2022
Chevron Investor Day
Celebrating over 100 years on the NYSE

March 1, 2022
© 2022 Chevron

Good morning. I’m Roderick Green, General Manager of Investor Relations. Welcome to
Chevron’s 2022 Investor Day, held here at the NYSE, marking our 101-year anniversary asa publicly listed company.
Before we begin, a few important reminders. Please take a moment to locate the nearest
exit. In the event of an emergency, the event staff will provide further instructions. And
please silence your cellphones and other electronic devices.

1

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 of thedate 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 costs of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic andpolitical conditions; 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 the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of thecompany’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 thedevelopment, 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 requiredby 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 pendingor future litigation; 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;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 ofchanged 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 25 of the company’s 2021 Annual Report on Form 10-K and in other 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 ofthese 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 24 through 25 of Chevron’s 2021 Supplement to the Annual Report available at chevron.com.
This presentation is meant to be read in conjunction with the 2022 Chevron Investor Day Transcript. All materials are posted on chevron.com under the headings “Investors,” “Events & Presentations.”© 2022 Chevron

2

Please be reminded that today’s presentation contains estimates, projections and otherforward-looking statements.
These statements are subject to certain risks, uncertainties and other factors that may
cause actual results to differ.
Please review the safe harbor statement that is on the screen and available online.

2AgendaPresentation and Q&A
10:00 AM – 1:00 PM ET
Introduction
Corporate overview + Q&A

Upstream + Q&A

Roderick Green – General Manager, Investor Relations
Mike Wirth – Chairman of the Board and Chief Executive Officer
Pierre Breber – Vice President and Chief Financial Officer
Jay Johnson – Executive Vice President, Upstream
Colin Parfitt – Vice President, Midstream

Break
Downstream & Chemicals + Q&A

New Energies + Q&A~45 min.

~45 min.
~10 min.

Mark Nelson – Executive Vice President, Downstream & Chemicals
Bruce Chinn – Chief Executive Officer, Chevron Phillips Chemical Company
Jeff Gustavson – President, Chevron New Energies
Eimear Bonner – Vice President and Chief Technology Officer~40 min.

~40 min.

© 2022 Chevron

3

Today’s meeting format will be different from prior years. There will be four sections – a
corporate overview followed by reviews of our operating business lines. Each will start witha 5-min presentation from our executives, immediately followed by 40-minutes of Q&A
discussion with sell-side analysts. The full presentation is available on Chevron’s website.
Now, I’d like to introduce our Chairman and CEO, Mike Wirth, and our CFO, Pierre Breber.

3

Corporate Overview
Mike Wirth
Chairman and Chief Executive Officer
Pierre Breber
Chief Financial Officer

Celebrating over 100 years on the NYSE

March 1, 2022

© 2022 ChevronThanks Roderick. Good morning, and welcome to Chevron’s Investor Day. We’re excited to
be at the New York Stock Exchange, where we began trading as a public company over one
hundred years ago. We planned to be here last year for our centennial celebration. But
those plans changed – like so many others during the pandemic.
The past two years have reminded us just how vital energy is to modern life. We saw it in2020, when economies around the world were locked down for much of the year, and yet
more than 90% of pre-COVID oil supply was still required to provide essential goods andservices. And we see it today, with strong demand driven by recovering economies andfresh concerns about the importance of investment to ensure affordable and reliablesupplies.
The past two years also reinforced that the future of energy is lower carbon. We saw it in
Glasgow, in Houston and here in Chevron, as we continued to develop lower carbon energy
solutions. As I reflect on the last century and the last year, I’m proud of what we’ve
achieved and I’m excited for what lies ahead.

4Winning combination
Higher returns

Lower carbon

Advantaged portfolio

First quartile upstream carbon intensity

Unmatched financial strength

Target harder-to-abate sectors

Capital and cost discipline

Build on capabilities, assets and customers

Superior distributions to shareholders

Expect high growth

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

© 2022 Chevron5

Our strategy is straightforward:
Lead in traditional energy. By investing in advantaged assets with capital and costdiscipline, while maintaining a strong balance sheet and rewarding our shareholders.
And lead in lower carbon. By being among the most carbon efficient producers, andgrowing new energy products that leverage our strengths to deliver lower carbon energy to a
growing world.
Higher returns, lower carbon. We must deliver both. All with the overarching goal to sustain
financial performance in a lower carbon future.

5More capital and cost efficient
Annual C&E

Unit opex$ billions$/boe

C&E guidance of$15 - $17B
per yearTarget reductionof unit opex
>10% by 2026*

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

* From 2021 level.

© 2022 Chevron

6

We’re a much better company than we were just a few years ago.
At whatever price you assume, whether the $100 we saw early last decade and again
recently, or closer to the $60 we saw for most of the 5 years before COVID, Chevron
expects to generate more cash for shareholders because we’re much more capital and cost
efficient.
We can grow our business with less capital. And with a focused portfolio and continued selfhelp, we expect to drive unit costs even lower leading to higher returns and cash flow.
And we intend to keep getting better, extending our current capital guidance another year

and targeting decreased cost per barrel of over 10%, because capital and cost discipline
always matter.

