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Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 1

CHEVRON CORPORATION’S

GLOBAL UPSTREAM AND

DOWNSTREAM ENERGY SEGMENT

PORTFOLIO

Strategic Review of Assets, Operational Excellence, and Energy

Transition Initiatives

August 2026 | Public Disclosure Presentation

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 2

TABLE OF CONTENTS

01 Executive Summary

02 Strategic Vision & 2026 Outlook

03 Upstream: Global Production Leadership

04 Permian Basin: Scaling Operations

05 Deepwater: Guyana & Gulf of Mexico

06 Kazakhstan & Global LNG Infrastructure

07 Downstream & Chemicals: Integrated Value

08 Petrochemicals: CPChem Expansion

09 Retail & Lubricants: Global Brand Reach

10 New Energies: Scaling Low Carbon

11 Innovation: Geothermal & Lithium

12 AI & Data Center Energy Partnerships

13 Portfolio Optimization & Acquisitions

14 Financial Discipline & Capital Allocation

15 Key Performance Metrics 2026

16 Conclusion & Forward Outlook

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 3

EXECUTIVE SUMMARY: POWERING HUMAN

PROGRESS

In 2026, Chevron Corporation continues to distinguish itself as a premier integrated energy company,

delivering higher returns and lower carbon intensity. Our portfolio is leaner, more resilient, and strategically

positioned to meet global energy demand while navigating the transition to a lower-carbon future.

With the full integration of the Hess Corporation assets and the successful ramp-up of the TCO Future

Growth Project in Kazakhstan, our production profile has reached new records. Simultaneously, Chevron New

Energies is scaling technologies that leverage our core subsurface expertise, such as geothermal and

carbon capture, to provide energy solutions for a digitizing world.

3.4M+

NET BOE/D PRODUCTION

$15B

ANNUAL CAPEX GUIDELINE

39 Yrs

DIV. GROWTH STREAK

Chevron Corporation | August 2026 | Page 3

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 4

STRATEGIC VISION & 2026 OUTLOOK

Our strategy is anchored in a disciplined capital allocation framework. We prioritize high-return, low-carbon

intensity assets that provide strong cash flows to support our dividends and share buybacks.

The 2026 outlook is characterized by a focus on project execution in the Gulf of Mexico, accelerated

development in the Permian, and the expansion of our renewable fuels and hydrogen capacity. We are

committed to maintaining a fortress balance sheet while investing $14–$16 billion annually to sustain and

grow our global leadership.

Chevron Corporation | August 2026 | Page 4

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 5

UPSTREAM: GLOBAL PRODUCTION LEADERSHIP

Chevron’s Upstream segment is the primary engine of our value creation. In Q2 2026, net oil-equivalent

production exceeded 3.4 million barrels per day, reflecting organic growth and the addition of world-class

deepwater assets.

Our portfolio is globally diversified, with significant positions in the United States, Australia, Kazakhstan, and

the emerging frontier of Guyana. We are optimizing our legacy assets through digital transformation and

operational efficiency, ensuring that every barrel produced meets our rigorous economic and environmental

standards.

Chevron Corporation | August 2026 | Page 5

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 6

PERMIAN BASIN: SCALING OPERATIONS

The Permian Basin remains Chevron's most significant short-cycle growth engine. In 2026, we have achieved

our production milestone of over 1.2 million boe/d. Our 'factory-mode' development strategy uses automated

drilling rigs and predictive analytics to minimize costs and maximize recovery.

Sustainability is central to our Permian operations. We have eliminated routine flaring and utilize a vast

network of recycled water infrastructure, reducing our freshwater footprint by 99% across our Delaware and

Midland basin acreage.

Chevron Corporation | August 2026 | Page 6

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 7

DEEPWATER: GUYANA & GULF OF MEXICO

Chevron’s deepwater portfolio is characterized by high margins and long-lived production. In Guyana, our

30% interest in the Stabroek Block—now a cornerstone of our portfolio—contributes significantly to our

global reserves. Production in Guyana continues to ramp up with the addition of new FPSO vessels.

In the U.S. Gulf of Mexico, the Anchor and Whale projects are now contributing high-value barrels. These

projects utilize industry-leading technology to operate in extreme conditions, reinforcing Chevron's status as

a top-tier operator in deepwater development.

30%

INTEREST IN STABROEK BLOCK

20k psi

INDUSTRY-LEADING TECH

Chevron Corporation | August 2026 | Page 7

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 8

KAZAKHSTAN & GLOBAL LNG INFRASTRUCTURE

In Kazakhstan, the Tengizchevroil (TCO) Future Growth Project and Wellhead Pressure Management Project

(FGP-WPMP) are fully operational, sustaining high production levels and delivering significant cash flow to

the enterprise.

As a global leader in LNG, Chevron operates two of the world's most advanced facilities in Australia: Gorgon

and Wheatstone. These assets, along with our growing presence in the Eastern Mediterranean, provide

reliable, lower-carbon natural gas to energy-intensive economies in Asia and Europe, supporting their

transition away from coal.

