Chevron (CVX) 10-K risk factor changes: FY2020 vs FY2019

[removed: The single largest variable that affects the company’s results of operations is the price of crude] oil, which can be influenced by general economic conditions, industry production and inventory levels, technology advancements, production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries [removed: (OPEC)] or other producers, weather-related damage and disruptions due to other natural or human causes beyond our [removed: control,] [added: control (including without limitation due to the COVID-19 pandemic),] competing fuel prices, and geopolitical risks.

The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including [removed: physical] risks from hurricanes, severe storms, [removed: floods and] [added: floods, heat waves,] other forms of severe weather, [added: wildfires, ambient temperature increases, sea level rise,] war, accidents, civil unrest, political events, fires, earthquakes, system failures, cyber threats, terrorist acts and epidemic or pandemic diseases such as the [removed: coronavirus,] [added: COVID-19 pandemic,] any of which could result in suspension of operations or harm to people or the natural environment.

Any of the foregoing can be exacerbated by a delay or failure to detect a cyber [added: incident or the full extent of such] incident.

Further, the company has exposure to cyber incidents and the negative impacts of such incidents related to its critical data and proprietary information housed on third-party IT [removed: systems, including the cloud.]

Additionally, authorized third-party IT systems [added: or software] can be compromised and used to gain access or introduce malware to Chevron's IT systems [removed: during] [added: that can materially impact] the [removed: normal course of] [added: company’s] business.

[removed: Cyber] [added: Regardless of the precise method or form, cyber] events could result in significant financial losses, legal or regulatory violations, reputational harm, and legal liability and could ultimately have a material adverse effect on the company’s business and results of operations.

For information concerning some of the litigation in which the company is involved, see [removed: Note 14] [added: [Note 14](#i0590eae22864498da5b517b0b9be4cc5_340)] to the Consolidated Financial Statements, beginning on page [removed: 72.][added: 78.]

[added: In certain locations, governments have proposed or imposed] restrictions on the company’s operations, trade, currency exchange controls, burdensome taxes, and public disclosure requirements that might harm the company’s competitiveness or relations with other governments or third parties.

In addition, litigation or changes in national, state or local environmental regulations or laws, including those designed to stop or impede the development or production of oil and gas, such as those related to the use of hydraulic fracturing or bans on drilling, [added: or any law or regulation that impacts the demand for our products,] could adversely affect the company’s current or anticipated future operations and profitability.

[removed: Regulation of] [added: Legislation, regulation, and other government actions related to] greenhouse gas (GHG) emissions [removed: has increased] and [added: climate change] could continue to increase Chevron’s operational costs and reduce demand for Chevron’s hydrocarbon and other products [removed: In the years ahead, companies in the energy industry, like Chevron,] [added: Chevron] may be challenged by a further increase in international and domestic [removed: regulation] [added: legislation, regulation, or other government actions] relating to GHG [removed: emissions.][added: emissions and climate change.]

Like any significant changes in the regulatory environment, GHG [added: and climate change-related legislation and] regulation could have the impact of curtailing profitability in the oil and gas sector or rendering the extraction of the company’s oil and gas resources economically infeasible.

Although the [removed: IEA’s] [added: International Energy Agency’s (IEA)] World Energy Outlook scenarios anticipate oil and gas continuing to make up a significant portion of the global energy mix through 2040 and [removed: beyond given their respective advantages in transportation and power generation,] [added: beyond,] if [removed: a] new [removed: onset of regulation] [added: legislation, regulation, or other government action] contributes to a decline in the demand for the company’s products, this could have a material adverse effect on the company and its financial condition.

International agreements and national, [removed: regional] [added: regional,] and state legislation and regulatory measures that aim to limit or reduce GHG emissions are currently in various stages of implementation.

In some jurisdictions, the company is already subject to currently implemented programs such as the U.S. Renewable Fuel Standard program, the European Union Emissions Trading System, and the California cap-and-trade program and [removed: related] low carbon fuel standard obligations.

Other jurisdictions are considering adopting or are in the process of implementing laws or regulations to directly regulate GHG emissions through similar or other mechanisms such as, for example, via a carbon tax (e.g., Singapore and Canada) or via a cap-and-trade program (e.g., [removed: California,] Mexico and China).

The landscape continues to be in a state of constant re-assessment and legal challenge with respect to these [removed: laws and] [added: laws,] regulations, [added: and other actions,] making it difficult to predict with certainty the ultimate impact they will have on the company in the aggregate.

GHG emissions-related [removed: laws] [added: legislation, regulations,] and [removed: related regulations] [added: government actions] and the effects of operating in a potentially carbon-constrained environment may result in increased and substantial capital, compliance, [removed: operating] [added: operating,] and maintenance costs and could, among other things, reduce demand for hydrocarbons and the company’s hydrocarbon-based [removed: products,] [added: products;] make the company’s products more [removed: expensive,] [added: expensive;] adversely affect the economic feasibility of the company’s [removed: resources,] [added: resources;] and adversely affect the company’s sales volumes, [removed: revenues] [added: revenues,] and margins.

GHG emissions (e.g., carbon dioxide and methane) that could be regulated include, among others, those associated with the company’s exploration and production of [removed: hydrocarbons such as crude oil and natural gas;] [added: hydrocarbons;] the upgrading of production from oil sands into synthetic oil; power generation; the conversion of crude oil and natural gas into refined hydrocarbon products; the processing, [removed: liquefaction] [added: liquefaction,] and regasification of natural gas; the transportation of crude oil, natural [removed: gas] [added: gas,] and related [removed: products] [added: products;] and consumers’ or customers’ use of the company’s hydrocarbon products.

Many of these activities, such as consumers’ and customers’ use of the company’s products and substitute products, as well as actions taken by the company’s competitors in response to such [removed: laws] [added: legislation] and regulations, are beyond the company’s control.

Consideration of [removed: GHG] [added: climate change-related] issues and the responses to those issues through international agreements and national, [removed: regional] [added: regional,] or state legislation or regulations are integrated into the company’s strategy and planning, capital investment reviews, and risk management tools and processes, where applicable.

They are also factored into the company’s long-range supply, [removed: demand] [added: demand,] and energy price forecasts.

These forecasts reflect long-range effects from renewable fuel penetration, energy efficiency standards, [removed: climate-related] [added: climate change-related] policy [removed: actions,] [added: actions] and demand response to oil and natural gas prices.

The actual level of expenditure required to comply with new or potential climate change-related laws and regulations and amount of additional investments in new or [added: existing technology or facilities, such as carbon dioxide injection, is difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted in a jurisdiction, the company’s activities in it, and market conditions.]

The ultimate effect of international [removed: agreements and] [added: agreements;] national, [removed: regional] [added: regional,] and state legislation and [removed: regulatory measures] [added: regulation; and government actions related] to [removed: limit] GHG emissions [added: and climate change] on the company’s financial performance, and the timing of these effects, will depend on a number of factors.

Such factors include, among others, the sectors covered, the GHG emissions reductions required, the extent to which Chevron would be entitled to receive emission allowance allocations or would need to purchase compliance instruments on the open market or through auctions, the price and availability of emission allowances and [removed: credits,] [added: credits] and the extent to which the company is able to recover the costs incurred through the pricing of the company’s products in the competitive marketplace.

Further, the ultimate impact of GHG [removed: emissions-related] [added: emissions and climate change-related] agreements, [removed: legislation] [added: legislation, regulation,] and [removed: measures] [added: government actions] on the company’s financial performance is highly uncertain because the company is unable to predict with certainty, for a multitude of individual jurisdictions, the outcome of political decision-making processes and the variables and tradeoffs that inevitably occur in connection with such processes.

Increasing attention to environmental, [removed: social] [added: social,] and governance (ESG) matters may impact our business Increasing attention to climate change, increasing societal expectations on companies to address climate change, and potential consumer and customer use of substitutes to Chevron’s products may result in increased costs, reduced demand for our products, reduced profits, increased investigations and litigation, and negative impacts on our stock price and access to capital markets.

Unfavorable ESG ratings [added: and investment community divestment initiatives] may lead to [removed: increased] negative investor sentiment toward Chevron and [removed: our industry and] to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital.

Areas requiring significant estimates and assumptions by management include impairments to property, plant and [removed: equipment;] [added: equipment and investments in affiliates;] estimates of crude oil and natural gas recoverable reserves; accruals for estimated liabilities, including litigation reserves; and measurement of benefit obligations for pension and other postretirement benefit plans.

BUSINESS, OPERATIONAL AND ACQUISITION-RELATED RISK FACTORS

Impacts of the COVID-19 pandemic have resulted in a significant decrease in demand for Chevron’s products and caused a precipitous drop in commodity prices that has had, and may continue to have, an adverse and potentially material adverse effect on Chevron’s financial and operating results.

As of the date of this Annual Report on Form 10-K, the economic, business, and oil and gas industry impacts from the COVID-19 pandemic and the disruption to capital markets have continued to be far reaching.

Crude oil prices, the single largest variable that affects the company’s results of operations, fell to historic lows, even briefly going negative, due to a combination of a severely reduced demand for crude oil, gasoline, jet fuel, diesel fuel, and other refined products resulting from government-mandated travel restrictions and the curtailment of economic activity resulting from the COVID-19 pandemic.

As a result, a market imbalance has existed and may continue to exist, with oil supplies exceeding current and expected near-term demand.

Although OPEC members and other countries have agreed to cut global oil supply, the commitments and actions to date have not matched the significant decrease in global demand, which has resulted in increased inventory levels in refineries, pipelines and storage facilities in prior periods and which may drive increased inventory levels in future periods.

Extended periods of low prices for crude oil are expected to have a material adverse effect on the company’s results of operations, financial condition and liquidity.

Among other things, the company’s earnings, cash flows, and capital and exploratory expenditure programs may be negatively affected, as would its production volumes and proved reserves.

As a result, the value of the company’s assets may also become impaired in future periods, as we saw in 2020.

The company’s operations and workforce are being impacted by the COVID-19 pandemic, causing certain operations to be curtailed to various degrees.

At 50 percent-owned Tengizchevroil in Kazakhstan, COVID-19 infections have led to the demobilization of a significant portion of the workforce, adversely impacting the construction pace for completion of the FGP/WPMP project.

Although infection levels in Kazakhstan improved in the third quarter 2020, allowing remobilization of the FGP/WPMP construction workforce to commence, a resurgence of infections prevented the final five percent of the planned workforce from returning to work in the fourth quarter 2020, slowing progress on the project.

The ultimate effects of COVID-19 on FGP/WPMP construction remain uncertain and cannot be predicted at this time.

In particular, we are currently unable to predict whether COVID-19 will have a material adverse impact on our ability to complete FGP/WPMP on schedule or within the current cost estimate for the project.

As a result of decreased demand for its products, the company made cuts to its upstream capital and exploratory expenditure program for 2020, which are expected to negatively impact future production, have led to and could lead to further negative revisions of reserves and could also lead to the further impairment of assets.

Production curtailments, such as those due to the reductions imposed by OPEC+ nations in Kazakhstan, Nigeria and Angola, and other production curtailment actions taken by operators of assets for which the company has non-operated interests or due to market conditions, have exacerbated and may continue to further exacerbate these negative impacts in future periods.

Within downstream, the company reduced its capital spending program and is also deferring certain discretionary maintenance activities while maintaining expenditures for asset integrity and reliability.

The company has reduced the utilization rates of its refineries in response to reduced demand for its products, particularly greatly reduced demand for jet fuel due to the COVID-19 impact on travel and the aviation industry.

