Chevron Investor Day

Chevron 2023
Investor Presentation
March 1, 2023

© 2023 Chevron. All rights reserved.

Cautionary statement
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATIONFOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This presentation contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and otherenergy-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,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to
identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain 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 ofthe 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 (including coronavirus (COVID-19)) 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 and the global response to such conflict; changing refining, marketing and chemicals margins; 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 thecompany’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; 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 thecompany’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 to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares orthe 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; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; 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” onpages 20 through 26 of the company’s 2022 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 27 through 28 of Chevron’s 2022 Supplement to the Annual Report 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.”© 2023 Chevron

2

Chevron Investor Day

Higher returns
March 1, 2023

© 2023 Chevron. All rights reserved.

Balanced energy framework
Economic prosperity

Energy security

Environmental protection

Affordable forcustomers and countries

Reliable anddiverse supply

Ever-cleaner
energy© 2023 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 traditional energy

Growing renewable fuelsSuperior distributions to shareholders

Early actions in CCUS and hydrogen

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.

© 2023 Chevron

5Capital discipline
Capex*

Affiliate capex$ billions$ billions

Capex outlook$13 - $15B
per year$13 - $15

$3.4

$14

$3

$10.7

Affiliate capex outlook

~$2

~$2B
per year* Includes organic spend only.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations, and other information.

© 2023 Chevron

610-year reserves and resource
Reserves

Resource

10-year reserve replacement
BBOE

10-year resource replenishment
Total 6P BBOE

10-year
11.3

-10.3

11.3

11.2

Net
adds

YE 2022

99% RRR

-10.3

36.9
-13.4

77.9

64.7

-1.1

YE 2012

Production

Asset
sales

10-year reserve replacement ratio

Net adds

exceed production

2012-2021

YE 2012

Production

Asset
sales

Net
adds

YE 2022

Asset class78 BBOE of 6P resource
LNG

Asset sales

high-grade portfolio

Deepwater

Shale &Tight

Heavy Oil

Conventional
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

© 2023 Chevron

All resource figures are net unrisked resource.

7

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 & 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 notnecessarily indicative of Chevron’s price forecast.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations, and other information.

© 2023 Chevron

8Returns focused production growthManaging base decline

Production guidance for key assets

Excludes impact of potential asset sales
Net MMBOED

Excludes impact of potential asset sales
Net MBOED

Facility-constrained

+450
MBOED

base production

Disciplined
investment

+200
MBOED

+130
MBOED
+100
MBOED

Multiple growth
assetsThis base production aligns with that shown on the previous slide. It excludes Permian, TCO, Gulf of Mexico,
and Other Shale & Tight.

© 2023 Chevron

9Delivering value in the PermianFree cash flow2 & ROCE

Midland & Delaware Basin
Net MBOED

Returns
focusedTechnology
driving efficiency

Lower carbon
expect ~40%
renewable power1

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

© 2023 Chevron

1 Behind the meter and renewable energy credits for 2023.

2 Excludes working capital.

Based on $60/BBL Brent and $4.50/MMBtu Henry Hub. This is for illustrative purposes only and notnecessarily indicative of Chevron’s price forecast.

10Permian COOP well performance
2022 POPs
Midland Basin

Delaware Basin

Cumulative production vs. forecast

Cumulative production vs. forecast

Midland Basinabove forecast

2023+ expected
New Mexico program

2022 New Mexico wells
unaffected by long-sitting DUCs

2022 forecast

Delaware Basin
below forecast
2022 actual2022 forecast

2022 actual

2023 DB program changes
more primary bench developments
in New Mexico

Impacted primarily by long-sitting
DUCs (horizontal and verticaldepletion, dated well designs)

COOP – Company-operated
POP – Put on production
DB – Delaware Basin
DUC – Drilled but uncompleted wells
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.

© 2023 Chevron

11Other Shale & Tight development plans

Argentina
Started El Trapial development

Haynesville
1st rig began drilling January 2023

Rig counts and well POPs
COOP & NOJVDJ Basin
Expect to POP ~2x wells in 2023 vs. 2022

2021 2023 2025

Rig count

4

8

11

Well POPs

150

200

250

Kaybob Duvernay
Expect to maintain activity levels
POP – Put on production© 2023 Chevron

COOP – Company-operated
NOJV – Non-operated joint venture

12Focused on delivering FGP / WPMP
Project update

Looking ahead

Bulk construction complete

WPMP maintains base production

Executing WPMP start-up activities

FGP adds ~260 MBD

TCO production profile (100%)
MBOED

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.

