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Key transaction terms 100% equity consideration at 1.0250 exchange ratio 10.3% premium based on 20-day average closing price' Addition of John Hess to Chevron Board of Directors Target closing² first half 2024 1 As of October 20, 2023. 2 Subject to Hess shareholder approval, regulatory approval and other customary closing conditions. © 2023 Chevron Corporation 6 4 2 0 Hess valuation multiple EV/EBITDA 2024e 3 CVX 2027e 3 Bloomberg EBITDA consensus estimates as of October 20, 2023 for 2024 and 2027. EV reflects share price as of October 5, 2023. EV Enterprise value EBITDA Earnings before interest, taxes, depreciation & amortization Chevron +

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