What changed in this filing

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Item 1. Business

2026-02-24 compared with 2025-02-21 · 233 added, 215 removed, 451 unchanged (50% of the section changed)

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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.

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

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

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

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.

We are leveraging our capabilities, assets, partnerships and customer relationships as we aim to grow our oil and gas business, lower the carbon intensity of operations and grow new energies businesses.

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

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

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.

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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.

after such reports are filed with or furnished to the U.S.

Securities and Exchange Commission (SEC).

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Human Capital Management

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

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

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

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 sex, where data is available, and by region as of December 31, 2025.

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* 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 by an environment of personal growth and engagement.

Chevron’s approach to attracting, developing and retaining a skilled and diverse global workforce is grounded in creating an environment that supports growth, engagement and operational excellence.

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 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 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.

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, 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, competitive pay and benefits, and culture.

Diversity and Inclusion

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

Employee engagement is an indicator of employee well-being and commitment to the company’s values, purpose and strategies.

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

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

Chevron seeks to foster an inclusive work environment that values the uniqueness and diversity of individual talents, experiences and ideas.

Chevron rejects the use of quotas, focuses on removing barriers to opportunity and makes selection decisions based on merit.

Leader accountability and employee engagement remain key indicators of organizational health.

Regular employee surveys help monitor engagement, support operational excellence, and track progress in culture, competitive performance, and execution.

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

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The company has set clear expectations for leaders to deliver operational excellence by 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;

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

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

Description of Business and Properties

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Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s Capital Expenditures .

Throughout the document, certain totals and percentages may not sum to their component parts due to rounding.

Refer to Table V for a tabulation of the company’s proved reserves by geographic area for each year-end from 2023 through 2025.

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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.

The company’s proved reserves at year-end 2025 were approximately 10.6 billion barrels of oil-equivalent (BOE), eight percent higher than 2024.

The largest additions were from the acquisition of Hess Corporation (Hess) and extensions and discoveries in shale and tight assets in the Permian Basin, and project approvals in Australia and Guyana.

At December 31, 2025, 43 percent of the company’s net proved oil-equivalent reserves were located in the United States, 15 percent were located in Australia and 11 percent were located in Kazakhstan.

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Production Outlook

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.

The company estimates its average worldwide oil-equivalent production in 2026 to increase 7 to 10 percent over 2025, assuming a Brent crude oil price of $60 per barrel and excluding the impact of asset sales.

This includes a full-year contribution from Hess assets.

This estimate is subject to many factors and uncertainties, as described beginning on page 39.

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The following table summarizes the net production of crude oil, NGLs and natural gas for 2025 and 2024 by the company and its affiliates.

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.

Worldwide oil-equivalent production of 3.7 million barrels per day in 2025 was up approximately 12 percent from 2024, mainly due to the acquisition of Hess, completion of the Future Growth Project at Tengizchevroil (TCO), record production in the Permian Basin, and ramp-up of production in the Gulf of America, partially offset by asset sales in Canada and the Republic of Congo.

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.

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48 132 46 104 6 10 131

120 — 119 — — 10

Total Other Americas 233 183 217 147 — 6 94 178

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23 29 7 — 139 132

— 3 — 1 — — — 11

Israel 98 100 1 1 — 581 592

46 45 28 26 — 106 113

Malaysia / JDA 6

17 — 2 — 92 —

— 4 — — — — 22

Partitioned Zone 65 61 65 60 — 2 5

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

5 Indonesia Deepwater assets were sold in 2023.

5 Chevron acquired Guyana assets as part of the acquisition of Hess in July 2025.

6 Chevron acquired assets in Malaysia and the Joint Development Area with Thailand (JDA) as part of the acquisition of Hess in July 2025.

JDA was sold immediately following the acquisition.

7 Chevron withdrew from Myanmar in April 2024.

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United States

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

Upstream activities in the United States are primarily located in Texas, New Mexico, Colorado, North Dakota, 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 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.

Texas/New Mexico As one of the largest producers in the Permian Basin, Chevron continues to develop its advantaged portfolio of more than 1,750,000 net acres in the Delaware and Midland basins in West Texas and Southeast New Mexico.

In 2025, production reached one million barrels of net oil-equivalent per day.

