What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-21 compared with 2024-02-26 · 232 added, 249 removed, 434 unchanged (53% of the section changed)

7 unchanged sentences

transporting, storage and marketing of natural gas;

carbon capture and storage, and a gas-to-liquids plant.

carbon capture and storage;

and a gas-to-liquids plant.

Downstream operations consist primarily of refining crude oil into petroleum products;

6 unchanged sentences

Petroleum industry operations and profitability are influenced by many factors.

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

Prices for crude oil, natural gas, liquefied natural gas (LNG), 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.

9 unchanged sentences

Our objective is to safely 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 oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies.

We are leveraging 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 oil and gas business, lower the carbon intensity of our operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies.

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

Information contained on the company’s website is not part of this Annual Report on Form 10-K.

The company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon after such reports are filed with or furnished to the U.S.

Securities and Exchange Commission (SEC).

The reports are also available on the SEC’s website at www.sec.gov .

________________________________________________________

The company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to these reports filed or furnished pursuant to

1 Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001.

2 unchanged sentences

All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon after such reports are filed with or furnished to the U.S.

Securities and Exchange Commission (SEC).

The reports are also available on the SEC’s website at www.sec.gov .

Human Capital Management

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

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

Chevron leadership is accountable for investing in the company’s people and culture with the objective of engaging employees to develop their full potential to help deliver energy solutions and enable human progress.

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, 2023.

The following table summarizes the number of Chevron employees by sex, where data is available, and by region as of December 31, 2024.

At December 31, 2024

Female Male Gender data not available *

Total Employees

Female Male Data not available* Total Employees

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

9 unchanged sentences

Total Employees 13,452 30 % 31,134 69 % 712 2 % 45,298 100 %

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

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

Hiring, Development and Retention

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.

The company’s approach to attracting, developing and retaining a global, diverse workforce of high-performing talent is anchored by an environment of personal growth and engagement.

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

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

The company recruits new employees in a variety of ways, including 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.

The company’s leadership regularly reviews metrics on employee training and development programs, which are refined on an ongoing basis to meet the needs of our business.

Chevron’s learning and development programs are designed to help employees build technical, operating and leadership capabilities.

The company’s leadership reviews metrics on employee training and development programs, which are refined on an ongoing basis to meet the needs of the business.

The company invests in developing leadership at every level, including coaching programs for frontline supervisors, managers and individual contributors.

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

Chevron invests in developing and upskilling employees, including things such as tailored generative AI training for leaders, practitioners and the broader workforce.

In addition, the company offers the Digital Scholar Program, preparing employees with advanced technology skills through one-year Master of Science degrees in Engineering and Management.

In addition, leadership 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 voluntary attrition for this population in 2023 was 2.9 percent, a decrease from five-year historical rates.

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

The voluntary attrition for this population in 2024 was 3.1 percent, in line with historical rates.

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

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.

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

Diversity and Inclusion

Chevron believes human ingenuity has the power to solve difficult problems when diverse people, ideas and experiences come together in an inclusive environment.

Chevron also believes inclusive leadership development enhances performance and innovation.

To that end, the company offers numerous leadership development programs, such as the Global Women’s Leadership Development Program and Transformational Leadership for Multicultural Women, which are designed to provide forums for discussion of potential headwinds, promote professional growth, and foster a more inclusive work environment.

The company also 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, which is designed 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.

The success and impact of MARC led to the creation of Elevate in 2020, a program that seeks to take the inclusion dialogue beyond gender.

The company has 11 employee networks (voluntary groups of employees and allies 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 the company’s values of diversity and inclusion.

Across many of its selection processes, the company continues to use specially trained company leaders as inclusion counselors, who help challenge group think and unconscious biases and provide outside perspectives when hiring for a position.

The company also aims to support a diverse and inclusive supply chain that is reflective of the communities where we operate.

We believe that a diverse supply chain contributes to our success and growth.

The company maintains long-standing partnerships with non-profit organizations, including the National Minority Supplier Development Council, Women’s Business Enterprise National Council, National LGBT Chamber of Commerce and Disability:IN, that have helped many diverse businesses grow.

Chevron believes human ingenuity is best able to solve difficult problems when people with different ideas, experiences and backgrounds work together in an inclusive environment.

The company has 11 employee networks (voluntary groups open to all employees with shared interests).

The Chairman’s Inclusion Council provides 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 discuss how employee networks can help reinforce the company’s values and achieve its business objectives.

Diversity and inclusion at Chevron means zero tolerance for discrimination based on race, sex or other protected characteristics, and a deep respect for the cultures in which we operate.

Chevron rejects the use of quotas and focuses on removing barriers to equal opportunity, fostering diversity, and ensuring that selection decisions are based on merit.

Employee Engagement

1 unchanged sentence

The company regularly conducts employee surveys to assess the health of the company’s culture.

The company’s survey frequency enables the company to understand employee sentiment throughout the year and gain insights into employee well-being.

Our surveys indicate high levels of employee engagement.

Our surveys indicate high levels of employee engagement compared to our industry.

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

7 unchanged sentences

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, 2023, and assets as of the end of 2023 and 2022 — 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.

Tabulations of segment income statements for the three years ended December 31, 2024, and assets as of the end of 2024 and 2023 — 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 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 2021 and at each year-end from 2021 through 2023.

Refer to Table V for a tabulation of the company’s proved reserves by geographic area for each year-end from 2022 through 2024.

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, 2024, are summarized in the discussion for Table V.

2 unchanged sentences

The external factors that impact the duration of a project include scope and complexity, remoteness or adverse operating conditions, infrastructure constraints, and contractual limitations.

The company’s proved reserves at year-end 2024 were approximately 9.8 billion barrels of oil-equivalent (BOE).

The largest reductions from year-end 2023 were from record production and the sale of assets in Canada, and the largest additions were from extensions and discoveries in the Permian and DJ Basins.

At December 31, 2024, 41 percent of the company’s net proved oil-equivalent reserves were located in the United States, 16 percent were located in Australia and 13 percent were located in Kazakhstan.

19 unchanged sentences

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

________________________________________________________

* As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities.

2 As used in this report, the term “project” may describe certain new upstream development activity, individual phases in a multiphase development, maintenance activities, existing assets, new investments in downstream and chemicals capacity, investments in emerging and lower carbon activities, and other activities.

