What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-02-24 compared with 2021-02-25 · 258 added, 266 removed, 404 unchanged (56% of the section changed)

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marketing of crude oil, refined products, and lubricants;

manufacturing and marketing of renewable fuels;

transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car;

and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.

A list of the company’s major subsidiaries is presented in Exhibit 21.1 on page E-1.

A list of the company’s major subsidiaries is presented in Exhibit 21.1 .

Overview of Petroleum Industry

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Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are the major factors in determining worldwide supply.

Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns and taxation relative to other energy sources also play a significant part.

Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies invest, conduct their operations and formulate their products and, in some cases, limit their profits directly.

Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns, the pace of energy transition and taxation relative to other energy sources also play a significant part.

Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies invest, conduct their operations, select feedstocks, and formulate their products and, in some cases, limit their profits directly.

Strong competition exists in all sectors of the petroleum and petrochemical industries in supplying the energy, fuel and chemical needs of industry and individual consumers.

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Chevron’s Strategic Direction

Chevron’s primary objective is to deliver higher returns, lower carbon and superior shareholder value in any business environment.

Chevron’s strategy is to leverage its strengths to deliver lower carbon energy to a growing world.

The company’s primary objective is to deliver higher returns, lower carbon and superior shareholder value in any business environment.

In the upstream, the company’s strategy is to deliver industry-leading returns while developing high-value resource opportunities.

In the downstream, the company’s strategy is to be the leading downstream and chemicals company that delivers on customer needs.

In seeking to help advance a lower carbon future, Chevron is focused on lowering its carbon intensity cost efficiently, increasing renewables and offsets in support of its business, and investing in low-carbon technologies to enable commercial solutions.

Chevron aims to lower the carbon intensity of its traditional oil and gas operations and grow lower carbon businesses in renewable fuels, hydrogen, carbon capture and offsets.

To grow its lower carbon businesses, Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified, while leveraging the company’s capabilities, assets and customer relationships.

Information about the company is available on the company’s website at www.chevron.com .

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Human Capital Management

Chevron is focused on investing in its employees and its culture.

Chevron hires, develops, and strives to retain critical talent, and fosters a culture that values diversity and inclusion and employee engagement, all of which support the company’s overall objective to deliver industry leading performance.

Chevron’s leadership reinforces and monitors the company’s investment in people and the company’s culture.

This includes reviews of metrics addressing critical function hiring, leadership development, attrition, diversity and inclusion, and employee engagement.

The following table summarizes Chevron’s number of employees by gender, where data is available, and by region as of December 31, 2020.

Chevron invests in its employees and culture, with the objective of developing the full potential of its workforce to deliver energy solutions and drive human progress.

The Chevron Way explains the company’s beliefs, vision, purpose and values.

It guides how the company’s employees work and establishes a common understanding of culture and aspirations.

Chevron hires, develops, and strives to retain a diverse workforce of high-performing talent, and fosters a culture that values diversity, inclusion and employee engagement.

Chevron leadership is accountable for the company’s investment in people and the company’s culture.

This includes reviews of metrics addressing critical function hiring, leadership development, retention, diversity and inclusion, and employee engagement.

The following table summarizes the number of Chevron employees by gender, where data is available, and by region as of December 31, 2021.

At December 31, 2021

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Number of Employees Percentage Number of Employees Percentage Number of Employees Percentage Number of Employees Percentage

Non-Service Station Employees

5,090 26 % 14,512 74 % 25 — % 19,627 46 %

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Europe 381 25 % 1,121 75 % 2 — % 1,504 4 %

Total Non-Service Station Employees 10,034 27 % 27,363 73 % 101 — % 37,498 88 %

Service Station Employees 2,170 43 % 1,732 34 % 1,195 23 % 5,097 12 %

Total Employees 12,204 29 % 29,095 68 % 1,296 3 % 42,595 100 %

13,379 28 % 33,741 71 % 616 1 % 47,736 100 %

1 Includes employees where gender data was not collected or employee chose not to disclose gender.

2 Includes 5,108 service station employees;

2,312 and 1,672 new employees came from the 2020 Puma Energy (Australia) Holdings Pty.

Ltd and Noble Energy, Inc.

acquisitions, respectively.

Hiring, Development and Retention

The company’s approach to attracting, developing and retaining its employees is anchored in a career-oriented employment model.

Chevron recruits new employees through partnerships with universities and diversity associations.

In 2020, over 500 students participated in the company’s first ever virtual internship program.

In addition, the company recruits experienced hires to target critical skills.

Development programs are designed to build leadership capabilities at all levels and ensure the company’s workforce has the technical and operating capabilities to produce energy safely and reliably.

Chevron’s leadership regularly reviews metrics on employee training and development programs, which are continually evolving to better meet the needs of the business.

For instance, Chevron recently launched learning initiatives focused on digital innovation, including new Digital Academy and Digital Scholars programs.

In addition, to ensure business continuity, leadership regularly reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for leadership positions.

The Board provides oversight of CEO and executive succession planning.

Chevron’s 2020 annual voluntary attrition was 4.1 percent, in line with its historical rates.

The company’s approach to attracting, developing and retaining a diverse workforce of high-performing talent is anchored in a long-term employment model that fosters an environment of personal growth and engagement.

Chevron’s philosophy is to offer compelling career opportunities and a competitive total compensation and benefits package linked to individual and enterprise performance.

Chevron recruits new employees in part through partnerships with universities and diversity associations.

In addition, the company recruits experienced hires to provide specialized skills.

Chevron’s learning and development programs are designed to help employees achieve their full potential by building technical, operating and leadership capabilities at all levels to produce energy safely, reliably and efficiently.

Chevron’s leadership regularly reviews metrics on employee training and development programs, which are continually evolving to meet the needs of our evolving business.

For example, the company delivers learning experiences digitally to empower its employees, in any location, to develop, maintain and enhance critical skills.

In addition, to ensure business continuity, leadership regularly reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for key positions.

The Board of Directors provides oversight of CEO and executive succession planning.

Management routinely reviews the retention of its professional population, which includes executives, all levels of management, and the majority of its regular employee population.

The annual voluntary attrition for this population was 4.5 percent, which is in line with rates over a five-year comparison period.

The voluntary attrition rate generally excludes employee departures under enterprise-wide restructuring programs.

Chevron believes its low voluntary attrition rate is in part a result of the company’s commitment to employee development and career advancement.

Chevron believes its low voluntary attrition rate is in part a result of the company’s commitment to employee development, its long-term employment model, competitive pay and benefits, and its culture.

Diversity and Inclusion

Chevron is committed to advancing diversity and inclusion in the workplace so that employees are enabled to contribute to their full potential.

The company believes innovative solutions to its most complex challenges emerge when diverse people, ideas, and experiences come together in an inclusive environment.

Chevron reinforces the value of diversity and inclusion through accountability, communication, training and personnel selection processes.

Examples of initiatives to further advance diversity and inclusion include the company’s Neurodiversity program through which the company employs neurodiverse individuals and leverages their talents, its Elevate program which focuses on learning opportunities to promote a deeper understanding of employees in underrepresented groups, and its Returnship initiative which provides support for women re-entering the workforce.

In addition, Chevron has twelve employee networks (voluntary groups of employees that come together based on shared identity or interests) and more than fifteen diversity councils across its business units that help align diversity and inclusion efforts with business strategies.

Chevron believes innovative solutions to the most complex challenges emerge when diverse people, ideas, and experiences come together in an inclusive environment.

Chevron reinforces the values of diversity and inclusion through recruitment and talent development, equitable selection processes, community partnerships and supplier diversity.

initiatives to further advance diversity and inclusion include the company’s MARC (Men Advocating Real Change) program launched in 2017 in partnership with the non-profit organization Catalyst to facilitate discussions on gender equity in the workplace, and selection processes that reinforce the importance of diverse selection teams and candidate slates.

In addition, Chevron has twelve employee networks (voluntary groups of employees that come together based on shared identity or interests) and a Chairman’s Inclusion Council, which provides the employee network presidents with a direct line of communication to the Chairman and Chief Executive Officer, the Chief Human Resources Officer, the Chief Diversity and Inclusion Officer, and the executive leadership team to collaborate and discuss how employee networks can reinforce Chevron’s values of diversity and inclusion.

Employee Engagement

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Chevron regularly conducts employee surveys to assess the health of the company’s culture;

Recent surveys have indicated a high degree of employee engagement.

In 2020, the company’s employee survey focused on the COVID-19 impact on employee well-being and the company’s response to the pandemic.

