#1Chevron 2023 Chevron Investor Day © 2023 Chevron. All rights reserved. February 28, 2023#2— 8:30 9:30 AM Agenda Presentation and Q&A 8:30 AM 11:30 AM ET - Introduction Higher returns + Q&A Roderick Green - General Manager, Investor Relations Mike Wirth - Chairman of the Board and Chief Executive Officer Nigel Hearne - Executive Vice President, Oil, Products & Gas 9:30 9:40 AM Break Lower carbon Jeff Gustavson - President, Chevron New Energies - 9:40 10:30 AM + Q&A Eimear Bonner - Vice President and Chief Technology Officer - 10:30 10:40 AM Break 10:40 11:30 AM = © 2023 Chevron Winning combination Pierre Breber - Vice President and Chief Financial Officer + Q&A Mark Nelson - Vice Chairman and Executive Vice President, Strategy, Policy & Development Chevron 2#3Cautionary statement CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation contains forward-looking statements relating to Chevron's operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends,” “plans,” “targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "may," "can,” “could,” “should,” “will,” “budgets," "outlook," "trends," "guidance,” “focus," "on track," "goals," "objectives," "strategies," "opportunities," "poised,” “potential," "ambitions," "aspires" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 20 through 26 of the company's 2022 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this presentation could also have material adverse effects on forward-looking statements. As used in this presentation, the term "Chevron" and such terms as "the company," "the corporation," "our," "we," "us" and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. 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. Terms such as "resources" may be used in this presentation to describe certain aspects of Chevron's portfolio and oil and gas properties beyond the proved reserves. For definitions of, and further information regarding, this and other terms, see the "Glossary of Energy and Financial Terms" on pages 27 through 28 of Chevron's 2022 Supplement to the Annual Report available at chevron.com. This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript. All materials are posted on chevron.com under the headings "Investors," "Events & Presentations." © 2023 Chevron Chevron 3#4© 2023 Chevron. All rights reserved. Chevron Chevron Investor Day Higher returns February 28, 2023 Mike Wirth Chairman of the Board and Chief Executive Officer Nigel Hearne Executive Vice President, Oil, Products & Gas#5Economic prosperity Balanced energy framework Energy security $ A Environmental protection Affordable for customers and countries Reliable and diverse supply Ever-cleaner energy © 2023 Chevron Chevron 5#6Safely deliver higher returns, lower carbon Higher returns $ Lower carbon CO2 Advantaged portfolio Capital and cost discipline Growing traditional energy Superior distributions to shareholders Progress toward 2028 carbon intensity targets Aim to be a leader in methane management Growing renewable fuels Early actions in CCUS and hydrogen See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Chevron 6#720 20 Capex* $ billions 15 10 5 $10.7 $14 Capital discipline $13 - $15 Capex outlook $13-$15B per year 0 2022 2023 2024-2027 annual guidance *Includes organic spend only. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information. © 2023 Chevron Affiliate capex outlook ~$2B per year Chevron 5 Affiliate capex $ billions $3.4 $3 ~$2 0 2022 2023 2024-2027 annual guidance 7#8EPB ($/BOE) 12 9 CO 3 Profitably growing our upstream business Upstream earnings per barrel Excludes special items EPB 0 2015-2019 Brent 60 80 Improved margins 60 go 40 40 20 20 0 2023-2027 guidance Brent ($/BBL) 2023-2027 guidance is based on flat nominal $60/BBL Brent. This is for illustrative purposes only and not necessarily indicative of Chevron's price forecast. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information. © 2023 Chevron Capital & cost efficient Expect >3% CAGR for production by 2027 Chevron 3 2 1 Production guidance Excludes impact of potential asset sales Net MMBOED Base TCO Other Shale & Tight ■ Permian ■ Gulf of Mexico 0 2022 2027 8#9Delivering value in the Permian Midland & Delaware Basin Net MBOED Monthly production CID22 production guidance Returns 1,250 focused 1,000 750 500 250 0 2017 2019 2021 2023 2025 2027 See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Technology driving efficiency Lower carbon expect -40% renewable power¹ 1 Behind the meter and renewable energy credits for 2023. Chevron FCF ($B) 2 Free cash flow² & ROCE FCF ♦ ROCE 00 6 30% 0 2023 20% 10% 0% 2027 2 Excludes working capital. Based on $60/BBL Brent and $4.50/MMBtu Henry Hub. This is for illustrative purposes only and not necessarily indicative of Chevron's price forecast. ROCE (%) 6#10Focused on delivering FGP/WPMP Project update Bulk construction complete Executing WPMP start-up activities See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. Chevron © 2023 Chevron 1,000 500 Looking ahead WPMP maintains base production FGP adds ~260 MBD TCO production profile (100%) MBOED 0 2022 2023 2024 2025 10#11Continuing deepwater excellence Gulf of Mexico Expect 300 MBOED by 2026 West Africa Supporting base business Australia Eastern Med Record 2022 cargoes 99% reliability Anchor, Whale, Ballymore, Mad Dog 2 Nigeria lease renewals © 2023 Chevron LIFUA A SHELF DRILLING TENACIOUS PORT HILA Chevron Advancing backfill projects Tamar expansion THO 11#12Connecting our natural gas resources to demand Large gas resource >175 net TCF Optimizing portfolio Accessing demand All resource figures are net unrisked resource as of December 31, 2022. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron >65 TCF Chevron >20 TCF >10 TCF From USGC Key equity natural gas resources Current LNG Future LNG >45 TCF 12#13Competitive chemical and downstream projects CPChem projects Advantaged ethane feedstock Refining evolution Pasadena LTO integration 2 MMTPA crackers (USGC, Qatar) Renewable hydroprocessing See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Geismar expansion Adds ~15 MBD of RD capacity Expected start-up in 2024 MAX CLEAR 16' 0" Chevron 13#14© 2023 Chevron Higher returns supplemental slides Chevron 14#15125% 100% 75% 50% 25% 0% Reserves 10-year reserve replacement 11.3 -10.3 BBOE -1.1 10-year reserves and resource 11.3 11.2 YE 2012 Production Asset sales Net adds YE 2022 10-year reserve replacement ratio Chevron 2012-2021 See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron 10-year 99% RRR Net adds exceed production Asset sales high-grade portfolio Chevron 64.7 Resource 10-year resource replenishment Total 6P BBOE -10.3 36.9 -13.4 77.9 YE 2012 Production Asset Net YE 2022 sales adds Asset class 78 BBOE of 6P resource LNG Deepwater Shale & Tight Heavy Oil All resource figures are net unrisked resource. Conventional 15#16Returns focused production growth Managing base decline Excludes impact of potential asset sales LNG Heavy Oil 1.5 Net MMBOED Deepwater ■Other / Conventional Facility-constrained base production 1.0 0.5 0.0 2022 2027 This base production aligns with that shown on slide 8. It excludes Permian, TCO, Gulf of Mexico, and Other Shale & Tight. © 2023 Chevron Disciplined investment Multiple growth assets Chevron Production guidance for key assets Excludes impact of potential asset sales Net MBOED +450 MBOED +130 MBOED +100 MBOED +200 MBOED 2022 2027 2022 2027 2022 2027 2022 2027 Permian TCO Gulf of Mexico Other Shale & Tight 16#17Cumulative Production (MBOE) 300 250 200 150 100 50 50 Permian COOP well performance 2022 POPS Midland Basin Cumulative production vs. forecast 2022 actual 2022 forecast 0 0 2 4 6 Months 300 Midland Basin above forecast Delaware Basin below forecast 2023 DB program changes more primary bench developments in New Mexico COOP Company-operated POP Put on production DB Delaware Basin DUC Drilled but uncompleted wells See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Chevron Cumulative Production (MBOE) Delaware Basin Cumulative production vs. forecast 2023+ expected New Mexico program 250 2022 New Mexico wells unaffected by long-sitting DUCs 2022 forecast 200 150 100 50 50 0 2 2022 actual Impacted primarily by long-sitting DUCS (horizontal and vertical depletion, dated well designs) Months 4 CO 6 17#18© 2023 Chevron Gulf of Mexico projects Project Major capital projects Ownership Operator percentage Liquids capacity (MBD, 100%) Gas capacity (MMCFD, 100%) Start-up¹ Mad Dog 2 Other 15.6 140 Anchor 75 2023 Chevron 75.4 / 62.92 75 28 2024 St. Malo Stage 4 Waterflood Chevron 51 Maintain capacity Maintain capacity 2024 Whale Other 40 100 200 2024 Ballymore Chevron 60 863 613 2025 1 Projected start-up timing for non-operated projects per operator's estimate. 