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.

21 unchanged sentences

Production Outlook

The company estimates its average worldwide oil-equivalent production in 2024 to increase four to seven percent over 2023, assuming a Brent crude oil price of $80 per barrel and including expected asset sales.

The company estimates its average worldwide oil-equivalent production in 2025 to increase six to eight percent over 2024, assuming a Brent crude oil price of $70 per barrel and excluding the impact of asset sales.

This estimate is subject to many factors and uncertainties, as described beginning on page 40.

21 unchanged sentences

The following table summarizes the net production of crude oil, NGLs and natural gas for 2024 and 2023 by the company and its affiliates.

Worldwide oil-equivalent production of 3.1 million barrels per day in 2023 was up approximately 4 percent from 2022, mainly due to the acquisition of PDC Energy, Inc.

(PDC), and production growth in the Permian Basin.

Worldwide oil-equivalent production of 3.3 million barrels per day in 2024 was up approximately seven percent from 2023, mainly due to the full-year of legacy PDC Energy, Inc.

(PDC) production and growth 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, NGLs and synthetic oil) and natural gas, and refer to Table V for information on annual production by geographical region.

13 unchanged sentences

Republic of Congo 28 30 26 28 — — 10 9

30 31 28 28 — 1 9 11

Total Africa 267 293 183 198 12 14 432 482

4 unchanged sentences

45 45 26 26 — — 113 114

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

4 15 — — — — 22 87

Partitioned Zone 61 61 60 60 — — 5 6

42 67 10 18 — — 192 298

Thailand 47 42 14 10 — — 200 192

Total Asia 385 395 111 110 — — 1,641 1,712

11 unchanged sentences

46 51 46 51 — — — —

4 Canada Duvernay shale and AOSP assets were sold in December 2024.

5 Indonesia Deepwater assets were sold in 2023.

5 Chevron concessions expired in 2022.

6 Chevron withdrew from Myanmar in April 2024.

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

2 unchanged sentences

Delivery Commitments

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

The company sells crude oil, natural gas, and NGLs 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 NGLs and natural gas sales contracts specify delivery of fixed and determinable quantities.

In the United States, the company is contractually committed to deliver approximately 25 million barrels of NGLs and 813 billion c ubic feet of natural gas to third parties and affiliates from 2025 through 2027.

The company believes it can

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

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 2.9 tr illion cubic feet of natural gas to third parties and affiliates from 2024 through 2026 from operations in Australia and Israel.

Outside the United States, the company is contractually committed to deliver a total of 3.2 tr illion cubic feet of natural gas to third parties and affiliates from 2025 through 2027 mainly 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.

21 unchanged sentences

Refer to Table I for detail on the company’s exploration expenditures and costs of unproved property acquisitions for 2024, 2023 and 2022.

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, 2023.

The following table summarizes the company’s net interests in productive and dry exploratory wells completed in each of the past three years, and the number of exploratory wells drilling at December 31, 2024.

“Exploratory wells” are wells drilled to find and produce crude oil or natural gas in unknown areas and include delineation and appraisal wells, which are wells drilled to find a new reservoir in a field previously found to be productive of crude oil or natural gas in another reservoir or to extend a known reservoir.

21 unchanged sentences

United States

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

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

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 develop its advantaged portfolio in west Texas and southeast New Mexico and is expected to achieve one million barrels of net oil-equivalent production per day in 2025.

As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of 1,780,000 net acres in the Delaware and Midland basins in west Texas and southeast New Mexico and is expected to achieve one million barrels of net oil-equivalent production per day in 2025.

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

1 unchanged sentence

This manufacturing-style process, combined with advantaged acreage holdings and technological advancements, have enabled productivity improvements across unique geological locations throughout the basin.

Acreage transactions enabling longer laterals and the company’s diversified land assets via non-operated joint ventures and royalty positions have also contributed to higher returns in the Permian Basin.

In August 2023, Chevron completed the acquisition of PDC, which added 25,000 net acres to our existing position in west Texas.

In addition to ongoing emission reduction and water handling initiatives, a 50 percent joint venture solar power project in New Mexico became operational in 2023, with capacity to supply 20MW of renewable energy per day for nearby oil and gas operations.

In 2023, Chevron’s net daily production in the Permian Basin averaged 359,000 barrels of crude oil, 205,000 barrels of NGLs and 1.3 billion cubic feet of natural gas.

Acreage transactions enabling longer laterals and the company’s diversified land assets via non-operated joint ventures and royalty positions have also contributed to higher returns.

The company continued to progress water handling initiatives and ongoing emission reductions, including the partial or full electrification of drilling and hydraulic fracturing fleets, and the expansion of electricity sources with two new solar projects reaching final investment decision in 2024.

Chevron’s 2024 net daily production in the Permian Basin averaged 405,000 barrels of crude oil, 251,000 barrels of NGLs and 1.6 billion cubic feet of natural gas.

Chevron also holds approximately 72,000 net acres in the Haynesville Shale in east Texas.

The company is evaluating strategic opportunities for these assets.

In Colorado, development is focused on the Denver-Julesburg (DJ) Basin.

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

It has also implemented facility design and electrification improvements to consolidate assets and remove facilities, which helped to reduce surface footprint and greenhouse gas emissions.

In August 2023, Chevron completed the acquisition of PDC, which added 275,000 net acres that are largely adjacent to its existing operations.

Following the acquisition, Chevron is now the largest oil and natural gas producer in the state with approximately 605,000 net acres in the DJ Basin.

The company plans to optimize the combined acreage position to efficiently develop its resources.

The company continues to pursue strategic opportunities for these assets.

Chevron is the largest oil and natural gas producer in Colorado, where development is focused across approximately 580,000 net acres in the Denver-Julesburg (DJ) Basin.

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

It has also implemented facility design and electrification improvements to consolidate assets and remove facilities, reducing surface footprint and greenhouse gas emissions.

In 2024, Chevron’s net daily production in Colorado averaged 132,000 barrels of crude oil, 107,000 barrels of NGLs and 930 million cubic feet of natural gas.

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

In 2023, Chevron was one of the largest crude oil producers in California with an average net daily oil production of 77,000 barrels.

Chevron owns and operates between 87 and 100 percent interests in six fields including Kern River, Cymric, Midway Sunset, San Ardo, Coalinga and Lost Hills.

