What changed in this filing

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Item 1. Business

2023-02-23 compared with 2022-02-24 · 306 added, 281 removed, 381 unchanged (61% of the section changed)

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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 .

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

Overview of Petroleum Industry

Petroleum industry operations and profitability are influenced by many factors.

Prices for crude oil, natural gas, petroleum products and petrochemicals are generally determined by supply and demand.

Prices for crude oil, natural gas, liquefied natural gas, petroleum products and petrochemicals are generally determined by supply and demand.

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.

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Chevron’s Strategic Direction

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.

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.

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

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

We are building on our capabilities, assets and customer relationships as we aim to lead in lower carbon intensity oil, products and natural gas, as well as advance new products and solutions that reduce the carbon emissions of major industries.

We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies.

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

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Human Capital Management

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.

Chevron invests in its workforce and culture, with the objective of engaging employees to develop their full potential to deliver energy solutions and enable human progress.

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

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Hiring, Development and Retention

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.

The company’s approach to attracting, developing and retaining a global, 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.

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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.

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

The company invests in developing leadership at every level.

For example, Chevron expanded a coaching program that reaches deeper into the organization, including frontline supervisors, managers and individual contributors.

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

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Diversity and Inclusion

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

Chevron believes human ingenuity has the power to solve difficult problems 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.

Chevron strives to build an inclusive environment through innovative programs such as 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.

MARC is active in over 35 Chevron locations on six continents around the world with over 5,000 participants since inception.

Also, when hiring for a position, many selection processes now include inclusion counselors who help check against unconscious biases and provide outside perspectives.

Chevron’s leadership development also reflects Chevron’s diversity focus.

In 2022, Chevron offered numerous leadership programs to promote leadership diversity, including the Global Women’s Leadership Development Program, Transformational Leadership for Multicultural Women, Executive Leadership Council (U.S.

Black employees), Asia Pacific Leadership Development Program, Asian American Leadership Development Program, and Latino Leadership Development Program.

In addition, Chevron has 11 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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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’s survey frequency enables the company to better understand employee sentiment throughout the year and gain insights into employee well-being.

The company also introduced surveys to understand employee experience trends throughout the employee lifecycle.

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.

The company has set clear expectations for leaders to deliver operational excellence by demonstrating their commitment to prioritizing the safety and health of its workforce, and the protection of communities, the environment and the company’s assets.

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;

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

In February, Chevron received the 2023 Platinum Bell Seal for Workplace Mental Health by Mental Health America.

The Bell Seal is a first-of-its-kind workplace mental health certification that recognizes employers who strive to create mentally healthy workplaces for their employees.

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, Asia and Australia.

These activities are managed by the Oil, Products and Gas organization.

Tabulations of segment sales and other operating revenues, earnings, assets, and income taxes for the three years ending December 31, 2022, and assets as of the end of 2022 and 2021 — 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 Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s Capital Expenditures .

Refer to Table V for a tabulation of the company’s proved reserves by geographic area, at the beginning of 2020 and at each year-end from 2020 through 2022.

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2022 2021 2020

Liquids — Millions of barrels

Crude Oil, Condensate and Synthetic Oil — Millions of barrels

Consolidated Companies 3,868 3,821 3,766

Affiliated Companies 1,129 1,254 1,553

Total Liquids 6,113 6,147 6,521

Total Crude Oil, Condensate and Synthetic Oil 4,997 5,075 5,319

Natural Gas Liquids — Millions of barrels

Consolidated Companies 1,002 935 709

Affiliated Companies 86 103 119

Total Natural Gas Liquids 1,088 1,038 828

Natural Gas — Billions of cubic feet

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All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation.

Net Production of Liquids and Natural Gas

The following table summarizes the net production of liquids and natural gas for 2021 and 2020 by the company and its affiliates.

