Investor Presentaiton
Dividend 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.
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