The resource is comprised of stacked formations enabling production of multiple geologic zones from single surface locations, 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 using hydraulic fracture stimulation.

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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 2025 net daily production in the Permian Basin averaged 435,000 barrels of crude oil, 280,000 barrels of NGLs and 1.8 billion cubic feet of natural gas.

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

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 sold 70 percent of its working interest in Haynesville shale in East Texas in 2025 while retaining a 30 percent non-operated working interest and an approximately 12.5 percent overriding royalty interest in the newly formed joint venture.

Chevron holds approximately 70,000 net acres and obtained a capital carry of $450 million for the development of this area through the sale transaction.

Colorado 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 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.

Net daily production in Colorado averaged 125,000 barrels of crude oil, 100,000 barrels of NGLs and 945 million cubic feet of natural gas during the year.

Chevron also has operations in Colorado’s Piceance Basin.

North Dakota Chevron holds approximately 469,000 net acres in the Bakken shale play, located in the Williston Basin of North Dakota following its acquisition of Hess.

During 2025, there were 121 wells drilled and 127 new wells brought online, bringing the total operated production wells to 1,967.

In second-half 2025, net daily production in North Dakota averaged 99,000 barrels of crude oil, 62,000 barrels of NGLs and 260 million cubic feet of natural gas.

Chevron holds an approximately 38 percent consolidated ownership interest in Hess Midstream LP (HESM) following the acquisition of Hess.

HESM provides fee-based services for Chevron and third-party customers in the Bakken.

The midstream integrated infrastructure is primarily located in McKenzie, Williams, and Mountrail Counties, North Dakota, and Mentor, Minnesota.

It includes a natural gas gathering and compression system, a crude oil gathering system and a produced water gathering and disposal system.

Key facilities include the Tioga Gas Plant, 50 percent ownership of the Little Missouri 4 gas plant, the Mentor Propane Storage Terminal, the Ramberg Terminal crude oil facility, the Tioga Rail Terminal and a fleet of 550 crude oil rail cars.

Additional infrastructure such as the Johnson’s Corner Header System and various connections to the Dakota Access Pipeline provide further crude oil export optionality.

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

In 2025, Chevron’s California average net

daily oil-equivalent production was 63,000 barrels.

Following Kern County’s reinstatement of drilling permit approvals, Chevron plans to undertake limited development drilling in 2026.

Gulf of America Chevron is the largest acreage holder in the Gulf of America, following its acquisition of Hess.

During 2025, Chevron’s net daily production in the Gulf of America averaged 235,000 barrels of crude oil, 19,000 barrels of NGLs and 150 million cubic feet of natural gas.

Net daily production from Hess legacy assets in second-half 2025 averaged 29,000 barrels of crude oil, 4,000 barrels of NGLs, and 48 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 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.

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

In 2025, Chevron completed the first full year of production safely utilizing its industry-leading high-pressure subsea technology, which helps produce energy from deeper reservoirs at higher pressures.

An additional well was brought online during the year as a part of the initial Stage 1, seven-well subsea development, and a debottlenecking project was sanctioned to increase production capacity.

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

Chevron has a 60 percent-owned and operated interest in the Ballymore Field, located in the Mississippi Canyon area.

The field has been developed as a three well, subsea tieback to the upgraded 75 percent-owned and operated Blind Faith facility.

First oil was achieved in April 2025 and production reached design capacity ahead of schedule.

The field has an estimated remaining production life of 20 years.

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 75 percent-owned and operated Blind Faith facility.

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.

Its platform supports an onboard, full-capacity drilling rig for development well drilling and future interventions.

Production wells are equipped with electric submersible pumps.

First oil was achieved from two additional development wells in 2025, and further development is planned in 2026.

The field has an estimated remaining production life of more than 20 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.

In 2025, two Jack development wells delivered first oil, and the St.

Malo Stage 4 water injection operations continued.

Malo Stage 5 Project achieved first oil in December 2025.

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.

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

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

Chevron has a 50 percent-owned and operated interest in the Stampede Field, located in the Green Canyon area, an increase of 25 percent following its acquisition of Hess and assumption of operatorship.

In July 2025, the Black Pearl development well achieved first oil.