6

Raising ROCE target
at flat $60 Brent nominal
Adjusted ROCE

CFFO per shareexcl. working capital

at $60 Brent

at $60 Brent, $/share
CapitalEfficiency

12% ROCE
by 2026
Cost& margin>10% CAGRCFFO per share excl.
WC through 2026
1

1 Adjusted ROCE does not include earnings impact of special items and FX. 2021 ROCE is normalized to $60

2

2 2021 CFFO per share excluding working capital is normalized to $60 Brent, $3 Henry Hub, $7 international

Brent, $3 Henry Hub, $7 international LNG, and mid-cycle DS&C.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations, and other information.

LNG, and mid-cycle DS&C.

© 2022 Chevron

7

As a result, we’re raising our return-on-capital-employed target to 12% by 2026 at $60 Brent
nominal. ROCE is expected to increase as we reduce costs, expand margins and invest in
our highest return projects.
Operating cash flow per share is projected to grow at a 10% compound-annual-rate over the
next five years benefitting from higher returns and steady buybacks.
Higher returns, more cash and fewer shares. The benefits are expected to accrue toshareholders. We’ve proven we can do this, and we are confident in our plans to continue
to do so.

7

Advancing our lower carbon future
Lower carbon intensity

Grow new energies
2030 targets

Upstream CO2 intensity
reduction target1

35% by 2028

Renewable fuels

Net Zero Upstream
Scope 1 & 2 aspiration

By 2050

Hydrogen

PCI1 reduction target3
Scope 1, 2 & 34

>5% by 2028

Carbon capture &
offsets

2

1 From 2016 baseline.
2 Accomplishing this aspiration depends on continuing progress on commercially viable technology; government policy; successful negotiations for CCS and nature-

5

100 MBD

150 KTPA

25 MMTPA

4 Scope 3 includes emissions from use of products.
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.

© 2022 Chevron

8

Last fall, we announced new and updated targets to reduce the carbon intensity of ouroperations, an aspiration to achieve Net Zero Upstream Scope 1 and 2 emissions andissued guidance for the growth of our new energy businesses.
Today we’re reaffirming these, and our team will update our progress in the other sessions.
We intend to be a leader in carbon efficient production of traditional energy while building
new energy businesses where we have competitive advantages, expect attractive returns
and see the potential for much larger scale in the future.
We believe we have the capabilities, assets, and customer relationships to lead in theenergy transition – helping to lower our emissions intensity while meeting the energy needsof a growing world.
Now, over to Pierre.

8Consistent financial priorities

Maintain and grow dividend

2X dividend per share since 2010

Fund capital program>20% more capital efficient

Strong balance sheet<20% net debt ratio

Return surplus cash

$5 - $10B annual buyback guidance

See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information.
Refer to Chevron’s 2021 Form 10-K for reconciliation of net debt ratio.

© 2022 Chevron

9

Thanks Mike.
Our financial priorities are consistent – and they’ve guided our actions through several
commodity cycles, including the last one.
The results speak for themselves: A dividend per share that’s doubled since 2010. An
investment program that’s at least 20% more capital efficient than it was pre-COVID. A
balance sheet with a net debt ratio comfortably below 20%. And another increase today in
our annual buyback guidance range.
You know what to expect from us. We have a formula that works.

9

Downside resilience and upside leverage
Downside potential$50 Brent*

Upside potential$75 Brent*$ billions, 2022-2026$ billions, 2022-2026

Debt
Asset
sales &
other

Buyback
capability

Cash
capex
Cash fromops

Upside potential tobuyback >25%of shares outstanding

Cash frameworkbalanced at

Assetsales &
other

Cash fromops$50 Brent
Dividend

Buyback
capability

Cash
capex

Dividend* Based on flat nominal prices from 2022 to 2026.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source
information, calculations, and other information.

© 2022 Chevron

10

Chevron is on a different path than others in our industry.
With an industry-leading balance sheet and a flexible capital program, we’ve proven we’re asafe haven in the last downturn.
And now with the cycle up, we have the highest leverage to oil prices among our peergroup.
It shows in the numbers. At $50 flat Brent for 5 years, we can grow the dividend
and maintain buybacks while our net debt ratio is expected to move back into our mid-cycle
guidance range of 20% to 25%.
And if Brent nominal prices average $75 over 5 years, we could increase the dividend at
higher rates and buy back more than 25% of our shares outstanding.
Future prices are uncertain. Our track record is not. In both high and low priceenvironments, we intend to manage risk and reward shareholders. Back to you Mike.

10Winning combination
More efficientMore cash

Lower carbon

Maintain $15 - $17 billion
in C&E through 2026

Driving to 12% ROCE
by 2026

Target1 35% reduction in
Upstream CO2 intensity by 2028

100 MBD>10% decrease in

10% CAGR CFFO per shareunit opex by 2026

excl. WC through 2026

150 KTPA

2

25 MMTPA

New energies

2030 growth targets

Note: The figures on this slide represent the company’s previously announced guidance and targets relating to
its capital and cost efficiency strategy.

1 From 2016 baseline.
2 Chevron’s approach to hydrogen envisions the use of green, blue and gray hydrogen.

© 2022 Chevron

11

Thanks Pierre. To sum it up, by being more capital, cost and carbon efficient, we expect togenerate more cash to support a growing dividend, investments in traditional and newenergy businesses, a strong balance sheet and steady buybacks. We believe this is awinning combination for shareholders.
The last two years have been some of the most challenging this industry has ever seen.
We came into COVID in a strong position, and today we’re even stronger. We’ve
transformed our organization, integrated Noble Energy’s people and assets and formed
Chevron New Energies, which is steadily building momentum. We protected the dividend
when prices crashed, were the first to announce a major acquisition, developed an approachto the energy transition that seeks to create value and leverage our strengths, including theacquisition we announced yesterday, and continue to maintain cost and capital discipline.
You’ve seen how we’ve led this industry during the past two years.
I’m optimistic about the future of energy, the future of Chevron and our continued leadershipin the years to come. Now let’s move into Q&A for this first session. Please ask onequestion and limit yourself to one follow-up.
11

Upstream &Midstream
Jay Johnson
Executive Vice President, Upstream
Colin Parfitt
Vice President, Midstream

March 1, 2022
© 2022 Chevron. All rights reserved.