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

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

Oil-Equivalent Liquids Natural Gas

Thousands of barrels per day (MBPD) (MBPD) 1

(MBPD) (MMCFPD)

Millions of cubic feet per day (MMCFPD) 2021 2020 2021 2020 2021 2020

United States 2

1,139 1,058 858 790 1,689 1,607

Other Americas

33 25 28 21 31 24

161 159 136 138 150 126

Total Other Americas 197 192 167 165 181 165

78 87 70 78 52 53

Equatorial Guinea 2

52 11 18 5 204 42

165 183 124 140 246 260

Republic of Congo

39 46 37 44 13 13

Total Africa 334 327 249 267 515 368

112 107 2 3 655 622

30 32 12 15 104 100

67 138 62 131 30 43

91 20 1 — 541 116

41 55 24 32 103 136

Kurdistan Region of Iraq 2 — 2 — — —

15 15 — — 92 92

Partitioned Zone 5

58 18 56 17 7 3

Philippines 4

163 207 41 54 736 918

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

Australia 449 441 43 42 2,434 2,392

Total Australia 449 441 43 42 2,434 2,392

United Kingdom 4

14 14 13 13 6 5

Total Europe 14 14 13 13 6 5

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

387 447 284 331 616 695

Total Including Affiliates 7

3,099 3,083 1,814 1,868 7,709 7,290

1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.

2 Includes production associated with the acquisition of Noble commencing October 2020.

3 Includes synthetic oil:

55 54 55 54 — —

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 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.

Total “as sold” natural gas volumes were 7,117 million and 6,687 million cubic feet per day for 2021 and 2020, respectively.

Production Outlook

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.

Refer to the “Review of Ongoing Exploration and Production Activities in Key Areas,” beginning on page 10, for a discussion of the company’s major crude oil and natural gas development projects.

Average Sales Prices and Production Costs per Unit of Production

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2 Includes gross 1,427 and net 482 productive oil wells for interests accounted for by the non-equity method.

Production Outlook

The company estimates its average worldwide oil-equivalent production in 2023, assuming a Brent crude oil price of $80 per barrel, to be flat to up three percent compared to 2022.

This estimate is subject to many factors and uncertainties, as described beginning on page 36.

Refer to the Review of Ongoing Exploration and Production Activities in Key Areas for a discussion of the company’s major crude oil and natural gas development projects.

At December 31, 2022, the company owned or had under lease or similar agreements undeveloped and developed crude oil and natural gas properties throughout the world.

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3 Includes gross 405 and net 141 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method.

Net Production of Crude Oil, Natural Gas Liquids and Natural Gas

The following table summarizes the net production of crude oil, natural gas liquids and natural gas for 2022 and 2021 by the company and its affiliates.

Worldwide oil-equivalent production of 3 million barrels per day in 2022 was down approximately 3 percent from 2021.

International production decreased 7 percent in 2022 primarily due to the end of concessions in Thailand and Indonesia, while U.S.

production increased 4 percent compared to 2021, mainly in the Permian Basin.

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

Components of Oil-Equivalent

Oil-Equivalent Crude Oil Natural Gas Liquids Natural Gas

Thousands of barrels per day (MBPD) (MBPD) 1

(MBPD) (MMCFPD)

Millions of cubic feet per day (MMCFPD) 2022 2021 2022 2021 2022 2021 2022 2021

United States 1,181 1,139 650 643 238 215 1,758 1,689

Other Americas

40 33 35 28 — — 34 31

— 3 — 3 — — — —

139 161 109 129 7 7 135 150

Total Other Americas 179 197 144 160 7 7 169 181

70 78 57 65 4 5 49 52

Equatorial Guinea 56 52 12 12 7 6 223 204

152 165 101 118 6 6 266 246

Republic of Congo

31 39 28 36 1 1 11 13

Total Africa 309 334 198 231 18 18 549 515

118 112 2 2 — — 696 655

28 30 10 12 — — 109 104

3 67 1 62 — — 18 30

Israel 101 91 1 1 — — 602 541

40 41 24 24 — — 96 103

Kurdistan Region of Iraq 1 2 1 2 — — — —

17 15 — — — — 94 92

Partitioned Zone 60 58 58 56 — — 7 7

67 163 18 41 — — 298 736

Total Asia 435 579 115 200 — — 1,920 2,268

Australia 482 449 42 43 — — 2,643 2,434

Total Australia 482 449 42 43 — — 2,643 2,434

United Kingdom 14 14 13 13 — — 9 6

Total Europe 14 14 13 13 — — 9 6

Total Consolidated Companies 2,600 2,712 1,162 1,290 263 240 7,048 7,093

399 387 278 263 16 21 629 616

Total Including Affiliates 6

2,999 3,099 1,440 1,553 279 261 7,677 7,709

1 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.