The company’s suppliers are also being impacted by the COVID-19 pandemic and access to materials, supplies, and contract labor has been strained.

In certain cases, the company has received notices invoking force majeure provisions in supplier contracts.

This strain on the financial health of the company’s suppliers could put further pressure on the company’s financial results and may negatively impact supply assurance and supplier performance.

In-country conditions, including potential future waves of the COVID-19 virus in countries that appear to have reduced their infection rates, could impact logistics and material movement and remain a risk to business continuity.

In light of the significant uncertainty around the duration and extent of the impact of the COVID-19 pandemic, management is currently unable to develop with any level of confidence estimates and assumptions that may have a material impact on the company’s consolidated financial statements and financial or operational performance in any given period.

In addition, the unprecedented nature of such market conditions could cause current management estimates and assumptions to be challenged in hindsight.

There continues to be uncertainty and unpredictability about the impact of the COVID-19 pandemic on our financial and operating results in future periods.

The extent to which the COVID-19 pandemic adversely impacts our future financial and operating results, and for what duration and magnitude, depends on several factors that are continuing to evolve, are difficult to predict and, in many instances, are beyond the company's control.

Such factors include the duration and scope of the pandemic, including any resurgences of the pandemic, and the impact on our workforce and operations; the negative impact of the pandemic on the economy and economic activity, including travel restrictions and prolonged low demand for our products; the ability of our affiliates, suppliers and partners to successfully navigate the impacts of the pandemic; the actions taken by governments, businesses and individuals in response to the pandemic; the actions of OPEC and other countries that otherwise impact supply and demand and correspondingly, commodity prices; the extent and duration of recovery of economies and demand for our products after the pandemic subsides; and Chevron’s ability to keep its cost model in line with changing demand for our products.

The impact of the COVID-19 pandemic is evolving, and the continuation or a resurgence of the pandemic could precipitate or aggravate the other risk factors identified in this Form 10-K, which in turn could further materially and adversely affect our business, financial condition, liquidity, results of operations and profitability, including in ways not currently known or considered by us to present significant risks.

The single largest variable that affects the company’s results of operations is the price of crude

systems, including the cloud.

The Noble acquisition may cause our financial results to differ from our expectations or the expectations of the investment community, we may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt our current plans or operations.

The success of the Noble acquisition, which closed in October 2020, will depend, in part, on Chevron’s ability to realize the anticipated benefits of the acquisition, including the anticipated annual run-rate operating and other cost synergies and accretion to return on capital employed, free cash flow and earnings per share.

Failure to realize anticipated synergies in the expected timeframe, operational challenges, the diversion of management’s attention from ongoing business concerns, and unforeseen expenses associated with the acquisition may have an adverse impact on our financial results.

One of our subsidiaries acts as the general partner of a publicly traded master limited partnership, Noble Midstream Partners LP, which may involve a potential legal liability.

One of our subsidiaries acts as the general partner of Noble Midstream, a publicly traded master limited partnership.

Our control of the general partner of Noble Midstream may increase the possibility that we could be subject to claims of breach of duties owed to Noble Midstream, including claims of conflict of interest.

Any liability resulting from such claims could have a material adverse effect on our future business, financial condition, results of operations and cash flows.

LEGAL, REGULATORY AND ESG-RELATED RISK FACTORS

Many governments are providing tax advantages and other incentives to promote the use of alternative energy sources or lower-carbon technologies.

Indirect regulation of GHG emissions could include bans or restrictions on technologies that use the company’s hydrocarbon products.

The company has limited control and visibility over such third-party IT systems.

In certain locations, governments have proposed or imposed

For example, with respect to our operations in Venezuela as discussed in Note 22 to the Consolidated Financial Statements, “Other Contingencies and Commitments - Other Contingencies,” future events could result in the environment in Venezuela becoming more challenged, which could lead to increased business disruption and volatility in the associated financial results.

Additionally, the company assesses carbon pricing risks by considering carbon costs in these forecasts.

existing technology or facilities, such as carbon dioxide injection, is difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted in a jurisdiction, the company’s activities in it and market conditions.

The index to Management’s Discussion and Analysis of Financial Condition and Results of Operations, Consolidated Financial Statements and Supplementary Data is presented on page [removed: 27.][added: 30.]

The company’s discussion of interest rate, foreign currency and commodity price market risk is contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations — “Financial and Derivative Instrument Market Risk,” beginning on page [removed: 42] [added: 47] and in [removed: Note 8] [added: [Note 8](#i0590eae22864498da5b517b0b9be4cc5_316)] to the Consolidated Financial Statements, “Financial and Derivative Instruments,” beginning on page [removed: 66.][added: 72.]

Upstream operations consist primarily of exploring for, [removed: developing and] [added: developing,] producing [added: and transporting] crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; and a gas-to-liquids plant.

Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude [removed: oil and] [added: oil,] refined [removed: products;] [added: products and lubricants;] transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.

A list of the company’s major subsidiaries is presented [added: in Exhibit 21.1] on page E-1.

Production levels from the members of [removed: the] Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are the major factors in determining worldwide supply.

Refer to pages [removed: 28] [added: 31] through [removed: 34] [added: 38] of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s current business environment and outlook.

Chevron’s primary objective is to deliver [removed: industry-leading results] [added: higher returns, lower carbon] and superior shareholder value in any business environment.

In [removed: support of the company’s approach] [added: seeking] to [removed: the energy transition,] [added: help advance a lower carbon future,] Chevron is focused on lowering [added: its] carbon intensity cost efficiently, increasing [removed: the use of] renewables [added: and offsets] in [added: support of] its business, and investing in [removed: future breakthrough technologies.][added: low-carbon technologies to enable commercial solutions.]

The upstream and downstream activities of the company and its equity affiliates are widely dispersed geographically, with operations and projects* in North America, South America, Europe, Africa, [added: Middle East,] Asia and Australia.

Tabulations of segment sales and other operating revenues, earnings and income taxes for the three years ending December 31, [removed: 2019,] [added: 2020,] and assets as of the end of [removed: 2019] [added: 2020] and [removed: 2018] [added: 2019] — for the United States and the company’s international geographic areas — are in [removed: Note 12] [added: [Note 12](#i0590eae22864498da5b517b0b9be4cc5_331)] to the Consolidated Financial Statements beginning on page [removed: 68.][added: 74.]

Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in [removed: Note 13] [added: [Note 13](#i0590eae22864498da5b517b0b9be4cc5_334)] beginning on page [removed: 71] [added: 77] and [removed: Note 16] [added: [Note 16](#i0590eae22864498da5b517b0b9be4cc5_346)] on page [removed: 77.][added: 82.]

Refer to page [removed: 39] [added: 44] of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s capital and exploratory expenditures.

Refer to Table V beginning on page [removed: 96] [added: 103] for a tabulation of the company’s proved crude oil, condensate, natural gas [removed: liquids,] [added: liquids (NGLs),] synthetic oil and natural gas reserves by geographic area, at the beginning of [removed: 2017] [added: 2018] and [added: at] each year-end from [removed: 2017] [added: 2018] through [removed: 2019.][added: 2020.]

Reserves governance, technologies used in establishing proved reserves additions, and major changes to proved reserves by geographic area for the three-year period ended December 31, [removed: 2019,] [added: 2020,] are summarized in the discussion for Table V.

At December 31, [removed: 2019, 28] [added: 2020, 27] percent of the company’s net proved oil-equivalent reserves were located in the United States, [removed: 23] [added: 18] percent were located in Australia and [removed: 19] [added: 20] percent were located in Kazakhstan.

The net proved reserve balances at the end of each of the three years [removed: 2017] [added: 2018] through [removed: 2019] [added: 2020] are shown in the following table:

| | [added: | |] At December 31 | | | | | | | | | [added: | | | | | | | | |]

| | [removed: 2019] | | [added: 2020] | [added: | | | | | 2019 | | | | | |] 2018 | | | [removed: 2017] | | |

| Liquids — Millions of barrels | | | | | | | | | | [added: | | | | | | | | | | |]

| Consolidated Companies | [removed: 4,771] | | [added: 4,475] | [added: | | | | | 4,771 | | | | | |] 4,975 | | | [removed: 4,530] | | |

| Affiliated Companies | [removed: 1,750] | | [added: 1,672] | [added: | | | | | 1,750 | | | | | |] 1,815 | | | [removed: 2,012] | | |

| Total Liquids | [removed: 6,521] | | [added: 6,147] | [added: | | | | | 6,521 | | | | | |] 6,790 | | | [removed: 6,542] | | |

| Natural Gas — Billions of cubic feet | | | | | | | | | | [added: | | | | | | | | | | |]

| Consolidated Companies | [removed: 26,587] | | [added: 27,006] | [added: | | | | | 26,587 | | | | | |] 28,733 | | | [removed: 27,514] | | |

| Affiliated Companies | [removed: 2,870] | | [added: 2,916] | [added: | | | | | 2,870 | | | | | |] 2,843 | | | [removed: 3,222] | | |

| Total Natural Gas | [removed: 29,457] | | [added: 29,922] | [added: | | | | | 29,457 | | | | | |] 31,576 | | | [removed: 30,736] | | |

| Oil-Equivalent — Millions of barrels1 | | | | | | | | | | [added: | | | | | | | | | | |]

| Consolidated Companies | [removed: 9,202] | | [added: 8,976] | [added: | | | | | 9,202 | | | | | |] 9,764 | | | [removed: 9,116] | | |

| Affiliated Companies | [removed: 2,229] | | [added: 2,158] | [added: | | | | | 2,229 | | | | | |] 2,289 | | | [removed: 2,549] | | |

[removed: |] * [removed: |] As used in this report, the term “project” may describe new upstream development activity, individual phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investments in emerging and sustainable energy activities, and certain other activities. [removed: All of these terms are used for convenience only and are not intended as a precise description of the term “project” as it relates to any specific governmental law or regulation. |]

The following table summarizes the net production of liquids and natural gas for [removed: 2019] [added: 2020] and [removed: 2018] [added: 2019] by the company and its affiliates.

Worldwide oil-equivalent production of [removed: 3.058] [added: 3.083] million barrels per day in [removed: 2019] [added: 2020] was up [removed: more than 4] [added: approximately 1] percent from [removed: 2018.][added: 2019.]

Refer to the [removed: “Results] [added: [“Results] of [removed: Operations”] [added: Operations”](#i0590eae22864498da5b517b0b9be4cc5_205)] section beginning on page [removed: 32] [added: 37] for a detailed discussion of the factors explaining the changes in production for crude oil, condensate, natural gas liquids, synthetic oil and natural gas, and refer to [removed: Table V] [added: [Table V](#i0590eae22864498da5b517b0b9be4cc5_451)] on pages [removed: 99] [added: 107] through [removed: 101] [added: 109] for information on annual production by geographical region.

| | | | | | | [added: | | | | | |] Components of Oil-Equivalent | | | | | | | | | | [added: | | | | | | | |]

| | [added: | |] Oil-Equivalent | | | | | [added: | | | |] Liquids | | | | | [added: | | | |] Natural Gas | | | | | [added: | | | |]

| *Thousands of barrels per day (MBPD)* | [added: | |] (MBPD)1 | | | | | [added: | | | |] (MBPD) | | | | | [added: | | | |] (MMCFPD) | | | | | [added: | | | |]

| *Millions of cubic feet per day (MMCFPD)* | [removed: 2019] | | [removed: 2018] [added: 2020] | | | [removed: 2019] [added: 2019] | | [removed: 2018] | | | [removed: 2019] | [added: 2020] | [removed: 2018] | | [added: 2019] | [added: | | | | | 2020 | | | 2019 | | | | | |]

| United [removed: States] [added: States2] | [removed: 929] | | [removed: 791] [added: 1,058] | | | [removed: 724] [added: 929] | | [removed: 618] | | | [removed: 1,225] | [added: 790] | [removed: 1,034] | | [added: 724] | [added: | | | | | 1,607 | | | 1,225 | | | | | |]

| Other Americas | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | |]

| Argentina | [removed: 27] | | [removed: 24] [added: 25] | | | [removed: 23] [added: 27] | | [removed: 20] | | | [removed: 25] | [added: 21] | [removed: 24] | | [added: 23] | [added: | | | | | 24 | | | 25 | | | | | |]

| Brazil | [removed: 8] | | [removed: 11] [added: 6] | | | [removed: 8] [added: 8] | | [removed: 10] | | | [removed: 2] | [added: 6] | [removed: 4] | | [added: 8] | [added: | | | | | 1 | | | 2 | | | | | |]

In the downstream, the company’s strategy is to be the leading downstream and chemicals company that delivers on customer needs.