Good morning, everyone.
I’m Jay Johnson and I’m pleased to be joined by Colin Parfitt. We’re here today to talkabout Chevron’s Upstream & Midstream business.
This is a picture of the 20,000 psi blow out preventer for the Anchor project – the first ever tobe engineered and built for these pressures.
With this enhanced capability, we’re opening new possibilities in the Gulf of Mexico.

12

Continuing to advance our Upstream business
Upstream C&E

Upstream operating expense$ billions$/BOE

Capital & Cost
efficient

Expect production
Upstream production

growth >3% CAGR

Upstream cash after C&E

MMBOED

Financialresilience

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

© 2022 Chevron*2026 Brent is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast.

13

As we look forward to the next five years, we’re more capital and cost efficient than we’vebeen at any time in the past decade, with total capital less than half of 2010 to 2014 levels.
Unit operating costs are expected to be down more than 20% from the five-year averages
pre-COVID.
At the same time, oil and gas production is expected to grow to well over three and a half
million barrels a day by 2026 with most of the growth from our Permian and Kazakhstan
assets.
With greater capital and cost efficiency, and higher production, we expect to deliver higher
returns and significantly greater free cash flow per barrel – around 3 times higher than whenoil prices were over $100 early last decade.

13

Advancing our lower carbon future in Upstream

Carbon Intensity

Flaring

MethaneUpstream scope 1 & 2 emissions

Targeting

Methane target

Net zero1 aspiration

Zero routine flaring>50% intensity reduction2

by 2050

by 2030

by 2028

1 Accomplishing this aspiration depends on continuing progress on commercially viable technology;

2 From 2016 baseline.

government policy; successful negotiations for CCS and nature-based projects; availability of cost-effective,
verifiable offsets in the global market; and granting of necessary permits by governing authorities.

© 2022 Chevron

14

While generating higher returns, we’re also targeting to lower our carbon intensity. We’re in
the first quartile in upstream carbon intensity today and making progress towards our 2050
Upstream net zero scope 1 and 2 aspiration. We’re on track to eliminate routine flaring by
2030 and reduce methane emission intensity by 50% from 2016 to 2028.
We plan to get there using a disciplined approach that targets flaring, methane emissions,and energy management. Progress is expected to be supported by advancements intechnology and greater policy support, as well as capabilities enabled by our New Energies
team, including carbon capture and storage and cost-effective, verifiable offsets.

14

Tracking to deliver FGP / WPMP
Project progress

Preparing for start-up

Expected cash generation

Construction 82% complete

Utilities system in start-up

FCF growth ~5x from 2021-26

Project 89% complete

Ramping up systems completion

Loan repayments and higher dividends

Project Progress

TCO free cash flow

Annual %$ billions (100%)

Based on flat $60 /bbl Brent nominal.
This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast.

© 2022 Chevron

15

At TCO’s FGP-WPMP project, we delivered all major 2021 milestones despite the impactsof COVID, and we expect a similar level of progress in 2022. Our cost and schedule
guidance are unchanged from last year’s update.
With construction in the final stages, our focus is moving to getting utilities up and runningand completing construction on process systems. Already, we’ve started up 3 of 4
production metering stations, delivering high-pressure oil from the new wells to the existing
plants.
TCO’s free cash flow is expected to grow significantly by the middle of the decade as capital
ramps down and production increases, resulting in a capacity for higher dividends andrepayment of Chevron’s $4.5 billion loan to TCO.

15

Higher returns and free cash flow in Permian
Scale & efficiency outlook

Expected returns

Investment pace ~$4B per year>$4B FCF in 2026

Production grows to 1.2 - 1.5 MMBOED>30% ROCE in 2026

Net Production

Free cash flow* & ROCEMMBOED

1

2022

2030

2040
*Excluding working capital
Based on flat $60 /bbl Brent nominal.
This is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast.

© 2022 Chevron

16

In the Permian, we’re building a business that’s expected to deliver high returns andsignificant free cash flow for decades.
With capital investment of around $4 billion per year, we expect to grow production beyond 1
million barrels of oil equivalent per day. We can do this because of our large resource baseand efficient factory model.
When we add our royalty advantage to this scale and efficiency, we expect to deliver book
returns greater than 30% and free cash flow greater than $4 billion in 2026 at a $60 Brent
nominal price.

At around 15 kg of CO2-equivalent per barrel, our Permian carbon intensity is approximately
two-thirds lower than the global industry average.

16

Expanding the factory model
DJ Basin

Vaca Muerta

AngolaTarget <$8 / BOE development cost

Target <$7 / BOE development cost

Target <$10 / BOE development cost

New facilities ~6 kg CO2e/BOE*

Aerial methane detection

Block 0 GHG reduction* Projected upstream emission (scope 1 and 2) intensity in kg CO2e/BOE is BOE-weighted for initial years of
production. Actual annual intensity is expected to vary.