During 2023, net daily production in the Gulf of Mexico averaged 170,000 barrels of crude oil, 11,000 barrels of NGLs and 97 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.

In 2024, Chevron’s California average net daily oil-equivalent production was 71,000 barrels.

Chevron owns and operates between 87 and 100 percent interests in six fields including Kern River, Cymric/McKittrick, Midway Sunset, San Ardo, Coalinga and Lost Hills.

The company announced its first solar-to-hydrogen production project in Kern County, which will create lower carbon hydrogen through electrolysis, utilizing solar power, land and non-potable produced water from Chevron’s existing assets.

During 2024, net daily production in the Gulf of America averaged 168,000 barrels of crude oil, 10,000 barrels of NGLs and 86 million cubic feet of natural gas.

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

Chevron also holds nonoperated interests in several shelf fields.

Chevron has a 50 percent operated interest in the Jack Field, a 51 percent operated interest in the St.

Malo Field and a 40.6 percent operated interest in the production host facility used for the joint development of both fields, all located in the

Walker Ridge area.

In 2023, an additional Jack well delivered first oil, and an additional St.

Malo well delivered first oil in early 2024.

Malo Stage 4 Waterflood project is expected to deliver first water injection and complete installation of multi-phase subsea pump modules in 2024.

The Jack and St.

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

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 first two injector wells online in 2023.

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, located in the Green Canyon area.

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

Chevron has owned and operated interests of 62.9 to 75.4 percent in the unit areas containing the Anchor field, located in the Green Canyon area.

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

In 2023, Chevron completed the installation of the floating production unit and commenced final offshore commissioning activities .

The company also drilled the second of two pre-drill development wells on the Anchor field.

Proved reserves have been recognized for Anchor, with first production expected in mid-2024.

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

Chevron has a 62.9 percent-owned and operated interest in the unit areas containing the Anchor Field, located in the Green Canyon area.

Stage 1 of the Anchor development that consists of a seven-well subsea development and a semi-submersible floating production unit achieved first oil in August 2024 utilizing an industry-first 20,000 pounds per square inch

deepwater technology.

Two producing wells were brought online and development drilling is progressing on subsequent wells.

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

The development includes three production wells, with first oil expected in 2025.

Proved reserves have been recognized for this project.

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

First oil from further development is expected in 2025 and 2026.

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

Chevron has a 50 percent-owned and operated interest in the Jack Field, a 51 percent-owned and operated interest in the St.

Malo Field and a 40.6 percent-owned and operated interest in the production host facility used for the joint development of both fields, all located in the Walker Ridge area.

In 2024, the St.

Malo Stage 4 waterflood project delivered first water injection and completed the installation of a second multi-phase subsea pump module within the St.

An additional St.

Malo well delivered first oil and further development drilling commenced in the Jack Field.

Malo Stage 5 project reached final investment decision (FID), with first oil expected in 2026.

The Jack and St.

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

The company has a 58 percent-owned and operated interest in the deepwater Tahiti Field, located in the Green Canyon area.

In 2024, the company’s first deepwater Gulf of America producer-to-injector conversion well started water injection and an additional water injector well reached FID.

The Tahiti Field surpassed 500 million barrels of oil-equivalent cumulative production in 2024 and has an estimated remaining production life of 20 years.

The company has a 15.6 percent nonoperated working interest in the deepwater Mad Dog Field, located in the Green Canyon area.

First oil from the Mad Dog 2 Project was achieved in April 2023.

In 2024, first water injection was achieved from the Mad Dog 2 project and additional producing wells were brought online.

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

Chevron has a 37.5 percent nonoperated working interest in the Perdido Regional Host, which accommodates production from the Great White, Silvertip and Tobago fields in the Alaminos Canyon area.

In 2024, the Silvertip Expansion Project, in which Chevron has a 60 percent nonoperated working interest, reached FID, with first oil expected in 2026.

Additional development drilling in the Great White Field is currently ongoing, with first oil expected in 2025.

The Perdido asset has an estimated remaining production life of more than 15 years.

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

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

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

In 2024, development drilling on a new well with tie back to the host facility commenced and first oil is expected in 2025.

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

During 2023, Chevron was formally awarded 73 exploration blocks as a result of U.S.

Gulf of Mexico lease sale 259 and has submitted winning bids on an additional 28 exploration blocks as a result of U.S.

Gulf of Mexico lease sale 261, subject to government approval.

In March 2023, the Bayou Bend Carbon Capture and Sequestration hub, in which Chevron holds a 50 percent interest and serves as the operator, increased its holdings by 100,000 acres in onshore southeast Texas.

This brings total acreage of the affiliate to nearly 140,000 acres supporting permanent carbon dioxide (CO 2 ) sequestration.

In September 2023, Chevron acquired a majority interest in ACES Delta, LLC, a joint venture developing the Advanced Clean Energy Storage (ACES Delta) Project in Delta, Utah.

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

Whale consists of a fifteen-well subsea development and floating production unit.

In January 2025, first production was achieved with two producing wells brought online and development drilling in progress on subsequent wells.

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

During 2024, Chevron was formally awarded 26 exploration blocks as a result of Gulf of America lease sale 261.

Chevron has a 50 percent interest in Bayou Bend, a carbon dioxide transportation and sequestration affiliate that holds approximately 140,000 acres for carbon dioxide storage.

In 2024, onshore and offshore stratigraphic wells were drilled to delineate carbon dioxide storage potential .

Chevron owns a majority interest in ACES Delta, LLC, a joint venture developing the Advanced Clean Energy Storage Project in Delta, Utah.

The project, currently under construction, is designed to produce hydrogen made from renewable energy, store that hydrogen in two salt caverns, and deliver it as needed to hydrogen-capable gas turbines to generate power.

Start-up of the ACES Delta Project is expected in 2025.

The project is expected to be commercially operational in 2025.

Other Americas

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

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

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

5 unchanged sentences

The conventional field concession expires in 2032.

Chevron also owns and operates a 100 percent interest in the east area of the El Trapial

Field in the Vaca Muerta shale formation for unconventional development.

Chevron also owns and operates a 100 percent interest in the east area of the El Trapial Field in the Vaca Muerta shale formation for unconventional development.

In 2024, Chevron continued development on its unconventional resources with one drilling rig.

