomey© 2022 Chevron

DeepStar® Consortium
31 Years of Industry Excellence
2022/2023 Core Members

DeepStar® Technical Subcommittees:• Drilling, Completion and Intervention• Flow Assurance• Subsea Systems Engineering• Floating Systems & Met-Ocean• Autonomous Operations• Green House Gas Emissions / Carbon
Abatement / Hydrogen Related Technologies

ExxonMobil© 2022 Chevron2

How we approach the future energy mix

Oil & Gas will still be neededin 20 years.
Renewables havegreatest growth.
Economics, policy,and technology
influence pace.

Sources: IEA, World Energy Outlook 2020; IHS Markit 2020 Scenarios; Wood Mackenzie, Energy Transition
Outlook 2020: Highlights; IEA, Net Zero by 2050.

© 2022 Chevron3

Deepwater Facilities Technology Strategy & Focus AreasLong Distance Tiebacks:
Actively developing new technologies for long distancetiebacks. Focus is on lowering costs and increasing
reliability. The following is a partial list of ongoing work:• Subsea Long-Distance Power & Communication• All Electric Subsea Systems• Normally Unattended Facilities (NUF)• Smart Riser & Pipeline Systems• Flow Assurance (e.g. – Hydrates, Asphaltenes, etc.)• Super insulated pipelines• Fiber Optics• Robotics

FPSO

Platform

Platforms & FPSOs:

Future: Strategic, holistic approach to field development••••

Fewer new Platforms & FPSOs
Extend life of existing platforms with tiebacks
More, longer distance subsea tiebacks
Lower Carbon

Focus is on minimizing footprint andutilizing standardized designs to lower
cost and cycle time for new facilities:• Supplier Led Solutions (SLS)• Minimum Functional Objectives (MFO)• Normally Unattended Facilities (NUF)

EnergyTransition
advancing a lower carbon future© 2022 Chevron

The future is lower carbon

Economic
macrotrends
Policyadvancement
Technologyand innovation© 2022 Chevron

6How we approach the future energy mix

All forms of energy
are needed.
Renewables havegreatest growth.
Economics, policy,and technology
influence pace.

Sources: IEA, World Energy Outlook 2020; IHS Markit 2020 Scenarios; Wood Mackenzie, Energy Transition
Outlook 2020: Highlights; IEA, Net Zero by 2050.

© 2022 Chevron

7

Our strategy“Our strategy is clear:
Leverage our strengths
to safely deliver lower carbon energyto a growing world.”
Mike Wirth
Chairman of the Board
and CEO of Chevron© 2022 Chevron

8Our Energy Transition strategy
Advance a lower carbon future
Lower carbon intensity of our operations

Grow lower carbon businesses

Target35% carbon reduction in Upstream by 2028

Maintain
1st quartile performance in oil and gas GHG intensity

Renewable fuels& products

Hydrogen**Carbon capture,utilization & storage

Offsets & emerging lower
carbon opportunities

Focus
on methane, flaring and energy management

Aim
2050 net zero aspiration* for upstream
Scope 1 & 2 emissions

Chevron expects to triple our lower carbon capital versus prior guidance to over $10 billion between now and 2028:$2B in carbon reduction projects and $8B in low carbon investments* Upstream emission intensity Scope 1 and 2 in kgCO2e/BOE.Achieving the Upstream 2050 net zero aspiration will
require continued partnership and progress in technology, policy, regulations, and offset markets.

© 2022 Chevron**Chevron’s approach to hydrogen envisions the use of green, blue, and gray hydrogen. See Climate Change Resilience
Report pg 51.to learn more.

9Our ambitions to advance a lower carbon future
Upstream Net Zero 2050 Aspiration*

Grow lower carbon business
2030 targets

Carbon capture and offsets

25MMTPA

Hydrogen+

150
MTPA

Renewable natural gas

40,000MMBTU/D

Renewable diesel and SAF

100,000
B/D+Partially grey, blue and green

Chevron has set a new GHG intensity target** Portfolio Carbon Intensity,that represents the carbon intensity across the full value chain associated with bringing products to market,
including Scope 3 emissions from the use of sold products, our largest category of Scope 3 emissions*Upstream emission intensity Scope 1 and 2 in kgCO2e/BOE. Achieving the Upstream 2050 net zero aspiration will require continued
partnership and progress in technology, policy, regulations, and offset markets.
**This target allows Chevron flexibility to grow its traditional upstream and downstream business while remaining increasingly carbon-efficient.

