Investor Presentaiton

Appendix: 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

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