The unconventional concession expires in 2057.

Brazil Chevron holds between 35 and 50 percent of both operated and nonoperated interests in four Blocks within the Campos and Santos Basin, following the relinquishment of seven Blocks in 2023 to the government.

Chevron submitted winning bids for 15 additional exploration blocks in the South Santos and Pelotas basins in the December 2023 bid round, with contracts expected to be signed in 2024.

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

Chevron has a 14 percent interest in a pipeline system that provides an important export route for Argentina’s crude oil.

During 2024, a majority of the company’s exported crude oil was transported through this pipeline system.

Chevron is currently evaluating other strategic alternatives to increase its export capacity in the country.

Brazil Chevron holds 35 percent nonoperated interests in two blocks in the Campos Basin, following the relinquishment of two blocks in 2024.

Chevron secured 15 additional exploration blocks in the South Santos and Pelotas basins in 2024.

Canada Upstream interests in Canada are concentrated in 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 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.

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 the end of 2023, a total of 261 wells have been tied into production facilities.

The company will commence marketing its interest in these assets in 2024.

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.

Chevron has initiated the relinquishment of Guajira Offshore-3 Block to the government, which is expected to complete in 2024.

The company has a 29.6 percent nonoperated working interest in the Hebron Field, also offshore Atlantic Canada.

In December 2024, the company sold its 20 percent nonoperated working interest in the Athabasca Oil Sands Project and associated Quest carbon capture and storage project in Alberta, as well as its operated assets in the Duvernay shale.

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

Mexico All blocks in which Chevron has a participating interest are in the process of being relinquished to the government.

1 unchanged sentence

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

Uruguay In 2024, Chevron acquired a 60 percent-owned and operated interest in offshore exploration Block OFF-1 with plans to initiate a 3D seismic campaign in 2025.

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

As of December 31, 2024, no proved reserves are recognized for these interests.

In 2023, the company conducted activities in Venezuela consistent with the authorization provided pursuant to general licenses issued by the United States government.

Chevron has a 39.2 percent interest in Petroboscan, which operates the Boscan Field in western Venezuela as well as a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo.

Both licenses were extended in 2023 from 2026 to 2041.

In 2024, the company conducted activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government.

Chevron has a 39.2 percent interest in Petroboscan, which operates the Boscan Field in western Venezuela, as well as a 25.2 percent interest in Petroindependiente, which operates the LL-652 Field in Lake Maracaibo with licenses that expire in 2041.

Chevron has a 30 percent interest in Petropiar, which operates the heavy oil Huyapari Field under an agreement expiring in 2047, and a 35.8 percent interest in Petroindependencia, which includes the Carabobo 3 heavy oil project located in three blocks in the Orinoco Belt under a contract expiring in 2050.

2 unchanged sentences

This license expires in 2039.

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

In Africa, the company is engaged in upstream activities in Angola, 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.

In May 2023, the extension for this Block was fully approved until 2050.

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 August 2023, construction started at the South N’Dola project located in Area B of Block 0.

Fabrication is ongoing, and first oil is expected in fourth quarter 2025.

Chevron also operates and holds a 31 percent interest in a production sharing contract (PSC) for deepwater Block 14 which expires in 2028.

Angola The company operates and holds a 39.2 percent interest in Block 0, a concession adjacent to the Cabinda coastline that expires in 2050.

The Block 0 Sanha Lean Gas Connection Project (SLGC) was completed in 2024 and added 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 2024, construction continued at the South N’Dola project located in Area B of Block 0, with first oil expected in 2025.

Chevron also operates and holds a 31 percent interest in a production sharing contract (PSC) for deepwater Block 14 that expires in 2028.

In 2024, Chevron added frontier exploration acreage positions for Blocks 49 and 50 offshore Angola in the deepwater lower Congo Basin.

Chevron has a 36.4 percent shareholding 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 liquefied natural gas (LNG) plant supplied with associated gas, where the natural gas is a byproduct of crude oil production.

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.

2 unchanged sentences

The Q&M development 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-Democratic Republic of Congo (DRC) Joint Development Area In December 2023, Chevron signed a production sharing agreement (PSA) with the Angola and DRC governments to explore Block 14/23 located in the Zone of Common Interest established between the Republic of Angola and DRC maritime area.

Chevron has a 31 percent-owned and operated working interest under the PSA.

Angola-Republic of Congo Joint Development Area Chevron operates and holds a 31.25 percent interest in the Lianzi Unitization Zone (Lianzi), which is located in an area shared equally by Angola and the ROC.

Proved reserves were recognized for this project in 2024.

Angola-Democratic Republic of Congo (DRC) Joint Development Area Chevron has a 31 percent interest in a production sharing agreement (PSA) with the Angola and DRC governments to explore Block 14/23 located in the Zone of Common Interest established between the Republic of Angola and DRC maritime area.

Angola-Republic of Congo (ROC) Joint Development Area Chevron operates and holds a 15.5 percent interest in the Lianzi Unitization Zone (Lianzi), which is located in an area shared equally by Angola and the ROC.

This interest expires in 2031.

In June 2023, the company initiated the process to sell its interest in the ROC portion of Lianzi, while retaining the Angolan portion.

Republic of Congo In June 2023, the company initiated the process to sell its 31.5 percent nonoperated interest in the offshore Haute Mer permit area.

The Haute Mer permits of Nkossa, Nsoko and Moho-Bilondo expire in 2040.

In January 2025, the company sold its interest in the ROC portion of Lianzi, while retaining the Angolan portion .

Republic of Congo In January 2025, the company sold its 31.5 percent nonoperated interest in the offshore Haute Mer permit area.

Cameroon Chevron has a 100 percent interest in the YoYo Block in the Douala Basin.

Preliminary development plans include a possible joint development between YoYo and the Yolanda field located in Equatorial Guinea Block I.

Egypt In the Mediterranean Sea, Chevron holds a 63 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 2023, the company s uccessfully completed its first exploration well in the Nargis Offshore area .

Preliminary development plans include a possible joint development between YoYo and the Yolanda fields located in Equatorial Guinea Block I.

Egypt Chevron has interests in Egypt blocks in both the Mediterranean and Red Sea.

In the Mediterranean Sea, Chevron holds a 63 percent-owned and operated interest in North El Dabaa (Block 4), a 45 percent-owned and operated interest in the Nargis Block and a 27 percent non-operated working interest in North Cleopatra (Block 7).