The survey results positively reinforced actions taken by Chevron, and helped inform further actions to address the impact on employees and their families through enhanced mental health and wellness support, financial assistance for unplanned childcare needs and remote learning resources, among other efforts.

The company also has long-standing programs such as Ombuds, an independent resource designed to equip employees with options to address and resolve workplace issues;

recent surveys indicate high employee engagement.

In 2021, the company increased survey frequency to better understand employee sentiment throughout the year, including focused efforts to gain insights into employee well-being.

Chevron prioritizes the health, safety and well-being of its employees.

Chevron’s safety culture empowers every member of its workforce to exercise stop-work authority without repercussion to address any potential unsafe work conditions.

Chevron developed new safeguards and operating standards and updated existing protocols to adjust for the ever-changing conditions of the pandemic, including a return to the workplace strategy, with paced, condition-based stages.

The company also announced a hybrid work model based on employee feedback and learnings from the pandemic, which will allow certain employees the flexibility to combine in-office and remote work.

Additionally, the company offers long-standing employee support programs such as Ombuds, an independent resource designed to equip employees with options to address and resolve workplace issues;

a company hotline, where employees can report concerns to the Corporate Compliance department;

and its Employee Assistance Program, a confidential consulting service that can help employees resolve a broad range of personal, family and work-related concerns or problems.

and an Employee Assistance Program, a confidential consulting service that can help employees resolve a broad range of personal, family and work-related concerns.

Description of Business and Properties

The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects * in North America, South America, Europe, Africa, Middle East, Asia and Australia.

Tabulations of segment sales and other operating revenues, earnings and income taxes for the three years ending December 31, 2020, and assets as of the end of 2020 and 2019 — for the United States and the company’s international geographic areas — are in Note 12 to the Consolidated Financial Statements beginning on page 74.

Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in Note 13 beginning on page 77 and Note 16 on page 82.

Tabulations of segment sales and other operating revenues, earnings, assets, and income taxes for the three years ending December 31, 2021, and assets as of the end of 2021 and 2020 — for the United States and the company’s international geographic areas — are in Note 14 Operating Segments and Geographic Data to the Consolidated Financial Statements.

Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in Note 15 Investments and Advances and Note 18 Property, Plant and Equipment .

Refer to page 45 of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s capital and exploratory expenditures.

Refer to Table V beginning on page 103 for a tabulation of the company’s proved crude oil, condensate, natural gas liquids (NGLs), synthetic oil and natural gas reserves by geographic area, at the beginning of 2018 and at each year-end from 2018 through 2020.

Refer to Table V for a tabulation of the company’s proved reserves by geographic area, at the beginning of 2019 and at each year-end from 2019 through 2021.

Reserves governance, technologies used in establishing proved reserves additions, and major changes to proved reserves by geographic area for the three-year period ended December 31, 2021, are summarized in the discussion for Table V.

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Worldwide oil-equivalent production of 3.099 million barrels per day in 2021 was up approximately 1 percent from 2020.

Production increases from shale and tight properties and the Noble Energy, Inc.

(Noble) acquisition were partially offset by production curtailments associated with OPEC and coordinating countries’ (OPEC+) restrictions and market conditions, and asset sale related decreases of 100,000 barrels per day.

Refer to the “Results of Operations” section beginning on page 37 for a detailed discussion of the factors explaining the changes in production for crude oil, condensate, natural gas liquids, synthetic oil and natural gas, and refer to Table V on pages 107 through 109 for information on annual production by geographical region.

Additional production from the Noble Energy, Inc.

(Noble) acquisition and lower production curtailments were partially offset by asset sale related decreases of 80,000 barrels per day, expiration of the Rokan concession in Indonesia, unfavorable entitlement effects, and normal field declines.

Refer to the “Results of Operations” section beginning on page 38 for a detailed discussion of the factors explaining the changes in production for crude oil, condensate, natural gas liquids, synthetic oil and natural gas, and refer to Table V for information on annual production by geographical region.

Components of Oil-Equivalent

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161 159 136 138 150 126

2 11 — — 14 64

Total Other Americas 197 192 167 165 181 165

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41 55 24 32 103 136

55 49 32 28 136 129

Kurdistan Region of Iraq 2 — 2 — — —

15 15 — — 92 92

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163 207 41 54 736 918

207 238 54 65 918 1,038

Total Asia 579 604 200 260 2,268 2,058

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Total Consolidated Companies 2,712 2,636 1,530 1,537 7,093 6,595

Affiliates 3,6

387 447 284 331 616 695

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55 54 55 54 — —

Venezuela, net — 3 — 3 — —

4 Chevron sold its interest in various upstream producing assets in 2020 and 2021.

5 Located between Saudi Arabia and Kuwait.

Production was shut-in in May 2015;

resumed in July 2020.

6 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan;

Petroboscan and Petropiar in Venezuela through June 30, 2020;

and Angola LNG in Angola.

Production was shut-in in May 2015 and resumed in July 2020.

6 Volumes represent Chevron’s share of production by affiliates, including Tengizchevroil in Kazakhstan and Angola LNG in Angola.

7 Volumes include natural gas consumed in operations of 592 million and 603 million cubic feet per day in 2021 and 2020, respectively.

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Production Outlook

The company estimates its average worldwide oil-equivalent production in 2021 will grow up to 3 percent compared to 2020, assuming a Brent crude oil price of $50 per barrel and excluding the impact of anticipated 2021 asset sales.

The company estimates its average worldwide oil-equivalent production in 2022 to be flat to down three percent compared to 2021 assuming a Brent crude oil price of $60 per barrel and excluding the impact of asset sales that may close in 2022.

Excluding contract expirations and 2022 asset sales, 2022 production is expected to increase by two to five percent compared to 2021.

This estimate is subject to many factors and uncertainties, as described beginning on page 35.

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Average Sales Prices and Production Costs per Unit of Production

Refer to Table IV on page 102 for the company’s average sales price per barrel of liquids (including crude oil, condensate and natural gas liquids) and per thousand cubic feet of natural gas produced, and the average production cost per oil-equivalent barrel for 2020, 2019 and 2018.

Refer to Table IV for the company’s average sales price per barrel of crude (including crude oil and condensate) and natural gas liquids and per thousand cubic feet of natural gas produced, and the average production cost per oil-equivalent barrel for 2021, 2020 and 2019.

Gross and Net Productive Wells

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Australia 9,999 6,099 2,061 812 12,060 6,911

Europe 109 21 15 3 124 24

Total Consolidated Companies 60,724 32,155 11,792 6,015 72,516 38,170

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The company sells crude oil and natural gas from its producing operations under a variety of contractual obligations.

Most contracts generally commit the company to sell quantities based on production from specified properties, but some natural gas sales contracts specify delivery of fixed and determinable quantities, as discussed below.

In the United States, the company is contractually committed to deliver 1,136 billion cubic feet of natural gas to third parties from 2021 through 2023.

The company believes it can satisfy these contracts through a combination of equity

production from the company’s proved developed U.S.

Most contracts generally commit the company to sell quantities based on production from specified properties, but some natural gas and crude oil sales contracts specify delivery of fixed and determinable quantities.

In the United States, the company is contractually committed to deliver approximately 16 million barrels of crude oil and 759 billion cubic feet of natural gas to third parties from 2022 through 2024.

The company believes it can satisfy these contracts through a combination of equity production from the company’s proved developed U.S.

reserves and third-party purchases.

These commitments are primarily based on contracts with indexed pricing terms.

Outside the United States, the company is contractually committed to deliver a total of 2,800 billion cubic feet of natural gas to third parties from 2021 through 2023 from operations in Australia and Israel.

Outside the United States, the company is contractually committed to deliver a total of 2.9 trillion cubic feet of natural gas to third parties from 2022 through 2024 from operations in Australia and Israel.

The Australia sales contracts contain variable pricing formulas that generally reference the prevailing market price for crude oil, natural gas or other petroleum products at the time of delivery.

The Israel sales contracts contain formulas that generally reflect an initial base price subject to price indexation, Brent-linked or other, over the life of the contract and have a contractual floor.

The sales contracts for Israel contain formulas that generally reflect an initial base price subject to price indexation, Brent-linked or other, over the life of the contract.

The company believes it can satisfy these contracts from quantities available from production of the company’s proved developed reserves in these countries.

Development Activities

Refer to Table I on page 99 for details associated with the company’s development expenditures and costs of proved property acquisitions for 2020, 2019 and 2018.

Refer to Table I for details associated with the company’s development expenditures and costs of proved property acquisitions for 2021, 2020 and 2019.

