Slide 1: Chevron 2026 Investor Presentation
Chevron 2026 Investor Presentation August 7, 2026 © 2026 Chevron
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: Stronger cash flow. Growing value.
Stronger cash flow. Growing value. © 2025 Chevron Wheatstone3Platform
Slide 4: Stronger cash flow. Growing value.
Stronger cash flow. Growing value. Sustained free cash flow growth Industry-leading inflection is just the beginning Resilient world class portfolio Premier Upstream assets and diversified growth Superior shareholder returns Capital discipline rewards shareholders Permian See Appendix for reconcilia
Slide 5: Enduring demand for affordable, reliable energy
Enduring demand for affordable, reliable energy Global oil & gas demand Oil supply gap MMBOED MMBD Demand 100 ~50MMBD Oil & gas demand Existing supply Capital assisted decline record high – Global gas demand by sector Scale & expertise BCFD required to meet demand Other Power Industrial Buildings So
Slide 6: Consistency in approach
Consistency in approach Higher returns Lower carbon Capital and cost discipline Pragmatic approach to new energies Increased cash to shareholders Lowering carbon intensity See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and
Slide 7: Industry leading growth, now
Industry leading growth, now CFFO CAGR1 Dividend + capex breakeven 2026 vs 2024 Brent $/BBL Highest value Chevron Peers 2 growth Production CAGR1 2026 vs 2024 Breakeven <$50 2 Chevron Peers 1 Source: FactSet 10/29/2025, projected 2026 values based on consensus. 2 Peers include BP, SHEL, TTE and XOM.
Slide 8: Industry-leading growth only getting stronger
Industry-leading growth only getting stronger 1 ~$12.5 billion additional free cash flow by 2026 Significant progress in 2025 Free cash flow, $ billions TCO FGP at full production rates ~$12.5B ~$10B Gulf of America projects ramping Permian 1 MMBOED achieved New organizational structure live Complet
Slide 9: Stronger cash flow growth, for longer
Stronger cash flow growth, for longer Adjusted free cash flow Forecast $ billions >14% 1 CAGR >10% Capital discipline 1 CAGR Asset sales World class assets Diversified growth 2025e Upstream DSC, 2030 2030 Brent: $70/BBL New Energies Brent: $70/BBL Brent: $70/BBL Real2 & Other Nominal 1 CAGR = Compou
Slide 10: Consistent financial priorities
Consistent financial priorities Dividend growth per share CAGR to 2025 Grow the dividend consistently Total Energies Exxon Shell BP Invest capital efficiently Maintain a strong balance sheet 10 years 15 years 20 years 25 years 5 years Repurchase shares steadily See Appendix for reconciliation of non
Slide 11: Capital discipline leadership
Capital discipline leadership Reinvestment rate Capital expenditures Capex / CFFO $ billions Chevron Peer average1 S&P 500 Capex Affiliate capex 18-21 Continued discipline leading efficiency Lowering capex guidance $18-21 billion per year 1-2 1 Peers include BP, SHEL, TTE and XOM. Forward guidance a
Slide 12: Position of strength
Position of strength 1 Efficient capital program <$50 breakeven 4 underpins dividend growth Capital discipline prioritizing value Cash returned to shareholders $ billions Aa2 & AA- credit rating significant debt capacity Shareholder returns through the cycle approach 1 Source: Visible Alpha, January
Slide 13: Achieved structural savings early
Achieved structural savings early Operating expense $ billions excluding special items Hess opex Structural Lowered controllable opex cost Transport / Market synergies 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 14: Buybacks through the cycle
Buybacks through the cycle Buybacks Cash sources & uses $ billions and % shares repurchased 2026-2030 $ billions Buybacks Hess shares Shares repurchased % 19 of 23 years repurchased shares $10-20 billion annual guidance ~3% to ~6% of shares outstanding per year *Other includes cash on balance sheet,
Slide 15: Higher earnings and returns
Higher earnings and returns Adjusted earnings per share Forecast $ per share >14% CAGR High return growth >10% CAGR Lower cost >3% ROCE improvement *2025 Real dollars, assumes inflation of 2.7% per annum for price of $80/BBL in 2030 and no change in share count assumption vs $70 nominal case Forward
Slide 16: >3% ROCE improvement by 2030
>3% ROCE improvement by 2030 Adjusted earnings Year-end capital employed Earnings improvement ~18% higher return growth reduction >7% CAGR lower cost Lower capital employed capital discipline higher affiliate distributions Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendi
Slide 17: Winning combination
Winning combination Cash Returns Capital & cost discipline Expect >10% aFCF Expect >10% EPS Lowering capex guidance average annual growth average annual growth to $18-21 billion Buyback potential Target >3% ROCE Dividend + capex breakeven ~3% to ~6% shares annually improvement by 2030 <$50/BBL Note:
Slide 18: Premier global energy company
Premier global energy company © 2025 Chevron 18 TCO
Slide 19: Premier global energy company
Premier global energy company Upstream Downstream New Energies Highest cash margin Integrated refining & marketing U.S. leader in renewable fuels Deep resource base Top-tier flexibility Power solutions for AI growth Leading natural gas position Advantaged petrochemicals Emerging opportunities Leviat
Slide 20: Leading upstream portfolio
Leading upstream portfolio Cash margin1 Oil upside3 2025-2034 $/BOE 2025 $10 Brent sensitivity / 2025e CFFO 2 2 Chevron Peers Chevron Peers Highest margins and new project returns >20% higher New project returns1 commodity upside Worldwide natural gas production3 2025-2050 weighted average IRR% 2025
Slide 21: Growing high cash margin barrels
Growing high cash margin barrels Production guidance Projected upstream cash margin Net MMBOED % of total net production Capital disciplined < $15 $15-$30 > $30 growth 2% to 3% production CAGR ~10% average margin improvement - - Forward guidance as of Chevron Investor Day on November 12, 2025. See A
Slide 22: Decades of natural gas resource in Australia
Decades of natural gas resource in Australia 2023-2025 reliability1 % >40 TCF Chevron 2 Peers gross resource First quartile Low-cost backfill projects $4-5 billion projected average annual FCF Wheatstone 1 Source: Solomon Total Study Median Reliability. 2 Peers as defined by the Solomon study. Forwa
Slide 23: Maximizing value at TCO
Maximizing value at TCO Maximum production capacity MBOED Fully optimized field and plants 3GP above nameplate debottlenecking achieved TCO FGP See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2026 C
Slide 24: Winning position in the Permian
Winning position in the Permian Long-term production Inventory duration Reducing capex Plateau with option to grow Thousands of economic locations ~$5B annual FCF through 2030 Net production Net inventory locations through 2040 Reinvestment rate MMBOED PV-10 breakeven % MB DB-TX DB-NM <250 >2,300 >3
Slide 25: Leading in shale & tight advanced chemical treatments
Leading in shale & tight advanced chemical treatments New well treatments Base well treatments ~10% expected EUR uplift | ~11 MBOE breakeven ~5% to ~8% reduced decline | ~6 MBOE breakeven Scaling to 100% of Permian COOP wells, piloting across S&T Piloting across S&T Advanced chemicals treatments on
Slide 26: Combining strengths across basins
Combining strengths across basins DJ Basin Bakken Argentina ~75% inventory <$50/BBL breakeven Optimizing activity ~75% oil weighting Improving efficiencies Enhancing value Advancing infrastructure DJ Basin Bakken Loma Campana ~$2B combined annual FCF through 2035* Growing production >3x by 2035* *Pr
Slide 27: Expanding U.S. natural gas value chains
Expanding U.S. natural gas value chains Premier portfolio Regional scale Price exposure Strong foundation Market diversification Expanding customer base Growing production & markets Enabling optimization Accessing international markets U.S. natural gas production1 Bakken Potential U.S. gas exposure
Slide 28: Industry-leading resource in Guyana
Industry-leading resource in Guyana Gross production capacity Cash margin vs. emissions intensity2 MBOD $/BOE vs Tonnes/MBOE >30 major discoveries >11 BBOE gross resource Longtail Hammerhead Whiptail Targeting Longtail 1 Uaru sanction in 2026 Yellowtail Payara FCF growth Liza Phase 2 expected beyond
Slide 29: Growing energy supply in Eastern Mediterranean
Growing energy supply in Eastern Mediterranean 2x growth potential ~44 TCF gross resource Completed since 3Q25 Tamar optimization project first gas Leviathan additional capacity first gas Leviathan expansion reached FID Legend Aphrodite Producing fields entered FEED Discoveries Chevron blocks Forwar
Slide 30: Leader in the Gulf of America