2 Represents 75.4% interest in the northern unit area and 62.9% interest in the southern unit area. 3 Blind Faith facility original capacity to be upgraded from 65MBPD and 45MMCFPD. Allocated design capacity for the Ballymore Project is 75MBPD of crude oil Chevron and 50MMCFD of natural gas. 18#19Other Shale & Tight development plans Argentina Started El Trapial development Haynesville 1st rig began drilling January 2023 DJ Basin Expect to POP ~2x wells in 2023 vs. 2022 Kaybob Duvernay Expect to maintain activity levels POP Put on production © 2023 Chevron Chevron Rig counts and well POPS COOP & NOJV 2021 2023 2025 Rig count 4 8 11 Well POPS 150 200 250 COOP Company-operated NOJV― Non-operated joint venture 19#20© 2023 Chevron. All rights reserved. Chevron Chevron Investor Day Lower carbon February 28, 2023 Jeff Gustavson President, Chevron New Energies Eimear Bonner Vice President, Chief Technology Officer#21A Advancing our lower carbon future Lower carbon intensity Upstream CO2 intensity 35% by 2028 reduction target¹ Net Zero² Upstream Scope 1 & 2 aspiration Grow new energies 2030 targets Renewable fuels 100 MBD By 2050 CO2 CCUS & offsets 25 MMTPA PCI¹ reduction target³ Scope 1, 2 & 34 >5% by 2028 H₂ Hydrogen 5 150 KTPA 1 From 2016 baseline. 2 Accomplishing this aspiration depends on continuing progress on commercially viable technology; government policy; successful negotiations for CCS and nature- based projects; availability of cost-effective, verifiable offsets in the global market; and granting of necessary permits by governing authorities. 3 PCI - portfolio carbon intensity (PCI) is a metric that represents the carbon intensity across the full value chain associated with bringing products to market. This target is expected to allow Chevron flexibility to grow its traditional upstream and downstream business, provided it remains increasingly carbon-efficient. © 2023 Chevron 4 Scope 3 includes emissions from use of products. 5 Chevron's approach to hydrogen envisions the use of green, blue and gray hydrogen. Chevron 21 21#22Carbon efficient supplier of energy Lowering upstream carbon intensity Chevron's oil and gas production carbon intensity 50 50 40 40 00 Oil 30 Gas Carbon intensity (kg CO₂e / BOE) 10 20 20 30 0 2016 2018 2020 2022 Keeping methane in the pipe 13 advanced detection technologies trialed since 2016 2028 targets >950 methane detection flyovers completed in 2022¹ 2028 See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron 1 Permian only. 2 At our Colorado operations. Chevron >37 million component inspections conducted in 2020 to 20212 22 22#23Integrating renewables into our business RD / BD Added feedstocks with Bunge & CoverCress TM Expect 5x more USWC stations selling RD / BD by year-end Renewable fuels production capacity MBD ■Committed ■In Development RNG/CNG Expanded production with CalBio & Brightmark >75 CNG sites online or in progress Renewable natural gas production MMBTU/D ■Committed ■In Development 100 50 50 0 2022 2027 2030 See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron 40,000 Chevron 20,000 0 2022 2027 2030 23 23#24© 2023 Chevron Growing our CCUS business Secure pore space Create regional hubs Advance capture technology Over 65 active CCUS opportunities Chevron ○ Focus area 24 224#25Developing CCUS value chains U.S. Gulf Coast >1 billion tons CO2 storage resource¹ Early mover ~140,000 acres¹ • Houston Texas Beaumont Port Arthur Bayou Bend Hub Asia Pacific 3 permits to assess CO2 storage² Advancing regional emissions hub Select Chevron Asia Pacific operations Concentrated emissions Storage area 1 Combined offshore and onshore prospective storage resource and gross acreage. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. 