The following table summarizes the company’s net interest in productive and dry development wells completed in each of the past three years, and the status of the company’s development wells drilling at December 31, 2021.

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Total Consolidated Companies 156 89 413 2 666 4 926 3

22 8 13 — 43 — 39 —

Affiliates 16 1 8 — 13 — 43 —

Total Including Affiliates 172 90 421 2 679 4 969 3

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Net wells represent the sum of Chevron’s ownership interest in gross wells.

2 Includes gross 19 and net 6 wells drilling for interests accounted for by the non-equity method.

Exploration Activities

Refer to Table I on page 99 for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2020, 2019 and 2018.

Refer to Table I for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2021, 2020 and 2019.

The following table summarizes the company’s net interests in productive and dry exploratory wells completed in each of the last three years, and the number of exploratory wells drilling at December 31, 2021.

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Chevron’s 2021 key upstream activities, some of which are also discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations, beginning on page 38, are presented below.

The comments include references to “total production” and “net production,” which are defined under “Production” in Exhibit 99.1 on page E-7.

The comments include references to “total production” and “net production,” which are defined under “Production” in Exhibit 99.1 .

The discussion that follows references the status of proved reserves recognition for significant long-lead-time projects not on production as well as for projects recently placed on production.

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Net daily oil-equivalent production in the United States can be found in the table on page 7.

With the acquisition of Noble in October 2020, Chevron increased its position in the Permian Basin and acquired acreage in Colorado and Wyoming.

The company’s acreage in the Permian Basin of West Texas and southeast New Mexico includes multiple stacked formations that enable production from several layers of rock in different geologic zones.

Chevron has implemented a factory development strategy in the basin, which utilizes multiwell pads to drill a series of horizontal wells that are completed concurrently using hydraulic fracture stimulation.

The company is also applying data analytics and technology to drive improvements in identifying well targets, in drilling and completions and in production performance.

In 2020, Chevron’s net daily unconventional and conventional production in the Permian Basin averaged 294,000 barrels of crude oil, 980 million cubic feet of natural gas and 150,000 barrels of NGLs.

In 2020, Chevron was one of the largest crude oil producers in California.

Construction was completed in April 2020 on a new 29-megawatt solar farm to supply power to the Lost Hills Field.

In October 2020, Chevron announced participation in a carbon capture trial in California with start-up expected in 2022.

In Colorado, development in the Denver-Julesburg (DJ) Basin includes Wells Ranch and Mustang areas.

Chevron’s integrated development plan provides an opportunity to efficiently produce these resources.

In Wyoming, the company has acreage in the Powder River and Green River Basins.

Chevron is one of the largest producers in the Permian Basin with a production outlook of more than one million barrels of net oil equivalent production per day by 2025.

The company’s advantaged portfolio of development areas in west Texas and southeast New Mexico is comprised of stacked formations enabling production from multiple geologic zones from single surface locations.

Chevron has implemented a Permian factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequently completed concurrently using hydraulic fracture stimulation.

Top tier drilling and completions performance has enabled year-over-year capital expenditure efficiency improvement and cycle time reduction generating higher returns throughout Chevron’s Permian portfolio.

Chevron’s Permian operations have also demonstrated continual progress on its lower carbon and water goals, consistently ranking among the best Permian operators for methane emissions intensity, routine flaring, and water handling (utilizing 99 percent brackish or recycled sources).

In 2021, Chevron’s net daily unconventional production in the Permian Basin averaged 284,000 barrels of crude oil, 1.1 billion cubic feet of natural gas and 148,000 barrels of NGLs.

Conventional production averaged 10,000 barrels of crude oil, 39 million cubic feet of natural gas and 2,000 barrels of NGLs per day.

Chevron holds mature assets in the Eagle Ford Shale in Texas that produced 29,000 barrels of oil-equivalent per day in 2021.

In 2021, Chevron was one of the largest crude oil producers in California with a net daily oil equivalent production of 96,000 barrels.

Chevron completed front-end engineering and design (FEED) in second quarter 2021 on a carbon capture project for emissions reduction from the gas turbines in one of our California co-generation facilities.

This project leverages two innovative technologies—carbon dioxide concentration and carbon capture—and has the potential to scale across our full fleet of turbines.

A final investment decision for this project is expected in third quarter 2022, with anticipated start-up in 2024.

Chevron is also progressing the installation of a 20MWh battery at the solar power plant in the Lost Hills field with start-up expected in third quarter 2022.

In Colorado, development in the Denver-Julesburg (DJ) Basin is primarily focused on Chevron’s Mustang and Wells Ranch areas where the company’s comprehensive drilling plans allow for efficient resource development.

Chevron’s net daily production in the DJ Basin averaged 56,000 barrels of crude oil, 302 million cubic feet of natural gas and 36,000 barrels of NGLs during 2021.

Chevron also has operations in Colorado’s Piceance Basin as well as acreage positions in Wyoming and Utah.

During 2021, net daily production in the Gulf of Mexico averaged 180,000 barrels of crude oil, 102 million cubic feet of natural gas and 12,000 barrels of NGLs.

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Malo fields progressed in 2021.

Stage 3 development drilling continued with the final well completed in May 2020.

Malo Stage 4 waterflood project includes two new production wells, three injector wells, and topsides water injection equipment at the St.

First injection is expected in 2023.

The Stage 4 multiphase subsea pump project replaces the single-phase subsea pumps in both the Jack and St.

Progress during 2020 included beginning pump module installation.

Two oil production wells were placed online, and first injection is expected in 2023.

Additional Jack development in 2021 consisted

of a single well tieback and related subsea infrastructure installation.

The Stage 4 multiphase subsea pump project replaced the single-phase subsea pumps in both the Jack and St.

Multiphase pump modules were completed and received in 2021 with installation expected to commence in 2022.

Proved reserves have been recognized for the multiphase subsea pump project.

The Jack and St.

Malo fields have an estimated production life of 30 years.

Malo fields have an estimated remaining production life of 30 years.

The company has a 15.6 percent nonoperated working interest in the deepwater Mad Dog Field.

Project execution continued in 2020 on the Mad Dog 2 Project.

This phase is the development of the southwestern extension of the Mad Dog Field, including a new floating production platform with a design capacity of 140,000 barrels of crude oil per day.

Drilling and construction of the floating production unit are progressing as planned, and first oil is expected in 2022.

Project execution continued in 2021 on the Mad Dog 2 Project with installation of the floating production platform in November 2021.

First oil is expected in the second half of 2022.

Proved reserves have been recognized for the Mad Dog 2 Project.

Chevron has a 60 percent-owned and operated interest in the Big Foot Project, located in the deepwater Walker Ridge area.

Development drilling activities are ongoing, with the third production well coming online in September 2020.

An additional well is expected to come online in third quarter 2021.

The project has an estimated production life of 35 years.

Development drilling activities are ongoing, with an additional production well coming online in July 2021.

The project has an estimated remaining production life of 30 years.

The company has a 58 percent-owned and operated interest in the deepwater Tahiti Field.

Progress continued on the Tahiti Upper Sands Project, which includes topsides facility enhancements to process high gas rates with start-up anticipated in third quarter 2021.

Proved reserves have been recognized for this project.

First production from the Tahiti Upper Sands Project was achieved in April 2021.

The Tahiti Field has an estimated remaining production life of more than 20 years.

Chevron holds a 25 percent nonoperated working interest in the Stampede Field, which is located in the Green Canyon area.

Production ramp-up continued in 2020, with the final producing well completed in March 2020.

The field has an estimated production life of 30 years.

The field has an estimated remaining production life of 25 years.

Chevron has owned and operated interests of 62.9 to 75.4 percent in the unit areas containing the Anchor Field.

Stage 1 of the Anchor development consists of a seven-well subsea development and a semi-submersible floating production unit.

The planned facility has a design capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day.

Development work continued in 2020 with construction of the drillship, acquisition of seismic data, detailed engineering, equipment procurement and commencement of fabrication for the production facilities.

At the end of 2020, no proved reserves were recognized for this project.

Chevron has a 60 percent-owned and operated interest in the Ballymore Field located in the Mississippi Canyon area and a 40 percent nonoperated working interest in the Whale discovery located in the Perdido area.

After successful appraisal programs on the Ballymore project, Chevron is planning to enter front-end engineering design (FEED) in second quarter 2021.

FEED activities on the Whale project continued in 2020, with final investment decision expected in second-half 2021.

At the end of 2020, proved reserves had not been recognized for these projects.