Leader in the Gulf of America Louisiana Texas Technology leader first to 20K psi Petronius Cognac Ballymore Largest leaseholder Lobster Tubular Bells Blind Faith ~1.7MM net acres Conger Baldpate Llano Tahiti Anchor Stampede Mad Dog Caesar-Tonga Big Foot Advancing exploration Legend 10-15 wells throu
Slide 31: Strengthening our Venezuelan portfolio
Strengthening our Venezuelan portfolio Growing our advantaged position Adding prolific heavy oil resources Over a century of in-country presence Trinidad & Tobago Petroindependiente Petroboscán Focused on safe & reliable operations Petropiar upgrader Loran field Orinoco Petropiar 1 Asset swap detail
Slide 32: Strong base assets in West Africa
Strong base assets in West Africa Angola Nigeria Equatorial Guinea Frontier South N’Dola project Nigeria JV 31-well Aseng gas monetization Namibia exploration well achieved first oil infill drilling underway reached FID in 1Q26 planned for 2026 Block 49 and 50 seismic 15 E&A wells Progressing pre-FE
Slide 33: Investing in exploration
Investing in exploration Deepening acreage Investing in data & in core areas proprietary imaging Extending breadth Focused AI accelerating in frontier plays characterization ~50% Legend Infrastructure enabled exploration Frontier exploration © 2026 Chevron 33
Slide 34: Diverse resource supports future growth
Diverse resource supports future growth Resource depth Wood Mackenzie commercial resource Long duration Years of resource life BBOE resource life Global resource base balanced across asset classes Years BBOE Resilient production growth - - Source: Wood Mackenzie. See Appendix for reconciliation of n
Slide 35: Preserving long-term value
Preserving long-term value 1-year reserve replacement 10-year resource replenishment BBOE Total 6P BBOE 1-year 158% RRR in 2025 Growing resource depth up ~10% See Appendix for reconciliation of special items, FX and non-GAAP measures, as well as definitions, calculations and other information. Note:
Slide 36: Maximizing value through integration
Maximizing value through integration Strategic portfolio diversity Advantaged value chain Diverse crudes & complex refining Strong utilization during global disruptions Increased equity crude throughput >2x1 Global equity crude & product flows Export Crude Production Crude Flows Refinery Refined Pro
Slide 37: Advantaged refining & marketing value chain
Advantaged refining & marketing value chain Flexible system Cash generation Top-tier brand Diverse high-value products Leading margins Leading retail share Adaptive to market dynamics >$4B projected annual FCF Strategic markets Nelson complexity index1 U.S. refining net cash margin1 Top U.S. retail
Slide 38: Leading chemicals portfolio growth
Leading chemicals portfolio growth Feedstock advantaged Increasing leadership Competitive product Low-cost ethane USGC & Qatar projects >95% complete Resilient & reliable Enhancing existing strength Start-up anticipated 2027 Cost management Ethylene cost vs. global capacity1 Utilization rates 2027 f
Slide 39: New Energies & Lower Carbon
New Energies & Lower Carbon © 2026 Chevron 39 TCO
Slide 40: 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 1 Kilby is the
Slide 41: 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 42: Advantaged renewable fuels
Advantaged renewable fuels Scale Integrated Flexible Bio-based diesel Feedstock advantaged Processing 2nd largest producer in U.S. Bunge JV El Segundo traditional/renewable Renewable natural gas Customers Pre-treatment ~11,000 MMBTUD gross capacity policy-supported markets Geismar expansion Seneca B
Slide 43: New Energies activity
New Energies activity Hydrogen achieved first production and storage at ACES Lithium appraisal wells in 2026 Carbon capture & storage advancing Bayou Bend and Pascagoula ACES 1 Project in Delta, Utah Forward guidance as of Chevron Investor Day on November 12, 2025. See Appendix for reconciliation of
Slide 44: Carbon intensity leadership
Carbon intensity leadership Global upstream oil Global upstream gas GHG intensity distribution GHG intensity distribution kg CO2e/BOE kg CO2e/BOE 2022 IEA Chevron 2022 IEA Chevron First quartile in both oil and gas Upstream oil intensity reduced ~50% since 2016 Q1 Q2 Q3 Q4 Source: IEA, Emissions fro
Slide 45: 2025–2030 major capital project activity
2025–2030 major capital project activity Country Project Operator Status Next milestone Angola South N’Dola Chevron Online N/A Angola New Gas Consortium Quiluma Maboquiero Other Online N/A Australia Jansz-Io Compression Chevron Execution Start-up 2028 Australia Gorgon Stage 3 Chevron Execution Start