© 2022 Chevron

17

We’re applying similar factory models to other assets to drive higher returns and lower
carbon.
Examples include the DJ basin, where our latest facility design lowers costs and emissions
with potential application to other onshore assets globally.
In Argentina, we’re leveraging lessons learned elsewhere to lower unit development costs
and manage methane.
And in Angola, we’ve reduced flaring emissions from Block 0 by over 80% since 2016 andrecently signed an extension of the Block 0 Concession to 2050.
Standard, repeatable designs, across assets, with rapid adoption of evolving best practice,
is a key enabler to drive improved capital and cost efficiency across our portfolio.

17

Expect growth in the deepwater
Australia

Gulf of Mexico

Eastern Mediterranean

Gorgon Stage 2 first gas 3Q 2022

>300 MBOED by 2026

Increasing regional exports~6 MMT CO2 gross stored to date

Carbon intensity ~6 kg CO2e/BOE*

Gas displacing coal-fired generation

MCP start-up dates
2022

2023

2024

FutureMad Dog 2
St. Malo
Injection

AnchorWhale
Ballymore*Upstream emission intensity scope 1 and 2 in kg CO2e/BOE.

© 2022 Chevron

18

We also expect to deliver higher returns and lower carbon in the deepwater.
In Australia, the first Gorgon backfill project begins producing this year and is expected tocost 30% less than our budget, primarily due to subsea execution and drilling efficiencies.
The Gorgon Project has stored around 6 million tonnes of CO2 to-date.
In the Gulf of Mexico, a steady queue of developments is expected to grow production atcompetitive unit development costs and with carbon intensities that are a fraction of the
global industry average.
In the Eastern Mediterranean, numerous efforts are underway to unlock access to additional

regional demand and increase exports to Egypt. With a large discovered resource base,growing regional demand and a carbon intensity of around 2kg of CO 2 -equivalent per barrel,
we believe we’re well-positioned to further expand in the region.
Now I’ll turn it over to Colin.

18

Optimizing our global natural gas portfolio

Diverse market
presence

Maximize realizedvalue

LNG plant with CVX equity interest© 2022 Chevron

Key equity natural gas assets

19

Thanks Jay. Chevron has a large and diverse global gas portfolio exposed to domestic andinternational LNG markets. Globally, we have more than 180 net trillion cubic feet of natural
gas resource and last year we produced more than seven and a half billion cubic feet perday. To optimize value, we trade additional gas volumes roughly 30% above our equity
production.
More than half of our gas production is in the United States and Australia. In the U.S., wehave exposure to the liquid Henry Hub market. And in Australia, we have mainly long-term
oil-linked LNG contracts with high-quality customers. Our West Africa production primarily
delivers into the LNG spot markets in both Europe and Asia. And, as Jay mentioned, we areadvancing multiple options to market future production growth from an attractive acreage
position in the Eastern Mediterranean.
In all regions, our global Trading and Shipping capabilities allow us to maximize realizations
across the value chain and provide a competitive differentiation in shifting market dynamics.
Now let’s move into Q&A for this session. Please ask one question and limit yourself to one
follow-up.
19

Upstream & Midstream Supplemental Slides© 2022 Chevron

20

20Strong resource base underpins production
Resources

Net Production Potential

10-year resource replenishment
Total 6P BBOE

Excludes impact of potential asset sales
MMBOED

Strong resource baseOrganic Opportunities

Other Shale & Tight
Indonesia / Thailand
Contracts

Disciplined investment
PermianFlexible growth

Gulf of Mexico
TCO

Financial resilience

LNG

Base

YE11

Production

Asset
sales

Net
adds

YE21

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

© 2022 Chevron

Historical cumulative 10-year asset sales impact ~200 – 400 MBOED.

21

21

Production growth in the Permian
Midland and Delaware Basin
Net MBOED

On track for>1 MMBOED by 2025
Royalty benefit1 and barrels2~20% of production

2016

2018
Monthly production

2020

2022

2024

2026

2021 CID production guidance
1 Royalty benefit calculation based on Chevron’s lower effective royalty rate versus an assumed royalty rate of 25%.
2 Royalty barrels are received by Chevron from owned acreage that has been leased to others and requires no capital investment.

© 2022 Chevron

2222Delivering results across global value chains
Capabilities

AssetsCustomers

Global trading and marketing

Integrated traditional & new energy businessLong-term, global customer base

Shipping, Pipeline, and Power expertise

Global presence

Responsive to customers’ lower carbon needs© 2022 Chevron

23

23

Executing our supply & trading strategy to maximize returns
Flow assurance

Optimize value chains

Trade around flows

Tengizchevroil (TCO)

GS Caltex

Richmond

Permian Pasadena

To Europe

Pascagoula
El Segundo

SPRC / SRC

To Asia

Gorgon / Wheatstone
Crude*

LNG*

Products*

Upstream production

Downstream refinery

New Energies regional focus*Key equity trade flows© 2022 Chevron24

24

Downstream &ChemicalsMark Nelson
Executive Vice President, Downstream & Chemicals
Bruce Chinn
Chief Executive Officer, Chevron Phillips Chemical Company

March 1, 2022
© 20222021 Chevron
Chevron. Corporation.
All rights reserved.
All rights reserved.

Good morning, everyone.
I’m Mark Nelson and with me today is Bruce Chinn, CEO of Chevron Phillips Chemical
Company.
We’re here to talk about Chevron’s Downstream & Chemicals business.