2 Offshore western Australia. © 2023 Chevron Chevron Technology Investments in Svante & Carbon Clean Studying CO2 shipping with MOL 25#26Growing our hydrogen business Advance production hubs Leverage natural gas value chains Enable technology Support expected future demand See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Over 50 active H₂ opportunities Chevron From U.S. Opportunities ○ Early mover (demand) Potential trade flows 26 26#27Developing hydrogen value chains United States Advancing Gulf Coast hubs with CCUS Asia Pacific Exploring low Cl fuels Australia to Japan Technology H₂ transport and storage projects Establishing West Coast value chains Studying H₂ & NH3 from geothermal West Coast H₂ NH3 export to Asia H₂ H₂ H2 production nodes Gulf Coast H₂ NH3 export to Europe & Asia Potential trade flows See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron H2 Korea Japan Chevron H₂ Investments in Raven & Aurora H₁₂ HYDROGEN 27 27#28Technology powering today's businesses Safety Scalable robotic tank inspection Higher returns Optimizing field development Eliminates worker risk & reduces costs Reduces cycle time & unlocks resources See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Chevron Lower carbon Preventing & detecting emissions Real-time identification & mitigation 28 28#29Technology building tomorrow's businesses Enhance reservoir recoveries Asset class excellence Convert challenged feedstocks Automate facilities and operations © 2023 Chevron Facilities of the future Ε Reduce costs across the Chevron value chain Renewable fuels CCUS & H2 29 29#30Chevron Chevron Investor Day Winning combination © 2023 Chevron. All rights reserved. February 28, 2023 Pierre Breber Vice President and Chief Financial Officer Mark Nelson Vice Chairman and EVP, Strategy, Policy & Development#310% ROCE improvement 2017-2022 CVX 4% Peers¹ Delivering higher returns Chevron 8% Peer leading ROCE improvement Target >12% ROCE² by 2027 Expect >10% FCF2 average annual growth 1 Peers include BP, SHEL, TTE, and XOM. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information. 2 ROCE and FCF at $60 Brent. © 2023 Chevron Chevron 20 20 10 10 Free cash flow at $60 Brent, $ billions 0 20223 2027 32022 FCF is normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG, mid-cycle refining and chemical margins, and excludes working capital. 31#32250 200 150 100 50 50 Upside leverage and downside resilience Downside potential* $ billions, 2023-2027 Raise annual buyback guidance to $10 - $20 billion Other Cash on B/S Debt Buyback capacity Cash from ops Capex 0 Sources Dividend Uses Upside potential* $ billions, 2023-2027 250 Other Cash on B/S 200 Buyback capacity 150 Cash from ops Capex 100 ~3% to ~6% of shares outstanding per year * Each case assumes a transition during 2023-24 from higher nominal prices to a lower flat nominal price for the subsequent three years. The Downside case assumes $50 flat nominal for 2025-2027, resulting in $60 Brent average 2023-2027. The Upside case assumes $70 flat nominal for 2025-2027, resulting in $85 Brent average 2023-2027. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Chevron 50 50 Dividend 0 Sources Uses 32#33Dividend growth per share CAGR, 2017-2022 Financial priorities unchanged Maintain and grow dividend 50% Chevron -15% -10% -5% CVX 0% 5% 10% Peers¹ 1 Peers include BP, SHEL, TTE, and XOM. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information. © 2023 Chevron Fund capital program Strong balance sheet Return surplus cash Chevron 40% 30% 20% 10% Net debt ratio² 2018-2022 0% 2018 2019 2020 2021 2022 ■ CVX ■ Peers¹ Chevron 2 Net debt ratio is defined as debt less cash, cash equivalents, marketable securities and time deposits divided by debt less cash, cash equivalents, marketable securities and time deposits plus stockholders' equity. All figures are based on published financial reports. 33 33#34Consistent, prepared, adaptive Pragmatic approach Advantaged portfolio Higher returns Efficient execution Lower carbon Reduce carbon intensity Leverage strengths Maintain capital discipline Grow New Energies © 2023 Chevron Chevron 34 =4#350% Consistency drives value Disciplined execution Leading capital efficiency Continued cost and capital discipline Capital efficiency Capex/ CFFO, 2018-2022 Chevron 25% 50% ■ CVX Peers* * Peers include BP, SHEL, TTE and XOM. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information. © 2023 Chevron $12 $9 $6 $3 Performance delivery More cash returned per share Strong balance sheet Total cash returned to investors per share Chevron $0 75% 2018 2019 2020 2021 2022 CVX Peers* Chevron 35 55#36Winning combination Disciplined growth Lower carbon Higher cash CO2 Affirmed production growth of >3% CAGR by 2027 Progress toward Upstream CO, intensity 2 reduction target² Raised annual buyback guidance to $10 - $20 billion Maintain $13 - $15 billion' in capex through 2027 Note: The figures on this slide represent the company's previously announced guidance and targets. 1 In addition to our capital expenditure guidance of $13 - $15 billion through 2027, our affiliate capital expenditure guidance is $2 billion from 2024 through 2027. See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations, and other information. © 2023 Chevron On track for 2030 renewable fuels target 2 Target 35% reduction in Upstream CO2 intensity from 2016 baseline. Chevron .ill $ Expect >10% FCF average annual growth³ 3 FCF at $60 Brent, $4.50 Henry Hub, $13.50 international LNG, mid-cycle refining and chemical margins, and excludes working capital. 36 56#37Reconciliation of non-GAAP measures appendix © 2023 Chevron Chevron 37 37#38Appendix: reconciliation of non-GAAP measures Upstream earnings per barrel excluding special items TOTAL UPSTREAM 2015 2016 2017 2018 2019 TOTAL UPSTREAM 2015-2019 Earnings ($MM) $(1,961) $(2,537) $8,150 $13,316 $2,576 Earnings ($MM) $19,544 Adjustment items: Asset dispositions Adjustment items: 310 (70) 760 0 1,200 Asset dispositions 2,200 Other special items¹ Total adjustment items (4,180) (2,915) 2,750 (1,590) (10,170) Other special items¹ (16,105) (3,870) (2,985) 3,510 (1,590) (8,970) Total adjustment items (13,905) Earnings Excluding Special Items ($MM)² $1,909 $448 $4,640 $14,906 $11,546 Earnings Excluding Special Items ($MM)² 33,449 Net production volume (MBOED)³ 2,539 2,513 2,634 2,827 2,952 Earnings per barrel $(2.12) $(2.76) $8.48 $12.90 $2.39 Net production volume (MMBOE)³ Earnings per barrel 4,917 $3.97 Earnings per Barrel Excluding Special Items $2.06 $0.49 $4.83 $14.45 $10.72 Earnings per Barrel Excluding Special Items $6.80 1 Includes asset impairments & revaluations, certain non-recurring tax adjustments & environmental remediation provisions, severance accruals, and any other special items. 2 Earnings excluding special items = Reported earnings less adjustments for asset dispositions and other special items, except foreign exchange. 3 Excludes own use fuel (natural gas consumed in operations). © 2023 Chevron Chevron 38#39© 2023 Chevron Appendix: reconciliation of non-GAAP measures Free cash flow $MM FY 2022 Net cash provided by operating activities 49,602 Net decrease (Increase) in operating working capital 2,125 Cash Flow from Operations Excluding Working Capital 47,477 Net cash provided by operating activities Less: capital expenditures Free Cash Flow Price normalization* Mid-cycle downstream & chemicals margins Less: change in operating working capital Normalized Free Cash Flow Excluding Working Capital * Normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG. Chevron 49,602 11,974 37,628 (19,941) (5,500) (2,125) 10,062 39#40Appendix: reconciliation of non-GAAP measures Net debt ratio $MM Short term debt Long term debt* Total Debt 2018 2019 2020 2021 2022 5,726 3,282 1,548 256 1,964 28,733 23,691 42,767 31,113 21,375 34,459 26,973 44,315 31,369 23,339 Less: Cash and cash equivalents 9,342 5,686 5,596 5,640 17,678 Less: Time deposits 950 0 0 0 0 Less: Marketable securities Total Adjusted Debt 53 63 31 35 223 24,114 21,224 38,688 25,694 5,438 Total Chevron Stockholder's Equity 154,554 144,213 131,688 139,067 159,282 Total Adjusted Debt plus Total Chevron Stockholder's Equity 178,668 165,437 170,376 164,761 164,720 Net Debt Ratio 13.5% 12.8% 22.7% 15.6% 3.3% * Includes capital lease obligations / finance lease liabilities. Note: Numbers may not sum due