Human Capital Management

Chevron is focused on investing in its employees and its culture.

Chevron hires, develops, and strives to retain critical talent, and fosters a culture that values diversity and inclusion and employee engagement, all of which support the company’s overall objective to deliver industry leading performance.

Chevron’s leadership reinforces and monitors the company’s investment in people and the company’s culture.

This includes reviews of metrics addressing critical function hiring, leadership development, attrition, diversity and inclusion, and employee engagement.

The following table summarizes Chevron’s number of employees by gender, where data is available, and by region as of December 31, 2020.

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | At December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | |

| | | | Female | | | | | | Male | | | | | | Gender data not available 1 | | | | | | Total Employees | | | | | |

| | | | Number of Employees | | | Percentage | | | Number of Employees | | | Percentage | | | Number of Employees | | | Percentage | | | Number of Employees | | | Percentage | | |

| U.S. | | | 6,632 | | | 28 | | % | 16,606 | | | 70 | | % | 491 | | | 2 | | % | 23,729 | | | 50 | | % |

| Other Americas | | | 894 | | | 26 | | % | 2,484 | | | 73 | | % | 33 | | | 1 | | % | 3,411 | | | 7 | | % |

| Africa | | | 715 | | | 17 | | % | 3,507 | | | 83 | | % | 6 | | | — | | % | 4,228 | | | 9 | | % |

| Asia | | | 2,982 | | | 29 | | % | 7,334 | | | 71 | | % | 80 | | | 1 | | % | 10,396 | | | 22 | | % |

| Australia | | | 1,746 | | | 40 | | % | 2,584 | | | 60 | | % | 6 | | | — | | % | 4,336 | | | 9 | | % |

| Europe | | | 410 | | | 25 | | % | 1,226 | | | 75 | | % | 0 | | | — | | % | 1,636 | | | 3 | | % |

| Total Employees 2 | | | 13,379 | | | 28 | | % | 33,741 | | | 71 | | % | 616 | | | 1 | | % | 47,736 | | | 100 | | % |

1 Includes employees where gender data was not collected or employee chose not to disclose gender.

2 Includes 5,108 service station employees; 2,312 and 1,672 new employees came from the 2020 Puma Energy (Australia) Holdings Pty.

Ltd and Noble Energy, Inc. acquisitions, respectively.

*Hiring, Development and Retention*

The company’s approach to attracting, developing and retaining its employees is anchored in a career-oriented employment model.

Chevron recruits new employees through partnerships with universities and diversity associations.

In 2020, over 500 students participated in the company’s first ever virtual internship program.

In addition, the company recruits experienced hires to target critical skills.

Development programs are designed to build leadership capabilities at all levels and ensure the company’s workforce has the technical and operating capabilities to produce energy safely and reliably.

Chevron’s leadership regularly reviews metrics on employee training and development programs, which are continually evolving to better meet the needs of the business.

For instance, Chevron recently launched learning initiatives focused on digital innovation, including new Digital Academy and Digital Scholars programs.

In addition, to ensure business continuity, leadership regularly reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for leadership positions.

The Board provides oversight of CEO and executive succession planning.

Chevron’s 2020 annual voluntary attrition was 4.1 percent, in line with its historical rates.

The voluntary attrition rate generally excludes employee departures under enterprise-wide restructuring programs.

Chevron believes its low voluntary attrition rate is in part a result of the company’s commitment to employee development and career advancement.

*Diversity and Inclusion*

Chevron is committed to advancing diversity and inclusion in the workplace so that employees are enabled to contribute to their full potential.

The company believes innovative solutions to its most complex challenges emerge when diverse people, ideas, and experiences come together in an inclusive environment.

Chevron reinforces the value of diversity and inclusion through accountability, communication, training and personnel selection processes.

Examples of initiatives to further advance diversity and inclusion include the company’s Neurodiversity program through which the company employs neurodiverse individuals and leverages their talents, its Elevate program which focuses on learning opportunities to promote a deeper understanding of employees in underrepresented groups, and its Returnship initiative which provides support for women re-entering the workforce.

As of December 31, 2019, Chevron had approximately 48,200 employees (including about 3,500 service station employees).

Approximately 25,400 employees (including about 3,200 service station employees), or 53 percent, were employed in U.S. operations.

In the downstream, the company’s strategy is to grow earnings across the value chain and make targeted investments to lead the industry in returns.

| | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Total Oil-Equivalent | 11.431 | | | 12.053 | | | 11.665 | | |

| | |

| --- | --- |

Production increases from shale and tight properties, and the Wheatstone project in Australia were partially offset by normal field declines.

| | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Canada2 | 135 | | 116 | | | 119 | | 103 | | | 95 | | 79 | | |

| Colombia | 11 | | 14 | | | — | | — | | | 64 | | 82 | | |

| Democratic Republic of the Congo3 | — | | 1 | | | — | | 1 | | | — | | — | | |

| Azerbaijan | 20 | | 20 | | | 18 | | 18 | | | 10 | | 10 | | |

| Partitioned Zone4 | — | | — | | | — | | — | | | — | | — | | |

| Philippines | 26 | | 26 | | | 3 | | 3 | | | 136 | | 138 | | |

| Denmark5 | 5 | | 19 | | | 3 | | 12 | | | 11 | | 45 | | |

| Venezuelan affiliate, net | 3 | | 24 | | | 3 | | 24 | | | — | | — | | |

| 3 Chevron sold its interest in a concession in the Democratic Republic of Congo in April 2018. | | | | | | | | | | | | | | | |

| 5 Chevron sold its 12 percent nonoperated working interest in the Danish Underground Consortium in April 2019. | | | | | | | | | | | | | | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | At December 31, 2019 | | | | | | | | | | |

| United States | 39,282 | | | 28,179 | | 2,727 | | | 1,978 | | |

| Other Americas | 1,070 | | | 651 | | 190 | | | 117 | | |

| Africa | 1,713 | | | 664 | | 27 | | | 11 | | |

| Asia | 14,450 | | | 12,522 | | 3,577 | | | 2,012 | | |

| Australia/Oceania | 540 | | | 303 | | 103 | | | 27 | | |

| Affiliates | 1,643 | | | 588 | | — | | | — | | |

| Multiple completion wells included above | 629 | | | 352 | | 147 | | | 116 | | |

| | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| United States | 3,665 | | | 3,214 | | | 4,149 | | | 2,886 | | | 7,814 | | | 6,100 | | |

| Other Americas | 17,004 | | | 10,543 | | | 1,219 | | | 284 | | | 18,223 | | | 10,827 | | |

| Africa | 3,717 | | | 1,443 | | | 2,238 | | | 933 | | | 5,955 | | | 2,376 | | |

| Asia | 19,165 | | | 7,992 | | | 1,678 | | | 924 | | | 20,843 | | | 8,916 | | |

| Australia/Oceania | 10,882 | | | 5,697 | | | 2,061 | | | 812 | | | 12,943 | | | 6,509 | | |

| Total Consolidated Companies | 54,433 | | | 28,889 | | | 11,345 | | | 5,839 | | | 65,778 | | | 34,728 | | |

| Affiliates | 497 | | | 219 | | | 307 | | | 117 | | | 804 | | | 336 | | |

Governmental Proceedings The following is a description of legal proceedings that [removed: the company has determined to disclose for this reporting period that] involve governmental authorities [added: as a party] and [removed: certain] [added: the company reasonably believes would result in $1.0 million or more of] monetary [removed: sanctions] [added: sanctions, exclusive of interest and costs,] under federal, state and local laws that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment.

As previously disclosed, the refinery in Pasadena, Texas acquired by Chevron on May 1, 2019 (Pasadena Refining System, Inc. and PRSI Trading LLC) has multiple outstanding Notices of Violation (NOVs) that were issued by the Texas [added: Commission on Environmental Quality related to air emissions at the refinery.]

Resolution of [removed: the] [added: these] alleged violations may result in the payment of a civil penalty of [removed: $100,000] [added: $1,000,000] or more.

Other Proceedings Information related to other legal proceedings is included beginning on page [removed: 72] [added: 78] in [removed: Note 14] [added: [Note 14](#i0590eae22864498da5b517b0b9be4cc5_340)] to the Consolidated Financial Statements.

Chevron is currently in discussions with CalGEM to explore a global settlement to resolve the Order and all past and present seeps in the Cymric Field, which would increase the amount of penalty paid.

Noble Energy Mediterranean Ltd. (Noble Mediterranean) received a notice of intent (NOI) from Israel’s Ministry of Environmental Protection (MOEP) in April 2020 alleging breaches of the Leviathan facility’s effluent discharge permit for discharges that occurred primarily before startup of the Leviathan facility and seeking an administrative monetary sanction of 10.8 million New Israeli Shekels (NIS) (approximately 4.3 million NIS net to Noble Mediterranean’s 39.66 percent interest in the Leviathan facility), pursuant to Israel’s Prevention of Sea Pollution from Land-Based Sources Law.

Upon consideration of Noble Mediterranean’s response to the NOI, the MOEP rescinded certain violations alleged in the NOI and reduced the penalty to 3.8 million NIS (approximately $1.2 million gross and $465,000 net to Noble Mediterranean’s 39.66 percent interest), which was paid on December 11, 2020.

In January 2021, the United States Department of Justice and the United States Environmental Protection Agency notified Noble Energy, Inc., Noble Midstream Partners LP and Noble Midstream Services, LLC of potential penalties for alleged Clean Water Act violations at two facilities in Weld County, Colorado relating to a 2014 flood event and requirements for a Spill Prevention and Countermeasures Plan and Facility Response Plan.

The parties are negotiating a resolution of these issues with the agencies.

Commission on Environmental Quality related to air emissions at the refinery.

Chevron facilities within the jurisdiction of California’s Bay Area Air Quality Management District (BAAQMD) currently have multiple outstanding NOVs issued by BAAQMD.

As previously disclosed, on April 24, 2019, Chevron received a proposal from the BAAQMD seeking to resolve certain NOVs related to alleged violations that occurred at Chevron’s refinery in Richmond, California, and the Richmond terminal between 2016 and 2018.

Chevron facilities within the jurisdiction of California’s South Coast Air Quality Management District (SCAQMD) currently have multiple outstanding NOVs issued by SCAQMD.

As previously disclosed, on April 25 and August 21, 2019, Chevron received correspondence from SCAQMD seeking to resolve certain NOVs related to alleged violations that occurred at Chevron’s refinery in El Segundo, California, between 2018 and 2019.