25

Strong demand outlook for our products
Global demand forecast

Polyethylene demand growth

Indexed to 20192021 vs 2026

DieselConstructive
demandoutlookGasoline

Jet

Recoverydriven byeconomic growth

Polyethylene~3% CAGR
through 2026
Source: Wood Mackenzie; demand outlook as of December 2021.

Source: Wood Mackenzie; polyethylene demand as of October 2021.

© 2022 Chevron

26

Let’s start with demand.
Diesel was first to recover to near pre-COVID levels, with gasoline following closely behind.
Our sales of both now exceed 2019 levels. While domestic air travel has been strong inmany countries, full return of international air travel is still in front of us. When combinedwith refinery rationalization, we’ve seen margin recovery in the U.S., while Asian margin
recovery is expected over time as demand and capacity additions balance. We’re optimistic
about future demand.
Demand for petrochemicals has been strong throughout the pandemic – boosted byincreased sales for medical supplies, packaging, consumer goods, and more. In the near-term, we expect capacity growth to gradually pressure margins back down. Longer term,
we expect middle class expansion in growing economies to support demand and margins.

26

Improving downstream & chemicals performance
Adjusted downstream ROCE

1

Increasing earnings$ billions
Renewables /Petchem

Driving

controllables
Self-Help

Leveraging

Volumes4

integrated value chains
2

Realized
Self-Help

Capturing higher returns& selective growth02021
Adjusted
2
Earnings
1 See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source

information, calculations, and other information.

2026

2 2021 Adjusted Earnings excludes special items and FX and is price normalized to mid-cycle margins. See
Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information,
calculations, and other information.

© 2022 Chevron27

For the decade prior to COVID, our downstream and chemicals segment delivered returns
that averaged near the mid-teens. With recovering product demand and an emphasis onwhat we can control, we’re targeting even higher returns over the next five years.
To further strengthen financial performance, we’re focused on managing costs lower andoptimizing margin-capture across integrated value chains. Our 2021 earnings included
more than $1 billion in self-help and there’s more to deliver.
On top of that, we’re targeting selective growth in renewable fuels and petchem.
Volume recovery, more self-help, selective growth … all are expected to contribute to higher

earnings and returns going forward.

27

Driving self-help
Value chain optimization

Productivity

Reliability & turnarounds

Drive feedstock optionality

Reduce non-turnaround costs

Increase turnaround efficiency

Advanced data analytics

Execute digital initiatives

Optimize refinery utilization

Brand trust and fuel quality

Non-turnaround maintenance unit opex

Annualized turnaround spend

Total Chevron marketing area

Indexed to 2019

Reason for Purchase: Fuel Quality

Reason for Purchase: Fuel Brand I Trust
4th Quartile

ChevronActualForecast

Key
competitors

1st Quartile
Size of bubble
indicates brand share

Source: The NPD Group, Inc. / Motor Fuels Index, January - December 2021.

Source: Solomon Associates data (2018-20) with Chevron data and analysis (2022-26).

© 2022 Chevron28

Our self-help actions are focused in three areas – value chain optimization, productivity
improvements and reliability & turnarounds.
We’ve expanded feedstock options across our refining system and we’re using advanced
data analytics and our leading brand position to optimize markets, volume, and realizations.
We’ve implemented a risk-based maintenance system that improves scheduling anddelivers cost efficiencies in our non-turnaround maintenance program.
And with major turnarounds, we’re expecting to improve costs in line with competitive
Solomon benchmarks, while continuing to improve refinery utilization.

28

Accelerating actions on renewable fuels targets
Renewable
natural gas

Renewable
fuels

Renewablebase oil & lubricants>40,000 MMBTU/D by 2030

100,000 B/D by 2030

100,000 TPA by 2030

~45% farms online

Announced REG acquisition

NEXBASE acquisition close expected 2Q~75 CNG sites online or in progress

Signed Bunge JV agreements*

Havoline EVTM product line

TM

* Definitive transaction agreements signed; remaining agreements to be signed following regulatory approval.

© 2022 Chevron29

We continue to make progress towards our 2030 renewable fuels targets. In renewable
natural gas, we’re growing the number of producing farms and Chevron’s CNG station
network.
Yesterday, we announced an agreement to acquire Renewable Energy Group, which is
expected to build strength and accelerate growth across our renewable fuels value chain.
We also recently signed definitive agreements with Bunge; we expect to commence the JV
shortly after regulatory approval. And we continue to work with Gevo to potentially invest in
the production of SAF, with execution of the co-investment and fuel supply agreements
expected in the second quarter. At our El Segundo refinery, we’ve secured all renewable
feedstock for the diesel hydrotreater, and leveraging our capital efficient approach to unit
conversions we expect that unit to have 100% renewable capability in 2022.
And in the second quarter, we expect to close the acquisition of Neste’s Group III base oils
business and NEXBASETM brand, which will expand our base oil offerings, and along with
our investment in Novvi, scales our renewable base oil volumes with integration into ourfinished lubricants. And now I’ll turn it over to Bruce.
29Attractive petrochemical businessSelective future growth

Cost management discipline

Advanced recycling focus

Advantaged feedstock~5% unit opex reduction on-track

CPChem accelerating product circularity

Strong project execution

Debottlenecking efforts continue

Securing pyrolysis feedstock

Ethylene supply stack

CPChem unit opex

Total cash cost vs. cumulative global capacity

Indexed to 2019

Middle East /NA Ethane

SE Asia

Western Europe /NE Asia

USGC II & Ras Laffan

Source: Copyright 2022, used with written permission by IHS Markit; data as of Q3 2021.

