Slide 1: Second quarter 2026 earnings call
Second quarter 2026 earnings call July 31, 2026 © 2026 Chevron Pascagoula refinery Welcome to Chevron’s second quarter 2026 earnings conference call and webcast. I’m Jeanine Wai, Head of Investor Relations. Our Chairman and CEO, Mike Wirth; CFO, Eimear Bonner; and President, New Energies, Jeff Gusta
Slide 2: Cautionary statement and additional information
Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation contains forward-looking images and statements relating to Chevron’s ope
Slide 3: Delivering value through execution
Delivering value through execution Strong operations >5% upstream global production increase Record U.S. upstream production Record U.S. refinery throughput Financial and capital discipline Achieved structural cost savings & Hess synergies Further U.S. shale & tight capital efficiencies Strengthened
Slide 4: Hess acquisition: one-year lookback
Hess acquisition: one-year lookback Accelerated financial delivery Strategic benefits realized Captured $1.5B synergies Stronger combined portfolio six months ahead of schedule driving efficiencies, higher oil weighting Significant cash generated Enhances and extends growth FCF far exceeds increment
Slide 5: Uniquely positioned to power AI growth
Uniquely positioned to power AI growth >100 Announced U.S. data center Durable demand power projects constrained by reliable power 70 Behind-the-meter (BTM) or private-grid projects Leveraging Chevron strengths natural gas & execution capabilities 10 Signed long-term PPAs Value driven platform for d
Slide 6: Executing Project Kilby with speed and scale
Executing Project Kilby with speed and scale Project Kilby indicative capacity ramp1 GW Full capacity 20-year take-or-pay PPA Microsoft (AAA-rated) Resilient & diversified cash flow Uncorrelated to oil & gas cycles Building shared value through community partnership 1 Capacity shown on 100% gross ba
Slide 7: Financial highlights
Financial highlights 2Q26 Earnings / Earnings per diluted share $12.1 billion / $6.11 Adjusted earnings / EPS1 $12.0 billion / $6.06 Cash flow from operations / excl. working capital1 $22.6 billion / $19.7 billion Total capex / Organic capex $4.5 billion / $4.4 billion ROCE / Adjusted ROCE1,2 21.4%
Slide 8: Chevron earnings
Chevron earnings 1 2Q26 vs. 1Q26 Upstream Downstream Other $ millions Timing Other Other effects Chemicals (5) 230 462 Timing Tax / Margins Volume effects other 90 2,620 Liftings DD&A Realizations (993) 1,670 730 (555) 1,810 Special 2 items 2 FX 174 3,125 504 1Q26 2Q26 earnings earnings 1 Waterfall
Slide 9: Cash flow
Cash flow 2 $ billions Adjusted free cash flow Cash returned to shareholders $15.4 billion $6.5 billion Asset sales & CFFO equity affiliate 2 excl. WC loans Capex 0.3 Dividends (4.5) Share repurchases Debt (3.5) paydown (3.0) Working capital & other 19.7 (8.4) 2.7 1Q26 2Q26 cash balance1 cash balanc
Slide 10: Worldwide net oil & gas production
Worldwide net oil & gas production 2Q26 vs. 1Q26 MBOED Base / U.S. Australia Middle East other TCO 15 (20) (8) 55 Record U.S. production 170 Strong performance from key assets Limited Middle East exposure 1 1Q26 2Q26 $81/BBL $104/BBL Brent Brent 1 Includes (20) MBOED entitlement effects associated w
Slide 11: Achieved structural savings early
Achieved structural savings early Operating expense $ billions excluding special items Hess opex Structural Lowered controllable opex Transport / Market synergies cost reductions while growing production fuel (0.4) Growth / other 1.2 1.2 1.6 (3.0) $3B structural cost reductions captured six months e
Slide 12: Focused execution, disciplined growth
Focused execution, disciplined growth 1 Executing today Delivering 2030 plan Stacking growth options Strong operations 2% to 3% production CAGR South America potential Capital and cost discipline >10% aFCF CAGR Diversified new resource options Consistent financial priorities >3% ROCE improvement Eme
Slide 13: Questions & answers
+ questions answers © 2026 Chevron 13 13
Slide 14: Forward guidance: 3Q26 outlook
Appendix Forward guidance 3Q26 outlook UPSTREAM Turnarounds & downtime: (150) - (200) MBOED Turnarounds & downtime: $(175) - $(225)MM DOWNSTREAM (A/T earnings) Share repurchases: $2.5 - $3.0B CORPORATE Affiliate distributions: $1.5 - $1.7B 1 TCO loan repayment : $1.0B Permian 1 TCO loan repayment wi
Slide 15: Chevron earnings: 2Q26 vs. 2Q25
Appendix 1 Chevron earnings: 2Q26 vs. 2Q25 Upstream Downstream Other $ millions Other Other Timing Chemicals effects (255) Margins Volume 713 295 Liftings DD&A Timing Opex / (185) 825 effects tax (1,160) 525 (854) 2,120 Realizations 3,140 Special 2 2 FX items 3,760 300 360 2Q25 2Q26 earnings earning
Slide 16: U.S. upstream adjusted earnings: 2Q26 vs. 1Q26