© 2023 Chevron

13

Continuing deepwater excellence
Gulf of Mexico

West Africa

Australia

Eastern Med

Expect 300 MBOED
by 2026

Supportingbase business

Record2022 cargoes

99%
reliability

Anchor, Whale,
Ballymore, Mad Dog 2

Nigerialease renewals

Advancingbackfill projects

Tamar
expansion© 2023 Chevron

14

Gulf of Mexico projects
Major capital projects
Operator

Ownership
percentage

Liquids
capacity(MBD, 100%)

Mad Dog 2

Other

15.6

140

75

2023

AnchorChevron75.4 / 62.92

75

28

2024

St. Malo Stage 4
Waterflood

Chevron51

Maintaincapacity

Maintaincapacity

2024

Whale

Other

40

100

200

2024

Ballymore

Chevron

60

863

613

2025

ProjectGas
capacity(MMCFD, 100%) Start-up1

1 Projected 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 oiland 50MMCFD of natural gas.

© 2023 Chevron

15Connecting our natural gas resources to demand

Large gas resource>175 net TCF>65 TCF>10 TCF

Optimizing

From
USGC

portfolio>20 TCFAccessing>45 TCFdemandKey equity natural gas resources
Current LNG
Future LNG
All resource figures are net unrisked resource as of December 31, 2022.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

© 2023 Chevron

16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

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

© 2023 Chevron

17Chevron Investor Day

Lower carbon
March 1, 2023

© 2023 Chevron. All rights reserved.

Advancing our lower carbon future
Lower carbon intensity

Grow new energies
2030 targets

Upstream CO2 intensity
35% by 2028
reduction target1

Renewable fuels

100 MBDNet Zero2 Upstream
Scope 1 & 2 aspiration

By 2050

CCUS & offsets

25 MMTPA

PCI1 reduction target3
Scope 1, 2 & 34

>5% by 2028

Hydrogen5

150 KTPA

1 From 2016 baseline.

4 Scope 3 includes emissions from use of products.

2 Accomplishing this aspiration depends on continuing progress on commercially viable technology; government policy; successful negotiations for CCS and nature-

5 Chevron’s approach to hydrogen envisions the use of green, blue and gray hydrogen.

based projects; availability of cost-effective, verifiable offsets in the global market; and granting of necessary permits by governing authorities.
3 PCI – portfolio carbon intensity (PCI) is a metric that represents the carbon intensity across the full value chain associated with bringing products to market. Thistarget is expected to allow Chevron flexibility to grow its traditional upstream and downstream business, provided it remains increasingly carbon-efficient.

© 2023 Chevron

19Carbon efficient supplier of energy
Lowering upstream carbon intensity

Keeping methane in the pipe

Chevron’s oil and gas production carbon intensity
13 advanced detection technologies
trialed since 2016
Oil

Gas

2028 targets>950 methane detection flyovers
completed in 2022

1

>37 million component inspections
conducted in 2020 to 2021…

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.

2

1 Permian only.
2 At our Colorado operations.

© 2023 Chevron

20Integrating renewables into our business
RD / BD

RNG / CNG

Added feedstocks with Bunge & CoverCressTM

Expanded production with CalBio & Brightmark

Expect 5x more USWC stations selling RD / BD by year-end>75 CNG sites online or in progress

Renewable fuels production capacity

Renewable natural gas production

MBD

MMBTU/D

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.

© 2023 Chevron

21

Growing our CCUS businessOver 65 active CCUS opportunities
Securepore space

Createregional hubs

Advance

capture technology
Focus area

© 2023 Chevron

22Developing CCUS value chains
U.S. Gulf Coast

Asia PacificTechnology>1 billion tons CO2 storage resource1

3 permits to assess CO2 storage2

Investments in Svante & Carbon Clean

Early mover ~140,000 acres1

Advancing regional emissions hub

Studying CO2 shipping with MOL

Texas
Beaumont
Port Arthur
HoustonBayou
Bend Hub
Select Chevron Asia Pacific operations
Concentrated emissions
Storage area
1 Combined offshore and onshore prospective storage resource and gross acreage.

