Slide 1: Second quarter 2025 earnings call
Second quarter 2025 earnings call August 1, 2025 © 2025 Chevron Bakken
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: 2Q25 highlights
Higher returns, lower carbon 2Q25 highlights • Completed Hess acquisition • Achieved record U.S. and worldwide production • Delivered 1 MMBOED in the Permian Basin • Entered U.S. lithium sector • Returned $5.5 billion cash to shareholders Permian Basin © 2025 Chevron 3
Slide 4: Hess transaction creates premier energy company
Hess transaction creates premier energy company Upstream total cash flow3 2026-2030, $ billions 4 Chevron with Hess Peers Accretive to CFPS1 by end 2025 Superior cash flow best-in-class upstream margins $1 billion synergies2 by end 2025 Liza Unity FPSO FPSO – Floating production storage and offloadi
Slide 5: Unmatched Permian portfolio
Unmatched Permian portfolio Largest mineral owner Peer-leading organic growth Delivering superior returns Offering scalable, long-term value 12% organic CAGR over past 5 years Highest among basin peers1 New Operated acreage Non–operated acreage Production 5-year average return on investment2 Mexico
Slide 6: Enhancing value of key assets
Enhancing value of key assets Increasing capacity Maximizing recovery Optimizing turnarounds +18% TCO and +7% Australia LNG +9% improved EUR1 25% improvement in duration above nameplate for Gulf of America operated assets for complex events2 Wheatstone Plant Jack St. Malo Pascagoula Refinery 1 Proje
Slide 7: Improving performance, reducing costs
Improving performance, reducing costs Designed for efficiency Organized by asset class and activity Expanding centralized technology and support centers ~70% reduction in Upstream reporting units Upstream New Energies Downstream, Shale & Tight Power Midstream & Offshore CCS & Lithium Hydrogen & RNG
Slide 8: Financial highlights
Financial highlights 2Q25 Earnings / Earnings per diluted share $2.5 billion / $1.45 1 Adjusted earnings / EPS $3.1 billion / $1.77 1 Cash flow from operations / excl. working capital $8.6 billion / $8.3 billion Total capex / Organic capex $3.7 billion / $3.5 billion 1,2 ROCE / Adjusted ROCE 6.2% /
Slide 9: Cash flow
Cash flow $ billions Free cash flow $4.9 billion 2,4 Cash returned to shareholders 3,4 Adjusted free cash flow $4.9 billion $5.5 billion CFFO excl. WC4 Capex Asset sales & Working equity affiliate capital loans Debt Other Dividends (3.7) 0.3 (0.3) 0.1 Share repurchases (2.9) 8.3 (2.6) 1Q25 2Q25 cash
Slide 10: Chevron earnings 2Q25 vs. 1Q25
Chevron earnings 1 2Q25 vs. 1Q25 $ millions Upstream Downstream Other Special 2 items FX 2 (40) Realizations (210) Liftings DD&A Timing Timing Tax / Chemicals / effects Opex Other effects other Volume other Margins 90 (105) (8) 124 (335) 135 120 (1,090) 460 (401) 250 1Q25 2Q25 earnings earnings 1 Wa
Slide 11: Worldwide net oil & gas production
Worldwide net oil & gas production 2Q25 vs. 1Q25 MBOED Turnarounds / Shale & GOA downtime Base / tight TCO other 35 35 (50) (7) 30 • Turnaround at Gorgon and planned downtime at TCO • TCO, Permian and Gulf of America growth $76/BBL $68/BBL Brent Brent Note: Numbers may not sum due to rounding. © 202
Slide 12: Industry-leading growth only getting stronger
Industry-leading growth only getting stronger ~$12.5 billion additional free cash flow by 20261 Free cash flow, $ billions Significant progress in 2025 TCO FGP at full production rates ~$12.5B ~$10B Gulf of America projects ramping Permian 1 MMBOED achieved New organizational structure live Complete
Slide 13: Questions and answers
questions answers © 2025 Chevron 13
Slide 14: Appendix: forward guidance