During 2020, the company participated in two exploration wells and one appraisal well in the deepwater Gulf of Mexico.

In February 2020, the first well in the Esox prospect, where Chevron holds a 21.4 percent nonoperated working interest, was tied into the Tubular Bells production facility.

In March 2020, Chevron added 15 blocks in a U.S.

Gulf of Mexico lease sale.

Chevron subsequently added eight blocks resulting from a November 2020 U.S.

Gulf of Mexico lease sale.

The company sold its assets in the Marcellus and Utica Shale areas in November 2020.

Drilling of the first development well began in December 2021.

Proved reserves were recognized in 2021 for Anchor, with first production expected in 2024.

Chevron has a 60 percent-owned and operated interest in the Ballymore Field located in the Mississippi Canyon, which is being developed as a subsea tieback to the existing Blind Faith facility.

Chevron entered FEED for Ballymore in March 2021, and a final investment decision is expected in second quarter 2022.

The company holds a 40 percent nonoperated working interest in the Whale discovery located in the Perdido area.

A final investment decision was made for Whale in July 2021.

First production is expected for Whale in 2024 and proved reserves have been recognized for this project.

During 2021, the company participated in four exploration wells in the deepwater Gulf of Mexico.

Chevron was formally awarded eight blocks during 2021 as a result of 2020 U.S.

Gulf of Mexico lease sales.

Other Americas

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Net daily oil-equivalent production from these countries can be found in the table on page 7.

Argentina Chevron holds a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta Shale.

In 2021, the appraisal program at Narambuena was completed, with the final two wells of the four-well campaign placed on production.

With completion of this program, Chevron achieved its farm-in commitment for this block.

At Loma Compana, 32 horizontal wells were drilled in 2021, with 39 wells in total put on production.

This concession expires in 2048.

Chevron also owns and operates a 100 percent interest in the El Trapial Field with both conventional production and Vaca Muerta Shale potential.

The company utilizes waterflood operations to mitigate declines at the operated El Trapial Field and completed the Vaca Muerta appraisal program in 2021, with the final three wells of this program placed on production.

The El Trapial concession expires in 2032.

Brazil Chevron holds between 30 and 45 percent of both operated and nonoperated interests in 11 blocks within the Campos and Santos basins.

One exploration well began drilling in 2021, and one exploration well commenced drilling in early 2022.

In July 2021, the company sold its 37.5 percent nonoperated interest in the Papa-Terra oil field.

Canada Upstream interests in Canada are concentrated in Alberta and the offshore Atlantic region of Newfoundland and Labrador.

The company also has interests in the Beaufort Sea region of the Northwest Territories and British Columbia.

The company holds a 20 percent nonoperated working interest in the Athabasca Oil Sands Project (AOSP) in Alberta.

The company also has interests in the Northeast British Columbia and the Beaufort Sea region of the Northwest Territories.

The company holds a 20 percent nonoperated working interest in the Athabasca Oil Sands Project (AOSP) and associated Quest carbon capture and storage project in Alberta.

Oil sands are mined from both the Muskeg River and the Jackpine mines, and bitumen is extracted from the oil sands and upgraded into synthetic oil.

Carbon dioxide emissions from the upgrader are reduced by carbon capture and storage facilities.

Chevron has a 70 percent-owned and operated interest in most of the Duvernay shale acreage.

By early 2021, a total of 203 wells had been tied into production facilities.

Chevron has a 70 percent-owned and operated interest in most of its Duvernay shale acreage.

By early 2022, a total of 227 wells have been tied into production facilities.

Chevron holds a 26.9 percent nonoperated working interest in the Hibernia Field and a 24.1 percent nonoperated working interest in the unitized Hibernia Southern Extension areas offshore Atlantic Canada.

The company holds a 29.6 percent nonoperated working interest in the heavy oil Hebron Field, also offshore Atlantic Canada, which has an expected economic life of 30 years.

Chevron holds a 50 percent-owned and operated interest in Flemish Pass Basin Block EL 1138.

The company also holds a 25 percent nonoperated working interest in blocks EL 1145, EL 1146 and EL 1148 and a 40 percent nonoperated working interest in EL 1149.

Chevron holds a 50 percent-owned and operated interest in the Kitimat LNG and Pacific Trail Pipeline projects and a 50 percent-owned and operated interest in the Liard and Horn River shale gas basins in British Columbia.

Efforts are underway to evaluate strategic alternatives for these projects.

The company holds a 29.6 percent nonoperated working interest in the heavy oil Hebron Field, also offshore Atlantic Canada, which has an expected remaining economic life of 30 years.

The company holds a 25 percent nonoperated working interest in blocks EL 1145, EL 1146 and EL 1148 and a 40 percent nonoperated working interest in EL 1149 located in offshore Atlantic Canada.

Colombia Chevron holds a 40 percent-owned and operated working interest in the offshore Colombia-3 and Guajira Offshore-3 Blocks.

Mexico The company owns and operates a 33.3 percent interest in Block 3 in the Perdido area of the Gulf of Mexico.

Seismic interpretation progressed in 2020.

Chevron holds a 37.5 percent-owned and operated interest in Block 22 where reprocessing of 3-D seismic data continued in 2020.

The company also holds a 40 percent nonoperated interest in Blocks 20, 21 and 23 in the Cuenca Salina area in the deepwater Gulf of Mexico.

Two exploration wells were drilled in the first half of 2020.

Argentina Chevron holds a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta Shale.

Evaluation of the nonoperated Narambuena Block continued in 2020, including a four-well appraisal program which achieved first oil in November 2020.

Chevron has a 90 percent-owned and operated interest with a four-year exploratory concession in Loma del Molle Norte Block.

In April 2020, drilling and completion activity was halted due to the COVID-19 pandemic at the nonoperated Loma Campana concession in the Vaca Muerta Shale.

Completion activity resumed in fourth quarter 2020 with drilling activity planned to re-start in first quarter 2021.

During 2020, 17 horizontal wells were drilled.

This concession expires in 2048.

Chevron also owns and operates a 100 percent interest in the El Trapial Field with both conventional production and Vaca Muerta Shale potential.

The company utilizes waterflood operations to mitigate declines at the operated El Trapial Field and continues to evaluate the potential of the Vaca Muerta Shale.

The eight-well drilling program completed in third quarter 2020, and first oil was achieved in October 2020.

Chevron expects to complete the appraisal program in second quarter 2021.

The El Trapial concession expires in 2032.

Brazil In February 2020, the company initiated the process to sell its 37.5 percent nonoperated interest in the Papa-Terra oil field.

Chevron holds between 30 to 45 percent of both operated and nonoperated interests in 11 blocks within the Campos and Santos basins.

One exploration well was drilled in 2020.

Colombia In April 2020, the company completed the sale of its interests in the offshore Chuchupa and onshore Ballena natural gas fields.

Chevron holds a 40 percent-owned and operated working interest in the offshore Colombia-3 and Guajira Offshore-3 Blocks.

Exploration activities continued in 2020.

Suriname Chevron holds a 33.3 percent nonoperated working interest in deepwater Block 42.

Exploration activities continued in 2020.

Chevron, along with the operator, relinquished its 50 percent nonoperated working interest in deepwater Block 45 in September 2020.

In the Cuenca Salina area in the deepwater Gulf of Mexico, Chevron holds a 37.5 percent-owned and operated interest in Block 22.

The company also holds a 40 percent nonoperated interest in Blocks 20, 21 and 23.

Suriname Chevron was the successful bidder in an April 2021 bid round for a 40 percent-owned and operated working interest in Block 5 and signed the production-sharing contract (PSC) in October 2021.

Chevron also holds a 33.3 percent nonoperated working interest in deepwater Block 42 where one exploration well is expected to be drilled during 2022.

Venezuela Chevron’s interests in Venezuela are located in western Venezuela and the Orinoco Belt.

At the end of 2020, no proved reserves were recognized for these interests.

At December 31, 2021, no proved reserves are recognized for these interests.

In 2021, the company conducted activities in Venezuela consistent with the authorization provided pursuant to general licenses issued by the United States government.

The company remains committed to its people, assets, and operations in Venezuela.

Chevron holds a 39.2 percent interest in Petroboscan, which operates the Boscan Field in western Venezuela under an agreement expiring in 2026.

Chevron has a 30 percent interest in Petropiar, which operates the heavy oil Huyapari Field under an agreement expiring in 2033.

Chevron also holds a 39.2 percent interest in Petroboscan, which operates the Boscan Field in western Venezuela and a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo, both of which are under agreements expiring in 2026.