In 2024, Chevron relinquished its 63 percent-owned and operated interest in North Sidi Barrani (Block 2) and its 27 percent nonoperated interest in North Marina (Block 6).

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 and the Yolanda fields in Block I and a 45 percent-owned and operated interest in the Alen Field in Block O.

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

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

Chevron acquired a 3-D seismic survey in 2023 and is assessing the exploration potential of this Block.

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 four operated and six nonoperated deepwater blocks, with working interests ranging from 20 to 100 percent.

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

OML 127 expires in 2024 and OML 128 expires in 2042.

In 2023, Chevron executed relevant agreements for the conversion of OML 127 to Petroleum Mining Leases and Petroleum Prospecting Licenses under the Petroleum Industry Act 2021.

Equatorial Guinea Chevron has a 38 percent-owned and operated interest in the Aseng Field and the Yolanda Field in Block I and a 45 percent-owned and operated interest in the Alen Field in Block O.

The Yolanda field is a discovered natural gas field that straddles the Equatorial Guinea and Cameroon maritime border, for which development options are being reviewed with both governments.

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

Chevron holds interests in two processing facilities located in Punta Europa.

These include a 28 percent nonoperated interest in the Alba LPG Plant and a 45 percent nonoperated interest in the Atlantic Methanol Production Company.

In 2024, Chevron added two exploration acreage positions for Blocks EG-06 and EG-11, offshore Bioko Island.

Namibia Chevron has an 80 percent-owned and operated interest in Petroleum Exploration License (PEL) 90 (Block 2813B) in the Orange Basin, offshore Namibia.

In early 2025, Chevron acquired an 80 percent-owned and operated interest in PEL82 (Blocks 2112B and 2212A) in the Walvis Basin.

Nigeria Chevron holds 40 percent interests in concessions across the onshore and shallow-offshore regions of the Niger Delta, most of which were converted in 2024 to the terms of the Petroleum Industry Act of 2021.

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

Chevron operates and holds a 67.3 percent working interest in the Agbami Field, which straddles deepwater Petroleum Mining Lease (PML) 52 (previously known as Oil Mining License (OML) 127) and OML 128.

P ML 52 expires in 2044, and OML 128 expires in 2042.

Additionally, Chevron holds a 30 percent nonoperated working interest in the Usan Field in OML 138 that expires in 2042.

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

Chevron also holds a 27 percent nonoperated interest in OML 139 and OML 154 and the company continues to work with the operator to evaluate development options for the multiple deepwater discoveries in the Usan area, including

the Owowo field, which straddles OML 139 and OML 154.

In deepwater exploration, Chevron operates and holds a 55 percent working interest in the Nsiko discovery in OML 140 and a 100 percent working interest in the Aparo discovery in OML 132.

Chevron also holds a 27 percent nonoperated working interest in OML 139 and OML 154, and the company continues to work with the operator to evaluate development options for the multiple deepwater 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 South West field in OML 118 share a common geologic structure and would be developed jointly.

The field development plan for the Owowo Stage 1 development project was approved in August 2024.

At the end of 2024, no proved reserves were recognized for this project.

Also, in the deepwater area, the third-party-operated Bonga South West Aparo Field in OML 118 straddles both OML 132 and OML 140.

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

1 unchanged sentence

At the end of 2024, no proved reserves were recognized for this project.

In 2023, Chevron acquired a 40 percent-owned and operated interest of Oil Prospecting License (OPL) 215 that covers 618,000 acres.

A new 3-D seismic survey is in the process of being acquired over this exploration block to assess its potential.

Chevron is the operator of the Escravos Gas Plant 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.

Chevron holds a 40 percent-owned and operated working interest in Oil Prospecting License (OPL) 215 that covers 256,000 net acres.

In 2024, Chevron discovered new oil in the Niger Delta at Petroleum Mining Lease 49 (previously within OML 90).

This Meji NW-1 discovery is expected to increase Chevron’s oil production in the joint venture asset in which it holds a 40 percent working interest.

Chevron operates the Escravos Gas Plant, which has 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.

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.

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

Acreage for Asia can be found in the Acreage table.

1 unchanged sentence

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 expire in 2034, from Moulavi Bazar in 2038 and from Bibiyana in 2034.

In 2023, drilling commenced on an appraisal well in the Bibiyana Field.

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 QHD 32-6 expire in 2028 and 2024, respectively.

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

China Chevron has a 49 percent nonoperated working interest in the Chuandongbei project, including the Luojiazhai and Gunziping natural gas fields located onshore in the Sichuan Basin with the PSC expiring in 2038.

The company also has a 32.7 percent nonoperated working interest in Block 16/19 in the Pearl River Mouth Basin, with the PSC expiring in 2028.

In the Bohai Bay, the company previously held a 24.5 percent nonoperated working interests in the Qinhuangdao (QHD) 32-6 PSC, which expired in November 2024.

Cyprus The company holds a 35 percent-owned and operated interest in the Aphrodite gas field in Block 12 under a PSC, with an exploitation license that expires in 2044.

In July 2023, an appraisal well was completed, confirming estimates related to size and scope of the gas deposit.

An optimized development plan is currently under discussion with the government of Cyprus.

Indonesia In October 2023, Chevron closed the sale of its 62 percent interest in two PSCs in the Kutei Basin (Rapak and Ganal) and its 72 percent interest in the Makassar Strait PSC.

In February 2025, the government and the joint venture agreed to a development and production plan with revised PSC project milestones.

Indonesia In 2024, Chevron commenced an exploration project managed by its joint venture at the Way Ratai geothermal working area in Lampung.

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

In July 2023, Chevron announced a final investment decision to install a third gathering pipeline that is expected to increase gas production capacity from approximately 1.2 to nearly 1.4 billion cubic feet per day from the Leviathan reservoir.

Proved reserves were recognized for this project, which is scheduled for completion in 2025.

Chevron is evaluating expansion options to further monetize gas resources at Leviathan, including opportunities via existing and planned regional infrastructure as well as potential avenues for entry into the global LNG market.

A third gathering pipeline is under construction and is expected to increase gas production capacity from approximately 1.2 to 1.4 billion cubic feet per day from the Leviathan reservoir.

This pipeline is scheduled for completion in early 2026.