2 Includes crude oil, condensate and synthetic oil.

3 Includes synthetic oil:

45 55 45 55 — — — —

4 Chevron concessions expired in 2021 (Indonesia) and 2022 (Thailand).

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

6 Volumes include natural gas consumed in operations of 570 million and 592 million cubic feet per day in 2022 and 2021, respectively.

Total “as sold” natural gas volumes were 7,107 million and 7,117 million cubic feet per day for 2022 and 2021, respectively.

Delivery Commitments

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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 2.9 trillion cubic feet of natural gas to third parties from 2022 through 2024 from operations in Australia and Israel.

Outside the United States, the company is contractually committed to deliver a total of 2.8 tr illion cubic feet of natural gas to third parties from 2023 through 2025 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.

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A “development well” is a well drilled within the known area of a crude oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.

Wells Drilling 1

Net Wells Completed

Wells Drilling* Net Wells Completed

at 12/31/22 2022 2021 2020

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Chevron has exploration and production activities in many of the world’s major hydrocarbon basins.

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.

Chevron’s 2022 key upstream activities, some of which are also discussed in the section Management’s Discussion and Analysis of Financial Condition and Results of Operations , are presented below.

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

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United States

Upstream activities in the United States are primarily located in Texas, New Mexico, California, Colorado, and the Gulf of Mexico.

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

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

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.

Upstream activities in the United States are primarily located in Texas, New Mexico, Colorado, California, and the Gulf of Mexico.

Acreage for the United States can be found in the Acreage table.

Net daily oil-equivalent production in the United States can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

As one of the largest producers in the Permian Basin, Chevron continues to capitalize on its advantaged portfolio in west Texas and southeast New Mexico with an outlook of one million barrels of net oil equivalent production per day by 2025.

The asset is comprised of stacked formations enabling production from multiple geologic zones from single surface locations and staging the development for optimized capacity utilization of facilities and infrastructure.

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

This manufacturing-style process, combined with advantaged acreage holdings and technological advancements, have enabled capital expenditure productivity improvements.

Continued operational efficiencies and diversified land assets via non-operated joint ventures and royalty positions have also contributed to higher returns throughout the Permian portfolio.

In addition to ongoing emission reduction and water handling initiatives, construction of a 50 percent joint venture solar power project in New Mexico to supply renewable energy for our oil and gas operations was completed and is expected to be operational in the first half of 2023.

In 2022, Chevron’s net daily unconventional production in the Permian Basin averaged 327,000 barrels of crude oil, 184,000 barrels of natural gas liquids (NGLs) and 1.2 billion cubic feet of natural gas.

Chevron divested its assets in the Eagle Ford Shale in Texas in March 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.

In 2022, Chevron’s net daily production in the DJ Basin averaged 53,000 barrels of crude oil, 37,000 barrels of NGLs and 325 million cubic feet of natural gas.

Chevron also has operations in Colorado’s Piceance Basin, as well as an acreage position in Wyoming.

In 2022, 53 wells in Texas and 29 wells in Colorado achieved Project Canary’s highest certification r ating on operational and environmental performance, allowing Chevron to market responsibly sourced natural gas.

In 2022, Chevron was one of the largest crude oil producers in California with a net daily oil equivalent production of 87,800 barrels.

The California operations support Chevron’s efforts to progress its lower carbon technologies with investments in geothermal and carbon capture pilots.

These include the Baseload Capital pilot to utilize waste heat from existing oilfield operations and the Svante pilot to capture carbon dioxide from combustion of natural gas.

These pilots leverage innovative technologies and have the potential to scale across our operations.

The Baseload Capital and Svante pilots became operational in the third and fourth quarters of 2022, respectively.

During 2022, net daily production in the Gulf of Mexico averaged 172,000 barrels of crude oil, 12,000 barrels of NGLs and 101 million cubic feet of natural gas.

Chevron is engaged in various operated and nonoperated exploration, development and production activities in the deepwater Gulf of Mexico.

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

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.

injection is expected in 2024.

Additional Jack development in 2022 consisted of a single well tieback and related subsea infrastructure installation.

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

Multiphase pump module installation commenced in 2022.

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

The Jack and St.

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

Malo fields have an estimated remaining production life of more than 20 years.

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

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.

First oil from the Mad Dog 2 Project is expected to commence in 2023.

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 an additional production well coming online in July 2021.

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

Development drilling activities are ongoing, with an additional production well that came online in 2022.

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

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

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.

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

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

The Stampede 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.

Drilling of the first development well began in December 2021.