© 2022 Chevron

mtpa = thousands of tonnes per annum, mmtpa = millions of tonnes per annum
mmbtu = millions of British thermal units

10Renewable fuels & base oil targets
Renewable
natural gas

Renewable diesel &sustainable aviation fuelRenewablebase oil & lubricants

10X growth by 2025
>40,000 MMBTU/D by 2030

3X growth by 2025
100,000 B/D by 2030

20X growth by 2025
100,000 TPA by 2030

Expanding partnerships

Capital efficient

Patented technology

Increasing CNG sites

Feedstock flexibility

Multiple product lines

Note: All growth metrics baseline year-end 2020.

© 2022 Chevron

11

Leading in renewable natural gas

Current operations

Recent actions

Future developments~2,100 MMBTU/D~10,000 MMBTU/D committed by 2025

Target >40,000 MMBTU/D by 2030

Multiple partnershipsMercuria CNG joint venture

Expanding feedstock mix

Expected RNG production growth
MMBTU/D
45,00030,00015,00002025
Committed© 2022 Chevron

2030
Future Development

12Advancing technology for lower carbon businesses

Venture investments

Research & development

Deploying at scale>20 lower carbon companies

Enabling bio-feedstock processing>10 lower carbon tech deployments in 2021

Innovation in emerging technologies

CCS injection monitoring techIntegrating capture technologies© 2022 Chevron

13What is CCUS?
Simplified CCS
value chain

CCUS process
Carbon Capture
Capture CO2 before it entersatmosphere• Large-scale injection &storage of CO2 working
safely and effectively for
decades in oil & gas
production

CO2source
CO2
pipeline

Flue gas

Utilization
Reuse CO2 to produce low ornegative emissions products
such as cement, steel,chemicals, plastics, and fuels
or…

Safe and effective CO2
injection and storage

BoilerCaptureCompression

SurfaceFreshwater aquifer
2,000 ft• Chevron helped pioneer CO2
injection into oil formations
for enhanced recovery
approximately 40 years ago.

4,000 ft

Caprock seal

Storage
Permanently store that CO2
underground (i.e., depleted oilor gas fields or salineformations)© 2022 Chevron

6,000 ft

8,000 ft
CO2

• Safely operating CO2
pipeline in Colorado for
35 years

10,000 ft

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CCUS
We have a unique setof capabilities to develop
a profitable CCUS
business across thefull value chain:
Critical to a lower carbon future
Existing assets and larger-scale
opportunities
Subsurface capabilities© 2022 Chevron

15

Generating value through offsets

Our approach

Recent actions

Future developments

Grow with customer needs

Established offset integrity framework

Invest in nature-based solutionsPortfolio supplier of high-quality credits

Published GHG methodology for LNG cargoes

Monetize excess credits

Global Offsets Demandgigatonnes per year

Source: BCG; Base case analysis on known and projected climate commitments.

© 2022 Chevron

16Offsets
We plan to grow a carbon
offsets business to:Lower our carbon intensity and provide
a way forward
Help customers to achieve theiremissions-reduction goals
Invest in scalable, nature-based solutions© 2022 Chevron

17

The role of hydrogen
The future of energy is lower carbon
Hydrogen’s growth is linked to decarbonization• Part of the solution where electrification of demand
is not feasible

IEA SDS H2 demand projections
MMTPA

300

• Requires developing and maturing a lower carbonhydrogen value chain• Combined with other efforts — such as CCS,
offsets, renewable fuels, and lower carbon intensity
oil & gas

200

Hydrogen in the future energy mix• Anticipated 6% of total energy consumption by 2050

100

• Requires 4-fold growth from today• ~500 projects under assessment/development• Policy, industry investment and partnerships
necessary to meet growth projections

02019
Transport
Synfuel production2030
Industry
Buildings

2040

2050
PowerAmmonia production

Source: IEA, Energy Technology Perspectives 2020 under IEA’s Sustainable Development Scenario (net zero by 2070; 2deg)
Note: Ammonia refers to fuel production for shipping sector; Industry includes Hydrogen for industrial ammonia production© 2022 Chevron18

Hydrogen value chain“green” hydrogen

Renewable electricity

N2

CO2Marine synfuels
Lower carbon jet fuelsElectrolysis
Synthesis / conversion

NH3Ammonia

Carbon capture
H2“blue” hydrogen

Industry
Reforming
Natural gas(fossil and/or RNG)

Transportation,infrastructure +trading“turquoise” hydrogen

Methane pyrolysis

Sources© 2022 Chevron

Power

Solid carbon

Production, conversion & transportation

Mobility

End use19

Hydrogen
Our approach envisions
the use of green, blue,and gray hydrogen, andwe are well positioned
to participate across thevalue chain:Significant growth potential
Harder-to-abate demand
Existing assets and capabilities

Developing partnerships© 2022 Chevron

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Questions
and Answers© 2022 Chevron21