Chevron Corporation | August 2026 | Page 8

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 9

DOWNSTREAM & CHEMICALS: INTEGRATED VALUE

Chevron’s Downstream & Chemicals segment delivers high-quality products to customers worldwide. Our

complex refining network on the U.S. West and Gulf Coasts is optimized to handle a diverse range of

feedstocks, maximizing margins and reliability.

In 2026, we are focused on integrating renewable feedstocks into our refining processes. The expansion of

the Geismar renewable diesel facility is a testament to our commitment to meeting the growing demand for

lower-carbon transportation fuels without compromising performance.

Chevron Corporation | August 2026 | Page 9

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 10

PETROCHEMICALS: CPCHEM EXPANSION

Through our Chevron Phillips Chemical (CPChem) joint venture, we are expanding our presence in high-

growth petrochemical markets. The Ras Laffan Petrochemical project in Qatar and the Golden Triangle

Polymers project in Texas are nearing completion or operational, providing scale and resource advantage.

These assets produce the essential polymers used in modern infrastructure, healthcare, and sustainable

packaging, ensuring that Chevron captures value across the entire energy and chemical value chain.

Chevron Corporation | August 2026 | Page 10

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 11

RETAIL & LUBRICANTS: GLOBAL BRAND REACH

The Chevron, Texaco, and Caltex brands represent quality and reliability for millions of consumers. Our retail

network is evolving to include more than just fuel; we are expanding our 'Chevron Pulse' EV charging network

across key corridors to meet changing consumer needs.

Our lubricants business remains a global leader, providing advanced formulations that improve engine

efficiency and equipment longevity for industrial and consumer applications. In 2026, we are launching a

new line of bio-based lubricants to further support our customers' sustainability goals.

Chevron Corporation | August 2026 | Page 11

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 12

NEW ENERGIES: SCALING LOW CARBON

Chevron New Energies (CNE) is focused on three key areas where we have a competitive advantage: CCUS,

Hydrogen, and Renewable Fuels. The Bayou Bend carbon storage project is now one of the largest offshore

carbon sequestration projects in the United States.

We are also advancing several green and blue hydrogen projects, positioning Chevron to provide energy for

hard-to-abate sectors such as heavy-duty trucking and industrial manufacturing. Our target is to invest $10

billion in lower-carbon projects through 2028.

Chevron Corporation | August 2026 | Page 12

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 13

INNOVATION: GEOTHERMAL & LITHIUM

Innovation is at the heart of our energy strategy. In 2026, Chevron is pioneering new lithium extraction

technologies from brine resources, leveraging our existing expertise in fluid management and subsurface

engineering.

Furthermore, our investments in advanced geothermal technology are moving from pilot to commercial

scale. These projects aim to provide firm, baseload, carbon-neutral power, complementing intermittent

renewable sources like wind and solar.

Chevron Corporation | August 2026 | Page 13

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 14

AI & DATA CENTER ENERGY PARTNERSHIPS

The exponential growth of Artificial Intelligence has created a massive demand for 24/7 reliable power.

Chevron has established strategic partnerships with major technology providers to supply energy for their

global data center footprints.

By combining natural gas with carbon capture and advanced geothermal systems, we provide the 'always-on'

energy required for the digital economy. These partnerships reflect Chevron’s ability to solve complex energy

problems for the world's most innovative companies.

Solving the Energy Challenge for AI

Chevron is uniquely positioned to deliver firm power for hyperscale data centers. Our integrated

solution combines natural gas (for reliability) with CCUS and advanced geothermal (for low-

carbon baseload).

Chevron Corporation | August 2026 | Page 14

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 15

PORTFOLIO OPTIMIZATION & ACQUISITIONS

Our portfolio is dynamic. Following the landmark $53 billion acquisition of Hess Corporation, Chevron has

successfully integrated high-margin assets that enhance our long-term production growth. This acquisition,

coupled with strategic divestitures of non-core assets in North America and Asia, has high-graded our entire

portfolio.

We continue to evaluate opportunities for portfolio optimization, ensuring that every asset we own fits our

strategic criteria for capital efficiency, margin potential, and carbon intensity.

Chevron Corporation | August 2026 | Page 15

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio — page 16

FINANCIAL DISCIPLINE & CAPITAL ALLOCATION

Chevron’s financial performance in 2026 remains robust. Our disciplined approach to capital spending—

targeted at $14–$16 billion—is balanced with a commitment to returning excess cash to shareholders. We

have increased our quarterly dividend for the 39th consecutive year.

Our share repurchase program remains a key tool for value creation, reflecting our confidence in the long-

term cash-generating power of our asset base. We maintain one of the lowest net debt ratios in the peer

group, providing significant financial flexibility.

Chevron Corporation | August 2026 | Page 16

Chevron Corporation’s Global Upstream and Downstream Energy Segment Portfolio

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