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

The company s uccessfully drilled the first development well to a total measured depth of 33,500 feet in 2022.

Proved reserves have been recognized 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.

Chevron reached a final investment decision for Ballymore in May 2022.

This project includes three production wells, with first oil expected in 2025.

Proved reserves have been recognized for this project.

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

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.

During 2022, the company participated in six exploration wells in the deepwater U.S.

Gulf of Mexico.

Chevron was also formally awarded 34 leases during 2022 as a result of U.S.

Gulf of Mexico lease sale 257.

In May 2022, Chevron acquired a 50 percent interest in the Bayou Bend Carbon Capture and Sequestration hub in the Gulf of Mexico, covering over 40,000 acres.

Other Americas

“Other Americas” includes Argentina, Brazil, Canada, Colombia, Mexico, Suriname and Venezuela.

Acreage for “Other Americas” 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.

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.

Acreage for “Other Americas” can be found in the Acreage table.

Net daily oil-equivalent production from these countries can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

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

At Loma Compana, 49 horizontal wells were drilled in 2022, with 46 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.

This concession expires in 2048, and the Narambuena concession expires in 2027.

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

The conventional field concession expires in 2032.

In April 2022, Chevron was granted a new unconventional concession where it will operate the East area of the El Trapial Field in the Vaca Muerta shale formation, with a three-year pilot where it is expected to drill and complete five wells.

Drilling operations began in August 2022 with three horizontal wells drilled in 2022.

The unconventional concession expires in 2057.

Brazil Chevron holds between 30 and 50 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.

Chevron is in the process of relinquishing the Saturno block in the Santos Basin, in which it holds a 45 percent nonoperated working interest.

Chevron participated in two exploration wells in 2022.

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 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.

The company has 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.

Carbon dioxide (CO 2 ) emissions from the upgrader are reduced by carbon capture and storage 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 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.

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

By the end of 2022, a total of 243 wells have been tied into production facilities.

Chevron has 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 has 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 25 years.

The company has a 25 percent nonoperated working interest in blocks EL 1168 and EL 1148 located in offshore Atlantic Canada.

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

Mexico The company has a 37.5 percent-owned and operated interest in Block 22 in the Cuenca Salina area in the deepwater Gulf of Mexico.

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

Chevron participated in one exploration well in 2022.

Chevron, as operator of the joint venture, is in the process of relinquishing Block 3 in the Perdido area of the Gulf of Mexico, in which it holds a 33.3 percent-owned and operated interest.

Suriname Chevron has a 40 percent owned and operated working interest in Block 5.

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

In April 2022, Chevron signed a production sharing contract (PSC) f or the shallow water Block 7 with an 80 percent owned and operated working interest.

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

As of December 31, 2022, no proved reserves are recognized for these interests.

In 2022, 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.

In November 2022, the Department of Treasury’s Office of Foreign Assets Control issued a six-month self-renewing general license authorizing the company to lift production from its four nonoperated affiliate joint ventures in Venezuela for delivery to the United States.

Chevron has 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.

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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.

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

Acreage for Africa can be found in the Acreage table.

Net daily oil-equivalent production from these countries can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

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

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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.

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.

The plant has the capacity to process 1.1 billion cubic feet of natural gas per day.

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

This is the world’s first liquefied natural gas (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.

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 Block 0 Sanha Lean Gas Connection Project (SLGC) execution continues and is expected to be completed in 2024.

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 2022, fi rst oil was announced for Lifua A in Block 0, which is the first stage of waterflood development in the Lifua field using a low-cost, short cycle solution that leverages existing infrastructure.

In November 2022, South N’Dola, located in Area B of Block 0, reached final investment decision and will apply the same low-cost, short cycle solution as Lifua A.

In July 2022, a final investment decision was announced on the Quiluma and Maboqueiro (Q&M) development, part of the New Gas Consortium Project (NGC) in which Chevron has a 31 percent nonoperated working interest.

NGC is an offshore gas concession in which the Q&M fields will be the first to be developed.

The Q&M scope includes two wellhead platforms and an onshore gas treatment plant with connections to the Angola LNG plant.

Proved reserves have not been recognized for this project.

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

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.

The permits for Nkossa, Nsoko and Moho-Bilondo were extended in 2022 and now expire in 2040.

Reserves have been recognized for the lease extension.

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

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).