For additional information on the company’s activities in Venezuela, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages 31 through 38 under upstream.

In Africa, the company is engaged in upstream activities in Angola, the Republic of Congo, Cameroon, Equatorial Guinea, and Nigeria.

Chevron also holds a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo under a contract expiring in 2026, and a 35.7 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt.

The Petroindependencia contract expires in 2035.

Chevron also operates and holds a 60 percent interest in the Loran gas field offshore Venezuela.

This is part of a cross- border field that includes the Manatee Field in Trinidad and Tobago.

This license expires in 2039.

In Africa, the company is engaged in upstream activities in Angola, the Republic of Congo, Cameroon, Egypt, Equatorial Guinea, and Nigeria.

Acreage for Africa can be found in the table on page 8.

Net daily oil-equivalent production from these countries can be found in the table on page 7.

Angola The company operates and holds a 39.2 percent interest in Block 0, a concession adjacent to the Cabinda coastline, and a 31 percent operated interest in a production-sharing contract (PSC) for deepwater Block 14.

The Block 0 concession extends through 2030.

The Sanha Lean Gas Connection Project (SLGC) reached final investment decision in January 2021.

Angola The company operates and holds a 39.2 percent interest in Block 0, a concession adjacent to the Cabinda coastline.

The Block 0 partners and National Concessionaire signed an extension for an additional 20 years in December 2021.

This extension to 2050 is subject to legislative approvals.

The Block 0 Sanha Lean Gas Connection Project (SLGC) reached final investment decision in January 2021.

SLGC is a new platform that ties the existing complex to new connecting pipelines for gathering and exporting gas from Blocks 0 and 14 to Angola LNG.

In October 2020, the Angolan government approved combining all development areas in Block 14, providing enhanced fiscal terms and extending the PSC expiration to 2028.

Chevron also operates and holds a 31 percent interest in a PSC for deepwater Block 14 which expires in 2028.

During 2021, drilling operations restarted in Block 14 following the coronavirus (COVID-19) pandemic related shut-down.

Chevron has a 36.4 percent interest in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, Angola.

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This is the world’s first LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production.

Feedstock for the

plant originates from multiple fields and operators.

Feedstock for the plant originates from multiple fields and operators.

During 2021, work continued toward developing non-associated gas in offshore Angola, which is expected to supply the Angola LNG plant.

Angola-Republic of Congo Joint Development Area Chevron operates and holds a 31.3 percent interest in the Lianzi Unitization Zone, located in an area shared equally by Angola and the Republic of Congo.

The expiration for Lianzi is 2031.

Republic of Congo Chevron has a 31.5 percent nonoperated working interest in the offshore Haute Mer permit areas (Nkossa, Nsoko and Moho-Bilondo).

This interest expires in 2031.

Republic of Congo Chevron has a 31.5 percent nonoperated working interest in the offshore Haute Mer permit area.

The permits for Nkossa, Nsoko and Moho-Bilondo expire in 2027, 2034 and 2030, respectively.

Cameroon Chevron owns and operates the YoYo Block in the Douala Basin.

Preliminary development plans include a possible joint development between YoYo and Yolanda Field in Equatorial Guinea.

Equatorial Guinea Chevron has a 38 percent-owned and operated interest in the Aseng oil field and the Yolanda natural gas field in Block I and a 45 percent-owned and operated interest in Alen natural gas and condensate field in Block O.

Work continued in 2020 on the development of the Alen Gas Project, which was completed in February 2021.

The company also holds a 32 percent nonoperated interest in the natural gas and condensate Alba Field.

Nigeria Chevron operates and holds a 40 percent interest in eight concessions in the onshore and near-offshore regions of the Niger Delta.

Preliminary development plans include a possible joint development between YoYo and the Yolanda Field in Equatorial Guinea.

Egypt In the Mediterranean Sea, Chevron holds a 90 percent-owned and operated interest in North Sidi Barrani (Block 2), North El Dabaa (Block 4) and the Nargis block, as well as a 27 percent nonoperated working interest in both North Marina (Block 6) and North Cleopatra (Block 7).

In the Red Sea, the company holds a 45 percent-owned and operated interest in Block 1 .

The Alen Gas Project was completed in February 2021, with the first LNG cargo shipped in March 2021.

Chevron signed a production sharing agreement for an 80 percent-owned and operated interest in Block EG-09, offshore Equatorial Guinea, in the Douala Basin located south of the Alen and Aseng oil fields.

The company also holds a 32 percent nonoperated interest in the natural gas and condensate Alba Field, a 28 percent nonoperated interest in the Alba LPG Plant and a 45 percent interest in the Atlantic Methanol Production Company.

Nigeria Chevron operates and holds a 40 percent interest in eight concessions, seven operated and one nonoperated in the onshore and near-offshore regions of the Niger Delta.

The company also holds acreage positions in three operated and six nonoperated deepwater blocks, with working interests ranging from 20 to 100 percent.

Chevron is the operator of the Escravos Gas Plant (EGP) with a total processing capacity of 680 million cubic feet per day of natural gas and LPG and condensate export capacity of 58,000 barrels per day.

Chevron is the operator of the Escravos Gas Plant (EGP) with a total processing capacity of 680 million cubic feet per day of natural gas and liquified petroleum gas and condensate export capacity of 58,000 barrels per day.

The company is also the operator of the 33,000-barrel-per-day Escravos Gas to Liquids facility.

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The company continues to work with the operator to evaluate development options for the multiple discoveries in the Usan area, including the Owowo Field, which straddles OML 139 and OML 154.

In December 2020, the company signed an agreement to divest its 40 percent operated interest in OML 86 and OML 88.

In the Middle East, the company is engaged in upstream activities in Cyprus, Egypt, Israel, the Kurdistan Region of Iraq and the Partitioned Zone located between Saudi Arabia and Kuwait.

Quantitative data for Egypt can be found within the Africa geography throughout this document.

Quantitative data for Cyprus, Israel, the Kurdistan Region of Iraq and the Partitioned Zone can be found within the Asia geography throughout this document.

Cyprus The company holds a 35 percent-owned and operated interest in Aphrodite gas field in Block 12.

Chevron operates the field with the Government of Cyprus and has a license that expires in 2044.

Egypt During 2020, Chevron acquired four oil and gas exploration blocks with a 90 percent-owned and operated interest.

The acquired blocks are Block 1 in the Red Sea, North Sidi Barrani in Block 2, and North El Dabaa and the Nargis blocks in the Mediterranean Sea.

The company also acquired a 27 percent nonoperated working interest in the North Cleopatra and North Marina blocks also in the Mediterranean Sea.

Israel Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field, which operates under a concession that expires in 2044.

During 2020, Chevron continued to ramp up production and progress its efforts to monetize discovered resources at Leviathan Field.

The company also holds a 25 percent-owned and operated interest in the Tamar gas field.

Progress continues on the Tamar SW development, which consists of one well tied back to Tamar.

The current term of the lease for this field expires in 2038.

Kurdistan Region of Iraq The company operates and holds a 50 percent interest in the Sarta PSC, which expires in 2047, and a 40 percent interest in the Qara Dagh PSC, which expires in October 2021.

First oil was achieved from the Sarta Stage 1A project in November 2020.

At the end of 2020, proved reserves have been recognized for this project.

Chevron will operate the Sarta block through 2021 and plans to transfer operatorship thereafter provided certain milestones are achieved.

Partitioned Zone Chevron holds a concession to oper ate the Kingdom of Saudi Arabia’s 50 percent interest in the hydrocarbon resources in the onshore area of the Partitioned Zone between Saudi Arabia and Kuwait.

The concession expires in 2046.

Production restart was achieved in July 2020, and the company expects production to ramp up to full capacity levels in 2021.

In Asia, the company is engaged in upstream activities in Kazakhstan, Russia, Bangladesh, Myanmar, Thailand, China and Indonesia.

The development plan for the Owowo field involves a subsea tie-back to the existing Usan floating, production, storage, and offloading vessel.

In April 2021, further to the exercise of a preemptive right by its joint venture partner, the company signed an agreement to divest its 40 percent operated interest in OML 86 and OML 88.

This sale is subject to customary closing conditions.

In Asia, the company is engaged in upstream activities in Bangladesh, China, Cyprus, Indonesia, Israel, Kazakhstan, Kurdistan Region of Iraq, Myanmar, the Partitioned Zone between Saudi Arabia and Kuwait, Russia, and Thailand.

Acreage for Asia can be found in the table on page 8.

Net daily oil-equivalent production for these countries can be found in the table on page 7.