2 Offshore western Australia.

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

© 2023 Chevron

23

Growing our hydrogen businessOver 50 active H2 opportunities
Advanceproduction hubs
Leveragenatural gas value chains
From U.S.

Enabletechnology
Supportexpected future demand
Opportunities

Early mover (demand)

Potential trade flows

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.

© 2023 Chevron24Developing hydrogen value chains
United States

Asia PacificTechnology

Advancing Gulf Coast hubs with CCUS

Exploring low CI fuels Australia to Japan

H2 transport and storage projects

Establishing West Coast value chains

Studying H2 & NH3 from geothermal

Investments in Raven & AuroraWest Coast

Gulf Coast
Korea
Japan

SE
Asia

H2

H2

NH3 export
to Asia

H2

H2

H2

NH3 export toEurope & Asia

H2 production nodes

H2

Potential trade flows

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

© 2023 Chevron25Technology powering today’s businesses
SafetyHigher 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

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

© 2023 Chevron

26

Technology building tomorrow’s businesses
Asset class excellence

Renewable fuels

EnhanceConvertreservoir
recoveries

challenged
feedstocks

Facilities of the future

CCUS & H2

Automate

Reducefacilities andoperations

costs across thevalue chain© 2023 Chevron

27

Chevron Investor Day

Winning combination
March 1, 2023

© 2023 Chevron. All rights reserved.

Delivering higher returns
ROCE improvement

Free cash flow

2017-2022

at $60 Brent, $ billions

Peer leading
ROCE improvement

Target >12% ROCE
by 2027

2

2

Expect >10% FCF
average annual growth3

CVX

Peers1

1 Peers include BP, SHEL, TTE, and XOM.

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations, and other information.

© 2023 Chevron

2 ROCE and FCF at $60 Brent.

3 2022 FCF is normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG, mid-cycle refining andchemical margins, and excludes working capital.

29

Upside leverage and downside resilience
Downside potential*

Upside potential*$ billions, 2023-2027$ billions, 2023-2027

Raise annual buyback
guidance to

OtherCash on B/S$10 - $20 billion
Other
Cash on B/S
Debt

Buyback
capacity
Buyback
capacity
Cash from
ops
Capex

Capex

~3% to ~6%

Cash fromops

Dividendof shares
outstanding per year

Dividend* Each case assumes a transition during 2023-24 from higher nominal prices to a lower flat nominal price forthe 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.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.

© 2023 Chevron

30

Financial priorities unchanged
Dividend growth per share

Net debt ratio2

CAGR, 2017-2022

2018-2022

Maintain and grow dividend

Fund capital program

Strong balance sheet

Return surplus cash
CVX

Peers1CVX

Peers1

1 Peers include BP, SHEL, TTE, and XOM.

2 Net debt ratio is defined as debt less cash, cash equivalents, marketable securities and time deposits divided

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations and other information.

by debt less cash, cash equivalents, marketable securities and time deposits plus stockholders’ equity. All
figures are based on published financial reports.

© 2023 Chevron31Consistent, prepared, adaptive
Pragmatic approach

Higher returns

Lower carbon

Advantaged portfolio

Efficient execution

Reduce carbon intensity

Leverage strengths

Maintain capital discipline

Grow New Energies© 2023 Chevron

32

Consistency drives value
Disciplined execution

Performance delivery

Leading capital efficiency

More cash returned per share

Continued cost and capital discipline

Strong balance sheet

Capital efficiency

Total cash returned to investors

Capex / CFFO, 2018-2022

per share

CVX

Peers*CVX

Peers** Peers include BP, SHEL, TTE and XOM.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information.

© 2023 Chevron

33Winning combination
Disciplined growth

Lower carbon

Higher cash

Progress toward
Affirmed production growth of>3% CAGR by 2027

1

Maintain $13 - $15 billion incapex through 2027
Note: The figures on this slide represent the company’s previously announced guidance and targets.
1 In addition to our capital expenditure guidance of $13 - $15 billion through 2027, our affiliate capital
expenditure guidance is ~$2 billion from 2024 through 2027.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations, and other information.