Other state agencies may become engaged in this matter as well.

Resolution of this matter may result in the payment of civil penalties of $100,000 or more.

[removed: Form 10-K][added: Form 10-K]

For the fiscal year ended December 31, [removed: 2019][added: 2020]

| | | | | [removed: 6001] [added: | | | | | | | | 6001] Bollinger Canyon [removed: Road] [added: Road] | | | | [added: | | | | | | | |]

| [removed: Delaware] [added: Delaware] | | [removed: 94-0890210] | | [removed: San Ramon,] | [removed: California] | [removed: 94583-2324] [added: 94-0890210] | | [added: | | | | San Ramon, | | | California | | | 94583-2324 | | | | | |]

| [removed: *(State] [added: (State] or other jurisdiction of incorporation or [removed: organization)*] [added: organization)] | | [removed: *(I.R.S.] [added: | | | | (I.R.S.] Employer Identification [removed: No.)*] [added: No.)] | | [removed: *(Address] [added: | | | | (Address] of principal executive [removed: offices)* *(Zip Code)*] [added: offices) (Zip Code)] | | | | [added: | | | | | | | |]

| Title of each class | | [added: | | | |] Trading Symbol | | [added: | | | |] Name of each exchange on which registered | [added: | |]

| Common stock, par value $.75 per share | | [added: | | | |] CVX | | [added: | | | |] New York Stock Exchange | [added: | |]

| Large accelerated filer | | [added: | | | |] ☑ | | [added: | | | |] Accelerated filer | | | | | [added: | | | | | | | | | |] ☐ | [added: | |]

| Non-accelerated filer | | [added: | | | |] ☐ | | [added: | | | |] Smaller reporting company | | | | | [added: | | | | | | | | | |] ☐ | [added: | |]

| | | | | [added: | | | | | | | |] Emerging growth company | | | | | [added: | | | | | | | | | |] ☐ | [added: | |]

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter — [removed: $236.2] [added: $166.6] billion (As of June [removed: 28, 2019)][added: 30, 2020)]

Number of Shares of Common Stock outstanding as of February 10, [removed: 2020] [added: 2021] — [removed: 1,879,324,765][added: 1,926,376,764]

Notice of the [removed: 2020] [added: 2021] Annual Meeting and [removed: 2020] [added: 2021] Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, in connection with the company’s [removed: 2020] [added: 2021] Annual Meeting of Stockholders (in Part III)

| ITEM | | [added: | | | |] PAGE | [added: | | | | |]

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| | [added: | |] [Schedule II — Valuation and Qualifying [removed: Accounts](#sE5F73716C604554A87CA39AC545B8576)] [added: Accounts](#i0590eae22864498da5b517b0b9be4cc5_481)] | [removed: [104](#s46FD0F54F59353299B4BAFF8BEFB25B7)] | [added: | [112](#i0590eae22864498da5b517b0b9be4cc5_481) | | | | | |]

Words or phrases such as [removed: “anticipates,”] [added: \[“anticipates,”] “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” [removed: “poised”] [added: “poised,” “potential”\]] and similar expressions are intended to identify such forward-looking statements.

Among the important factors that could cause actual results to differ materially from those [removed: projected] in the forward-looking statements are: changing crude oil and natural gas [removed: prices;] [added: prices and demand for our 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 (OPEC) and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions;] changing [added: economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing] refining, marketing and chemicals margins; the company’s ability to realize anticipated cost [removed: savings] [added: savings, expenditure reductions] and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural [removed: gas;] [added: gas during] the [added: 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 [removed: acts and public health crises, such as pandemics and epidemics; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries,] [added: acts,] or other natural or human causes beyond the company’s control; [removed: changing economic, regulatory and political environments in] the [removed: various countries in which the company operates; general domestic and international economic and political conditions; the] potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes 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 [added: ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; 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; [removed: government-mandated] [added: government mandated] sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the [added: receipt of required Board authorizations to pay future dividends; 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 18 through [removed: 21] [added: 23] in this report.

Chevron Corporation

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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

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| [PART I](#i0590eae22864498da5b517b0b9be4cc5_19) | | | | | | | | | | | |

| [1.](#i0590eae22864498da5b517b0b9be4cc5_22) | | | [Business](#i0590eae22864498da5b517b0b9be4cc5_22) | | | [3](#i0590eae22864498da5b517b0b9be4cc5_22) | | | | | |

| | | | [Upstream](#i0590eae22864498da5b517b0b9be4cc5_34) | | | [5](#i0590eae22864498da5b517b0b9be4cc5_34) | | | | | |

| | | | [Downstream](#i0590eae22864498da5b517b0b9be4cc5_91) | | | [15](#i0590eae22864498da5b517b0b9be4cc5_91) | | | | | |

| | | | [Other Businesses](#i0590eae22864498da5b517b0b9be4cc5_106) | | | [17](#i0590eae22864498da5b517b0b9be4cc5_106) | | | | | |

| [2.](#i0590eae22864498da5b517b0b9be4cc5_121) | | | [Properties](#i0590eae22864498da5b517b0b9be4cc5_121) | | | [24](#i0590eae22864498da5b517b0b9be4cc5_121) | | | | | |

| [3.](#i0590eae22864498da5b517b0b9be4cc5_124) | | | [Legal Proceedings](#i0590eae22864498da5b517b0b9be4cc5_124) | | | [24](#i0590eae22864498da5b517b0b9be4cc5_124) | | | | | |

| [PART II](#i0590eae22864498da5b517b0b9be4cc5_130) | | | | | | | | | | | |

| [PART IV](#i0590eae22864498da5b517b0b9be4cc5_475) | | | | | | | | | | | |

| [16.](#i0590eae22864498da5b517b0b9be4cc5_484) | | | [Form 10-K Summary](#i0590eae22864498da5b517b0b9be4cc5_484) | | | [112](#i0590eae22864498da5b517b0b9be4cc5_484) | | | | | |

| | | | [Signatures](#i0590eae22864498da5b517b0b9be4cc5_490) | | | [115](#i0590eae22864498da5b517b0b9be4cc5_490) | | | | | |

Chevron Corporation

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| [PART I](#s06ED75133E50578EAE00B6815B6A0745) | | |

| [1.](#s7934477DE41F5958B4753670C931280F) | [Business](#sF9538561280C5E02A7F9BDA4A70C4EE5) | [3](#sF9538561280C5E02A7F9BDA4A70C4EE5) |

| | [Upstream](#s16FF7B19CE6E5276953990863159EE79) | [4](#s16FF7B19CE6E5276953990863159EE79) |

| | [Downstream](#sA53558D96ED852DDBF456549FCD24067) | [15](#s6436BF1AB2B15A308812F6A32336CACB) |

| | [Other Businesses](#sA53558D96ED852DDBF456549FCD24067) | [17](#s3F78423CB53B56F1BC2FBBD1CF0073EA) |

| [2.](#s389AA206041A524684AEC533598ABDCE) | [Properties](#s389AA206041A524684AEC533598ABDCE) | [21](#s75FE13F826685FF4B6835B4DEBABC35D) |

| [3.](#s14846A3269295184A33AF1933CCEFE64) | [Legal Proceedings](#s14846A3269295184A33AF1933CCEFE64) | [21](#s866220D938C85810B7820F195AB72CD4) |

| [PART II](#s1D68A71FBEF05816AE52F8E16290AAFE) | | |

| [PART IV](#s1571610B58245081AA985D31E36BBE79) | | |

| 16. | Form 10-K Summary | [104](#s7844B3A274125D8FA185B7E3174D9E83) |

| | [Signatures](#s440F97827733517BB719DDC453C5B9A0) | [107](#s440F97827733517BB719DDC453C5B9A0) |

Information required by Subpart 1200 of Regulation S-K (“Disclosure by Registrants Engaged in Oil and Gas Producing Activities”) is also contained in Item 1 and in Tables I through VII on pages [removed: 92] [added: 99] through [removed: 103.][added: 111.]

[removed: Note 16,] [added: [Note 16](#i0590eae22864498da5b517b0b9be4cc5_346),] “Properties, Plant and Equipment,” to the company’s financial statements is on page [removed: 77.][added: 82.]

Information relating to the company’s executive officers is included under “Information about our Executive Officers” in Part III, Item 10, “Directors, Executive Officers and Corporate Governance” on page [removed: 24,] [added: 27,] and is incorporated herein by reference.

As of February 10, [removed: 2020,] [added: 2021,] stockholders of record numbered approximately [removed: 118,000.][added: 114,000.]

The information on Chevron’s dividends are contained in the Quarterly Results tabulations on page [removed: 48.][added: 54.]

*Chevron Corporation Issuer Purchases of Equity Securities* *for Quarter [removed: Ended* *December] [added: Ended December] 31, [removed: 2019*][added: 2020*]

| | [added: | |] Total Number | [added: | |] Average | [added: | |] Total Number of Shares | [added: | |] Approximate Dollar Values of Shares that | [added: | |]

| | [added: | |] of Shares | [added: | |] Price Paid | [added: | |] Purchased as Part of Publicly | [added: | |] May Yet be Purchased Under the Program | [added: | |]

| Period | [added: | |] Purchased 1,2 | [added: | |] per Share | [added: | |] Announced Program | [added: | |] (Billions of dollars) 2 | [added: | |]

[removed: | 1 | Includes] [added: 1Includes] common shares repurchased from participants in the company's deferred compensation plans for personal income tax withholdings. [removed: |]

[removed: | 2 | Refer] [added: 2Refer] to “Liquidity and Capital Resources” on page [removed: 38] [added: 42] for additional detail regarding the company's authorized stock repurchase program. [removed: |]

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| October. 1 – October. 31, 2020 | | | 30,243 | | | $72.65 | | | — | | | $19.5 | | |

| November 1 – November 30, 2020 | | | 9,850 | | | $71.15 | | | — | | | $19.5 | | |

| December 1 –December 31, 2020 | | | 33,819 | | | $80.89 | | | — | | | $19.5 | | |

| Total October 1 – December 31, 2020 | | | 73,912 | | | $76.22 | | | — | | | | | |

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| Oct. 1 – Oct. 31, 2019 | 3,997,504 | $115.73 | 3,997,500 | $22.1 |

| Nov. 1 – Nov. 30, 2019 | 3,334,204 | $119.48 | 3,334,204 | $21.7 |

| Dec. 1 – Dec. 31, 2019 | 3,280,855 | $118.57 | 3,280,855 | $21.3 |

| Total Oct. 1 – Dec. 31, 2019 | 10,612,563 | $117.78 | 10,612,559 | |

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The selected financial data for years [removed: 2015] [added: 2016] through [removed: 2019] [added: 2020] are presented on page [removed: 91.][added: 98.]

The index to Management’s Discussion and Analysis, Consolidated Financial Statements and Supplementary Data is presented on page [removed: 27.][added: 30.]

Based on this evaluation, management concluded that the company’s disclosure controls and procedures were effective as of December 31, [removed: 2019.][added: 2020.]

The company’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company’s internal control over financial reporting based on the *Internal Control – Integrated [removed: Framework (2013)*] [added: Framework* (2013)] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on the results of this evaluation, the company’s management concluded that internal control over financial reporting was effective as of December 31, [removed: 2019.][added: 2020.]

The effectiveness of the company’s internal control over financial reporting as of December 31, [removed: 2019,] [added: 2020,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein.

(c) Changes in Internal Control Over Financial Reporting During the quarter ended December 31, [removed: 2019,] [added: 2020,] there were no changes in the company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting.