© 2022 Chevron30

Thanks Mark. Hi everyone.
Chevron Phillips Chemical Company has a focused portfolio, with world-scale facilities in the
U.S. Gulf Coast and Middle East, low-cost feedstocks and leading technology. Our future
investments follow this same playbook, as we continue to work towards FID on U.S. Gulf
Coast II and progress engineering for the Ras Laffan Petrochemical Project in Qatar.
Costs always matter in a commodity business. While margins have been strong for most of
the last year, we’re taking actions to further debottleneck facilities and lower unit costs.
And CPChem is accelerating advanced recycling, converting difficult-to-recycle plastic waste

into high-quality feedstocks. We’ve achieved this with our certified Marlex® AnewTM Circular
Polyethylene product, and we’ve entered into multiple agreements to secure pyrolysis
feedstock supply.
That’s a quick overview of Chevron’s downstream and chemicals business. Now let’s moveinto Q&A for this session. Please ask one question and limit yourself to one follow-up.

30

Chevron New Energies
Jeff Gustavson
President, Chevron New Energies
Eimear Bonner
Vice President, Chief Technology Officer

March 1, 2022
© 2022 Chevron. All rights reserved.

Good afternoon everyone.
I’m Jeff Gustavson and with me today is Eimear Bonner, VP and Chief Technology Officer.
I’m excited to share the progress made since creating Chevron New Energies.

31

Accelerating lower carbon businesses

Integrating

Investing

Delivering

our capabilities and assets

across the value chain

value to customers

Expected capital expenditures ~$10B through 2028
Projected annual CFFO >$1B end of decade
Estimated >30 MMT enabled CO2e reductions by 2028
*Total lower carbon capital allocation through 2028 includes $8B for low-carbon investments and $2B for carbon reduction projects.

© 2022 Chevron

32

We continue to build momentum. In a few short months, we’re almost fully staffed, including
key external talent and our teams are actively pursuing opportunities around the globe thatwill position us as a future leader in this space.
Earlier, Mike reaffirmed the targets for our lower carbon businesses. We believe that
integrating with our existing capabilities and assets, while investing across the value chain
will enable us to deliver real value to customers and our shareholders.
We expect to generate competitive, double-digit returns and strong cash flow, all while
enabling greenhouse gas reductions later this decade.

32

Driving hydrogen solutions for harder-to-abate sectors
United States

Asia Pacific

Progressing ACES in Utah

JERA collaboration on fuel alternatives

Leveraging Richmond H2 for growth

Australia Blue H2 / Ammonia options

Green and Blue H2 in West Texas and Gulf CoastEngaging customers in Japan, Korea & Singapore© 2022 Chevron

33

We’re advancing hydrogen solutions for heavy duty transportation and other harder-to-abate
sectors, leveraging our capabilities, assets and customer relationships.
We’re nearing finalization of our entry into ACES which aims to produce green hydrogen for
dispatchable electricity generation, with future opportunities to expand the supply ofhydrogen more broadly across the western U.S.
We’re advancing efforts in Richmond to support hydrogen transportation demand using
excess grey hydrogen from our refinery combined with ongoing investment in associatedproduction, distribution, and retail infrastructure. We recently announced an agreement with
Iwatani to co-develop and construct a network of hydrogen fueling stations in California.
In the Asia Pacific region, we’re collaborating with JERA – a global energy leader – toexplore regional production opportunities and the use of hydrogen and ammonia as a fuel inpower generation.

33

Scaling our CCUS business
United States

Asia Pacific

Largest investor in Carbon Clean

Early-stage regional studies

Svante demonstration start-up expected late 2022

Pursuing additional Australia opportunities

Shaping California & Gulf Coast CCS hub concepts

A*STAR MOU in Singapore© 2022 Chevron34

For carbon capture, we’re building on decades of experience in handling CO 2 to become afull-service solution provider, enabled by foundational projects across the value chain andwith partners to create shared value.
We’ve just announced an increased investment in Carbon Clean, a UK-based company withadvantaged capture technology that reduces the costs and physical footprint required forcarbon capture, minimizing site disruption and facilitating faster permitting. This partnershipis an important step towards growing our future large-scale CCUS business.
We expect to conduct commercial-sized trials at our San Joaquin Valley facilities, throughpartnerships with Carbon Clean, Svante, and others to advance cost efficiencies enabled bytechnology.
In the Asia Pacific region, our opportunity pipeline is rapidly growing through regional study
work combined with direct customer and partner discussions. This has led to specificopportunities in both Australia and Singapore, with many more expected to follow.

34

Generating value through offsets
Our approach

Recent actions

Future developments

Grow with customer needs

Established offset integrity framework

Invest in nature-based solutions

Portfolio supplier of high-quality credits

Published GHG methodology for LNG cargoes

Monetize excess credits

Global Offsets Demand
gigatonnes per year

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

© 2022 Chevron

35

Like other lower carbon solutions, offsets will be needed to achieve global net zero. While
not the primary strategy for reducing Chevron’s operational carbon intensity, we anticipate
utilizing offsets to help us with our lower carbon efforts.
We plan to generate high-quality credits that are real, measurable, and verifiable. And as
global demand grows, we’re working to position ourselves as a portfolio supplier of offsets
providing customers with offset-paired products.
We’re progressing opportunities to generate credits through scalable, nature-based
solutions – like soil carbon storage, reforestation, and mangrove restoration.