© 2023 Chevron

Upstream CO2 intensity
reduction target2

Raised annual buyback
guidance to $10 - $20 billion

On track for 2030 renewable

Expect >10% FCF
average annual growth3

fuels target
2 Target 35% reduction in Upstream CO

2 intensity from 2016 baseline.

3 FCF at $60 Brent, $4.50 Henry Hub, $13.50 international LNG, mid-cycle refining and chemical margins, andexcludes working capital.

34

Financial highlights

Earnings / Earnings per diluted share
Adjusted Earnings / EPS

1Cash flow from operations / excl. working capital
ROCE / Adjusted ROCE

1

4Q22

2022

$6.4 billion / $3.33$35.5 billion / $18.28$7.9 billion / $4.09$36.5 billion / $18.83$12.5 billion / $11.5 billion$49.6 billion / $47.5 billion

1,2

20.3% / 20.9%

Dividends paid

$2.7 billion$11.0 billion

Share repurchases$3.75 billion$11.3 billion

Debt ratio / Net debt ratio

1,3

12.8% / 3.3%

1 Reconciliation 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 12/31/2022.

Net debt ratio is defined as debt less cash equivalents and marketable securities divided by debt less cash equivalents and marketable securities plus stockholders’ equity.

© 2023 Chevron352022 aligned with financial priorities$ billions
CFFO
excl. WC

Working
capital6% dividend per share
growthCapex

2.1

Dividends-12.0

Organic capex >5%
below budget

Share
repurchases
-11.0

Debt
-11.3

$22.3B
returned toshareholders

Sharesissued for Asset sales /otherstock option
exercises
REG
2.3
acquisition4

3% net debt
3
ratio

-8.5
-2.9

5.8

47.5
2021
cash balance1$37.6B
2,3
free cash flow

2022
cash balance1

Record cash returned
through repurchases

1 Includes cash, cash equivalents, marketable securities, and time deposits. Excludes restricted cash.
2 Free cash flow is defined as cash flow from operations less capex.
3 Reconciliation of non-GAAP measures can be found in the appendix.
4 REG acquisition shown net of cash acquired.

Note: Numbers may not sum due to rounding.

© 2023 Chevron

36

Returning surplus cash throughout the cycle
Share repurchase history$ billions

15 out of last 19 years>$65 billion in repurchases

Average ~$95 per share~$2 lower than market
volume weighted average© 2023 Chevron

37

Looking ahead
Forward guidance
1Q23 outlook

Upstream

Downstream

Other

Full year 2023 outlook

Turnarounds/Downtime:~(25) MBOED

Refinery turnarounds (A/T earnings):
California natural gas (A/T earnings):$(200) - $(300)MM~$(200)MM

Share repurchase:
Dividend increase of $0.09/share$3.75B

Production outlook(excl. 2023 asset sales):Flat to +3%

Adjusted “All Other” segment earnings*:
Affiliate dividends:
B/T asset sales proceeds:
Capex (organic):
Affiliate Capex:~$(2)B$5 - $6B
Less than $1B
$14B
$3B

Sensitivities:$400MM A/T earnings per $1 change in Brent~10 MBOED per $10 change in Brent$425MM A/T earnings per $1 change in Henry Hub$150MM A/T earnings per $1 change in Int’l spot LNG* Excludes special items.

© 2023 Chevron

38

Reconciliation of non-GAAP measuresappendix© 2023 Chevron

39

Appendix: reconciliation of non-GAAP measures
Upstream earnings per barrel excluding special items
TOTAL UPSTREAM

Earnings ($MM)

TOTAL UPSTREAM

2015

2016

2017

2018

2019

$(1,961)$(2,537)$8,150$13,316$2,576

Adjustment items:
Asset dispositions

2015 - 2019
Earnings ($MM)$19,544

Adjustment items:
310

(70)

760

0

1,200

Asset dispositions

2,200(4,180)(2,915)2,750(1,590)(10,170)

Other special items1(16,105)(3,870)(2,985)

