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Investor Presentaiton

0% 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

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