Chevron is also undergoing front end engineering design (FEED) and procurement for long lead items to further expand the installed capacity at the Leviathan Field from 1.4 to up to 2.1 billion cubic feet per day.

This expansion aims to increase production and improve the monetization of the asset, including opportunities via existing and planned regional infrastructure as well as potential avenues for entry into the global LNG market.

The FEED work is critical to reach FID and is contingent upon meeting certain commercial and regulatory conditions.

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.

Phase 1 of the Tamar Optimization Project includes installation of a new pipeline to increase delivery capacity to the processing platform, allowing for production at the platform to increase from approximately 1 to 1.2 billion cubic feet per day.

This project is scheduled for completion in 2025.

Chevron reached final investment decision on Phase 2 of the project in February 2024, which is expected to further increase capacity to approximately 1.6 billion cubic feet of gas per day and includes investment in additional midstream infrastructure.

In late 2023, Israel’s Ministry of Energy amended Chevron’s export permit to allow increased quantities to our customer in Egypt.

Chevron reached FID on Phase 2 of the Tamar Optimization Project in February 2024, which is expected to further increase capacity up to approximately 1.6 billion cubic feet of gas per day and includes investment in additional midstream infrastructure.

This project is scheduled for completion in 2026.

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

1 unchanged sentence

Most of TCO’s 2024 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.

In 2023, TCO achieved mechanical completion at the Future Growth Project (FGP).

In first half 2024, the Wellhead Pressure Management Project (WPMP) is expected to begin field conversion of gathering stations to low pressure continuing through two major train turnarounds.

FGP is expected to start-up during first half 2025 and ramp up to full production within three months.

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.

During 2023, a majority of the exported liquids were transported through the CPC pipeline, with the remaining shipped through diversified routes.

Development continued on the Karachaganak Expansion Project Stage 1A and Stage 1B, which are expected to complete i n second half 2024 and 2026, respectively.

TCO completed the Wellhead Pressure Management Project (WPMP) in 2024 while also completing two major train turnarounds.

In early 2025, TCO started oil production at the Future Growth Project (FGP) .

FGP is the third processing plant in operation at the Tengiz oil field, which is expected to increase crude oil production by 260,000 barrels per day at full capacity and ramp-up total output to one million barrels of oil-equivalent per day.

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

During 2024, a majority of the exported liquids were transported through the CPC pipeline.

In 2024, the Karachaganak Expansion Project Stage 1A facility scope was completed with final associated injector well to be completed in first-half 2025 and Stage 1B continued development expecting to complete second-half 2026.

Both projects increase gas re-injection capacity and extend stable field production.

Proved reserves have been recognized for both projects.

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

In January 2023, CPC announced that the debottlenecking project achieved mechanical completion which will enable increased throughput capacity for the start-up of FGP.

CPC transported an average of 1.4 million barrels of crude oil per day, composed of 1.2 million barrels per day from Kazakhstan and 0.2 million barrels per day from Russia.

Kurdistan Region of Iraq In 2023, the company relinquished its 50 percent nonoperated working interest in the Sarta PSC and the 40 percent nonoperated working interest in Qara Dagh PSC expired.

Chevron expects an exit from the Kurdistan Region of Iraq in 2024 on execution of the final Relinquishment and Termination Agreements with the government.

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 2022, Chevron signed an agreement to sell the company’s interest in all Myanmar assets and plans to exit the country in 2024.

Through 2024, CPC transporte d an average of 1.4 million barrels of crude oil per day, composed of 1.2 million barrels per day from Kazakhstan and 0.2 mi llion barrels per day from Russia.

Kurdistan Region of Iraq After relinquishment of company interests in Sarta and Qara Dagh PSCs in 2023, Chevron continues to work with the government and joint venture partner on final exit agreements, expected to be completed in early 2025.

Myanmar Chevron withdrew from Myanmar, effective April 2024 .

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 safely re-starting drilling activities.

Drilling commenced on an exploration well in late 2023.

In 2024, the NWWB-1 exploration well reached total depth and was placed on production.

Current activities focus on optimizing base business, further exploration and development drilling and delivering new technology that enables production growth.

Thailand Chevron holds operated interests in the Pattani Basin, located in the Gulf of Thailand, with ownership ranging from 35 percent to 71.2 percent.

3 unchanged sentences

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

In May 2023, Chevron was awarded an exploration and production license for Block G2/65, which covers 3.7 million net acres.

Chevron also has an exploration and production license for Block G2/65, which covers 3.7 million net acres.

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.

4 unchanged sentences

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.

The Gorgon Stage 2 project achieved first gas in May 2023.

Progress on the Jansz-Io Compression project continued during 2023 with first gas expected in 2027, and proved reserves have been recognized for this project.

Progress on the Jansz-Io Compression project continued during 2024 with first gas expected in 2028.

Proved reserves have been recognized for this project.

Gorgon’s estimated remaining economic life exceeds 40 years.

3 unchanged sentences

Wheatstone’s estimated remaining economic life exceeds 16 years.

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

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

In 2024, the company agreed to an asset swap of its 16.7 percent interest in the NWS Project, NWS Oil Project and its 20 percent interest in Angel Carbon Capture and Storage Project with Woodside’s 13 percent nonoperated interest in the Wheatstone Project and 65 percent operated interest in the Julimar-Brunello fields and related infrastructure, which is expected to close in 2026, subject to customary closing conditions and regulations.

The company continues to evaluate exploration and appraisal activity across the Carnarvon Basin, in which it holds more than 2.6 million net acres.

In 2024, Chevron was awarded the WA-553-P exploration permit in the North Carnarvon Basin, which covers approximately 800,000 net acres.

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 northwestern coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total nearly 7.8 million acres.

Chevron holds operated and nonoperated working interests ranging from 20 to 70 percent, in five greenhouse gas assessment permits to evaluate the potential of carbon dioxide storage.

The blocks, including four in the Carnarvon Basin off the northwestern coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total nearly 10.2 million gross acres.

This acreage includes Block G-18-AP and Block G-20-AP, both awarded in 2024 and the Angel Carbon Capture and Storage Project, subject to the asset swap mentioned above.

United Kingdom

2 unchanged sentences

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 currently consists of two platform drilling centers:

the original Clair Phase 1 and a later added Clair Ridge center.