3,510(1,590)(8,970)Earnings Excluding Special Items ($MM)2$1,909$448$4,640$14,906$11,546

Net production volume (MBOED)3

2,539

2,513

2,634

2,827

Earnings per barrel$(2.12)$(2.76)$8.48

Earnings per Barrel Excluding Special Items

$2.06

$0.49

$4.83

Other special items1
Total adjustment items

Total adjustment items(13,905)

Earnings Excluding Special Items ($MM)2

33,4492,952

Net production volume (MMBOE)3

4,917$12.90$2.39

Earnings per barrel$3.97$14.45$10.72

Earnings per Barrel Excluding Special Items$6.80

1 Includes asset 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).

© 2023 Chevron

40

Appendix: reconciliation of non-GAAP measures
Free cash flow

$MM

FY 2022Net 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.

© 2023 Chevron

41

Appendix: reconciliation of non-GAAP measures
Cash flow from operations excluding working capitalFree cash flow
Free cash flow excluding working capital$ millions

FY 2022Net cash provided by operating activities

49,602

Less: 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: Cash capital expenditures

11,974

Free Cash Flow

Less: Net decrease (increase) in operating working capitalFree Cash Flow Excluding Working Capital

37,6282,125
35,503

Note: Numbers may not sum due to rounding.

© 2023 Chevron

42Appendix: reconciliation of non-GAAP measures
Net debt ratio

$MM

2018

2019

2020

2021

2022

Short term debt

5,726

3,282

1,548

256

1,964

Long term debt*

28,733

23,691

42,767

31,113

21,375

Total Debt

34,45926,97344,31531,36923,339

9,342

5,686

5,596

5,640

17,678Less: Time deposits

950

0

0

0

0

Less: Marketable securities

53

63

31

35

223

Total Adjusted Debt

24,114

21,22438,68825,694

5,438

Total Chevron Stockholder’s Equity

154,554

144,213

131,688

139,067

159,282

178,668

165,437

170,376

164,761

164,720

13.5%

12.8%

22.7%

15.6%

3.3%

Less: Cash and cash equivalents

Total Adjusted Debt plus Total Chevron Stockholder’s Equity
Net Debt Ratio* Includes capital lease obligations / finance lease liabilities.
Note: Numbers may not sum due to rounding.

© 2023 Chevron

43Appendix: reconciliation of non-GAAP measures
Reported earnings to adjusted earnings
1Q21

2Q21

3Q21

4Q21

FY21

1Q22

2Q22

3Q22

4Q22

FY22

2,350

3,178

5,135

5,155

15,818

6,934

8,558

9,307

5,485

30,284

5

839

1,310

760

2,914

331

3,523

2,530

1,771

8,155

(978)

(935)

(334)

(860)

(3,107)(1,006)

(459)

(606)

(903)

(2,974)

Reported earnings ($ millions)
Upstream
Downstream
All Other
Total reported earnings

1,377

3,082

6,111

5,055

15,625

6,259

11,622

11,231

6,353

35,465

1,915,889

1,921,958

1,921,095

1,922,082

1,920,275

1,944,542

1,957,109

1,940,002

1,919,731

1,940,277

$0.72

$1.60

$3.19

$2.63

$8.14

$3.22

$5.95

$5.78

$3.33

$18.28Asset dispositions

-

-

200

520

720

-

200

-

-

200

Pension Settlement & Curtailment Costs

-

-

-

-

-

-

-

-

-

-

Impairments and other*

-

(120)

-

-

(120)

-

(600)

-

(1,075)(1,675)

-

(120)

200

520

600

-

(400)

-

(1,075)(1,475)

Asset dispositions

-

-

-

-

-

-

-

-

-

-

Pension Settlement & Curtailment Costs

-

-

-

-

-

-

-

-

-

-

(110)

-

-

-

(110)

-

-

-

-

-

(110)

-

-

-

(110)

-

-

-

-

-

(241)

(115)

(81)

(82)

(519)

(66)

(11)

(177)

(17)

(271)

-

-

-

(260)

(260)

-

-

-

-

-

(241)

(115)

(81)

(342)

(779)

(66)

(11)

(177)

(17)

(271)

(351)

(235)

119

178

(289)

(66)

(411)

(177)

