Slide 1: Third quarter 2025 earnings call
Third quarter 2025 earnings call October 31, 2025 © 2025 Chevron Permian
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: Higher returns, lower carbon: 3Q25 highlights
Higher returns, lower carbon 3Q25 highlights • Over 4 MMBOED worldwide production • Hess integration on track • Ballymore at design capacity ahead of schedule • First hydrogen production at ACES • Returned $6 billion cash to shareholders Bakken © 2025 Chevron 3
Slide 4: Financial highlights
Financial highlights 3Q25 Earnings / Earnings per diluted share $3.5 billion / $1.82 1 Adjusted earnings / EPS $3.6 billion / $1.85 1 Cash flow from operations / excl. working capital $9.4 billion / $9.9 billion Total capex / Organic capex $4.4 billion / $4.4 billion 1 ROCE / Adjusted ROCE 7.6% / 7.
Slide 5: Chevron earnings: 3Q25 vs. 2Q25
Chevron earnings 1 3Q25 vs. 2Q25 Upstream Downstream Other $ millions Liftings DD&A Interest Opex Opex / expense / (1,080) other other Volume Chemicals Other 75 151 (530) 5 30 (362) Realizations 2 FX 2,100 Special 185 2 items (20) 495 2Q25 3Q25 earnings earnings 1 Waterfall items include impacts fro
Slide 6: Chevron earnings: 3Q25 vs. 3Q24
Chevron earnings 1 3Q25 vs. 3Q24 Upstream Downstream Other $ millions Liftings DD&A Special 2 2 items FX Realizations Interest Opex Timing Volume / expense / (235) 191 Margins effects Opex Chemicals other other (1,750) Other (565) (200) 170 (170) 175 (301) (1,015) 2,435 (153) 470 3Q24 3Q25 earnings
Slide 7: Cash flow
Cash flow $ billions Adjusted free cash flow 2 Cash returned to shareholders $7 billion $6 billion Asset sales & equity affiliate loans Capex CFFO excl. WC2 Dividends (4.4) Share Hess cash repurchases acquired Debt (3.4) Working capital & other 1.1 (2.6) (0.4) 2.1 9.9 2Q25 3Q25 cash balance1 cash ba
Slide 8: Worldwide net oil & gas production: 3Q25 vs. 2Q25
Worldwide net oil & gas production 3Q25 vs. 2Q25 MBOED Shale & Base / other GOA TCO Hess tight 35 30 75 55 495 • Hess acquisition • Permian and Gulf of America growth • 2Q turnaround in Australia $68/BBL $69/BBL Brent Brent Note: Numbers may not sum due to rounding. See Appendix for slide notes and
Slide 9: November 12, 2025 investor event
November 12, 2025 9:30 am – 12:30 pm ET chevron.co/CID2025 © 2025 Chevron Anchor
Slide 10: Questions and answers
questions answers © 2025 Chevron 10
Slide 11: Appendix: forward guidance
Appendix: forward guidance 4Q25 outlook Upstream Turnarounds & downtime: ~(125) MBOED Downstream Turnarounds & downtime (A/T earnings): $(400) – $(500)MM Affiliate dividends: $0.8 – $0.9B Corporate Share repurchases: $2.5 – $3.0B “All Other” segment earnings: $(0.9) – $(1.1)B Oronite Singapore © 202
Slide 12: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q24 2Q24 3Q24 4Q24 FY 2024 1Q25 2Q25 3Q25 YTD 2025 Reported earnings ($ millions) Upstream 5,239 4,470 4,589 4,304 18,602 3,758 2,727 3,302 9,787 Downstream 783 597 595 (248) 1,727 325 737 1,137 2,199 All Other (52
Slide 13: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings U.S. International Total U.S. International Total Upstream Upstream Upstream Downstream Downstream Downstream All Other Total 3Q24 Reported earnings ($ millions) 1,946 2,643 4,589 146 449 595 (697) 4
Slide 14: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Adjusted free cash flow $ millions 3Q25 Net cash provided by operating activities 9,385 Less: Net decrease (increase) in operating working capital (555) Cash flow from operations excludin
Slide 15: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 3Q25 Short term debt 3,591 Long term debt* 37,953 Total debt 41,544 Less: Cash and cash equivalents 7,725 Less: Time deposits 2 Less: Marketable securities - Total net debt 33,817 Total Chevron Corporation Stockholders’ Equity 1
Slide 16: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 3Q25 $ millions 3Q25 Total reported earnings 3,539 Adjusted earnings 3,627 Non-controlling interest 74 Non-controlling interest 74 Interest expense (A/T) 329 Interest expense (A/T) 329 ROCE earnings 3,942 Adjusted ROCE earnings 4
Slide 17: U.S. upstream adjusted earnings: 3Q25 vs. 2Q25
Appendix 1,2 U.S. upstream adjusted earnings: 3Q25 vs. 2Q25 $ millions Liftings DD&A Timing effects Opex (485) 60 • Hess acquisition Other Realizations • Higher liquids realizations (305) 49 815 90 • Higher Gulf of America and Permian liftings and DD&A • Timing effects: • 3Q25: $43 • Absence of 2Q25
Slide 18: International upstream adjusted earnings: 3Q25 vs. 2Q25
Appendix 1,2 International upstream adjusted earnings: 3Q25 vs. 2Q25 $ millions Liftings DD&A Timing effects Opex (595) (115) • Hess acquisition Other (225) 11 • Higher liquids realizations Realizations 1,285 • Higher liftings and DD&A on 95 lower downtime • Timing effects: • 3Q25: $7 • Absence of 2
Slide 19: U.S. downstream adjusted earnings: 3Q25 vs. 2Q25
Appendix 1,2 U.S. downstream adjusted earnings: 3Q25 vs. 2Q25 $ millions Opex / other Chemicals 24 Timing effects 105 • Pasadena LTO and Geismar Margins Volume ramp 85 (15) 35 • Higher chemicals margins and lower maintenance • Timing effects: • 3Q25: $33 • Absence of 2Q25: $52 2Q25 3Q25 adjusted adj
Slide 20: International downstream adjusted earnings: 3Q25 vs. 2Q25
Appendix 1,2 International downstream adjusted earnings: 3Q25 vs. 2Q25 $ millions Timing Other Margins effects 10 Chemicals (75) • Favorable tax and other (30) 117 results • Timing effects: • 3Q25: $27 • Absence of 2Q25: $(102) 2Q25 3Q25 adjusted adjusted earnings earnings 1 Waterfall items include
Slide 21: Worldwide net oil & gas production: 3Q25 vs. 3Q24
Appendix Worldwide net oil & gas production: 3Q25 vs. 3Q24 MBOED Base / Asset Shale & GOA other sales tight TCO Hess 95 (3) 120 (135) 150 495 • Hess acquisition • TCO, Permian and Gulf of America growth • Asset sales in Canada and Congo $80/BBL $69/BBL Brent Brent Note: Numbers may not sum due to ro
Slide 22: Appendix: glossary
Appendix: glossary Common units of measure Non-GAAP measures • BBL – Barrel of oil • Adjusted earnings reflect reported earnings excluding special items and foreign currency effects. • MBOED – Thousand barrels of oil equivalent per day • Adjusted free cash flow is defined as free cash flow excluding