Egypt In the Mediterranean Sea, Chevron holds a 90 percent-owned and operated interest in North Sidi Barrani (Block 2) and North El Dabaa (Block 4) and a 45 percent interest in the Nargis block, as well as a 27 percent nonoperated working interest in both North Marina (Block 6) and North Cleopatra (Block 7).

In 2022, the company s uccessfully drilled its first exploration well and announced a significant gas discovery at the Nargis Offshore area.

The well encountered approximately 200 net feet of high-quality gas-bearing sandstone.

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

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 the Alen natural gas and condensate field in Block O.

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.

Chevron holds 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 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.

Namibia In September 2022, Chevron acquired an 80 percent-owned and operated interest in PEL90 (Block 2813B) in the Orange Basin, offshore Namibia.

Nigeria Chevron operates and holds a 40 percent interest in six concessions, five 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 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.

Chevron participated in one exploration well in 2022.

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 liquefied petroleum gas and condensate export capacity of 58,000 barrels per day.

The company operates the 33,000-barrel-per-day Escravos Gas to Liquids facility.

In addition, the company holds a 36.9 percent interest in the West African Gas Pipeline Company Limited affiliate, which supplies Nigerian natural gas to customers in Benin, Togo and Ghana.

Chevron operates and holds a 67.3 percent interest in the Agbami field, located in deepwater Oil Mining Lease (OML) 127 and OML 128.

OML127 expires in 2024 and OML128 was extended in 2022 from 2024 to 2042.

Additionally, Chevron holds a 30 percent nonoperated working interest in the Usan field in OML 138.

The leases that contain the Usan and Agbami Fields expire in 2023 and 2024, respectively.

Also, in the deepwater area, the Aparo Field in OML 132 and OML 140 and the third-party-owned Bonga SW Field in OML 118 share a common geologic structure and are planned to be developed jointly.

The lease that contains the Usan field was extended in 2022 from 2023 to 2042.

Reserves have been recognized for the extensions of OML 128 and OML 138.

In deepwater exploration, Chevron operates and holds a 55 percent interest, in the deepwater Nsiko discoveries in OML 140.

Chevron also holds a 27 percent interest in OML 139 and OML 154 and 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.

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

Also, in the deepwater area, the Aparo field in OML 132 and OML 140 and the third-party-owned Bonga SW field in OML 118 share a common geologic structure and would be developed jointly.

Chevron holds a 16.6 percent nonoperated working interest in the unitized area.

The development plan involves subsea wells tied back to a floating production, storage and offloading vessel.

Work continues to progress toward a final investment decision.

At the end of 2022, no proved reserves were recognized for this project.

In deepwater exploration, Chevron operates and holds a 55 percent interest in the deepwater Nsiko discoveries in OML 140.

Chevron also holds a 27 percent interest in adjacent licenses OML 139 and OML 154.

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.

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 May 2022, Chevron divested its 40 percent operated interest in OML 86 and OML 88.

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.

Acreage for Asia can be found in the Acreage table.

Net daily oil-equivalent production for these countries can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

Bangladesh Chevron Bangladesh operates and holds 100 percent interest in Block 12 (Bibiyana field) and Blocks 13 and 14 (Jalalabad and Moulavi Bazar fields) under two PSCs.

The rights to produce from Jalalabad expires in 2034, from Moulavi Bazar in 2038 and from Bibiyana in 2034.

In October 2022, Chevron Bangladesh signed a supplemental agreement t o Block 12 PSC extending the Bibiyana production area.

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

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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.

The PSCs for Block 16/19 and QHD 32-6 expire in 2028 and 2024, respectively.

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

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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.

The contracts for offshore eastern Kalimantan expire in December 2027 (Rapak and West Seno fields) and February 2028 (Ganal).

Chevron has concluded that the Indonesia Deepwater Development (IDD) Project held by the Kutei Basin PSCs does not compete in its portfolio and is evaluating alternatives for the company’s 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.

In 2022, Chevron reached final investment decision for Phase 1 of the Tamar Optimization Project to expand the company’s offshore facilities.

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

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TCO is developing the Tengiz and Korolev crude oil fields in western Kazakhstan under a concession agreement that expires in 2033.

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

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.

Most of TCO’s 2022 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.

In 2022, construction on the Future Growth Project and Wellhead Pressure Management Project (FGP/ WPMP) was largely completed.

In addition, the FGP well program, consisting of 55 new wells, was completed in July 2022.