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

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

In 2025, a development well workover was executed to deliver first oil from a shallower reservoir as water injection operations continued.

The Tahiti Field has an estimated remaining production life of more than 15 years.

Chevron has a 42.5 percent nonoperated working interest in Green Canyon Block 584.

In 2025, the operator announced an oil discovery at the Far South prospect in this Block, with an initial well and sidetrack drilled to a total depth of 23,830 feet.

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

The field consists of two production facilities:

Spar A and Argos.

In 2025, development at Spar A continued with the completion of the eleventh producing well, and development at Argos continued through the Mad Dog 2 project, which has completed 12 producing wells and five water injection wells to date.

Argos development was further supported by the Argos Southwest Extension (ASWX) project, a three-well development with dual flowlines and a manifold tied back to the Argos subsea infrastructure, along with minor topside modifications to the Argos floating production unit.

The ASWX project commenced production in 2025.

The field has an estimated remaining production life of more than 40 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.

In 2025, four development wells and one water injection well in the Great White Field, where Chevron holds a 33.3 percent nonoperated working interest, were brought online.

Also in 2025, development activities continued on the Silvertip Expansion Project, where Chevron has a 60 percent nonoperated working interest, with first oil expected in 2026.

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

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.

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.

Chevron has a 41.5 percent nonoperated working interest in the deepwater Whale Field located in the Alaminos Canyon area.

Whale consists of a 15-well subsea development and floating production unit.

First production was achieved in January 2025, and nameplate capacity was reached in September as eight wells were brought online throughout the year.

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.

The project is expected to be commercially operational in 2025.

In addition to Stampede, Chevron acquired further assets in the Gulf of America from Hess, including a 100 percent-owned and operated interest in the Pickerel Field, a 50 percent-owned and operated interest in the Baldpate and Penn State fields, a 38 percent-owned and operated interest in the Conger Field and an additional 57.1 percent-owned and operated interest in the Tubular Bells Field, taking its interest to 100 percent.

Chevron also acquired a 50 percent nonoperated working interest in the Llano field, where a sidetrack well achieved first oil in 2025.

In 2025, Chevron was the apparent high bidder on 24 exploration blocks in the Gulf of America Big Beautiful Gulf 1 Lease Sale.

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

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

In 2025, hydrogen was produced and safely introduced into the salt cavern for storage at the ACES Delta site.

Construction is complete, and the company is conducting final commissioning activities.

In 2025, Chevron advanced work on its first power project for data centers, which is expected to be supplied with gas from the Permian Basin in West Texas.

In 2025, Chevron also acquired approximately 135,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for the purpose of exploring lithium development.

Other Americas

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

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

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

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

At Loma Compana, 48 horizontal wells were drilled in 2024, with 46 wells in total put on production.

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

Chevron owns and operates a 100 percent interest in the El Trapial Field with conventional waterflood.

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.

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

The unconventional concession expires in 2057.

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

At Loma Campana, 30 horizontal wells were drilled in 2025, including Argentina’s longest unconventional well that reached a total depth of approximately 27,480 feet and a record-setting 16,778 feet lateral;

in total, 42 wells were put on production.

The Loma Campana concession expires in 2048, while the Narambuena concession was extended in 2025 under a 35-year unconventional license, now expiring in 2060.

Chevron owns and operates a 100 percent interest in the El Trapial Field with focus on unconventional development in the Vaca Muerta formation and continuing conventional waterflood activities.

The unconventional concession expires in 2057 and the conventional concession expires in 2032.

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

During 2025, 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.

Additionally, in 2025, Chevron joined the Vaca Muerta Sur pipeline project as a shareholder.

The project involves the construction of a 437-kilometer pipeline from the Vaca Muerta oil fields to a new export terminal in Punta Colorada, Río Negro, featuring monobuoy loading systems and storage facilities.

The pipeline is expected to be operational in 2027 and provide additional export capacity for the country.

Brazil Chevron holds a 35 percent nonoperated interest in two blocks in the Campos Basin and has exploration rights in 15 blocks in the North and South Pelotas basins.

In 2025, Chevron secured nine additional offshore exploration blocks, six blocks with a 65 percent-owned and operated interest and three blocks with a 50 percent-owned and operated interest, in the Foz do Amazonas Basin through a government-conducted auction, opening a new exploration frontier for the company.