(1,092)(1,746)

(52)

78

285

(9)

302

(144)

603

440

(83)

816

Diluted weighted avg. shares outstanding (‘000)
Reported earnings per share
Special items ($ millions)
UPSTREAM

Subtotal
DOWNSTREAM

Impairments and other*
Subtotal
ALL OTHER
Pension Settlement & Curtailment Costs
Impairments and other*
Subtotal
Total special items
Foreign exchange ($ millions)
Upstream
Downstream

59

1

123

2

185

23

145

179

(112)

235

All other

(9)

(36)

(103)

(33)

(181)

(97)

(80)

5

(210)

(382)

Total FX

(2)

43

305

(40)

306

(218)

668

624

(405)

669

2,402

3,220

4,650

4,644

14,916

7,078

8,355

8,867

6,643

30,943

56

838

1,187

758

2,839

308

3,378

2,351

1,883

7,920

(728)

(784)

(150)

(485)

(2,147)

(843)

(368)

(434)

(676)

(2,321)

Total adjusted earnings ($ millions)

1,730

3,274

5,687

4,917

15,608

6,543

11,365

10,7847,850

36,542Adjusted earnings per share

$0.90

$1.71

$2.96

$2.56

$8.13

$3.36

$5.82

$5.56

$4.09

$18.83Adjusted earnings ($ millions)
Upstream
Downstream
All Other* Includes asset impairments, write-offs, tax items, early contract termination charges, and other special items.
Note: Numbers may not sum due to rounding.

© 2023 Chevron

44Appendix: reconciliation of non-GAAP measures
Adjusted ROCE

$ millions

FY 2022$ millions

Total reported earnings

35,465

Non-controlling interest

143

Non-controlling interest

143

Interest expense (A/T)

476

Interest expense (A/T)

476

ROCE earnings

36,084

Adjusted ROCE earnings

37,161ROCE earnings

36,084

Adjusted ROCE earnings

37,161

Average capital employed*

177,445

Average capital employed*

177,445

ROCE

20.3%

Adjusted earnings

FY 2022

Adjusted ROCE

36,542

20.9%* 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.

© 2023 Chevron

45

Slide notes appendix© 2023 Chevron

46

Appendix: slide notes
This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings “Investors,” “Events & Presentations.”
Safely deliver higher returns, lower carbon

Delivering value in the Permian•

Please see Advancing our lower carbon future slide regarding 2028 carbon intensity targets.

•

MBOED – Thousand barrels of oil equivalent per day•

For additional detail, see our 2021 Climate Change Resilience Report, available
at https://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pdf•

All results based on $60/BBL Brent and $4.50/MMBtu Henry Hub. This is for illustrative purposes only andnot necessarily indicative of Chevron’s price forecast.

•

For additional detail, see our 2022 Methane Report, available at https://www.chevron.com/-/media/sharedmedia/documents/chevron-methane-report.pdf•

To simplify reporting, 2023 to 2027 Permian production outlook shown in the light blue area includes bothconventional and unconventional production – conventional Permian production is expected to be less than
10 MBOED annually.

Capital discipline•

FCF – Free cash flow; excludes working capital impacts••

ROCE – Return on capital employed•

Capital expenditures (Capex) – The 2023-2027 capital expenditure guidance is consistent with theorganic capital budget announced in December 2022. 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 2023-2027 affiliate capex guidance is consistent
with the organic capital budget announced in December 2022. It does not require cash outlays by thecompany.

Permian COOP well performance•

MBOE – Thousand barrels of oil equivalent

Focused on delivering FGP / WPMP•

FGP – Future Growth Project

10-year reserves & resource•

WPMP – Wellhead Pressure Management Program•

BBOE – Billion barrels of oil equivalent•

MBD – Thousand barrels per day•

RRR – Reserve replacement ratio
Connecting our natural gas resources to demand

Profitably growing our upstream business•Resources – Net unrisked resource as defined in the 2022 Supplement to the Annual Report•

BOE – Barrel of oil equivalent•

TCF – Trillion cubic feet•

EPB – Earnings per barrel•

LNG – Liquified natural gas– Upstream earnings per barrel excludes special items. See Appendix: reconciliation of non-GAAP
measures.
– 2023-2027 is based on flat nominal $60/BBL Brent. This is for illustrative purposes only and notnecessarily indicative of Chevron’s price forecast.

