Slide 1: First quarter 2025 earnings call
First quarter 2025 earnings call May 2, 2025 © 2025 Chevron Blind Faith
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: Winning in any environment
Winning in any environment Shareholder returns Resilient portfolio Cost and capital discipline Cash flow growth Workers at Sahna Lean Gas Facility © 2025 Chevron 3
Slide 4: Execution in action
Execution in action Project start-ups Portfolio TCO Asset sales 30 day ramp up Canada, Alaska, Congo and 1 ~1 MMBOED East Texas TCO Gulf of America Structural cost reductions Anchor, Whale and Divestments, technology and Ballymore operating model Pasadena Refinery New opportunities LTO expansion Arg
Slide 5: Financial highlights
Financial highlights 1Q25 Earnings / Earnings per diluted share $3.5 billion / $2.00 1 Adjusted earnings / EPS $3.8 billion / $2.18 1 Cash flow from operations / excl. working capital $5.2 billion / $7.6 billion Total capex / Organic capex $3.9 billion / $3.5 billion 1,2 ROCE / Adjusted ROCE 8.3% /
Slide 6: Cash flow
Cash flow 2,3 $ billions Free cash flow excl. WC Cash returned to shareholders $3.7 billion $6.9 billion CFFO excl. WC Capex Asset sales / other Dividends Debt 0.7 Share Working capital repurchases (3.0) (3.9) Hess (2.4) 5.0 shares 7.6 (3.9) (2.2) YE 2024 1Q25 cash balance1 cash balance1 1 Includes
Slide 7: Chevron earnings
Chevron earnings 1 1Q25 vs. 4Q24 $ millions Upstream Downstream Other Special 2 2 items FX DD&A / Opex other Timing Opex Other Other Timing Realizations Liftings Margins Volume effects (39) effects Chemicals 230 25 (150) (130) 40 265 (860) 185 (420) 225 940 (280) 230 4Q24 1Q25 earnings earnings 1 Wa
Slide 8: Worldwide net oil & gas production
Worldwide net oil & gas production 1Q25 vs. 4Q24 MBOED Asset sales TCO Base / Turnarounds / Shale & downtime other tight GOA (105) 100 (27) 40 (25) 20 • TCO and Gulf of America growth • Canada and Congo asset sales $75/BBL $76/BBL Brent Brent Note: Numbers may not sum due to rounding. © 2025 Chevron
Slide 9: Consistent financial priorities
Consistent financial priorities Growing the dividend Strong balance sheet Dividend per share indexed to 2014 Grow the dividend Net debt ratio % consistently 1 1 Chevron Peers Brent Chevron Peers SP500 avg. Brent Brent $/BBL Brent $/BBL Invest capital efficiently 4 1Q25 Leading Upstream breakevens Bu
Slide 10: Questions and answers
questions answers © 2025 Chevron 10
Slide 11: Appendix: Forward guidance
Appendix: Forward guidance 2Q25 outlook Upstream Turnarounds & downtime: ~(105) MBOED Downstream Turnarounds (A/T earnings): $(300) – $(350)MM Affiliate dividends: $800 – $900MM Corporate Share repurchases: $2.5 – $3B Workers at Richmond Refinery © 2025 Chevron 11
Slide 12: Appendix: TCO 2025 guidance
Appendix: TCO 2025 guidance and projected impact on Chevron financial statements TCO free cash flow 1 2025 guidance @ $70/BBL Brent CVX share, $ billions Annual 2 Consolidated Statement of Comprehensive Income guidance Notes $B Income from equity affiliates 1.4 Chevron share of TCO after tax earning
Slide 13: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q24 2Q24 3Q24 4Q24 FY 2024 1Q25 YTD 2025 Reported earnings ($ millions) Upstream 5,239 4,470 4,589 4,304 18,602 3,745 3,745 Downstream 783 597 595 (248) 1,727 325 325 All Other (521) (633) (697) (817) (2,668) (570)