In 2025, the company commenced a 3D seismic campaign to evaluate opportunities to develop the blocks.

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

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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.

Suriname Chevron has a 40 percent-owned and operated working interest in Block 5 and an 80 percent-owned and operated interest in the shallow water Block 7.

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.

Colombia In 2025, Chevron relinquished a 40 percent-owned and operated interest in the offshore Colombia-3 Block.

Guyana Chevron has a 30 percent nonoperated interest in the Stabroek Block, offshore Guyana, covering approximately 6.6 million acres, following its acquisition of Hess.

In August 2025, the One Guyana Floating Production, Storage and Offloading vessel (FPSO) with a production capacity of approximately 250,000 gross barrels of oil per day, achieved first production.

This is the fourth producing FPSO on the Block, in addition to the existing Liza Destiny, Liza Unity and Prosperity vessels.

It is expected that by 2030, eight FPSOs will be in production with an aggregate expected production capacity of approximately 1.7 million gross barrels of oil per day.

The fifth development, Uaru, sanctioned in April 2023, will utilize the Errea Wittu FPSO with a production capacity of approximately 250,000 gross barrels of oil per day with first production expected in 2026.

The sixth development, Whiptail, sanctioned in April 2024, will utilize the Jaguar FPSO with a production capacity of approximately 250,000 gross barrels of oil per day with first production expected in 2027.

The seventh development, Hammerhead, was sanctioned in September 2025 with an expected production capacity of approximately 150,000 gross barrels of oil per day with first production expected in 2029.

Chevron has a 30 percent nonoperated interest in the 130-mile pipeline from the Liza Field to shore.

This pipeline is expected to transport approximately 50 million standard cubic feet of natural gas per day to a 300 megawatt onshore power plant which, when complete, will be operated by the Government of Guyana.

Mexico All blocks in which Chevron had a participating interest were relinquished in 2023, awaiting official release from the government.

Peru In 2025, Chevron acquired a 35 percent nonoperated interest in exploration Blocks Z-61, Z-62 and Z-63 in the Trujillo Basin, offshore Peru.

Seismic data is being analyzed for possible future exploratory drilling investment.

Suriname Chevron has a 40 percent-owned and operated working interest in shallow water Block 5 and an 80 percent-owned and operated interest in the shallow water Block 7.

Chevron also holds a 66.6 percent nonoperated working interest in deepwater Block 42 which increased by 33.3 percent in 2025 due to the acquisition of Hess.

Additionally in 2025, Chevron was awarded exploration acreage consisting of a 20 percent nonoperated interest in shallow water Block 9 and a 30 percent-owned and operated interest in shallow water Block 10.

Uruguay Chevron has a 60 percent-owned and operated interest in offshore exploration Block OFF-1.

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

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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.

Chevron has a 30 percent interest in Petropiar, which operates heavy oil production from Huyapari Field, processing output through its upgrader located in Anzoátegui that refines the oil to a lighter, high-quality synthetic crude oil or blends it with light oil to produce Merey crude, under an agreement expiring in 2047.

Chevron has 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.

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

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This license expires in 2039.

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

In Africa, the company is engaged in upstream activities in Angola, Cameroon, Egypt, Equatorial Guinea, Guinea-Bissau, Namibia and Nigeria.

Acreage for Africa can be found in the Acreage table.

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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.

In 2025, first oil was reached at the South N’Dola project located in Block 0.

Chevron also operates and holds a 31 percent interest in a Production Sharing Agreement (PSA) for deepwater Block 14.

In 2025, the Block 14 partners and National Concessionaire signed an extension for an additional 10 years.

In 2025, Chevron signed a Heads of Agreement for an owned and operated interest in Block 33 offshore Angola in the deepwater lower Congo Basin.

The formalization of this acquisition through the execution of the Risk Service Contract is pending regulatory approval.

In 2025, Chevron completed a seismic survey for Blocks 33, 49 and 50 offshore Angola in the deepwater lower Congo Basin to assess geological potential.

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 LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production.

The natural gas is a byproduct of crude oil production.

Feedstock for the plant originates from multiple fields and operators.