Competitive chemical and downstream projects•

MMTPA – Million tonnes per annum•

MMBOED – Million barrels of oil equivalent per day•

USGC – United States Gulf Coast•CAGR – Compound annual growth rate•

LTO – Light tight oil•

RD – Renewable diesel© 2023 Chevron

47

Appendix: slide notes
This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings “Investors,” “Events & Presentations.”
Advancing our lower carbon future

Developing CCUS value chains•

For additional detail, see our 2021 Climate Change Resilience Report, available athttps://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pdf••

Carbon intensity – Amount of carbon dioxide or carbon dioxide equivalent per unit of measure

Growing our hydrogen business•

CO2 – Carbon dioxide••

PCI – Portfolio carbon intensity•

MBD – Thousand barrels per day

Developing hydrogen value chains•

CCUS – Carbon capture, utilization and storage•

CI – Carbon intensity•

MMTPA – Million tonnes per annum••

KTPA – Thousand tonnes per annum

H2 – Hydrogen•

NH3 – Ammonia

Prospective storage resources as guided by the SPE CO2 Storage Resources Management System.

Chevron’s approach to hydrogen envisions the use of green, blue and gray hydrogen.

Carbon efficient supplier of energy

Technology powering today’s businesses•

For additional detail, see our 2021 Climate Change Resilience Report, available athttps://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pdf••

For additional detail, see our 2022 Methane Report, available at https://www.chevron.com/-/media/sharedmedia/documents/chevron-methane-report.pdf

For additional detail, see our 2022 Methane Report, available at https://www.chevron.com/-/media/sharedmedia/documents/chevron-methane-report.pdf

Integrating renewables into our business•

RD – Renewable diesel•

BD – Biodiesel•

USWC – United States West Coast•

Expect 5x more USWC stations selling RD / BD by year-end 2023 versus 2021.

•

RNG – Renewable natural gas•

CNG – Compressed natural gas•

MMBTU/D – Million British thermal units per day© 2023 Chevron48

Appendix: slide notes
This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings “Investors,” “Events & Presentations.”
Delivering higher returns

Financial priorities unchanged••

CAGR – Compound annual growth rate•

Dividend growth per share – Compares compound annual growth rate from 2017 to 2022. All figures are
based on published financial reports for each peer company and are preliminary subject to 20-F/10-K
filings. TTE dividends are calculated in Euros to avoid FX impacts and exclude the special dividend.

•

Net debt ratio – Net debt ratio is defined as total debt less cash and cash equivalents and marketablesecurities as a percentage of total debt less cash and cash equivalents and marketable securities, plus
Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash
balances. All figures are based on published financial reports. Refer to Chevron’s 2022 Form 10-K forreconciliation. All peer figures are based on published financial reports for each peer company and are
preliminary subject to 20-F/10-K filings.

•

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 and are preliminary subject to 20-F/10-K filings.
FCF excluding working capital – FCF excluding working capital is defined as net cash provided byoperating 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 FCF is normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG and mid-cycle
refining and chemical margins.

•$5.5 billion refining mid-cycle margin normalization in 2022 is based on 2013-2019 refining margins andassumed 2027 chemical margins.

•

See Appendix: reconciliation of non-GAAP measures.
Consistency drives value

Upside leverage and downside resilience•

Brent pricing is illustrative purposes only and not necessarily indicative of Chevron’s price forecast.

•

Each case assumes a transition during 2023-24 from higher nominal prices to a lower flat nominal price forthe 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.

© 2023 Chevron•

Capital efficiency – Cumulative capital expenditures (Capex) divided by cash flow from operations (CFFO)
in the period. For the purpose of this analysis only, capex includes acquisitions and loans to affiliates.

•

Total cash returned to shareholders – Actual cash returned through buybacks, dividends, and special
dividends per average share outstanding basic.

Winning combination•

Please see Capital discipline slide notes for definition of capital expenditures (Capex).

•

CO2 – Carbon dioxide•

Carbon intensity – Amount of carbon dioxide or carbon dioxide equivalent per unit of measure49