WPMP is expected to begin start up by year-end 2023 with conversions of field gathering stations to low pressure continuing for about 12 months.

FGP is expected to commence operations by mid-2024 with production expected to ramp up through year end.

Proved reserves have been recognized for the 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 2022.

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

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

Development continued on the

Karachaganak Expansion project (KEP) Stage 1A and a final investment decision was reach ed to commence KEP Stage 1B in late 2022.

Proved reserves have been recognized for both projects.

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

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During 2022, CPC transported an average of 1.2 million barrels of crude oil per day, composed of 1.1 million barrels per day from Kazakhstan and 0.1 million barrels per day from Russia.

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.

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

Chevron participated in two exploration wells in 2022.

Myanmar Chevro n has a 41.1 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.

The PSC expires in 2028.

The company also has a 41.1 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.

In 2022, Chevron signed an agreement to sell the company’s interest in all Myanmar assets and exit the country, with an expected closing date in the second half of 2023.

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.

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Concessions for producing areas within this basin expire between 2028 and 2035.

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

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.

Within the Pattani Basin, the company holds ownership ranging from 70 to 80 percent of the Erawan concession, which expires in April 2022.

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

Within the Pattani Basin, the company previously held operated interests ranging from 70 to 80 percent of the Erawan concession, which expired in April 2022.

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.

Acreage can be found in the table on page 8.

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

Chevron is the largest producer of LNG in Australia.

Acreage can be found in the Acreage table.

Net daily oil-equivalent production can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

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 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.

The Gorgon Stage 2 project is expected to be ready for startup in the first quarter of 2023.

Progress on the Jansz-Io Compression project continued during 2022, and proved reserves have been recognized for this project.

Gorgon’s estimated remaining economic life exceeds 40 years.

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Wheatstone’s estimated remaining economic life exceeds 18 years.

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

Chevron has a 16.7 percent nonoperated working interest in the North West Shelf (NWS) Venture in Western Australia.

The company continues to evaluate exploration and appraisal activity across the Carnarvon Basin, in which it holds more than 1.9 million net acres.

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

Chevron relinquished 4 million net acres in 2022 in the Carnarvon basin.

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.

Chevron holds nonoperated working interests ranging from 20 to 50 percent, in three greenhouse gas assessment permits to evaluate the potential of carbon storage.

The blocks, including two in the Carnarvon Basin off the north-western coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total nearly 7.8 million acres.

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.

Acreage can be found in the Acreage table.

Net oil equivalent production for the United Kingdom can be found in the Net Production of Crude Oil, Natural Gas Liquids and Natural Gas table.

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

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

Sales of Natural Gas and Natural Gas Liquids

The company sells natural gas and NGLs from its producing operations under a variety of contractual arrangements.

In addition, the company also makes third-party purchases and sales of natural gas and NGLs in connection with its supply and trading activities.

Sales of Natural Gas Liquids and Natural Gas

The company sells NGLs and natural gas from its producing operations under a variety of contractual arrangements.

In addition, the company also makes third-party purchases and sales of NGLs and natural gas in connection with its supply and trading activities.

and international sales of NGLs averaged 303,000 and 234,000 barrels per day, respectively, in 2022.

During 2022, U.S.

and international sales of natural gas averaged 4.4 billion and 5.8 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, 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.

Refer to “Selected Operating Data,” on page 42 in Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information on the company’s sales volumes of natural gas and natural gas liquids.

Refer also to “Delivery Commitments” beginning on page 8 for information related to the company’s delivery commitments for the sale of crude oil and natural gas.

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.

Refer to Selected Operating Data in Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further information on the company’s sales volumes of natural gas liquids and natural gas.

Refer also to Delivery Commitments for information related to the company’s delivery commitments for the sale of crude oil and natural gas.

Refining Operations

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refining operations.

Imported crude oil accounted for about 60 percent and 59 percent of Chevron’s U.S.

refinery inputs in 2021 and 2020, respectively.

Imported crude oil accounted for about 60 percent of Chevron’s U.S.

refinery inputs in both 2022 and 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 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.

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.

The Pasadena Refinery received regulatory approval for a project that is expected to increase light crude oil throughput capacity to 125,000 barrels per day in 2024.

This project is expected to allow the company to run more equity crude from the Permian Basin, supply more products to customers in the U.S.

Gulf Coast and realize synergies with the company’s Pascagoula refinery.