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

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.

Proved reserves have been recognized for this project.

Angola-Democratic Republic of Congo (DRC) Joint Development Area Chevron has a 31 percent interest in a unitization and cross-border asset 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 holds a 15.5 percent nonoperated 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 January 2025, the company sold its interest in the ROC portion of Lianzi, while retaining the Angolan portion .

In January 2025, Chevron 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 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.

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

Egypt Chevron has interests in blocks in the Mediterranean Sea.

Following a farmdown in 2025, Chevron holds a 40 percent-owned and operated interest in North El Dabaa (Block 4), as well as a 45 percent-owned and operated interest in the Nargis Block and a 27 percent nonoperated working interest in North Cleopatra (Block 7).

In 2025, the company relinquished its 45 percent-owned and operated interest in Block 1 in the Red Sea.

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.

The company also holds a 32.8 percent nonoperated interest in the Alba natural gas and condensate field that is located in shallow waters near Bioko Island.

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.

Chevron holds interests in two exploration acreage positions for Blocks EG-06 and EG-11, offshore Bioko Island.

Guinea-Bissau In 2025, Chevron was awarded a 90 percent working interest in frontier exploration Blocks 5B (Carapau) and 6B (Becuda), offshore Guinea-Bissau.

Libya In early 2026, Chevron was designated as the winning bidder for Contract Area 106 located in the Sirte Basin .

Namibia Following a farmdown in 2025, Chevron has a 52.5 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 PEL 82 (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.

Nigeria Chevron holds 40 percent interests in concessions across the onshore and shallow-offshore regions of the Niger Delta.

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.

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

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

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

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

At the end of 2025, no proved reserves were recognized for this project.

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At the end of 2025, no proved reserves were recognized for this project.

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.

In 2025, Chevron discovered hydrocarbons in two exploration and appraisal wells in the Delta South-AA in PML 46 and the Awodi-07 in Petroleum Prospecting License (PPL) 263 in shallow offshore Nigeria.

These wells provided additional data to support ongoing evaluation of development options.

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

Chevron signed agreements to acquire 40 percent nonoperated working interest in PPL 2000/2001, with close anticipated in 2026.

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.

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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, 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, Malaysia, Russia and Thailand.

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.

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 Production Sharing Contracts (PSCs).

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.

In the Pearl River Mouth Basin, the company previously held a 32.7 percent nonoperated working interest in Block 16/19, where production ceased in April 2025.

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 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.

In January 2026, the company successfully entered FEED (Front End Engineering Design) in alignment with the PSC project milestone in the approved development and production plan.

Indonesia Chevron is participating in an early phase exploration study managed by a 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.

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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.

In early 2026, Chevron reached final investment decision (FID) to invest in the Leviathan Expansion Phase 1 Project that is expected to increase Leviathan’s upstream production capacity to 2.1 billion cubic feet per day.

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 1.0 billion to 1.2 billion cubic feet per day.

This project is scheduled for completion in 2025.

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.

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

Phase 1 of the Tamar Optimization Project included installation of a new pipeline to increase delivery capacity to the processing platform, allowing for production capacity at the platform to increase from approximately 1.0 billion to 1.2 billion cubic feet per day.

First gas was achieved in early 2026.

Phase 2 of the Tamar Optimization Project, approved in February 2024, 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 the first half of 2026.

In 2025, Chevron signed an agreement to develop the Nitzana natural gas pipeline to transport gas from both Leviathan and Tamar fields to Egypt.

The pipeline capacity is expected to reach 0.6 billion cubic feet per day and scheduled for completion in 2028.

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

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

Most of TCO’s 2025 crude oil production was exported through the Caspian Pipeline Consortium (CPC) pipeline.

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.

In 2025, TCO completed the Future Growth Project (FGP) at the Tengiz oil field, which increased crude oil production by 260,000 barrels per day with a total gross output of 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 2025, 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.

In 2025, the Karachaganak Expansion Project Stage 1A facility scope was fully completed and Stage 1B development is expected to complete in the second half of 2026.

Both projects are designed to 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.

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.

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

Through 2025, CPC trans ported an average of 1.5 million barrels of crude oil per day, composed of 1.4 million barrels per day from Kazakhstan and 0.1 mi llion barrels per day from Russia.