The company excluded Noble from our assessment of internal control over financial reporting as of December 31, 2020 because it was acquired by the company in a business combination during 2020.

Total assets and total revenues of Noble, a wholly-owned subsidiary, represent eight percent and one percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2020.

Information about our Executive Officers [removed: at February 21, 2020][added: at February 25, 2021]

| [removed: Name] [added: Name] | [removed: Age] | [removed: Current] [added: | Age | | | Current] and Prior Positions (up to five [removed: years)] [added: years)] | [removed: Primary] [added: | | Primary] Areas of [removed: Responsibility] [added: Responsibility] | [added: | |]

| Michael K. Wirth | [removed: 59] | [added: | 60 | | |] Chairman of the Board and Chief Executive Officer (since Feb 2018) Vice Chairman of the Board (Feb 2017 - Jan 2018) and Executive Vice President, Midstream and Development (Jan 2016 - Jan 2018) Executive Vice President, Downstream (Mar 2006 - Dec 2015) | [added: | |] Chairman of the Board and Chief Executive Officer | [added: | |]

| James W. Johnson | [removed: 60] | [added: | 61 | | |] Executive Vice President, Upstream (since Jun 2015) Senior Vice President, Upstream (Jan 2014 - Jun 2015) | [added: | |] Worldwide Exploration and Production Activities | [added: | |]

| Mark A. Nelson | [removed: 56] | [added: | 57 | | |] Executive Vice President, Downstream (since Mar 2019) Vice President, Midstream, Strategy and Policy (Feb 2018 - Feb 2019) Vice President, Strategic Planning (Apr 2016 - Jan 2018) President, International Products (Jun 2010 - Mar 2016) | [added: | |] Worldwide Manufacturing, Marketing and Lubricants; Chemicals | [added: | |]

| Joseph C. Geagea | [removed: 60] | [added: | 61 | | |] Executive Vice President, Technology, Projects and Services (since Jun 2015) Senior Vice President, Technology, Projects and Services (Jan 2014 - Jun 2015) | [removed: Technology;] [added: | | Capital Projects; Procurement; Information Technology and Digital; Asset Performance;] Health, [removed: Environment] [added: Safety] and [removed: Safety; Project Resources Company; Procurement] [added: Environment; Real Estate Services] | [added: | |]

| Colin E. Parfitt | [removed: 55] | [added: | 56 | | |] Vice President, Midstream (since Mar 2019) President, Supply and Trading (Jun 2013 - Feb 2019) | [added: | |] Supply and Trading Activities; Shipping; Pipeline; Power and Energy Management | [added: | |]

| Pierre R. Breber | [removed: 55] | [added: | 56 | | |] Vice President and Chief Financial Officer (since Apr 2019) Executive Vice President, Downstream (Jan 2016 - Mar 2019) Executive Vice President, Gas and Midstream (Apr 2015 - Dec 2015) Vice President, Gas and Midstream (Jan 2014 - Mar 2015) | [added: | |] Finance | [added: | |]

| R. Hewitt Pate | [removed: 57] | [added: | 58 | | |] Vice President and General Counsel (since Aug 2009) | [added: | |] Law, Governance and Compliance | [added: | |]

| Rhonda J. Morris | [removed: 54] | [added: | 55 | | |] Vice President and Chief Human Resources Officer (since Feb 2019) Vice President, Human Resources (Oct 2016 - Jan 2019) Vice President, Downstream Human Resources (Sep 2012 - Sep 2016) | [added: | |] Human Resources; Diversity and Inclusion | [added: | |]

The information about directors required by Item 401(a), (d), (e) and (f) of Regulation S-K and contained under the heading “Election of Directors” in the Notice of the [removed: 2020] [added: 2021] Annual Meeting of Stockholders and [removed: 2020] [added: 2021] Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Exchange Act in connection with the company’s [removed: 2020] [added: 2021] Annual Meeting (the [removed: 2020] [added: 2021] Proxy Statement), is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 406 of Regulation S-K and contained under the heading “Corporate Governance — Business Conduct and Ethics Code” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(d)(4) and (5) of Regulation S-K and contained under the heading “Corporate Governance — Board Committees” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

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The information required by Item 402 of Regulation S-K and contained under the headings “Executive Compensation,” “CEO Pay Ratio” and “Director Compensation” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(e)(4) of Regulation S-K and contained under the heading “Corporate Governance — Board Committees” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(e)(5) of Regulation S-K and contained under the heading “Corporate Governance — Management Compensation Committee Report” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated herein by reference into this Annual Report on Form 10-K.

Pursuant to the rules and regulations of the SEC under the Exchange Act, the information under such caption incorporated by reference from the [removed: 2020] [added: 2021] Proxy Statement shall not be deemed to be “soliciting material,” or to be “filed” with the Commission, or subject to Regulation 14A or 14C or the liabilities of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933.

The information required by Item 403 of Regulation S-K and contained under the heading “Stock Ownership Information — Security Ownership of Certain Beneficial Owners and Management” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 201(d) of Regulation S-K and contained under the heading “Equity Compensation Plan Information” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 404 of Regulation S-K and contained under the heading “Corporate Governance — Related Person Transactions” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(a) of Regulation S-K and contained under the heading “Corporate Governance — Director Independence” in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 9(e) of Schedule 14A and contained under the heading “Board Proposal to Ratify PricewaterhouseCoopers LLP as the Independent Registered Public Accounting Firm for [removed: 2020”] [added: 2021”] in the [removed: 2020] [added: 2021] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

[removed: | | [Management’s] [added: Management's] Discussion and Analysis of Financial Condition and Results of [removed: Operations](#sE30CFC18D3625874A116229A539369D6) | |][added: Operations]

| | [added: | |] [Key Financial [removed: Results](#s2A3F093D2D3653FE845FCE803538252A)] [added: Results](#i0590eae22864498da5b517b0b9be4cc5_196)] | [removed: [28](#s2A3F093D2D3653FE845FCE803538252A)] | [added: | [31](#i0590eae22864498da5b517b0b9be4cc5_196) | | |]

| [removed: | [Earnings] [added: Earnings] by Major Operating [removed: Area](#s2A3F093D2D3653FE845FCE803538252A)] [added: Area] | [removed: [28](#s2A3F093D2D3653FE845FCE803538252A)] | [added: | | | | | | | | | | | | | | | |]

| | [added: | |] [Business Environment and [removed: Outlook](#sADC3DF7F84D85A8092BEA1B097982A62)] [added: Outlook](#i0590eae22864498da5b517b0b9be4cc5_199)] | [removed: [28](#sADC3DF7F84D85A8092BEA1B097982A62)] | [added: | [31](#i0590eae22864498da5b517b0b9be4cc5_199) | | |]

| | [added: | |] [Operating [removed: Developments](#sB53E051C5E0B5042B11CE9C37884000B)] [added: Developments](#i0590eae22864498da5b517b0b9be4cc5_202)] | [removed: [32](#sB53E051C5E0B5042B11CE9C37884000B)] | [added: | [36](#i0590eae22864498da5b517b0b9be4cc5_202) | | |]

| | [added: | |] [Results of [removed: Operations](#s3E7A1AAF3BFF54869F8F8658283DC732)] [added: Operations](#i0590eae22864498da5b517b0b9be4cc5_205)] | [removed: [32](#s3E7A1AAF3BFF54869F8F8658283DC732)] | [added: | [37](#i0590eae22864498da5b517b0b9be4cc5_205) | | |]

| | [added: | |] [Consolidated Statement of [removed: Income](#sD629F6358A645300BA5FA7C1F205E52F)] [added: Income](#i0590eae22864498da5b517b0b9be4cc5_208)] | [removed: [34](#sD629F6358A645300BA5FA7C1F205E52F)] | [added: | [39](#i0590eae22864498da5b517b0b9be4cc5_208) | | |]

| | [added: | |] [Selected Operating [removed: Data](#sFCFFEA50545C530DBEF8CB7994085F4A)] [added: Data](#i0590eae22864498da5b517b0b9be4cc5_211)] | [removed: [37](#sFCFFEA50545C530DBEF8CB7994085F4A)] | [added: | [41](#i0590eae22864498da5b517b0b9be4cc5_211) | | |]

| | [added: | |] [Liquidity and Capital [removed: Resources](#s339D6C542D11544BBB31A93E2AC1B687)] [added: Resources](#i0590eae22864498da5b517b0b9be4cc5_214)] | [removed: [38](#s339D6C542D11544BBB31A93E2AC1B687)] | [added: | [42](#i0590eae22864498da5b517b0b9be4cc5_214) | | |]

| | [removed: Off-Balance-Sheet] [added: | | [Off-Balance-Sheet] Arrangements, Contractual Obligations, Guarantees and Other [removed: Contingencies] [added: Contingencies](#i0590eae22864498da5b517b0b9be4cc5_226)] | [removed: [42](#s27AFD7DDB97152818FA4178A28173F6D)] | [added: | [47](#i0590eae22864498da5b517b0b9be4cc5_226) | | |]

| | [added: | |] [Financial and Derivative Instrument Market [removed: Risk](#s93C0E72C1E0C54F381B8A96212894451)] [added: Risk](#i0590eae22864498da5b517b0b9be4cc5_229)] | [removed: [42](#s93C0E72C1E0C54F381B8A96212894451)] | [added: | [47](#i0590eae22864498da5b517b0b9be4cc5_229) | | |]

| | [added: | |] [Transactions With Related [removed: Parties](#sD0EF6AF04DA95E70BAD6BB192FEF2D47)] [added: Parties](#i0590eae22864498da5b517b0b9be4cc5_232)] | [removed: [43](#sD0EF6AF04DA95E70BAD6BB192FEF2D47)] | [added: | [48](#i0590eae22864498da5b517b0b9be4cc5_232) | | |]

| | [added: | |] [Litigation and Other [removed: Contingencies](#s7DD45F4DB4175FF790BE5C23C544A85B)] [added: Contingencies](#i0590eae22864498da5b517b0b9be4cc5_235)] | [removed: [43](#s7DD45F4DB4175FF790BE5C23C544A85B)] | [added: | [48](#i0590eae22864498da5b517b0b9be4cc5_235) | | |]

| | [added: | |] [Environmental [removed: Matters](#sF9EBAE7F8C6C5F518B8B5D615CD41770)] [added: Matters](#i0590eae22864498da5b517b0b9be4cc5_238)] | [removed: [44](#sF9EBAE7F8C6C5F518B8B5D615CD41770)] | [added: | [49](#i0590eae22864498da5b517b0b9be4cc5_238) | | |]

| | [added: | |] [Critical Accounting Estimates and [removed: Assumption](#s52A835D19EB85859B42B545488188B2E)s] [added: Assumption](#i0590eae22864498da5b517b0b9be4cc5_241)s] | [removed: [44](#s52A835D19EB85859B42B545488188B2E)] | [added: | [49](#i0590eae22864498da5b517b0b9be4cc5_241) | | |]

| | [added: | |] [New Accounting [removed: Standards](#s11C517C9B42E506FB775F832A4EDF7C9)] [added: Standards](#i0590eae22864498da5b517b0b9be4cc5_244)] | [removed: [47](#s11C517C9B42E506FB775F832A4EDF7C9)] | [added: | [53](#i0590eae22864498da5b517b0b9be4cc5_244) | | |]

| | [added: | |] [Quarterly [removed: Results](#s0104645D742056349BD34F33E5FEDB3A)] [added: Results](#i0590eae22864498da5b517b0b9be4cc5_247)] | [removed: [48](#s0104645D742056349BD34F33E5FEDB3A)] | [added: | [54](#i0590eae22864498da5b517b0b9be4cc5_247) | | |]