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

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.

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

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

Petroleum Refineries:

Locations, Capacities and Inputs

Capacities and inputs in thousands of barrels per day December 31, 2021 Refinery Inputs

Locations, Capacities and Crude Oil Inputs

Capacities and inputs in thousands of barrels per day December 31, 2022 Refinery Crude Oil Inputs

Locations Number Operable Capacity 2022 2021 2020

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Richmond California 1 257 167 211 198

Texas 1 110 76 69 58

Pasadena Texas 1 85 77 76 69

Salt Lake City Utah 1 58 53 50 45

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Total Including Affiliates — Worldwide 8 1,779 1,504 1,479 1,377

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

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

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United States

Gasoline 639 655 581

Jet Fuel 212 173 139

Diesel/Gas Oil 216 179 167

Residual Fuel Oil

Fuel Oil 56 39 33

Other Petroleum Products 1

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International 2

Gasoline 336 321 264

Jet Fuel 196 140 143

Diesel/Gas Oil 464 471 438

Residual Fuel Oil

Fuel Oil 168 177 184

Other Petroleum Products 1

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In the United States, the company markets under the Chevron and Texaco brands.

At year-end 2021, the company supplied directly or through retailers and marketers approximately 8,200 C hevron- and Texaco-branded service stations, primarily in the southern and western states.

At year-end 2022, the company supplied directly or through retailers and marketers approximately 8,200 Chevron- and Texaco-branded service stations, primarily in the southern and western states.

Approximately 310 of these outlets are company-owned or -leased stations.

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

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.

In Australia, Chevron markets primarily under the Puma brand and began a rebranding project to transition to the Caltex brand in 2022.

In March 2022, Chevron started allowing customers at Caltex service stations in Singapore to use their loyalty points to offset a portion of the greenhouse gas emissions from the combustion of the fuel purchased.

In return, Chevron purchases and retires carbon offsets.

Chevron markets commercial aviation fuel to 63 airports worldwide.

The company also markets an extensive line of lubricant and coolant products under the product names Havoline, Delo, Ursa, Meropa, Rando, Clarity and Taro in the United States and worldwide under the three brands:

Chevron, Texaco and Caltex.

Chevr on, Texaco and Caltex.

Chemicals Operations

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At the end of 2022, 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 2022, CPChem owned or had joint-venture interests in 28 manufacturing facilities and two research and development centers around the world.

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.

CPChem has recently reached final investment decision on two major integrated polymer projects.

In fourth quarter 2022, final investment decision was made on the Golden Triangle Polymers Project in Orange, Texas, for which CPChem holds a 51 percent owned and operated interest.

In January 2023, final investment decision was made on the Ras Laffan Petrochemical Project in Ras Laffan, Qatar for which CPChem holds a 30 percent nonoperated working interest.

Startup for both projects is targeted for late 2026.

In second quarter 2022 CPChem reached final investment decision on a Low Viscosity Poly Alpha Olefin Expansion Project at the CPChem Beringen, Belgium site, with a targeted startup in third quarter 2024.

CPChem also continued to progress several other major projects at existing facilities in the U.S.

Gulf Coast region, including:

an Ethylene Plant Debottleneck Project in Cedar Bayou, Texas, a C3 Splitter Project in Cedar Bayou, Texas, and a 1- Hexene plant in Old Ocean, Texas, all of which are targeted to startup in late 2023.

Chevron is also involved in the petrochemical business through the operations of GSC, the company’s 50 percent owned affiliate in South Korea.

GSC manufactures aromatics, including benzene, toluene and xylene.

These base chemicals are used to produce a range of products, including adhesives, plastics and textile fibers.

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

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.

GSC also produces olefins such as ethylene, polyethylene and polypropylene, which are used to make automotive and home appliance parts, food packaging, laboratory equipment, building materials, adhesives, paint and textiles.

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.

The company continued to advance development of renewable fuels, which include renewable natural gas (RNG), renewable diesel, biodiesel, sustainable aviation fuel, and renewable base oils and lubricants.

The company continued to advance activities with its joint venture partners, Brightmark Fund Holdings LLC (Brightmark) and California Bioenergy, LLC.

(CalBio), to produce and market dairy biomethane.

In January 2022, Chevron’s joint venture with Brightmark announced plans to construct an anaerobic digestion project in California and in August 2022 it achieved first gas from the Athena Project in South Dakota.