Kurdistan Region of Iraq In 2025, Chevron completed exit agreements and withdrew from the country.

Malaysia Following the acquisition of Hess, Chevron has a 50 percent-owned and operated interest in Blocks PM302 and PM325 located in the North Malay Basin and a 50 percent interest in Block PM301, which has been unitized within the nonoperated Malaysia/Thailand Joint Development Area.

Malaysia/Thailand Joint Development Area (JDA) During 2025, the JDA Block A-18, acquired through the acquisition of Hess, was sold.

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

The concession expires in 2046.

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.

In 2025, the NWWB-2 appraisal well was drilled and completed, helping further assess resources discovered in 2024, and making a new oil discovery north of the Wafra Field.

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.

Concessions for producing areas within this basin expire between 2030 and 2038.

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

Chevron has a 35 percent-owned and operated interest in the Pailin Field in Block B12/27, and a 51.7 percent-owned and operated interest in the Benchamas and Maliwan field in Block B8/32.

In December 2025, the government approved the 10-year extension of the Pailin Field (Block 12/27) to 2038.

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.

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

Following a farmdown in 2025, Chevron also has a 70 percent-owned and operated exploration and production license for Block G2/65, which covers 2.6 million net acres.

Chevron holds between 16 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.

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

Chevron holds a 47.3 percent-owned and operated interest in 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.

underground storage facility and a domestic gas plant.

Progress on the Jansz-Io Compression project continued during 2025, with first gas expected in 2028.

Proved reserves have been recognized for this project.

In 2025, FID was reached on the Gorgon Stage 3 Project to develop additional backfill fields, Geryon and Eurytion, with first gas expected in 2029.

As part of this decision, Chevron completed a farmdown for the permit area WA-22-R to 47.3 percent to align interests with the Gorgon Project partners.

Proved reserves have been recognized for both of these projects.

Gorgon’s estimated remaining economic life exceeds 40 years.

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

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

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

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

In 2025, Wheatstone marked its 1,000th LNG shipment since commencement of the project in 2017.

Wheatstone’s estimated remaining economic life exceeds 14 years.

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

Chevron holds 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 holds a 57.1 percent-owned and operated interest in the Barrow Island Joint Venture (known as WA Oil).

In May 2025, the Barrow Island oil field ceased production and entered the decommissioning phase.

The company continues to evaluate exploration and appraisal activity across the North Carnarvon Basin, in which it holds approximately 2.6 million 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.

This activity includes the evaluation of opportunities to develop resources, such as Clio, Acme, and Acme West through existing infrastructure.

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

This acreage includes the Angel Carbon Capture and Storage Project, which is subject to the asset swap mentioned above.

In Europe, the company is engaged in upstream activities in Greece and the United Kingdom.

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.

The Clair Field currently consists of two platform drilling centers:

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.

Greece In early 2026, Chevron was awarded four deep-sea blocks off the Peloponnese peninsula and the island of Crete .

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

The Clair Field 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 company is assessing alternatives to develop further resources in the area.

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

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and international sales of natural gas averaged 5.7 billion and 5.5 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, Israel, Nigeria and Thailand.

Outside the United States, substantially all of the natural gas sales from the company’s producing interests are from operations in Angola, Australia, Bangladesh, China, Equatorial Guinea, Israel, Kazakhstan, Malaysia, 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.

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

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.

In 2025, the expansion of the Pasadena Refinery became fully operational, increasing light crude oil throughput capacity to 125,000 barrels per day.

This project allowed 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.

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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).

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

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.

and Germany, including eight producing biodiesel, one producing renewable diesel and two others that remained idle in 2025.

In 2025, the company began production and continues ramp-up at its Geismar renewable diesel plant in Louisiana, following an expansion to increase plant capacity from 7,000 to 22,000 barrels per day.

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.

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.

A new oilseed processing plant in Louisiana is expected to begin operations in 2026.

In early 2025, Chevron acquired the remaining equity of Brightmark RNG Holdings LLC and renamed the company to Chevron RNG Holdings LLC (Chevron RNG).