to rounding. © 2023 Chevron Chevron 40 40#41© 2023 Chevron Higher returns appendix Chevron 44 41#42Appendix: slide notes This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings "Investors,” “Events & Presentations." Slide 6 - Safely deliver higher returns, lower carbon • Please see slide 21 regarding 2028 carbon intensity targets. . • For additional detail, see our 2021 Climate Change Resilience Report, available at https://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pdf For additional detail, see our 2022 Methane Report, available at https://www.chevron.com/-/media/shared- media/documents/chevron-methane-report.pdf Slide 9 - Delivering value in the Permian • MBOED - Thousand barrels of oil equivalent per day • All results based on $60/BBL Brent and $4.50/MMBtu Henry Hub. This is for illustrative purposes only and not necessarily indicative of Chevron's price forecast. To simplify reporting, 2023 to 2027 Permian production outlook shown in the light blue area includes both conventional and unconventional production - conventional Permian production is expected to be less than 10 MBOED annually. Slide 7 Capital discipline • • Capital expenditures (Capex) - The 2023-2027 capital expenditure guidance is consistent with the organic capital budget announced in December 2022. It includes additions to fixed asset or investment accounts for the company's consolidated subsidiaries and is disclosed in the Consolidated Statement of Cash Flows. Affiliate capital expenditures (Affiliate capex) - The 2023-2027 affiliate capex guidance is consistent with the organic capital budget announced in December 2022. It does not require cash outlays by the company. • FCF - Free cash flow; excludes working capital impacts • ROCE - Return on capital employed Slide 10 - Focused on delivering FGP/WPMP • FGP Future Growth Project • WPMP - Wellhead Pressure Management Program MBD-Thousand barrels per day • Slide 8 – Profitably growing our upstream business . - BOE-Barrel of oil equivalent Slide 12 - Connecting our natural gas resources to demand . Resources - Net unrisked resource as defined in the 2022 Supplement to the Annual Report • EPB - Earnings per barrel • - TCF Trillion cubic feet - Upstream earnings per barrel excludes special items. See Appendix: reconciliation of non-GAAP . - LNG Liquified natural gas measures. 2023-2027 is based on flat nominal $60/BBL Brent. This is for illustrative purposes only and not necessarily indicative of Chevron's price forecast. • MMBOED - Million barrels of oil equivalent per day . CAGR - Compound annual growth rate © 2023 Chevron Slide 13 - Competitive chemical and downstream projects • MMTPA-Million tonnes per annum • - USGC United States Gulf Coast . LTO Light tight oil • RD Renewable diesel Chevron 42#43Appendix: slide notes This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings "Investors," "Events & Presentations." Slide 15-10-year reserves & resource • BBOE-Billion barrels of oil equivalent • RRR - Reserve replacement ratio Slide 17 - Permian COOP well performance . MBOE - Thousand barrels of oil equivalent © 2023 Chevron Chevron 43#44© 2023 Chevron Lower carbon appendix Chevron 44#45Appendix: slide notes This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings "Investors,” “Events & Presentations." Slide 21 - Advancing our lower carbon future • For additional detail, see our 2021 Climate Change Resilience Report, available at https://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pdf Slide 25 - Developing CCUS value chains • Prospective storage resources as guided by the SPE CO₂ Storage Resources Management System. . • Carbon intensity - Amount of carbon dioxide or carbon dioxide equivalent per unit of measure CO2 Carbon dioxide • PCI-Portfolio carbon intensity • MBD - Thousand barrels per day • CCUS Carbon capture, utilization and storage • MMTPA-Million tonnes per annum . KTPA Thousand tonnes per annum Slide 22-Carbon efficient supplier of energy . . For additional detail, see our 2021 Climate Change Resilience Report, available at https://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pdf For additional detail, see our 2022 Methane Report, available