| | [removed: Consolidated] [added: | | [Consolidated] Financial [removed: Statements] [added: Statements](#i0590eae22864498da5b517b0b9be4cc5_250)] | | [added: | | | |]

| | [added: | |] [Reports of [removed: Management](#sFB5D80221194581BB487D3FA2125F9A7)] [added: Management](#i0590eae22864498da5b517b0b9be4cc5_250)] | [removed: [49](#sFB5D80221194581BB487D3FA2125F9A7)] | [added: | [55](#i0590eae22864498da5b517b0b9be4cc5_250) | | |]

| | [removed: [Report] [added: | | Report] of Independent Registered Public Accounting [removed: Firm](#s60E51660F989559D887492FE6F09B2EE)] [added: Firm] | [removed: [50](#s60E51660F989559D887492FE6F09B2EE)] | [added: | | | |]

| | [added: | |] [Consolidated Statement of [removed: Income](#s05A0EAAE8B6C5E35AF5AB62F6A585BE3)] [added: Income](#i0590eae22864498da5b517b0b9be4cc5_259)] | [removed: [52](#s05A0EAAE8B6C5E35AF5AB62F6A585BE3)] | [added: | [59](#i0590eae22864498da5b517b0b9be4cc5_259) | | |]

| | [added: | |] [Consolidated Statement of Comprehensive [removed: Income](#sC5C9941CFC42592D945BBA7B420FB027)] [added: Income](#i0590eae22864498da5b517b0b9be4cc5_265)] | [removed: [53](#sC5C9941CFC42592D945BBA7B420FB027)] | [added: | [60](#i0590eae22864498da5b517b0b9be4cc5_265) | | |]

| | [added: | |] [Consolidated Balance [removed: Sheet](#s7E0C72ECCAD25B25A5DA33C3F0E04E6C)] [added: Sheet](#i0590eae22864498da5b517b0b9be4cc5_271)] | [removed: [54](#s7E0C72ECCAD25B25A5DA33C3F0E04E6C)] | [added: | [61](#i0590eae22864498da5b517b0b9be4cc5_271) | | |]

| | [added: | |] [Consolidated Statement of Cash [removed: Flows](#sF6BF20F2FAC55C41950589E84FE4236F)] [added: Flows](#i0590eae22864498da5b517b0b9be4cc5_277)] | [removed: [55](#sF6BF20F2FAC55C41950589E84FE4236F)] | [added: | [62](#i0590eae22864498da5b517b0b9be4cc5_277) | | |]

| | [added: | |] [Consolidated Statement of [removed: Equity](#s0F02D59FBBC15204A85BECF38D278279)] [added: Equity](#i0590eae22864498da5b517b0b9be4cc5_280)] | [removed: [56](#s0F02D59FBBC15204A85BECF38D278279)] | [added: | [63](#i0590eae22864498da5b517b0b9be4cc5_280) | | |]

| [removed: [Notes] [added: [Notes] to the Consolidated Financial [removed: Statements](#s10B46CB097EF5E82A35BF45978CAB901)] [added: Statements](#i0590eae22864498da5b517b0b9be4cc5_289)] | | | [added: | | | | | |]

| [Note [removed: 1](#s6CF89C07FA955450B6EB699D42054E7C)] [added: 1](#i0590eae22864498da5b517b0b9be4cc5_292)] | [added: | |] [Summary of Significant Accounting [removed: Policies](#s6CF89C07FA955450B6EB699D42054E7C)] [added: Policies](#i0590eae22864498da5b517b0b9be4cc5_292)] | [removed: [57](#s6CF89C07FA955450B6EB699D42054E7C)] | [added: | [64](#i0590eae22864498da5b517b0b9be4cc5_292) | | |]

| [removed: [Note](#s6CF89C07FA955450B6EB699D42054E7C) 2] [added: [Note](#i0590eae22864498da5b517b0b9be4cc5_295) [2](#i0590eae22864498da5b517b0b9be4cc5_295)] | [removed: Changes] [added: | | [Changes] in Accumulated [removed: Other Comprehensive Losses] [added: Other](#i0590eae22864498da5b517b0b9be4cc5_295)[](#i0590eae22864498da5b517b0b9be4cc5_295) [Comprehensive Losses](#i0590eae22864498da5b517b0b9be4cc5_295)] | [removed: [60](#s09F9672081E15E3D984C305D21D6983E)] | [added: | [67](#i0590eae22864498da5b517b0b9be4cc5_295) | | |]

| [removed: Note 3] [added: [Note 3](#i0590eae22864498da5b517b0b9be4cc5_298)] | [removed: Information] [added: | | [Information] Relating to the Consolidated [removed: [Statement] [added: Statement] of Cash [removed: Flows](#s4AE70470FB1F5FE0A19C1E8491694A3A)] [added: Flows](#i0590eae22864498da5b517b0b9be4cc5_298)] | [removed: [61](#s4AE70470FB1F5FE0A19C1E8491694A3A)] | [added: | [68](#i0590eae22864498da5b517b0b9be4cc5_298) | | |]

| [removed: Note 4] [added: [Note 4](#i0590eae22864498da5b517b0b9be4cc5_301)] | [added: | |] [New Accounting [removed: Standards](#s2349ECB428A15632A188771EDE66789F)] [added: Standards](#i0590eae22864498da5b517b0b9be4cc5_301)] | [removed: [62](#s2349ECB428A15632A188771EDE66789F)] | [added: | [69](#i0590eae22864498da5b517b0b9be4cc5_301) | | |]

| [removed: Note 5] [added: [Note 5](#i0590eae22864498da5b517b0b9be4cc5_304)] | [added: | |] [Lease [removed: Commitments](#sBE9072C1006151C099511E7F40299429)] [added: Commitments](#i0590eae22864498da5b517b0b9be4cc5_304)] | [removed: [62](#sbfc74cacd98e441484095ec6adff868d)] | [added: | [69](#i0590eae22864498da5b517b0b9be4cc5_304) | | |]

| [removed: Note 6] [added: [Note 6](#i0590eae22864498da5b517b0b9be4cc5_307)] | [added: | |] [Summarized Financial Data – Chevron U.S.A. [removed: Inc.](#s1EF5E9BFDE69592AAC9FEA2368EB3E5F)] [added: Inc.](#i0590eae22864498da5b517b0b9be4cc5_307)] | [removed: [64](#s1EF5E9BFDE69592AAC9FEA2368EB3E5F)] | [added: | [71](#i0590eae22864498da5b517b0b9be4cc5_307) | | |]

| [removed: Note 7] [added: [Note 7](#i0590eae22864498da5b517b0b9be4cc5_313)] | [added: | |] [Fair Value [removed: Measurements](#s9BE1B5C52A105F8CABBD45AC28C79439)] [added: Measurements](#i0590eae22864498da5b517b0b9be4cc5_313)] | [removed: [65](#s9BE1B5C52A105F8CABBD45AC28C79439)] | [added: | [71](#i0590eae22864498da5b517b0b9be4cc5_313) | | |]

| [removed: Note 8] [added: [Note 8](#i0590eae22864498da5b517b0b9be4cc5_316)] | [added: | |] [Financial and Derivative [removed: Instruments](#sA72F3EAC5BCA51349F555BAC75EAA023)] [added: Instruments](#i0590eae22864498da5b517b0b9be4cc5_316)] | [removed: [66](#sA72F3EAC5BCA51349F555BAC75EAA023)] | [added: | [72](#i0590eae22864498da5b517b0b9be4cc5_316) | | |]

| [removed: Note 9] [added: [Note 9](#i0590eae22864498da5b517b0b9be4cc5_319)] | [removed: Assets] [added: | | [Assets] Held for [removed: Sale] [added: Sale](#i0590eae22864498da5b517b0b9be4cc5_319)] | [removed: [67](#sD15CA9DEB57C56F685CBADBEFA79980B)] | [added: | [74](#i0590eae22864498da5b517b0b9be4cc5_319) | | |]

| [removed: Note 10] [added: [Note 10](#i0590eae22864498da5b517b0b9be4cc5_322)] | [removed: [Equity](#s341F50FF9DD759EDA6601A408CA6F313)] | [removed: [67](#s341F50FF9DD759EDA6601A408CA6F313)] | [added: [Equity](#i0590eae22864498da5b517b0b9be4cc5_322) | | | [74](#i0590eae22864498da5b517b0b9be4cc5_322) | | |]

| [removed: Note 11] [added: [Note 11](#i0590eae22864498da5b517b0b9be4cc5_325)] | [added: | |] [Earnings Per [removed: Shar](#s239B4DD1CE535881908DD55B0E9EAEDF)e] [added: Shar](#i0590eae22864498da5b517b0b9be4cc5_325)e] | [removed: [67](#s239B4DD1CE535881908DD55B0E9EAEDF)] | [added: | [74](#i0590eae22864498da5b517b0b9be4cc5_325) | | |]

| [removed: Note 12] [added: [Note 12](#i0590eae22864498da5b517b0b9be4cc5_331)] | [added: | |] [Operating Segments and Geographic [removed: Data](#s46D390F86E32587EAEDFDB190A6EDBAA)] [added: Data](#i0590eae22864498da5b517b0b9be4cc5_331)] | [removed: [68](#s46D390F86E32587EAEDFDB190A6EDBAA)] | [added: | [74](#i0590eae22864498da5b517b0b9be4cc5_331) | | |]

| [removed: Note 13] [added: [Note 13](#i0590eae22864498da5b517b0b9be4cc5_334)] | [added: | |] [Investments and [removed: Advances](#s7A92E02E7D3052D6861FE67BFC54D448)] [added: Advances](#i0590eae22864498da5b517b0b9be4cc5_334)] | [removed: [71](#s7A92E02E7D3052D6861FE67BFC54D448)] | [added: | [77](#i0590eae22864498da5b517b0b9be4cc5_334) | | |]

| | | | [Management’s Discussion and Analysis of](#i0590eae22864498da5b517b0b9be4cc5_193)[ ](#i0590eae22864498da5b517b0b9be4cc5_193)[Financial Condition and Results of Operations](#i0590eae22864498da5b517b0b9be4cc5_193) | | | | | |

| | | | [Financ](#i0590eae22864498da5b517b0b9be4cc5_214)[ial Ratios and Metrics](#i0590eae22864498da5b517b0b9be4cc5_214) | | | [45](#i0590eae22864498da5b517b0b9be4cc5_223) | | |

| [Note 14](#i0590eae22864498da5b517b0b9be4cc5_340) | | | [Litigati](#i0590eae22864498da5b517b0b9be4cc5_340)[on](#i0590eae22864498da5b517b0b9be4cc5_340) | | | [78](#i0590eae22864498da5b517b0b9be4cc5_340) | | |

| [Note 27](#i0590eae22864498da5b517b0b9be4cc5_427) | | | [Restructuring and Reorganization Costs](#i0590eae22864498da5b517b0b9be4cc5_427) | | | [95](#i0590eae22864498da5b517b0b9be4cc5_427) | | |

| [Note 28](#i0590eae22864498da5b517b0b9be4cc5_4157) | | | [Financial Instruments - Credit Losses](#i0590eae22864498da5b517b0b9be4cc5_4157) | | | [96](#i0590eae22864498da5b517b0b9be4cc5_4157) | | |

| [Note 29](#i0590eae22864498da5b517b0b9be4cc5_4163) | | | [Acquisition of Noble Energy, Inc.](#i0590eae22864498da5b517b0b9be4cc5_4163) | | | [96](#i0590eae22864498da5b517b0b9be4cc5_4163) | | |

| [Supplemental Information on Oil and Gas Producing Activities](#i0590eae22864498da5b517b0b9be4cc5_433) | | | | | | [99](#i0590eae22864498da5b517b0b9be4cc5_433) | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

With ongoing global interest in addressing the risks of climate change, support for policies and advancements in lower carbon technologies is expected.