Chevron continues to advance its dairy biomethane activities through Chevron RNG and investments in CalBioGas LLC and CalBioGas Hilmar LLC (collectively, CalBioGas investments).

Chevron’s wholly-owned and operated renewable gas assets include 26 anaerobic digester facilities (25 operational, one under construction) in nine U.S.

states that capture methane from manure at dairy farms and process it into natural gas.

CalBioGas investments have 29 anaerobic digester projects at dairy farms in California producing natural gas or directly supplying electricity.

Chevron sells RNG to third parties and through Chevron’s network of 67 compressed natural gas (CNG) stations under the Chevron and Beyond6 brands.

Chevron has successfully demonstrated the ability to produce both renewable diesel and SAF at its El Segundo Refinery, with the flexibility to switch between traditional fuels and renewables dependent upon market conditions.

Marketing Operations

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In the United States, the company markets primarily under the principal brands of “Chevron” and “Texaco.” At year-end 2025, the company supplied directly or through retailers and marketers approximately 8,600 Chevron- and Texaco-branded service stations, primarily in the southern and western states.

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

Approximately 380 of these outlets are company-owned or company-leased stations.

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

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

The rebranding project to transition service stations in Australia from Puma to the Caltex brand is expected to complete in 2025.

Chevron markets commercial aviation fuel to 58 airports worldwide.

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CPChem has two major integrated polymer projects under construction, the Golden Triangle Polymers Project in Orange, Texas, for which CPChem holds a 51 percent-owned and operated interest and the Ras Laffan Petrochemical Project in Ras Laffan, Qatar, for which CPChem holds a 30 percent nonoperated working interest.

Start-up for both projects is targeted for 2026.

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

Start-up for both projects is expected in the first half of 2027.

CPChem completed the Low Viscosity Poly Alpha Olefin Expansion Project at the CPChem Beringen, Belgium site in 2025.

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

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Pipelines Chevron owns and operates a network of crude oil, natural gas and product pipelines and other infrastructure assets in the United States.

In 2025, Chevron acquired further pipeline infrastructure through its acquisition of Hess.

Refer to the United States - Hess Midstream in the Upstream section above for more information related to these assets.

In addition, Chevron operates pipelines for its 50 percent-owned CPChem affiliate.

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and international pipelines.

Refer to Nigeria and Kazakhstan/Russia 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 CPC.

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 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.

In 2025, Chevron completed upgrades to four LNG vessels aimed at reducing emissions.

Other Businesses

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

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.

Technology, Projects and Execution (TPE) Chevron’s TPE organization centralizes technical expertise to drive innovation, ensure disciplined project execution, and promote operational excellence across the company, supporting the delivery of more affordable, reliable and cleaner energy solutions.

Areas of expertise include advanced technology development and deployment, digital and data science, facilities engineering, reserve governance and reporting, capital projects execution and global procurement.

TPE specializes in maintaining a strong safety culture and environmental stewardship by proactively managing risks, sustaining compliance, and protecting people, assets and communities.

TPE also 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 organization 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 expertise to undertake research and development to advance energy solutions.

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.

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

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 26 years of being the primary on-ramp for early-stage, external innovation into Chevron, including venture investing, with 10 funds that have supported more than 140 startups.

Chevron also makes investments indirectly through a few select limited partnership funds.

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

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

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;

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

and the HX Venture Fund 1 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 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.

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 storage 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 primarily for energy storage 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.

Chevron requires its facilities and operations to have operating standards and processes and emergency response plans that address significant risks identified through site-specific risk and impact assessments.

Chevron requires its facilities and operations to have operating processes and emergency response plans that address significant risks identified through site-specific risk and impact assessments.

Chevron also requires that sufficient resources be available to execute these plans.

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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.

Refer to Management ’ s Discussion and Analysis of Financial Conditions and Results of Operations on pages 55 through 56 for additional information on environmental matters and their impact on Chevron, and on the company’s 2024 environmental expenditures.

Refer to page 54 through 55 and Note 24 Other Contingencies and Commitments for a discussion of environmental remediation provisions and year-end reserves.

Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations in Business Environment and Outlook on pages 35 through 37 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 55 for additional information on environmental matters and their impact on Chevron, and on the company’s 2025 environmental expenditures.

Refer to page 54 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