Bangladesh Chevron operates and holds a 100 percent interest in Block 12 (Bibiyana Field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields).

The rights to produce from Jalalabad expire in 2030, from Moulavi Bazar in 2033 and from Bibiyana in 2034.

China Chevron has nonoperated working interests in several areas in China.

The company has a 49 percent nonoperated working interest in the Chuandongbei Project, including the Loujiazhai and Gunziping natural gas fields located onshore in the Sichuan Basin.

The company also has nonoperated working interests of 32.7 percent in Block 16/19 in the Pearl River Mouth Basin and 24.5 percent in the Qinhuangdao (QHD) 32-6 Block in the Bohai Bay.

The PSCs for Block 16/19 and QH D 32-6 e xpire in 2028 and 2024, respectively.

Cyprus The company holds a 35 percent-owned and operated interest in the Aphrodite gas field in Block 12.

Chevron operates the field with the Government of Cyprus and has a license that expires in 2044.

Indonesia Chevron has working interests through various PSCs in Indonesia.

In offshore eastern Kalimantan, the company operates and holds a 62 percent interest in two PSCs in the Kutei Basin (Rapak and Ganal) and operates and holds a 72 percent interest in the Makassar Strait PSC.

The PSCs for offshore eastern Kalimantan expire in December 2027 (Rapak and Makassar Strait) and February 2028 (Ganal).

The Chevron-operated Rokan PSC in Sumatra expired in August 2021.

Chevron concluded during 2019 that the Indonesia Deepwater Development held by the Kutei Basin PSCs did not compete in its portfolio and is evaluating strategic alternatives for the participating interest in these PSCs.

Israel Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field, which operates under a concession that expires in 2044.

The company also holds a 25 percent-owned and operated interest in the Tamar gas field, which operates under a concession that expires in 2038.

Opportunities to further monetize the existing gas resources are being assessed for both the Tamar and Leviathan fields.

Kazakhstan Chevron has a 50 percent interest in the Tengizchevroil (TCO) affiliate and an 18 percent nonoperated working interest in the Karachaganak Field.

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All of TCO’s 2021 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.

The Future Growth Project and Wellhead Pressure Management Project (FGP/WPMP) at Tengiz is managed as a single integrated project.

The FGP is designed to increase total daily production by about 260,000 barrels of crude oil and to expand the utilization of sour gas injection technology proven in existing operations to increase ultimate recovery from the reservoir.

The WPMP is designed to maintain production levels in existing plants as reservoir pressure declines.

The project advanced in 2020 with overall progress at approximately 81 percent at year-end 2020.

TCO continued construction on the FGP/WPMP including completion of all fabrication and sealift activities and installing key modules and foundations at the 3rd Generation Plant.

The WPMP portion is expected to start up in late 2022, with the remaining facilities expected to come online in mid-2023.

COVID-19 impacts on project schedules and cost estimates are unknown at this time due to the uncertain timeline for remobilizing all personnel and safely sustaining activity levels.

Proved reserves have been recognized for the FGP/WPMP.

In 2021, TCO continued construction on the Future Growth Project and Wellhead Pressure Management Project (FGP/WPMP), with all modules being placed on foundation as of April 2021.

The third of four metering stations associated with the project was completed in September 2021, collectively delivering over 100 MBOED of production through existing facilities in the fourth quarter.

The project also successfully integrated the utility modules for the 3rd generation plant.

At year-end, the project was approximately 89 percent complete.

Due to pandemic impacts, it is expected that the WPMP portion will start up in mid-2023, with FGP expected to come online in late-2023 to mid-2024.

Proved reserves have been recognized for FGP/WPMP.

The Karachaganak Field is located in northwest Kazakhstan, and operations are conducted under a PSC that expires in 2038.

Most of the exported liquids were transported through the CPC pipeline during 2021.

Karachaganak Expansion Project Stage 1A reached final investment decision in December 2020.

At the end of 2020, proved reserves had not been recognized for future expansion.

Development continued on the Karachaganak Expansion Project Stage 1A during 2021.

The initial recognition of proved reserves occurred in 2021 for this project.

Kazakhstan/Russia Chevron has a 15 percent interest in the CPC.

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During 2021, CPC transported an average of 1.3 million barrels of crude oil per day, composed of 1.1 million barrels per day from Kazakhstan and 0.2 million barrels per day from Russia.

Bangladesh Chevron operates and holds a 100 percent interest in Block 12 (Bibiyana Field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields).

The rights to produce from Jalalabad expire in 2030, from Moulavi Bazar in 2033 and from Bibiyana in 2034.

Kurdistan Region of Iraq The company holds a 50 percent nonoperated interest in the Sarta PSC, which expires in 2047, and a 40 percent nonoperated interest in the Qara Dagh PSC.

Chevron relinquished operatorship of the Sarta block effective January 2022.

Myanmar Chevron has a 28.3 percent nonoperated working interest in a PSC for the production of natural gas from the Yadana, Badamyar and Sein fields, within Blocks M5 and M6, in the Andaman Sea.

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The company also has a 28.3 percent nonoperated working interest in a pipeline company that transports natural gas to the Myanmar-Thailand border for delivery to power plants in Thailand.

In January 2022, Chevron announced its intention to begin the process of a planned and orderly transition that will lead to an exit from the country.

Partitioned Zone Chevron holds a concession to operate the Kingdom of Saudi Arabia’s 50 percent interest in the hydrocarbon resources in the onshore area of the Partitioned Zone between Saudi Arabia and Kuwait.

The concession expires in 2046.

Current activities focus on base business optimization and production enhancement opportunities.

Thailand Chevron holds operated interests in the Pattani Basin, located in the Gulf of Thailand, with ownership ranging from 35 percent to 80 percent.

Concessions for producing areas within this basin expire between 2022 and 2035.

also has a 16 percent nonoperated working interest in the Arthit Field located in the Malay Basin.

Chevron also has a 16 percent nonoperated working interest in the Arthit Field located in the Malay Basin.

Concessions for the producing areas within this basin expire between 2036 and 2040.

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Chevron also has a 35 percent-owned and operated interest in the Ubon Project in Block 12/27.

In late 2020, project studies were suspended pending an improved investment climate.

At the end of 2020, proved reserves had not been recognized for this project.

Chevron holds between 30 and 80 percent operated and nonoperated working interests in the Thailand-Cambodia overlapping claims area that are inactive, pending resolution of border issues between Thailand and Cambodia.

China Chevron has nonoperated working interests in several areas in China.

The company has a 49 percent nonoperated working interest in the Chuandongbei Project including the Loujiazhai and Gunziping natural gas fields located onshore in the Sichuan Basin.

The company also has nonoperated working interests of 32.7 percent in Block 16/19 in the Pearl River Mouth Basin, 24.5 percent in the Qinhuangdao (QHD) 32-6 Block, and 16.2 percent in Block 11/19 in the Bohai Bay.

The PSCs for these producing assets expire between 2022 and 2028.

Philippines The company closed the sale of its 45 percent nonoperated working interest in the offshore Malampaya natural gas field in March 2020.

Indonesia Chevron has working interests through various PSCs in Indonesia.

In Sumatra, the company holds a 100 percent-owned and operated interest in the Rokan PSC, which expires in August 2021.

The company operates and holds a 62 percent interest in two PSCs in the Kutei Basin (Rapak and Ganal), located offshore eastern Kalimantan.

Additionally, in offshore eastern Kalimantan, the company operates a 72 percent interest in the Makassar Strait PSC.

The PSCs for offshore eastern Kalimantan expire in 2027 and 2028.

Chevron has concluded that the Indonesia Deepwater Development held by the Kutei Basin PSCs does not compete in its portfolio and is evaluating strategic alternatives for the company’s 62 percent-owned and operated interest.

Azerbaijan In April 2020, Chevron sold its 9.6 percent nonoperated interest in Azerbaijan International Operating Company and its 8.9 percent interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline affiliate.

United Kingdom

Net oil equivalent production for the United Kingdom can be found in the table on page 6.

Chevron holds a 19.4 percent nonoperated working interest in the Clair Field, located west of the Shetland Islands.

The Clair Ridge Project is the second development phase of the Clair Field, with a design capacity of 120,000 barrels of crude oil and 100 million cubic feet of natural gas per day.

Three additional wells were completed in 2020.

The Clair Field has an estimated production life extending beyond 2050.

Chevron holds between 30 to 80 percent operated and nonoperated working interests in the Thailand-Cambodia Overlapping Claims Area that are inactive, pending resolution of border issues between Thailand and Cambodia.