In October 2022, the company expanded its partnership with CalBio to build additional infrastructure for dairy biomethane projects in California.

In December 2022, Chevron acquired full ownership of Beyond6, LLC and its nationwide network of 55 compressed natural gas (CNG) stations to grow its renewable natural gas value chain.

In May 2022, Chevron formed a joint venture, Bunge Chevron Ag Renewables LLC, in which it holds a 50 percent working interest.

The venture produces soybean oil from processing facilities in Destrehan, Louisiana, and Cairo, Illinois.

Soybean oil can be used as a renewable feedstock to make renewable diesel, biodiesel, and sustainable aviation fuel.

In June 2022, Chevron completed the acquisition of the Renewable Energy Group, Inc.

(REG), which has 11 biofuel refineries located in the U.S.

and Germany, 10 biofuel refineries producing biodiesel and one producing renewable diesel.

Work commenced in August 2022 at the Emden refinery in Germany that is expected to reduce t he carbon intensity of the biofuel produced a t the facility.

Expansion work at the Geismar renewable diesel plant in Louisiana continues to be on track, with full capacity expected in 2024.

Progress continues at the company’s El Segundo Refinery in California to increase its capacity to produce renewable fuels through fluid catalytic cracking unit co-processing of bio-feedstock and conversion of the diesel hydrotreater.

Chevron developed renewable base oil through our patented technology and partnership with Novvi and integrated this renewable base oil into Chevron’s lubricant product lines.

Chevron developed Havoline© PRO-RS™, which has lifecycle emissions that are 35 percent lower than those of conventional motor oil of equal viscosity.

During 2022, the company made this renewable based lubricant available to U.S.

In April 2022, Chevron completed the purchase of the NEXBASE brand, associated qualifications and approvals, and related sales and marketing busin ess from Neste Oyj .

As part of the acquisition, Chevron maintains all current supply sources utilizing long-term offtake agreements.

This addition of a fully approved global slate of Group III and renewable base oils complements Chevron’s Group II global slate.

Transportation

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and international pipelines.

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.

Refer to Nigeria and Kazakhstan/Russia 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.

In April 2022, Chevron joined the Global Centre for Maritime Decarbonisation (GCMD) as a strategic partner to the organization.

The Singapore-based nonprofit was launched in August 2021 to help the International Maritime Organization meet its greenhouse gas emissions reduction goals for 2030 and 2050 by supporting cross-industry collaboration.

Other Businesses

Chevron Technical Center The company’s technical center provides expertise to drive the application of technology, initiatives to transform Chevron’s digital future, and innovative breakthrough technologies to support the future of energy.

Chevron Technical Center The company’s technical center develops and applies innovative technologies and digital solutions to support the current and future energy system.

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.

Areas of expertise include earth sciences, reservoir and production engineering, facilities engineering, reserve governance and reporting, capital projects, drilling and completions, asset performance, health, safety and environment, information technology, technology ventures, and downstream technology and services.

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 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 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 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.

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

CTV has more than two decades of being the on-ramp for external innovation into Chevron, including venture investing, with eight funds that have supported more than 120 startups and worked with more than 250 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’ Catalyst Fund I, which targets decarbonization within the oil and gas, industrial, built environments and commercial transportation sectors;

Emerald funds, one of which targets energy, water, food, mobility, industrial IT and advanced materials and another that focuses on sustainable packaging;

Carbon Direct Capital, a growth equity investor in carbon management technologies;

and the HX Venture Fund that targets Houston, Texas high-growth start-up companies.

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

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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.

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

Its initial focus includes commercialization opportunities in hydrogen, carbon capture and storage, carbon offsets and emerging technologies such as geothermal.

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 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.

The company aims to lower the carbon intensity of its traditional oil and gas operations and comply with the greenhouse gas-related laws and regulations to which it is subject.

Refer to Item 1A.

Risk Factors on pages 20 through 26 for further discussion of greenhouse gas regulation and climate change and the associated risks to Chevron’s business.

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 Management Discussion and Analysis of Financial Conditions and Results of Operations Business Environment and Outlook on pages 32 through 34 for further discussion of climate change related trends and uncertainties.

Refer to Management's Discussion and Analysis of Financial Conditions and Results of Operations on page 51 for additional information on environmental matters and their impact on Chevron, and on the company’s 2022 environmental expenditures.

Refer to page 51 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