The company is assessing a third drilling center to develop further resources in the area.

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

5 unchanged sentences

and international sales of natural gas averaged 5.2 billion and 5.7 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, 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 NGLs and natural gas.

1 unchanged sentence

Refining Operations

At the end of 2023, the company had a refining network capable of proce s sing 1.8 million barrels per day.

At the end of 2024, the company had a refining network capable of processing 1.8 million barrels per day.

Operable capacity at December 31, 2024, and daily refinery inputs for the company and affiliate refineries for 2022 through 2024, are summarized in the table below.

3 unchanged sentences

refining operations.

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

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

refinery inputs in both 2024 and 2023.

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

In 2023, the Pasadena Refinery continued progress on 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 process more equity crude from the

Permian Basin, supply more products to customers in the U.S.

In 2024, the company completed the upgrade of the Pasadena Refinery, which is expected to increase light crude oil throughput capacity to 125,000 barrels per day with a phased start-up through first-quarter 2025.

This project should allow the company to process 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.

In July 2023, the Richmond refinery commenced making API Group III base oils.

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

1 unchanged sentence

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.

The company’s 60.6 percent-owned refinery in Thailand, Star Petroleum Refining Public Company Limited (SPRC), continues to supply high-quality petroleum products into regional markets.

Petroleum Refineries:

Locations, Capacities and Crude Oil Inputs

Capacities and inputs in thousands of barrels per day December 31, 2023 Refinery Crude Oil Inputs*

Locations, Capacities and Crude Unit Inputs

Capacities and inputs in thousands of barrels per day December 31, 2024 Refinery Crude Unit Inputs*

Locations Number Operable Capacity 2024 2023 2022

7 unchanged sentences

Total Consolidated Companies — International 1 175 160 153 156

Affiliates Various Locations 2 545 473 483 441

Yeosu South Korea 1 400 369 367 375

Pulau Merlimau Singapore 1 145 117 116 121

Total Affiliates 1 545 486 483 496

Total Including Affiliates — International 3 720 646 636 652

Total Including Affiliates — Worldwide 8 1,779 1,563 1,598 1,576

* In addition to crude oil inputs, the company processed other feedstocks of 38, 72 and 58 thousand barrels per day in 2023, 2022 and 2021, respectively.

* Includes crude oil and all other feedstocks to the crude distillation units.

Renewable Fuels

The company develops and produces renewable fuels, including but not limited to renewable diesel, renewable gasoline, biodiesel, sustainable aviation fuel and renewable natural gas (RNG).

In 2023, the El Segundo refinery in California successfully converted the diesel hydrotreater (DHT) to process 100 percent renewable feedstock.

The DHT maintains flexibility to process either traditional or renewable feedstocks.

El Segundo also produced sustainable aviation fuel and renewable gasoline blendstocks through renewable feed co-processing in the Fluid Catalytic Cracker.

Chevron Renewable Energy Group, Inc.

owns and operates 11 biofuel refineries located in the U.S.

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

Work at the Emden refinery in Germany to enhance feedstock flexibility was completed in 2023.

Expansion work at the Geismar renewable diesel plant in Louisiana to increase production capacity from 7,000 to 22,000 barrels per day continues on schedule, with full operations expected in 2024.

Chevron owns and operates 11 biofuel refineries located in the U.S.

and Germany, eight biofuel refineries producing biodiesel and one producing renewable diesel, with two refineries idled in 2024.

Expansion work at the Geismar renewable diesel plant in Louisiana to increase production capacity from 7,000 to 22,000 barrels per day is in final commissioning stage, with startup expected in first quarter 2025.

Chevron holds a 50 percent working interest in Bunge Chevron Ag Renewables LLC, which 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.

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

In 2023, Chevron’s joint venture with Brightmark achieved commercial operations on seven new anaerobic digestion dairy farm projects across Michigan, Florida and Arizona.

Also, in California, construction began on seven new anaerobic digestion dairy farm projects jointly owned with CalBio.

Chevron participates in the RNG value chain through its ownership of Beyond6, LLC and its nationwide network of 56 compressed natural gas stations.

In 2024, FID was taken to build a new oilseed processing plant in Louisiana.

The company continues to advance its dairy biomethane activities through Brightmark RNG Holdings LLC (Brightmark), CalBioGas LLC, and CalBioGas Hilmar LLC.

In 2024, Brightmark announced the inauguration of its Eloy Renewable Natural Gas center in Arizona and also achieved commercial operations at ten additional projects across Iowa, Michigan, Ohio, South Dakota and Wisconsin.

These facilities utilize anaerobic digesters to capture methane from dairy farms and transform manure into pipeline quality fuel, fertilizer and water.

In California, commercial operations began in 2024 at the central gas processing facility for CalBioGas Hilmar LLC, the company’s newest partnership with California Bioenergy LLC, which includes seven new anaerobic digestion dairy farm projects.

Chevron markets RNG through its nationwide network of 66 compressed natural gas (CNG) stations under the Chevron and Beyond6 brands.

In 2024, Chevron opened six CNG stations across California, Florida, Georgia and Texas.

Marketing Operations

18 unchanged sentences

2,781 2,732 2,614

1 Includes products sold by Chevron Renewable Energy Group:

1 Includes renewable fuel sales:

2 Principally naphtha, lubricants, asphalt and coke.

3 Includes share of affiliates’ sales:

In the United States, the company markets primarily under the principal brands of “Chevron” and “Texaco”.

At year-end 2023, the company supplied directly or through retailers and marketers approximately 8,300 Chevron- and Texaco-branded service stations, primarily in the southern and western states.

In the United States, the company markets primarily under the principal brands of “Chevron” and “Texaco.” At year-end 2024, the company supplied directly or through retailers and marketers approximately 8,500 Chevron- and Texaco-branded service stations, primarily in the southern and western states.

Approximately 370 of these outlets are company-owned or -leased stations.

Outside the United States, Chevron supplied directly or through retailers and marketers approximately 5,200 branded service stations, including affiliates.

The company markets in Latin America using the Texaco brand.

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

The company markets using the Chevron and Texaco brands in Latin America and the Caltex brand in the Asia-Pacific region.

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

1 unchanged sentence

Chevron markets commercial aviation fuel to 64 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 these three brands:

Chevr on, Texaco and Caltex.