Appendix 1,2 U.S. upstream adjusted earnings: 2Q26 vs. 1Q26 $ millions Timing Liftings DD&A effects Realizations Other (60) 180 (130) (141) • Higher liquids realizations • Higher production 1,580 • Timing effects: • 2Q26: $(62) • Absence of 1Q26: $(68) 1Q26 2Q26 adjusted adjusted earnings earnings 1
Slide 17: International upstream adjusted earnings: 2Q26 vs. 1Q26
Appendix 1,2 International upstream adjusted earnings: 2Q26 vs. 1Q26 $ millions Timing Tax / effects other (852) Liftings DD&A • Higher realizations Realizations 550 (495) 1,940 • Higher TCO production • Higher TCO withholding tax • Timing effects: 1,545 • 2Q26: $742 • Absence of 1Q26: $1,198 1Q26 2
Slide 18: U.S. downstream adjusted earnings: 2Q26 vs. 1Q26
Appendix 1,2 U.S. downstream adjusted earnings: 2Q26 vs. 1Q26 $ millions Other Chemicals Timing 70 effects 235 Volume Margins 260 150 • Higher refining margins • Stronger chemicals margins • Timing effects: • 2Q26: $(27) • Absence of 1Q26: $287 1,140 1Q26 2Q26 adjusted adjusted earnings earnings 1 W
Slide 19: International downstream adjusted earnings: 2Q26 vs. 1Q26
Appendix 1,2 International downstream adjusted earnings: 2Q26 vs. 1Q26 $ millions Other Timing effects 387 • Higher refining margins • Strong trading and shipping 1Q26 • Timing effects: adjusted earnings • 2Q26: $887 2Q26 • Absence of 1Q26: $1,473 adjusted Margins Volume earnings (60) 2,360 530 1 Wa
Slide 20: Worldwide net oil & gas production: 2Q26 vs. 2Q25
Worldwide net oil & gas production 2Q26 vs. 2Q25 MBOED Base / U.S. GOA other onshore Bakken 14 95 Guyana 110 Hess integration 180 275 Organic growth Strong portfolio performance 1 2Q25 2Q26 $68/BBL $104/BBL Brent Brent 1 Includes (40) MBOED entitlement effects associated with price relative to the p
Slide 21: Reconciliation of non-GAAP measures
Appendix Reconciliation of non-GAAP measures The company cannot provide a reconciliation of forward-looking non-GAAP and other measures to the most comparable GAAP measure without unreasonable effort. Certain information needed to make a meaningful or reasonably accurate reconciliation cannot be pre
Slide 22: Reported earnings to adjusted earnings
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 YTD 2026 Reported earnings ($ millions) Upstream 3,758 2,727 3,302 3,035 12,822 3,909 8,182 12,091 Downstream 325 737 1,137 823 3,022 (817) 4,868 4,051 All Other (583) (974) (900)
Slide 23: Reported segment earnings to adjusted segment earnings
Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings U.S. International International Total Upstream Upstream Total Upstream U.S. Downstream Downstream Downstream All Other Total 2Q25 Reported earnings ($ millions) 1,418 1,309 2,727 404 333 737 (974) 2
Slide 24: Cash flow from operations and free cash flow
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Adjusted free cash flow $ millions 2Q26 Net cash provided by operating activities 22,633 Less: Net decrease (increase) in operating working capital 2,945 Cash flow from operations excludi
Slide 25: Net debt to CFFO
Appendix: reconciliation of non-GAAP measures Net debt to CFFO $ millions 2Q26 Short-term debt 401 Long-term debt* 36,674 Total debt 37,075 Less: Cash and cash equivalents 8,527 Less: Time deposits 3 Less: Marketable securities - Total net debt 28,545 Net cash provided by operating activities (last
Slide 26: Adjusted ROCE
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 2Q26 $ millions 2Q26 Total reported earnings 12,072 Adjusted earnings 11,977 Non-controlling interest 142 Non-controlling interest 142 Interest expense (A/T) 318 Interest expense (A/T) 318 ROCE earnings 12,532 Adjusted ROCE earni
Slide 27: Operating expenses excluding special items
Appendix: reconciliation of non-GAAP measures Operating expenses excluding special items Trailing $ millions 2024 3Q25 4Q25 1Q26 2Q26 12-months (TTM) 2Q26 Operating expenses 27,464 7,534 7,389 7,676 7,451 30,050 Selling, general and administrative expenses 4,834 1,524 1,492 1,066 1,314 5,396 Other c
Slide 28: Slide notes
Appendix Slide notes © 2026 Chevron 28 28
Slide 29: Appendix: slide notes
Appendix: slide notes Slide 5: Uniquely Positioned to Power AI Growth Common units of measure • Funnel notes: • BBL – Barrel of oil – Behind-the-meter (BTM) or private-grid projects – reflects publicly-available data for behind-the-meter / • GW – Gigawatts co-located private-grid data center power g
Slide 30: Appendix: slide notes
Appendix: slide notes Non-GAAP measures Other definitions and acronyms • Adjusted earnings reflect reported earnings excluding special items and foreign currency effects. • Behind-the-meter (BTM) – co-located generation that provides electricity directly to a facility, without relying on the public