In seeking to help advance a lower carbon future, Chevron is focused on lowering its carbon intensity cost efficiently, increasing renewables and offsets in support of its business, and investing in low-carbon technologies to enable commercial solutions.

Response to Market Conditions and COVID-19 During most of 2020, travel restrictions and other constraints on economic activity designed to limit the spread of the COVID-19 virus were implemented in many locations around the world.

These constraints reduced demand for our products, and commodity prices fell, negatively impacting the company’s 2020 financial and operating results.

While demand and commodity prices have shown signs of recovery, demand is not back to pre-pandemic levels, and financial results will likely continue to be challenged in future quarters.

Due to the rapidly

changing environment, there continues to be uncertainty and unpredictability around the extent to which the COVID-19 pandemic will impact our future results, which could be material.

Chevron entered this crisis well positioned with a strong balance sheet, flexible capital program and low cash flow breakeven price.

To protect its long-term health and value, the company took swift action, adjusting the items it can control.

The company lowered its capital expenditures 35 percent and lowered its operating expense, excluding non-recurring severance costs, by $1.4 billion compared to 2019.

The company completed an enterprise-wide transformation that is expected to capture additional cost efficiencies.

Taken together, these actions are consistent with our financial priorities: to protect the dividend, to prioritize capital spend that drives long-term value, and to maintain a strong balance sheet.

The company expects to continue to have sufficient liquidity and access to both commercial paper and debt capital markets due to its strong balance sheet and investment grade credit ratings.

Additionally, the company has access to nearly $10 billion in committed credit facilities.

For the three year period ending December 31, 2020, assets sales proceeds totaled $7.7 billion, in the middle of the guidance range.

The spot markets and some of the current cost indexes for many materials and services have stabilized.

Crude oil and natural gas prices and demand have rebounded from lows of the early pandemic though demand still has not returned to pre-pandemic levels.

Drilling activity in the U.S. has risen slowly but steadily through the end of the year.

The timing and

trajectory of any increase in the cost of materials and services going forward will depend on the extent of the oil and gas industry recovery.

Correlated with these initial signs of industry recovery and cost stabilization was a noticeable improvement in the risk of default for key suppliers.

To date, there have been no material impacts to operations due to supplier defaults.

Chevron is actively monitoring and engaging key suppliers to mitigate any potential business impacts.

As of mid-February 2021, the Brent price was $64 per barrel.

Crude prices sharply declined at the end of the first and into the second quarter 2020 due to surplus supply as demand decreased following government-imposed travel restrictions and other constraints on economic activity.

In the second half of 2020, the supply/demand balance slowly improved, primarily due to production cuts and demand growth, allowing prices to somewhat recover.

The company’s average realization for U.S. crude oil and natural gas liquids in 2020 was $31 per barrel, down 37 percent from 2019.

The company’s average realization for international crude oil and natural gas liquids in 2020 was $36 per barrel, down 38 percent from 2019.

As of mid-February 2021, the Henry Hub spot price increased to $6.00 per MCF amid freezing temperatures across much of the United States.

conditions that could lead to shut-in production; or other disruptions to operations.

During the second quarter 2020, the company completed its evaluation of the carrying value of its Venezuelan investments in line with its accounting policies and concluded that given the current operating environment and overall outlook, which created significant uncertainties regarding the recovery of the company’s investment, an other than temporary loss of value had occurred, which resulted in a full impairment of its investment in the country totaling $2.6 billion and change in accounting treatment from equity method to non-equity method of accounting.

| | | |

| --- | --- | --- |

| | [Financial Ratios](#s9F5B1D6B31675B45BA2A59E38DED99F5) and Metrics | [40](#sD523B48F46F35153A25E289F3E490C74) |

| Note 14 | [Litigatio](#s42E5FB26EEF750AA9009E5E9E4E6477D)n | [72](#s42E5FB26EEF750AA9009E5E9E4E6477D) |

| | | | | | | | | | | | |

The company’s

The spot markets for many services and materials fell as overall industry drilling activity in North America declined in 2019, particularly onshore.

However, as industry activity contracts, financial pressure on suppliers has increased, which may limit further de-escalation and/or lead to consolidation across the supplier community impacting costs.

The international and offshore rig markets are also showing some signs of weaknesses as activity has pulled back; however, pricing for some products and services remains resilient as many suppliers have reset expectations of higher industry spend and instead are looking to higher pricing and margins on a more limited scope of work.

Brent prices increased through the first half of 2019 due to OPEC production cuts and U.S. sanctions on Iran and Venezuela.

Prices then started to decline due to heightened concerns about a slowing macro economy and weakening oil demand growth amid trade tensions between the

U.S. and China.

OPEC announced additional production cuts in December 2019, leading to a price increase with Brent prices at $67 at the end of the year.

As of mid-February 2020, the Brent price was $57 per barrel, having declined more than 10 percent since December 2019, primarily due to concerns about demand erosion following the coronavirus outbreak.

WTI traded at a discount to Brent throughout 2019.

Differentials to Brent have ranged between $4 to $10 in 2019, primarily due to pipeline infrastructure constraints which have restricted flows of inland crude to export outlets on the Gulf Coast.

Variability in other factors impacting supply and demand of each benchmark crude also affect price differential.

Chevron has interests in the production of heavy crude oil in California, Indonesia, the Partitioned Zone between Saudi Arabia and Kuwait, Venezuela and in certain fields in Angola and China.

As of mid-February 2020, the Henry Hub spot price was $1.84 per MCF.

Increased production in the Permian Basin has resulted in insufficient gas pipeline and fractionation capacity in the near-term, and over-supply conditions, leading to depressed natural gas and natural gas liquids prices in West Texas.

A sizable portion of Chevron’s U.S. natural gas production comes from the Permian Basin, resulting in natural gas realizations that are significantly lower than the Henry Hub price.

Chevron sells natural gas into the domestic pipeline market in many locations.

In some locations, Chevron has invested in long-term projects to produce and liquefy natural gas for transport by tanker to other markets.

The Asian spot market reflects the supply and demand for LNG in the Pacific Basin and is not directly linked to crude oil prices.

(See page 37 for the company’s average natural gas realizations for the U.S. and international regions.)

OPEC quotas had no material effect on the company’s net crude oil production in 2019 or 2018.

During 2015, net oil-equivalent production averaged 28,000 barrels per day.

It remains uncertain when the environment in Venezuela will stabilize, but the company remains committed to its personnel and operations in

Venezuela.

Refer to Note 22 on page 88 under the heading “Other Contingencies” for more information on the company’s activities in Venezuela.

| |

| --- |

Brazil Completed the sale of an interest in the Frade field.

Denmark Completed the sale of Denmark upstream interests.

United Kingdom Completed the sale of interest in the Rosebank field.

United Kingdom Completed the sale of Central North Sea assets.

United States Announced the sanction of a waterflood project in the St. Malo field in the Gulf of Mexico.

United States Announced final investment decision for the Anchor field in the Gulf of Mexico.

Australia Signed an agreement to acquire a network of terminals and service stations.

CPChem Announced agreements to jointly develop petrochemical complexes in Qatar and the U.S. Gulf Coast.

[removed: | (a) | The] [added: (a)The] following documents are filed as part of this report: [removed: |]

| | [added: | |] Page(s) | [added: | |]

| [Report of Independent Registered Public Accounting Firm — PricewaterhouseCoopers [removed: LLP](#s60E51660F989559D887492FE6F09B2EE)] [added: LLP](#i0590eae22864498da5b517b0b9be4cc5_256)] | [removed: [50](#s60E51660F989559D887492FE6F09B2EE)] | [added: | [56](#i0590eae22864498da5b517b0b9be4cc5_256) | | |]

| [Consolidated Statement of Income for the three years ended December 31, [removed: 201](#s05A0EAAE8B6C5E35AF5AB62F6A585BE3)9] [added: 20](#i0590eae22864498da5b517b0b9be4cc5_259)[2](#i0590eae22864498da5b517b0b9be4cc5_259)0] | [removed: [52](#s05A0EAAE8B6C5E35AF5AB62F6A585BE3)] | [added: | [59](#i0590eae22864498da5b517b0b9be4cc5_259) | | |]

| [Consolidated Statement of Comprehensive Income for the three years ended December 31, [removed: 201](#sC5C9941CFC42592D945BBA7B420FB027)9] [added: 20](#i0590eae22864498da5b517b0b9be4cc5_265)[2](#i0590eae22864498da5b517b0b9be4cc5_265)0] | [removed: [53](#sC5C9941CFC42592D945BBA7B420FB027)] | [added: | [60](#i0590eae22864498da5b517b0b9be4cc5_265) | | |]

| [Consolidated Balance Sheet at December 31, [removed: 201](#s7E0C72ECCAD25B25A5DA33C3F0E04E6C)9] [added: 20](#i0590eae22864498da5b517b0b9be4cc5_271)[2](#i0590eae22864498da5b517b0b9be4cc5_271)0] and [removed: 2018] [added: 2019] | [removed: [54](#s7E0C72ECCAD25B25A5DA33C3F0E04E6C)] | [added: | [61](#i0590eae22864498da5b517b0b9be4cc5_271) | | |]

| [Consolidated Statement of Cash Flows for the three years ended December 31, [removed: 201](#sF6BF20F2FAC55C41950589E84FE4236F)9] [added: 20](#i0590eae22864498da5b517b0b9be4cc5_277)[2](#i0590eae22864498da5b517b0b9be4cc5_277)0] | [removed: [55](#sF6BF20F2FAC55C41950589E84FE4236F)] | [added: | [62](#i0590eae22864498da5b517b0b9be4cc5_277) | | |]

| [Consolidated Statement of Equity for the three years ended December 31, [removed: 201](#s0F02D59FBBC15204A85BECF38D278279)9] [added: 20](#i0590eae22864498da5b517b0b9be4cc5_280)[2](#i0590eae22864498da5b517b0b9be4cc5_280)0] | [removed: [56](#s0F02D59FBBC15204A85BECF38D278279)] | [added: | [63](#i0590eae22864498da5b517b0b9be4cc5_280) | | |]

| [Notes to the Consolidated Financial [removed: Statements](#s10B46CB097EF5E82A35BF45978CAB901)] [added: Statements](#i0590eae22864498da5b517b0b9be4cc5_289)] | [removed: 57] [added: | | 64] to [removed: 90] [added: 97] | [added: | |]

Included below is Schedule II - Valuation and Qualifying Accounts for each of the three years in the period ended December 31, [removed: 2019.][added: 2020.]