Chevron is Australia's largest producer of LNG.

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Upstream activities in Australia are concentrated offshore Western Australia, where the company is the operator of two major LNG projects, Gorgon and Wheatstone, and has a nonoperated working interest in the North West Shelf (NWS) Venture and exploration acreage in the Carnarvon Basin.

Chevron holds a 47.3 percent-owned and operated interest in the Gorgon Project, which includes the development of the Gorgon and Jansz-Io fields.

The carbon dioxide system reached a full injection rate by first quarter 2020.

Progress on the Gorgon Stage 2 project continued in 2020 with the completion of drilling of 11 subsea wells and is expected to be completed in 2022.

The project's estimated economic life exceeds 40 years.

FEED work continued in 2020 on the Jansz-Io Compression Project.

The project supports maintaining gas supply to the Gorgon LNG plant and maximizing the recovery of fields accessing the Jansz trunkline.

Chevron holds an 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with the Wheatstone Project.

The project includes the development of the Wheatstone and Iago fields, a two-train, 8.9 million-metric-ton-per-year LNG facility, and a domestic gas plant.

The onshore facilities are located at

Ashburton North on the coast of Western Australia.

The total production capacity for the Wheatstone and Iago fields and nearby third-party fields is expected to be approximately 1.6 billion cubic feet of natural gas and 30,000 barrels of condensate per day.

The project’s estimated economic life exceeds 30 years.

Chevron holds a 47.3 percent-owned and operated interest in Gorgon on Barrow Island, which includes the development of the Gorgon and Jansz-Io fields, a three-train 15.6 million-metric-ton-per-year LNG facility, a carbon capture and underground storage facility and a domestic gas plant.

Progress on the Gorgon Stage 2 project continued in 2021, with the completion of the pipelay in May 2021 and first production expected in third quarter 2022.

The company reached a final investment decision on the Jansz-Io Compression Project in July 2021, and proved reserves have been recognized for this project.

Gorgon’s estimated remaining economic life exceeds 40 years.

Chevron holds an 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated with Wheatstone.

Wheatstone includes the development of the Wheatstone and Iago fields, a two-train, 8.9 million-metric-ton-per-year LNG facility, and a domestic gas plant.

The onshore facilities are located at Ashburton North on the coast of Western Australia.

Wheatstone’s estimated remaining economic life exceeds 20 years.

Chevron has a 16.7 percent nonoperated working interest in the NWS Venture in Western Australia.

In June 2020, Chevron announced the decision to market its share in the NWS Venture with the data room opening in September 2020.

The company continues to evaluate exploration and appraisal activity across the Carnarvon Basin in which it holds more than 6.0 million net acres.

During 2020, the company relinquished nonoperated working interests it held in the Browse Basin.

Chevron relinquished 0.5 million net acres in 2021 in the Carnarvon and Browse basins.

Chevron owns and operates the Clio, Acme and Acme West fields.

The company is collaborating with other Carnarvon Basin participants to assess the possibility of developing Clio and Acme through shared utilization of existing infrastructure.

United Kingdom

Acreage can be found in the table on page 8.

Net oil equivalent production for the United Kingdom can be found in the table on page 7.

Chevron holds a 19.4 percent nonoperated working interest in the Clair Field, located west of the Shetland Islands.

The Clair Ridge Project is the second development phase of the Clair Field, with a design capacity of 120,000 barrels of crude oil and 100 million cubic feet of natural gas per day.

The Clair Field has an estimated remaining production life extending beyond 2050.

Sales of Natural Gas and Natural Gas Liquids

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and international sales of natural gas averaged 4.0 billion and 5.2 billion cubic feet per day, respectively, which includes the company’s share of equity affiliates’ sales.

Outside the United States, substantially all of the natural gas sales from the company’s producing interests are from operations in Angola, Argentina, Australia, Bangladesh, Canada, Kazakhstan, Indonesia, Israel, Myanmar, Nigeria and Thailand.

Outside the United States, substantially all of the natural gas

sales from the company’s producing interests are from operations in Angola, Argentina, Australia, Bangladesh, Canada, Equatorial Guinea, Kazakhstan, Indonesia, Israel, Nigeria and Thailand.

and international sales of NGLs averaged 230,000 and 180,000 barrels per day, respectively, in 2021.

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Refining Operations

At the end of 2020, the company had a refining network capable of proce ssing 1.8 m illion barrels of crude oil per day.

Operable capacity at December 31, 2020, and daily refinery inputs for 2018 through 2020 for the company and affiliate refineries are summarized in the table on the next page.

At the end of 2021, the company had a refining network capable of proce s sing 1.8 million barrels of crude oil per day.

Operable capacity at December 31, 2021, and daily refinery inputs for 2019 through 2021 for the company and affiliate refineries, are summarized in the table below.

Average crude oil distillation capacity utilization was 82 percent in 2021 and 76 percent in 2020.

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refinery inputs in 2021 and 2020, respectively.

In the United States, the company continued work on projects to improve refinery flexibility and reliability.

At the El Segundo Refinery in California, enhancements are underway to enable production of renewable fuels including diesel, jet and gasoline from bio-feedstocks.

At the refinery in Salt Lake City, Utah, construction continued on the alkylation retrofit project with more than 100 modules installed.

Project start-up is expected in second quarter 2021.

In the United States, the company continued work on projects aimed at improving refinery flexibility and reliability.

At the El Segundo Refinery in California, production of renewable fuels from bio-feedstocks was achieved in third quarter 2021.

At the refinery in Salt Lake City, Utah, the alkylation retrofit project reached start-up in April 2021.

The Pasadena Refinery enables processing of greater amounts of Permian light crude oil and provides integration with Chevron’s Gulf Coast Pascagoula, Mississippi refinery and Houston Blend Center.

Outside the United States, the company has three large refineries in South Korea, Singapore and Thailand.

The Singapore Refining Company (SRC), a 50 percent-owned joint venture, has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products.

Outside the United States, the company has three large refineries in Singapore, South Korea and Thailand.

The Singapore Refining Company (SRC), a 50 percent-owned joint venture, has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products, including higher-quality gasoline that meets stricter emission standards.

Refinery upgrades have enabled SRC to produce higher-quality gasoline that meets stricter emission standards.

The 50 percent-owned, GS Caltex (GSC) operated, Yeosu Refinery in South Korea remains one of the world’s largest refineries with a total crude capacity of 800,000 barrels per day.

In 2020, progress continued on the olefins mixed-feed cracker and associated polyethylene unit with first production expected second-half 2021.

The company’s 60.6 percent-owned refinery in Map Ta Phut, Thailand, continues to supply high-quality petroleum products through the Caltex brand into regional markets.

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Map Ta Phut Thailand 1 175 135 143 134

South Africa — — — — 49

Total Consolidated Companies — International 1 175 135 143 134

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1 In May 2019, the company acquired the Pasadena, TX refinery.

2 In September 2018, the company sold its interest in the Cape Town refinery.

2 In March 2020, the company sold its interest in the Pakistan refinery.

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The company markets in Latin America using the Texaco brand.

In 2020, Chevron continued to grow in northwestern Mexico, expanding to nearly 230 branded stations at the end of the year.

The company also operates through affiliates under various brand names.

In the Asia-Pacific region and the Middle East, the company uses the Caltex brand.

In South Korea, the company operates through its 50 percent-owned affiliate, GSC.

In June 2020, the company acquired a network of terminals and service stations in Australia aligning with Chevron's value chain optimization in the Asia-Pacific region.

In Australia, Chevron markets primarily under the Puma brand via a network of terminals and service stations.

Starting in 2022, the company will begin a rebranding project to transition to the Caltex brand in Australia.

Chevron markets commercial aviation fuel to 69 airports worldwide.

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Chevron Oronite Company develops, manufactures and markets performance additives for lubricating oils and fuels and conducts research and development for additive component and blended packages.

At the end of 2020, the company manufactured, blended or conducted research a t 10 l ocations around the world.

Construction was completed in 2020 on a lubricant additive blending and shipping plant in Ningbo, China.

Commercial production is anticipated to begin in the second quarter 2021.

At the end of 2021, the company manufactured, blended or conducted research at 11 locations around the world.

Commercial production from the lubricant additive blending and shipping plant in Ningbo, China was achieved in second quarter 2021.

Chevron owns a 50 percent interest in Chevron Phillips Chemical Company LLC (CPChem).

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At the end of 2021, CPChem owned or had joint-venture interests in 28 manufacturing facilities and two research and development centers around the world.