The company markets base oil globally under the Chevron and Nexbase brands and markets lubricant and coolant products under the Chevr on, Texaco and Caltex brands.

Chemicals Operations

2 unchanged sentences

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

CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the specialty chemical and specialty plastics markets.

CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the

specialty chemical and specialty plastics markets.

At the end of 2024, CPChem owned or had joint-venture interests in 30 manufacturing facilities and two research and development centers around the world.

1 unchanged sentence

Start-up for both projects is targeted for 2026.

CPChem continued development of the Low Viscosity Poly Alpha Olefin Expansion Project at the CPChem Beringen, Belgium site, with a targeted startup in 2024.

In 2023, CPChem completed several other projects at existing facilities in the U.S.

Gulf Coast region, including:

an Ethylene Plant Project in Cedar Bayou, Texas, a C3 Splitter Project in Cedar Bayou, Texas, and a 1- Hexene plant in Old Ocean, Texas.

CPChem is expected to complete the Low Viscosity Poly Alpha Olefin Expansion Project at the CPChem Beringen, Belgium site in first-half 2025.

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

1 unchanged sentence

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

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.

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

Transportation

8 unchanged sentences

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

In 2023, contracts were executed for construction of two additional LNG vessels, and an agreement was signed to retrofit four existing LNG vessels with technology to reduce their carbon intensity.

Chevron is a strategic partner of the Global Centre for Maritime Decarbonisation.

This Singapore-based nonprofit supports cross-industry collaboration to help the International Maritime Organization meet its greenhouse gas emissions reduction goals for 2030 and 2050.

In 2024, Chevron announced plans to install a hard-sail wind-assisted propulsion system on a new time-chartered LNG carrier to reduce carbon intensity, with an expected delivery in 2026.

Other Businesses

Chevron Technical Center The company aims to scale affordable, innovative technology solutions to support a sustainable, resilient energy system.

Chevron Technical Center conducts research, develops and qualifies technology, and provides technical services and competency development in support of business outcomes.

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

The company is focused on technologies that are ready to adopt and scale today, as well as breakthrough technologies in support of its traditional and new energy businesses, including shale and tight recovery, deepwater development, lowering the carbon intensity of heavy oil, advancing facilities of the future, renewable fuels, carbon capture utilization and storage, hydrogen and geothermal energy.

Chevron Technical Center (CTC) conducts research, develops and qualifies technology and provides technical services and competency development in support of business outcomes.

Areas of expertise include earth sciences, reservoir and production engineering, facilities engineering, reserve governance and reporting, capital projects, drilling and completions, innovation, technology ventures, catalyst and process technology, technical computing and digital and data science.

In 2024, Chevron announced the establishment of an engineering and innovation center in India to provide technical and digital solutions for the enterprise.

CTC includes the company’s information technology organization, which integrates computing, data management and analytics, cybersecurity and other key infrastructure technologies to provide a digital foundation to enable Chevron’s global operations, projects and business processes.

The company is focused on technologies that are ready to adopt and scale today, as well as breakthrough technologies in support of its oil, natural gas and products and new energies businesses, including shale and tight recovery, deepwater development, lowering the carbon intensity of heavy oil, advancing facilities of the future, renewable fuels, carbon capture utilization and storage, hydrogen and geothermal energy.

Chevron leverages its in-house expertise to undertake internal research and development to advance energy solutions.

The company holds more than 4,400 patents for new technologies, with over 3,200 additional patents pending, making Chevron one of the leading patent holders in the industry.

The company holds more than 4,000 patents for new technologies, with nearly 3,400 additional patents pending, making Chevron one of the leading U.S.

patent holders in the industry.

Collaboration is increasingly important to close innovation gaps and integrate emerging technologies into existing energy value chains.

Chevron works with startups, universities, national laboratories, joint ventures and service companies to explore, evaluate and scale solutions.

Chevron is also enabling efficient and responsible artificial intelligence solutions through work with other companies and institutions.

Chevron is applying artificial intelligence (AI) to drive productivity, efficiency and value to its global operations.

The company is building high-impact use cases leveraging its extensive data and insights and collaborating with others to access AI solutions to help unlock value.

In an effort to ensure its AI systems are reliable and effective, the company is employing processes to assess its capabilities, limitations and readiness.

Chevron is a member of the Responsible AI institute, a consortium focused on integrating AI responsibly while safeguarding human values.

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 lower carbon energy.

CTV has more than two decades of being the primary on-ramp for external innovation into Chevron, including venture investing, with eight funds that have supported more than 140 startups and worked with more than 350 co-investors.

CTV has more than 25 years of being the primary on-ramp for early-stage, external innovation into Chevron, including venture investing, with ten funds that have supported more than 150 startups and worked with more than 350 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;

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;

3 unchanged sentences

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

Information Technology The company’s information technology organization integrates computing, data management and analytics, cybersecurity and other key infrastructure technologies to provide a digital foundation to enable Chevron’s global operations and business processes.

Building on decades of analytics and data science expertise, the company accelerated its application of artificial intelligence in 2023 to drive innovation, increase employee productivity and deliver business outcomes.

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

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

These businesses are expected to support the company’s efforts to lower the carbon intensity of its operations and become high-growth opportunities with the potential to generate competitive returns.

Chevron New Energies The new energies organization is focused on developing new businesses with the aim to support the company’s objectives to lower the carbon intensity of its operations and enable growth opportunities with the potential to generate competitive returns.

These include additional fuel solutions utilizing hydrogen and its derivatives such as ammonia, carbon emissions management through carbon capture and offsets, and power generation for data centers.

The company is also pursuing opportunities in other emerging areas, including enhanced geothermal to deliver non-intermittent lower carbon power, and lithium extraction and production for battery and other applications.

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.

4 unchanged sentences

territorial waters, and Oil Spill Response, Ltd., which operates globally.

The company is a founding member of the Marine Well Containment Company, whose primary mission is to expediently deploy containment equipment and systems to capture and contain crude oil in the unlikely event of a future loss of control of a deepwater well in the Gulf of Mexico.

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

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

Refer to Item 1A.

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

Risk Factors for further discussion of government action with respect to greenhouse gas and climate change and the associated risks to Chevron’s business.

Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations Business Environment and Outlook on pages 35 through 37 for further discussion of climate change related trends and uncertainties.

2 unchanged sentences

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