at https://www.chevron.com/-/media/shared- media/documents/chevron-methane-report.pdf Slide 23 - Integrating renewables into our business • RD - Renewable diesel • BD - Biodiesel • USWC - United States West Coast . Expect 5x more USWC stations selling RD / BD by year-end 2023 versus 2021 . RNG Renewable natural gas • - CNG Compressed natural gas • MMBTU/D - Million British thermal units per day © 2023 Chevron Slide 26 - Growing our hydrogen business . Chevron's approach to hydrogen envisions the use of green, blue and gray hydrogen. Slide 27 - Developing hydrogen value chains - CI Carbon intensity • H2 - Hydrogen • - NH3 Ammonia Slide 28 - Technology powering today's businesses • For additional detail, see our 2022 Methane Report, available at https://www.chevron.com/-/media/shared- media/documents/chevron-methane-report.pdf Chevron 45#46© 2023 Chevron Winning combination appendix Chevron 46 40#47Appendix: slide notes This presentation is meant to be read in conjunction with the 2023 Chevron Investor Day Transcript posted on chevron.com under the headings "Investors,” “Events & Presentations." Slide 31 - Delivering higher returns • • • ROCE improvement - 2017-2022 ROCE improvement is based on a rolling 3-year average for each of the 5 years and excludes special items. All figures are based on published financial reports for each peer company and are preliminary subject to 20-F/10-K filings. FCF excluding working capital - FCF excluding working capital is defined as net cash provided by operating activities excluding working capital less capital expenditures and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. 2022 FCF is normalized to $60 Brent, $4.50 Henry Hub, $13.50 international LNG and mid-cycle refining and chemical margins. $5.5 billion refining mid-cycle margin normalization in 2022 is based on 2013-2019 refining margins and assumed 2027 chemical margins. See Appendix for reconciliation of non-GAAP measures. Slide 33 - Financial priorities unchanged • • CAGR Compound annual growth rate Dividend growth per share - Compares compound annual growth rate from 2017 to 2022. All figures are based on published financial reports for each peer company and are preliminary subject to 20-F/10-K filings. TTE dividends are calculated in Euros to avoid FX impacts and exclude the special dividend. - Net debt ratio – Net debt ratio is defined as total debt less cash and cash equivalents and marketable securities as a percentage of total debt less cash and cash equivalents and marketable securities, plus Chevron Corporation stockholders' equity, which indicates the company's leverage, net of its cash balances. All figures are based on published financial reports. Refer to Chevron's 2022 Form 10-K for reconciliation. All peer figures are based on published financial reports for each peer company and are preliminary subject to 20-F/10-K filings. Slide 32 - Upside leverage and downside resilience • Brent pricing is illustrative purposes only and not necessarily indicative of Chevron's price forecast. . • Each case assumes a transition during 2023-24 from higher nominal prices to a lower flat nominal price for the subsequent three years. The Downside case assumes $50 flat nominal for 2025-2027, resulting in $60 Brent average 2023-2027. The Upside case assumes $70 flat nominal for 2025-2027, resulting in $85 Brent average 2023-2027. Potential to buyback -3% to -6% of shares outstanding is based on the CVX average market capitalization across the month of January 2023. Slide 35 - Consistency drives value Capital efficiency - Cumulative capital expenditures (Capex) divided by cash flow from operations (CFFO) in the period. For the purpose of this analysis only, capex includes acquisitions and loans to affiliates. Total cash returned to shareholders - Actual cash returned through buybacks, dividends, and special dividends per average share outstanding basic. Slide 36 - Winning combination • • Please refer to Higher returns appendix for definition of capital expenditures (Capex). CO2 Carbon dioxide © 2023 Chevron • Carbon intensity - Amount of carbon dioxide or carbon dioxide equivalent per unit of measure Chevron 47 47