CPChem holds a 51 percent interest in the US Gulf Coast II Petrochemical Project (USGC II) and a 30 percent interest in the Ras Laffan Petrochemical Project (RLPP) in Qatar.

Engineering and design were completed for USGC II in November 2020 and are ongoing for the RLPP facility.

In addition to continued efforts to debottleneck existing ethylene and polyethylene units, CPChem advanced projects at existing facilities to expand its normal alpha olefins business.

In May 2021, CPChem announced plans for a second world-scale unit at Old Ocean, Texas to produce on-purpose 1-hexene with expected capacity of 266,000 metric tons per year.

In December 2021, CPChem made final investment decision on a new C3 splitter unit at its Cedar Bayou facility in Baytown, Texas that is expected to have the capacity to produce 1 billion pounds of propylene annually.

Target start-up for both units is 2023.

CPChem holds a 51 percent interest in the U.S.

Gulf Coast II Petrochemical Project (USGC II) and a 30 percent interest in the Ras Laffan Petrochemical Project (RLPP) in Qatar.

CPChem continued engineering on RLPP as well as continued work toward FID on USGC II.

Chevron also maintains a role in the petrochemical business through the operations of GSC, the company’s 50 percent-owned affiliate.

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GSC also produces polypropylene, which is used to make automotive and home appliance parts, food packaging, laboratory equipment and textiles.

In 2020, progress continued on the construction of an olefins mixed-feed cracker and associated polyethylene unit within the existing refining and petrochemical facilities in Yeosu, South Korea.

First production is expected at the new plant in second-half 2021.

First production from the olefins mixed-feed cracker and associated polyethylene unit within the existing refining and petrochemical facilities in Yeosu, South Korea was achieved in June 2021, ahead of schedule and under budget.

Renewable Fuels

The company continued to advance lower carbon actions in the downstream business, particularly through development of renewable fuels, which include renewable natural gas (RNG), renewable diesel, sustainable aviation fuel, and renewable base oils and lubricants.

The company has two partnerships to produce and market dairy biomethane, with CalBioGas and Brightmark RNG Holdings.

In fourth quarter 2021, Brightmark RNG Holdings delivered first RNG.

Separately, all CalBioGas farms are now online.

In June 2021, the company announced its first branded compressed natural gas (CNG) site as part of its plan to have more than 30 CNG sites in California supplied with RNG by 2025.

In October 2021, the company closed its acquisition of an equity interest in American Natural Gas LLC (now Beyond6, LLC) and its network of 60 CNG retail sites, in order to meet customers’ needs beyond California.

Progress has continued at the company’s El Segundo Refinery in California to produce renewable diesel and sustainable aviation fuel through the co-processing of bio-feedstock.

In third quarter 2021, the refinery began co-processing about 2,000 barrels per day of bio-feedstock, producing renewable diesel at a diesel hydrotreating unit as well as a batch of sustainable aviation fuel at a fluid catalytic cracking unit.

In 2022, the company expects to convert the same diesel hydrotreater at the El Segundo refinery to 100 percent renewable capability, increasing capacity to 10,000 barrels per day of renewable diesel.

The company continues development of renewable base oil through our patented technology and majority ownership in Novvi and has made progress integrating this renewable base oil into Chevron’s lubricant product lines.

Chevron developed Havoline Pro-RS, with lifecycle emissions that are 35 percent lower than those of conventional motor oil of equal viscosity.

In November 2021, the company made this renewable based lubricant available to professional installers in the United States and Canada, and it is expected to be available to U.S.

consumers in early 2022.

Transportation

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and international pipelines.

As a result of the Noble acquisition, Chevron acquired a majority interest in Noble Midstream Partners LP (Noble Midstream).

Noble Midstream is primarily focused in the DJ Basin in Colorado and Delaware Basin in Texas providing services to Chevron and third-party customers.

In February 2021, Chevron announced a non-binding offer to acquire all of the outstanding common units of Noble Midstream Partners LP not already owned by Chevron or any of its affiliates.

Refer to pages 12 through 13 in the Upstream section for information on the West African Gas Pipeline and the Caspian Pipeline Consortium.

Chevron acquired all of the outstanding common units of Noble Midstream Partners LP not already owned by Chevron or any of its affiliates in May 2021.

Refer to pages 13 and 14 in the Upstream section for information on the West African Gas Pipeline and the Caspian Pipeline Consortium.

Shipping The company’s marine fleet includes both U.S.

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These vessels transport crude oil, LNG, refined products and feedstock in support of the company’s global upstream and downstream businesses.

In December 2021, Chevron joined the Sea Cargo Charter, a benchmark initiative for responsible shipping activities, transparent greenhouse gas reporting, and improved decision making in line with the United Nations’ decarbonization targets.

Other Businesses

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The organization conducts research, develops and qualifies technology, and provides technical services and competency development.

The disciplines cover earth sciences, reservoir and production engineering, drilling and completions, facilities engineering, manufacturing, process technology, catalysis, technical computing and health, environment and safety.

The disciplines cover earth sciences, reservoir and production engineering, drilling and completions,

facilities engineering, manufacturing, process technology, catalysis, technical computing and health, environment and safety.

Chevron’s information technology organization integrates computing, telecommunications, data management, cybersecurity and network technology to provide a digital infrastructure to enable Chevron’s global operations and business processes.

Chevron’s Technology Ventures (CTV) unit identifies and integrates externally developed technologies and new business solutions with the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy.

Chevron Technology Ventures (CTV) leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities with the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy.

CTV has more than two decades of venture investing, with eight funds that have supported more than 100 startups and worked with more than 200 co-investors.

In addition to the company’s own managed funds, Chevron also makes

investments indirectly through the following funds:

the Oil and Gas Climate Initiative (OGCI) Climate Investments fund targets the decarbonization of oil and gas, industry and commercial transportation;

Emerald Ventures targets energy, water, industrial IT and advanced materials;

and the HX Venture fund targets Houston, Texas high-growth start-ups.

In addition to the company’s own managed funds, Chevron also is a limited partner in the following funds:

the Oil and Gas Climate Initiative (OGCI) Climate Investments fund, which targets the decarbonization of oil and gas, industry and commercial transportation;

the Emerald Ventures fund, which targets energy, water, industrial IT and advanced materials;

and the HX Venture fund, which targets Houston, Texas high-growth start-up companies.

Chevron continued its participation as a member of OGCI, a global collaboration focused on the industry’s efforts to take actions to accelerate and participate in a lower carbon future.

In 2020, OGCI committed to a Global Gas Flaring Explorer web platform and set a target for OGCI members to reduce oil and gas carbon intensity.

Some of the investments the company makes in the areas described above are in new or unproven technologies and business processes, and ultimate technical or commercial successes are not certain.

Refer to Note 25 on page 95 for a summary of the company’s research and development expenses.

In 2021, the Climate Investments fund made additional investments and deployed or piloted portfolio technologies with member companies, helping enable methane and CO 2 emissions reductions, as well as advancing carbon capture utilization and storage (CCUS) technologies.

Some of the investments the company makes in the areas described above are in new or unproven technologies and business processes;

therefore, the ultimate technical or commercial successes of these investments are not certain.

Refer to Note 27 Other Financial Information for quantification of the company’s research and development expenses.

Chevron New Energies The new energies organization was formed in 2021 and is designed to advance the company’s strategy by bringing together dedicated resources focused on growing new lower carbon businesses that have the potential to scale.

Its initial focus will include commercialization opportunities in hydrogen, CCUS, and carbon offsets.

These businesses are expected to support the company’s efforts to reduce its greenhouse gas emissions and are also expected to become high-growth opportunities with the potential to generate accretive returns.

Environmental Protection The company designs, operates and maintains its facilities to avoid potential spills or leaks and to minimize the impact of those that may occur.

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In addition, the company is a member of the Subsea Well Response Project, which has the objective to further develop the industry’s capability to contain and shut in subsea well control incidents in different regions of the world.

The company is committed to improving energy efficiency in its day-to-day operations and is required to comply with the greenhouse gas-related laws and regulations to which it is subject.

The company is committed to lowering the carbon intensity of its traditional oil and gas operations, in addition to complying with the greenhouse gas-related laws and regulations to which it is subject.

Refer to Item 1A.

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Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations on page 49 for additional information on environmental matters and their impact on Chevron, and on the company’s 2021 environmental expenditures.

Refer to page 49 and Note 22 beginning on page 92 for a discussion of environmental remediation provisions and year-end reserves.

Refer to page 49 and Note 24 Other Contingencies and Commitments for a discussion of environmental remediation provisions and year-end reserves.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business