Slide 14: 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 1Q24 Reported earnings ($ millions) 2,075 3,164 5,239 453 330 783 (521) 5
Slide 15: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Free cash flow excluding working capital $ millions 1Q25 Net cash provided by operating activities 5,189 Less: Net decrease (increase) in operating working capital (2,408) Cash Flow from
Slide 16: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 1Q25 Short term debt 4,076 Long term debt* 25,605 Total debt 29,681 Less: Cash and cash equivalents 4,638 Less: Time deposits 5 Less: Marketable securities - Total adjusted debt 25,038 Total Chevron Corporation Stockholders’ Equ
Slide 17: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 1Q25 $ millions 1Q25 Total reported earnings 3,500 Adjusted earnings 3,813 Non-controlling interest 12 Non-controlling interest 12 Interest expense (A/T) 192 Interest expense (A/T) 192 ROCE earnings 3,704 Adjusted ROCE earnings 4
Slide 18: Appendix: Chevron earnings 1Q25 vs. 1Q24
Appendix 1 Chevron earnings 1Q25 vs. 1Q24 Upstream Downstream Other $ millions Special 2 items 2 FX (175) Realizations (223) Liftings DD&A (265) Timing Tax / (75) effects other (480) Margins Timing (70) effects Chemicals (250) Other Other Volume (80) 30 (490) 65 240 (230) 1Q24 1Q25 earnings earnings
Slide 19: Appendix: U.S. upstream adjusted earnings
Appendix 1,2 U.S. upstream adjusted earnings: 1Q25 vs. 4Q24 $ millions Timing effects Other Realizations Liftings DD&A 25 140 (130) 65 • Higher realizations 285 • Lower liftings due to fewer days in 1Q25 • Lower DD&A on absence of ARO revisions • Timing effects • 1Q25: $8 • Absence of 4Q24: $9 • Abs
Slide 20: Appendix: International upstream adjusted earnings
Appendix 1,2 International upstream adjusted earnings: 1Q25 vs. 4Q24 $ millions DD&A / Realizations Opex other • Lower realizations on LNG Timing Liftings effects price lag (100) 205 (150) 90 • Lower liftings due to fewer (485) days in 1Q25 • Lower opex due to asset sales • Absence of Nigeria equity
Slide 21: Appendix: U.S. downstream earnings
Appendix 1,2 U.S. downstream earnings: 1Q25 vs. 4Q24 $ millions Chemicals / Timing other Volume effects Margins Opex 25 48 • Higher USWC and USGC refining margins • Lower turnaround and maintenance expense • Timing effects: • 1Q25: $(42) • Absence of 4Q24: $(112) (245) 215 • Absence of 4Q24 LIFO: $(
Slide 22: Appendix: International downstream earnings
Appendix 1,2 International downstream earnings: 1Q25 vs. 4Q24 $ millions Opex Other Timing effects 50 (47) Margins • Lower refining margins • Timing effects: • 1Q25: $2 • Absence of 4Q24: $22 (75) 115 • Absence of 4Q24 LIFO: $91 4Q24 1Q25 adjusted adjusted earnings earnings 1 Waterfall items include
Slide 23: Appendix: Worldwide net oil & gas production 1Q25 vs. 1Q24
Appendix Worldwide net oil & gas production: 1Q25 vs. 1Q24 MBOED Asset sales Shale & TCO Base / External tight other events GOA 105 (140) (28) 70 (15) 15 • Asset sales in Canada, Congo and Alaska, and withdrawal from Myanmar • TCO, Permian and Gulf of America growth $83/BBL $76/BBL Brent Brent Note:
Slide 24: Appendix: Permian 2024 COOP well performance
Appendix Permian 2024 COOP well performance Delaware Basin – Texas Delaware Basin – New Mexico Midland Basin 103 POPs in 2024 90 POPs in 2024 51 POPs in 2024 DB-TX well performance DB-NM well performance MB well performance Produced volume per 2 mile well Produced volume per 2 mile well Produced vol