For all these new businesses, technology is a key enabler to accelerate our progress.
I’ll hand it over to Eimear to share more on Chevron’s technology efforts.

35

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

36

Thank you, Jeff. In Chevron, we advance technology through external partnerships, internal
research and development, and by deploying technology at scale. We have more than two
decades of experience investing in startups, and we’ve trialed around 70% of thosecompanies’ technologies across Chevron. Recently, we invested in Hydrogenious, adeveloper of Liquid Organic Hydrogen Carrier technology. This has the potential to deliver
affordable and efficient storage and transport of hydrogen, one of the more challenging partsof the value chain. Our internal R&D program includes catalyst technology to create thefeedstock flexibility necessary to deliver our renewable fuels targets. We have expertiseand facilities that position us to move from proof-of-concept to pilot to commercial scale
rapidly with modest capital investment, as seen at our El Segundo refinery. Deploying andintegrating technology across our assets enables us to commercialize leading solutions – forexample, we’re integrating technologies from partners, such as Carbon Clean, Svante, andothers as we aim to scale carbon capture capabilities at lower cost. Solving energy
challenges through technology is key to shaping the future energy system. And we haveunique capabilities, assets and customers that offer a platform to accelerate our progress.
Now let’s move into Q&A. Please ask one question and limit yourself to one follow-up.
36

Appendix: reconciliation of non-GAAP measures
Adjusted ROCE
CFFO per share excl. working capital$ millions

2021

Total reported earnings$ millions

15,625Special items1

(289)

FX

306

Total adjusted earnings

15,608Interest expense (A/T)

662

Non-controlling interest

64

Total adjusted ROCE earnings(6,209)Mid-cycle Downstream & Chemicals margins
Total normalized adjusted ROCE earnings

Average capital employed3

Normalized adjusted ROCE

29,187

Change in working capital(1,361)

CFFO excluding working capital

30,548Adjustments for price and margins:Price normalization2(7,299)16,334

Adjustments for price and margins:Price normalization2

2021

Reported CFFO

Mid-cycle Downstream & Chemicals margins

160

Normalized CFFO excluding working capital

23,409

Shares outstanding at year end 2021

1,916

160
10,285

174,175
5.9%

Normalized CFFO per share excluding working capital

12.2

1 Includes asset dispositions, asset impairments, pension settlement costs, tax items, and other special items. See 2021 4Q earnings press release.
2 Normalization to $60 Brent, $3 Henry Hub, $7 international LNG.
3 Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interests.

© 2022 Chevron

Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the year.

3737Appendix: reconciliation of non-GAAP measures
Downstream adjusted earnings
Downstream adjusted ROCETOTAL DOWNSTREAM
2010

2011

2012

2013

2014

2010-14
Average

2015

2016

2017

2018

2019

2015-19
Average

2,478

3,591

4,299

2,237

4,336

3,388

7,601

3,435

5,214

3,798

2,481

4,506

Asset Dispositions

400

500

400

--

960

452

1,710

490

675

350

--

645

Other Special Items1

(150)

--

--

--

(160)

(62)

--

(110)

1,160

--

--

210

FX

(135)

(65)

(173)

(76)

(112)

(112)

47

(25)

(90)

71

17

4

Total Adjustment Items

115

435

227

(76)

688

278

1,757

355

1,745

421

17

859

Total adjusted earnings ($MM)2

2,363

3,156

4,072

2,313

3,648

3,110

5,844

3,080

3,469

3,377

2,464

3,647

Average capital employed ($MM)

21,816

21,682

19,685

21,23323,16721,51623,73423,43023,92825,02825,607

24,345

11%

15%

21%

11%

16%

14%

25%

13%

14%

13%

10%

15%

Total reported earnings ($MM)
Adjustment Items ($MM):

Adjusted ROCE1,2,3
1 Includes asset impairments, write-offs, tax items, and any other special items.

2 Total adjusted earnings = total reported earnings less total adjustments for asset dispositions, other special items, and FX.
3 Adjusted return on capital employed (ROCE) = total adjusted earnings divided by average capital employed.

© 2022 Chevron

38

38Appendix: reconciliation of non-GAAP measures
Downstream normalized adjusted earnings

TOTAL DOWNSTREAM

2021

Total reported earnings ($MM)

2,914

Special items*

(110)

FX

185

Total special items and FX

75

Total adjusted earnings ($MM)

2,839

Mid-cycle Downstream & Chemicals margins
Total normalized adjusted earnings ($MM)

160
2,999

* Includes U.S. Downstream legal reserves. See 2021 4Q earnings press release for additional detail.

© 2022 Chevron

39

39Corporate appendix© 2022 Chevron40

40Appendix: slide notes
This presentation is meant to be read in conjunction with the 2022 Chevron Investor Day Transcript posted on chevron.com under the headings “Investors,” “Events & Presentations.”
Slide 5 – Winning combination

Slide 9 – Consistent financial priorities••

Capital efficiency – Evaluated as the ratio of total reported capital and exploratory expenditures andannual cash flow from operations.

•

Net debt ratio – Net debt ratio is defined as debt less cash, cash equivalents and marketablesecurities divided by debt less cash, cash equivalents and marketable securities plus stockholders’equity. All figures are based on published Chevron financial reports. Refer to Chevron’s 2021 Form 10K for reconciliation.