Appendix: forward guidance 3Q25 outlook Other guidance Hess production 2H25 outlook: 450 - 500 MBOED Upstream Turnarounds & downtime: ~(60) MBOED Hess capex 2H25 outlook: $2 – $2.5B Downstream Turnarounds (A/T earnings): $(200) - $(250)MM Share repurchases: $2.5 - $3B Chevron shares issued for Hess
Slide 15: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q24 2Q24 3Q24 4Q24 FY 2024 1Q25 2Q25 YTD 2025 Reported earnings ($ millions) Upstream 5,239 4,470 4,589 4,304 18,602 3,758 2,727 6,485 Downstream 783 597 595 (248) 1,727 325 737 1,062 All Other (521) (633) (697) (8
Slide 16: 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 2Q24 Reported earnings ($ millions) 2,161 2,309 4,470 280 317 597 (633) 4
Slide 17: 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 2Q25 Net cash provided by operating activities 8,576 Less: Net decrease (increase) in operating working capital 278 Cash flow from operations excluding
Slide 18: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Net debt ratio $ millions 2Q25 Short term debt 6,191 Long term debt* 23,276 Total debt 29,467 Less: Cash and cash equivalents 4,061 Less: Time deposits 5 Less: Marketable securities - Total net debt 25,401 Total Chevron Corporation Stockholders’ Equity 1
Slide 19: Appendix: reconciliation of non-GAAP measures
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 2Q25 $ millions 2Q25 Total reported earnings 2,490 Adjusted earnings 3,053 Non-controlling interest 25 Non-controlling interest 25 Interest expense (A/T) 250 Interest expense (A/T) 250 ROCE earnings 2,765 Adjusted ROCE earnings 3
Slide 20: U.S. upstream adjusted earnings: 2Q25 vs. 1Q25
Appendix 1,2 U.S. upstream adjusted earnings: 2Q25 vs. 1Q25 $ millions Realizations Timing Liftings DD&A effects • Lower realizations Other (80) (25) (65) • Higher liftings (770) 255 • Higher Gulf of America and Permian DD&A • Timing effects: • 2Q25: $(17) • Absence of 1Q25: $(8) 1Q25 2Q25 adjusted
Slide 21: International upstream adjusted earnings: 2Q25 vs. 1Q25
Appendix 1,2 International upstream adjusted earnings: 2Q25 vs. 1Q25 $ millions Realizations Liftings DD&A Timing Tax / effects other (320) 205 (255) 155 (331) • Lower realizations • Higher liftings • Higher TCO DD&A • Timing effects: • 2Q25: $122 • Absence of 1Q25: $33 1Q25 2Q25 adjusted adjusted e
Slide 22: U.S. downstream adjusted earnings: 2Q25 vs. 1Q25
Appendix 1,2 U.S. downstream adjusted earnings: 2Q25 vs. 1Q25 $ millions Volume Opex Chemicals Timing / (65) other Margins 115 (60) 31 • Higher refining margins • Stronger USWC throughput & Pasadena LTO ramp 110 • Timing effects: • 2Q25: $(52) • Absence of 1Q25: $42 1Q25 2Q25 adjusted adjusted earni
Slide 23: International downstream adjusted earnings: 2Q25 vs. 1Q25
Appendix 1,2 International downstream adjusted earnings: 2Q25 vs. 1Q25 $ millions Timing effects Opex Other (40) 16 Margins 100 • Higher refining margins • Timing effects: • 2Q25: $102 140 • Absence of 1Q25: $(2) 1Q25 2Q25 adjusted adjusted earnings earnings 1 Waterfall items include impacts from eq
Slide 24: Chevron earnings 2Q25 vs. 2Q24
Appendix 1 Chevron earnings 2Q25 vs. 2Q24 $ millions Upstream Downstream Other Special 2 items 2 FX Realizations (215) (105) Liftings DD&A Timing Timing Volume effects Chemicals Margins Other Other (1,540) 505 effects Other (75) 100 (6) (175) 76 (890) 210 (144) 315 2Q24 2Q25 earnings earnings 1 Wate
Slide 25: Worldwide net oil & gas production: 2Q25 vs. 2Q24
Appendix Worldwide net oil & gas production: 2Q25 vs. 2Q24 MBOED Asset TCO Shale & sales tight Base / other GOA 135 (135) 95 (36) 45 • Asset sales in Canada and Congo • TCO, Permian and Gulf of America growth $85/BBL $68/BBL Brent Brent Note: Numbers may not sum due to rounding. © 2025 Chevron 25