Slide 46: 2025–2030 major capital project activity
2025–2030 major capital project activity Country Project Operator Status Next milestone Downstream, Midstream Qatar Ras Laffan Petrochemical Project Other Execution Start-up 2027 & Chemicals U.S. Onshore Golden Triangle Polymers Project Other Execution Start-up 2027 Country Project Operator Status N
Slide 47: Latest results
Latest results © 2026 Chevron 47 TCO
Slide 48: 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 49: 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 50: 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 51: 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 52: 2026 production outlook
2026 production outlook MBOED Full year of Hess assets Base / Shale & GOA TCO EMED other Guyana, Bakken Guyana tight 30 20 (50) 60 +7% to 10% 125 Growth 130 Offshore growth GOA, EMED U.S. shale & tight portfolio at production plateau $69/BBL Brent Guidance $60/BBL Brent See Appendix for reconciliati
Slide 53: Forward guidance
Forward guidance 1 Excludes foreign exchange and special items. Due to the forward-looking nature, management cannot reliably predict certain components of the most directly comparable forward-looking GAAP measure and is therefore unable to provide a quantitative reconciliation. © 2026 Chevron 53 2
Slide 54: Appendix: Reconciliation of non-GAAP measures
Appendix Reconciliation of non-GAAP measures
Slide 55: Appendix: 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 pr
Slide 56: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Operating expenses excluding special items $ millions 2024 Operating expenses 27,464 Selling, general and administrative expenses 4,834 Other components of net periodic benefit costs 195 Operating expenses 32,493 Less: special items 983 Operating expense
Slide 57: Appendix: reconciliation of non-GAAP measures
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 58: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures RRR and organic RRR 2025 2016 - 2025 billion boe 1-year 10-year Asset sales <(0.1) (1.8) Net adds (excluding acquisitions) 0.8 7.8 Acquisitions 1.4 4.6 Net proved reserves changes 2.2 10.6 Net proved reserves changes 2.2 10.6 Production 1.4 11.2 Reserves
Slide 59: Appendix: reconciliation of non-GAAP measures
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 60: Appendix: reconciliation of non-GAAP measures
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 61: Appendix: reconciliation of non-GAAP measures
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 62: 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 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 63: Appendix: reconciliation of non-GAAP measures
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 64: Appendix: Slide notes
Appendix Slide notes © 2026 Chevron 64
Slide 65: Appendix: glossary and pricing assumptions
Appendix: glossary and pricing assumptions This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.” Common units of measure Forward looking pricing assumptions for financial performance metrics •
Slide 66: Appendix: slide notes
Appendix: slide notes This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.” Stronger Cash Flow. Growing Value. Industry-leading growth only getting stronger • Free cash flow growth – Is define
Slide 67: Appendix: slide notes
Appendix: slide notes This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.” Capital discipline leadership Higher earnings and returns • Capital expenditures (Capex) – The 2026-2030 capital exp
Slide 68: Appendix: slide notes
Appendix: slide notes This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.” Leading upstream portfolio Winning position in the Permian • Cash Margin – Wood Mackenzie operating cash margin defi
Slide 69: Appendix: slide notes
Appendix: slide notes This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.” Combining strengths across basins Strong base assets in West Africa • FCF – Free cash flow defined as cash flow from
Slide 70: Appendix: slide notes
Appendix: slide notes This presentation is meant to be read in conjunction with the related transcripts posted on chevron.com under the headings “Investors,” “Events & Presentations.” Leading chemicals portfolio growth Carbon intensity leadership • Ethylene cost vs. global capacity – Wood Mackenzie,