Quartiles are based on field-level intensity data from IEA, World Energy Outlook 2018.

Slide 6 – More capital and cost efficient•

Annual C&E expenditures – Historical figures from 2010 through 2019 represent total reported capitaland exploratory expenditures. The 2022-26 C&E guidance reflects the company’s organic capitalbudget announced in December 2021.

•

Unit opex – Defined as the ratio of total operating expense and annual volumes.
– Total operating expense is the sum of “operating expenses,” “selling, general and administrative
expenses” and “other components of net periodic benefit costs” line items from Chevron’s income
statement.
– Annual volumes are defined as the sum of “Total Consolidated Companies” oil equivalent
production and “Total Refined Product Sales” for U.S. and International Downstream, excluding
sales of affiliates. Refer to the Net Production of Liquids and Natural Gas table and Selected
Operating Data table of Chevron’s Form 10-K.

Slide 10 – Downside resilience and upside leverage•$50/bbl Brent nominal and $75/bbl Brent nominal are for illustrative purposes only and not necessarily
indicative of Chevron’s price forecast.

•Potential to buyback >25% of shares outstanding is based on the CVX average market capitalization
across the month of January 2022.

– In 2021, Chevron’s unit opex was ~14.5 $/BOE.
– Data points across 2010-2019 are exclusive of the Noble acquisition.
Slide 7 – Raising ROCE target•$60/bbl Brent is for illustrative purposes only and not necessarily indicative of Chevron’s price forecast.

•

Adjusted ROCE – 2021 earnings are normalized to $60 Brent, $3 Henry Hub, $7 international LNG
and mid-cycle Downstream & Chemicals margins.

•

CFFO per share excluding working capital – 2021 cash flow from operations is normalized to $60
Brent, $3 Henry Hub, $7 international LNG and mid-cycle Downstream & Chemicals margins.

•$160 million mid-cycle margin normalization in 2021 is based on 10-15% lower than average 20132019 refining margins, assumed 2026 chemical margins and assumed 2026 shipping rates.

•

See Appendix for reconciliation of non-GAAP measures.

© 2022 Chevron

41

41

Upstream & Midstream appendix© 2022 Chevron

42

42Appendix: slide notes
This presentation is meant to be read in conjunction with the 2022 Chevron Investor Day Transcript posted on chevron.com under the headings “Investors,” “Events & Presentations.”
Slide 13 – Continuing to advance our Upstream business•

Upstream Cash after C&E – Defined as the sum of earnings A/T, DD&A, asset sale (gain)/loss andexploration expense, less total C&E, per BOE.
-

Earnings A/T is total Upstream earnings including affiliates as represented in Chevron’s Form 10-K.

-

DD&A is the sum of depreciation expenses [Note 16 Property Plant and Equipment] and Affiliate
Companies depreciation & depletion and accretion expense [Table III – Results of Oil & Gas
Producing Activities] as represented in Chevron’s Form 10-K.

-

Asset Sale (Gain)/Loss reflect reported special items in previous investor materials.

-

Exploration expense is the sum of exploration expenses [Consolidated Statement of Income] andAffiliate Companies exploration expense [Table III – Results of Oil & Gas Producing Activities] as
represented in Chevron’s Form 10-K.

-

Total C&E is Upstream total capital and exploratory expenditures including affiliates as represented
in Chevron’s Form 10-K.

-

Barrel of Oil Equivalent (BOE) is annualized from total Upstream production per day as represented
in Chevron’s Form 10-K.

© 2022 Chevron43

43

Downstream & Chemicals appendix© 2022 Chevron

44

44Appendix: slide notes
This presentation is meant to be read in conjunction with the 2022 Chevron Investor Day Transcript posted on chevron.com under the headings “Investors,” “Events & Presentations.”
Slide 26 – Strong demand outlook for our products

Slide 30 – Attractive petrochemical business•

Global demand forecast – Source: Wood Mackenzie.

• Ethylene supply stack – Source: IHS Markit.

•

Polyethylene demand growth – Source: Wood Mackenzie.

•~3% CAGR through 2026 is for global polyethylene demand.

• CPChem unit opex – 2024 and 2026 opex includes forecasted 2021-2026 average turnaround
expenses in each year.

Slide 27 – Improving downstream & chemicals performance•

ROCE – Return on capital employed•$160 million mid-cycle margin normalization in 2021 is based on 10-15% lower than average 20132019 refining margins, assumed 2026 chemical margins, and assumed 2026 shipping rates.

•

See Appendix for reconciliation of non-GAAP measures.

Slide 28 – Driving self-help•

Brand trust and fuel quality – Source: The NPD Group, Inc. / Motor Fuels Index, January December 2021.

•

Non-turnaround maintenance unit opex – Unit opex is for U.S. operated refineries; excludes fuel &utilities, materials & supplies, labor, and other opex.

•

Annualized turnaround spend – Annualized spend is the total cost of a turnaround divided by theinterval (number of years) between turnaround events for Solomon units at U.S. operated refineries.
Source: Solomon Associates for 2018-2020 data with Chevron data and analysis for 2022-2026.

Slide 29 – Accelerating actions on renewable fuels targets•

MMBTU/D – Million British thermal units per day•

CNG – Compressed natural gas•

B/D – Barrels per day•

SAF – Sustainable aviation fuel•

TPA – Tonnes per annum•

60 of the 75 CNG stations are held through Chevron’s equity interest in American Natural Gas LLC(now Beyond6, LLC).

© 2022 Chevron4545