| | [added: | |] Year ended December 31 | | | | | | | | | [added: | | | | | |]

| *Millions of Dollars* | [removed: 2019] | | [added: 2020] | [removed: 2018] | | | [removed: 2017] | | [added: 2019] | [added: | | | | | 2018 | | |]

| Employee Termination Benefits | | | | | | | | | | [added: | | | | | | | |]

| Balance at January 1 | [added: | |] $ | [removed: 19] [added: 7] | | [added: | | |] $ | [removed: 62] [added: 19] | | [added: | | |] $ | [removed: 111] [added: 62] | |

| Additions (reductions) charged to expense | [removed: 6] | | [added: 859] | [removed: 5] | | | [removed: 20] | | [added: 6] | [added: | | | | | 5 | | |]

| Payments | [removed: (18] | | [removed: )] [added: (396)] | [removed: (48] | | [removed: )] | [removed: (69] | | [removed: )] [added: (18)] | [added: | | | | | (48) | | |]

| Balance at December 31 | [added: | |] $ | [removed: 7] [added: 470] | | [added: | | |] $ | [removed: 19] [added: 7] | | [added: | | |] $ | [removed: 62] [added: 19] | |

| Balance at December 31 | [added: | |] $ | [removed: 849] [added: 671] | | [added: | | |] $ | [removed: 980] [added: 849] | | [added: | | |] $ | [removed: 606] [added: 980] | |

| Deferred Income Tax Valuation [removed: Allowance*] [added: Allowance1] | | | | | | | | | | [added: | | | | | | | |]

| Balance at January 1 | [added: | |] $ | [removed: 15,973] [added: 15,965] | | [added: | | |] $ | [removed: 16,574] [added: 15,973] | | [added: | | |] $ | [removed: 16,069] [added: 16,574] | |

| Additions to deferred income tax [removed: expense] [added: expense2] | [removed: 1,336] | | [added: 2,892] | [removed: 2,000] | | | [removed: 2,681] | | [added: 1,336] | [added: | | | | | 2,000 | | |]

| Reduction of deferred income tax expense | [removed: (1,344] | | [removed: )] [added: (1,095)] | [removed: (2,601] | | [removed: )] | [removed: (2,176] | | [removed: )] [added: (1,344)] | [added: | | | | | (2,601) | | |]

| Balance at December 31 | [added: | |] $ | [removed: 15,965] [added: 17,762] | | [added: | | |] $ | [removed: 15,973] [added: 15,965] | | [added: | | |] $ | [removed: 16,574] [added: 15,973] | |

[removed: *] [added: 1] See also [removed: Note 15] [added: [Note 15](#i0590eae22864498da5b517b0b9be4cc5_343)] to the Consolidated Financial Statements, beginning on page [removed: 74.][added: 79.]

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Expected Credit Losses | | | | | | | | | | | | | | | | | |

| Beginning allowance balance for expected credit losses | | | $ | 849 | | | | | $ | 980 | | | | | $ | 606 | |

| Current period provision | | | 573 | | | | | | (128) | | | | | | 379 | | |

| | | | | | | | | | | | | | | | | | |

| Write-offs charged against the allowance, if any | | | (751) | | | | | | (3) | | | | | | (5) | | |

| Recoveries of amounts previously written-off, if any | | | — | | | | | | — | | | | | | — | | |

2 Includes $974 of additions associated with the purchase of Noble.

| | |

| --- | --- |

| | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Allowance for Doubtful Accounts | | | | | | | | | |

| Balance at January 1 | $ | 980 | | $ | 606 | | $ | 487 | |

| Additions (reductions) | (128 | | ) | 379 | | | 128 | | |

| Bad debt write-offs | (3 | | ) | (5 | | ) | (9 | | ) |

| Exhibit No. | [added: | |] Description | [added: | |]

| 3.1 | [added: | |] [Restated Certificate of Incorporation of Chevron Corporation, dated May 30, 2008, filed as Exhibit 3.1 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000095013408014499/f42584exv3w1.htm) | [added: | |]

| 3.2 | [added: | |] [By-Laws of Chevron Corporation, as amended and restated on [removed: September 25, 2019 filed] [added: September](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [30](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[, 20](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[20](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [filed] as Exhibit [removed: 3.2 to] [added: 3.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[1](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [to] Chevron [removed: Corporation's Current Report] [added: Corporation's](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [Quar](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[terly](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [Re](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[port] on [removed: Form 8-K filed] [added: Form](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [10-Q](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[for the quarter ended] September [removed: 27, 2019, and] [added: 30,](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [2020](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[,](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [and] incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341019000032/exhibit32amendedby-law.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)] | [added: | |]

| 4.1 | [added: | |] Indenture, dated as of June 15, 1995, filed as Exhibit 4.1 to Chevron Corporation’s Amendment Number 1 to Registration Statement on Form S-3 filed June 14, 1995, and incorporated herein by reference. | [added: | |]

| 4.2 | [removed: [Form] [added: | | [In](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm)[denture](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm) [dated as] of [removed: Indenture filed] [added: May 11, 2020, between Chevron Corporation and Deutsche Bank Trus](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm)[t Company Americas,] as [added: trustee,](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm) [filed as] Exhibit 4.1 to Chevron [removed: Corporation's Registration Statement] [added: Corporation's](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm) [Current Report] on Form [removed: S-3] [added: 8-K] filed May [removed: 3, 2018, and] [added: 12, 2020,](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm) [and] incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000119312518150411/d576711dex41.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm)] | [added: | |]

| [removed: 4.3] [added: 4.4] | [added: | |] [Confidential Stockholder Voting Policy of Chevron Corporation, filed as Exhibit 4.2 [removed: to Chevron] [added: to](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv4w2.htm) [](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv4w2.htm)[Chevron] Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv4w2.htm) | [added: | |]

| [removed: 4.4*] [added: 4.5] | [added: | |] [Description of Securities Registered under Section 12 of the Exchange [removed: Act.](https://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)] [added: Act](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)[, filed as Exhibit 4.4 to Chevron Corporation's Annual R](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)[eport on Form 10-K for the year ended December 31, 2019, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)] | [added: | |]

| 10.1+ | [added: | |] [Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan, filed as Exhibit 10.1 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w1.htm) | [added: | |]

| 10.2+ | [added: | |] [Amendment Number One to the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan, filed as Exhibit 10.1 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341016000070/cvx06302016ex101.htm) | [added: | |]

| 10.3+ | [added: | |] [Form of Retainer Stock Option Agreement under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan, filed as Exhibit 10.17 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2009, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000095012310016846/f54086exv10w17.htm) | [added: | |]

| 10.4+ | [added: | |] [Form of Stock Units Agreement under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan, filed as Exhibit 10.19 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w19.htm) | [added: | |]

| [removed: 10.5+] [added: 10.15+] | [added: | |] [Chevron [removed: Incentive Plan,] [added: Corporation Deferred Compensation Plan for Management Employees II,] filed as Exhibit [removed: 10.2] [added: 10.5] to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w2.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w5.htm)] | [added: | |]

| [removed: 10.6+] [added: 10.17+] | [added: | |] [Amendment [added: Number One] to the Chevron [removed: Incentive] [added: Corporation Retirement Restoration] Plan, [removed: effective January 31, 2018,] filed as Exhibit [removed: 10.6] [added: 10.23] to Chevron Corporation's Annual Report on Form 10-K for the year ended December 31, 2017, and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341018000010/cvx12312017ex106.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341018000010/cvx12312017ex1023.htm)] | [added: | |]

| [removed: 10.7+*] [added: 10.6+*] | [added: | |] [Summary of Chevron Incentive Plan Award [removed: Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex107.htm)] [added: Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit106.htm)] | [added: | |]

| [removed: 10.8+] [added: 10.7+] | [added: | |] [Long-Term Incentive Plan of Chevron Corporation, filed as Appendix B to Chevron Corporation’s Notice of the 2013 Annual Meeting and 2013 Proxy Statement filed April 11, 2013, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000130817913000196/lchevron_def14a.htm) | [added: | |]

| 10.9+ | [added: | |] [Form of Performance Share Award Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.1 to Chevron Corporation's Current Report on Form 8-K filed February 3, 2020, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit101toform8-kpsu.htm) | [added: | |]

| 10.10+ | [added: | |] [Form of Standard Restricted Stock Unit Award Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.3 to Chevron Corporation's Current Report on Form 8-K filed February 3, 2020, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit103toform8-ksta.htm) | [added: | |]

| 10.11+ | [added: | |] [Form of Special Restricted Stock Unit Award Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.3 to Chevron Corporation's Current Report on Form 8-K filed February 4, 2019, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341019000004/exhibit103-2019specialrsua.htm) | [added: | |]

| 10.12+ | [added: | |] [Form of Non-Qualified Stock Options Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.2 to Chevron Corporation's Current Report on Form 8-K filed February 3, 2020, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit102toform8-knqs.htm) | [added: | |]

| [removed: 10.13+*] [added: 10.13+] | [added: | |] [Form of Stock Appreciation Rights Agreement under the Long-Term Incentive Plan of Chevron [removed: Corporation.](https://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)] [added: Corporation](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)[, filed as Exhibit 10.13 to Chevron Corporation's Annual Report on Form 10-K fo](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)[r the year ended December 31, 2019 and inco](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)[rporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)] | [added: | |]

| 10.14+ | [added: | |] [Chevron Corporation Deferred Compensation Plan for Management Employees, filed as Exhibit 10.5 to Chevron Corporation’s Current Report on Form 8-K filed December 13, 2005, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000095013405023032/f15310exv10w5.htm) | [added: | |]

| [removed: 10.15+] [added: 10.16+] | [added: | |] [Chevron Corporation [removed: Deferred Compensation Plan for Management Employees II,] [added: Retirement Restoration Plan,] filed as Exhibit [removed: 10.5] [added: 10.6] to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008, and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w5.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w6.htm)] | [added: | |]

| [removed: 10.16+] [added: 10.19+] | [removed: [Chevron] [added: | | [Agreement between Chevron] Corporation [removed: Retirement Restoration Plan,] [added: and R. Hewitt Pate,] filed as Exhibit [removed: 10.6] [added: 10.16] to Chevron [removed: Corporation’s] [added: Corporation's] Annual Report on Form 10-K for the year ended December 31, [removed: 2008,] [added: 2011,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w6.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000095012312002976/f60351exv10w16.htm)] | [added: | |]

| [removed: 10.17+] [added: 10.18+] | [removed: [Amendment Number One to the Chevron] [added: | | [Chevron] Corporation [removed: Retirement] [added: ESIP] Restoration Plan, [added: Amended and Restated as of January 1, 2018,] filed as Exhibit [removed: 10.23] [added: 10.1] to Chevron [removed: Corporation's Annual] [added: Corporation’s Quarterly] Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2017, and] [added: September 30, 2017,](http://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm) [and] incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341018000010/cvx12312017ex1023.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)] | [added: | |]

| [removed: 10.18+] [added: 22.1] | [removed: [Chevron Corporation ESIP Restoration Plan, Amended and Restated as] [added: | | [Subsidiary Issuer] of [removed: January 1, 2018,] [added: Guaranteed Securities,] filed as Exhibit [removed: 10.1] [added: 22.1] to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, [removed: 2017,] [added: 2020,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000050/a09302020ex221guarante.htm)] | [added: | |]

| [removed: 10.19+] [added: 10.20+] | [removed: [Agreement] [added: | | [Amended and Restated Aircraft Time-Sharing Agreement, dated as of April 1, 2020,] between Chevron [removed: Corporation] [added: U.S.A. Inc.] and [removed: R. Hewitt Pate,] [added: Michael K. Wirth,] filed as Exhibit [removed: 10.16] [added: 10.1] to Chevron Corporation's [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December] [added: March] 31, [removed: 2011,] [added: 2020,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000095012312002976/f60351exv10w16.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000020/a03312020ex101-aircraft.htm)] | [added: | |]

| 21.1* | [added: | |] [Subsidiaries of Chevron Corporation (page [removed: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex211.htm)] [added: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/cvx12312020ex211.htm)] | [added: | |]

| 23.1* | [added: | |] [Consent of PricewaterhouseCoopers LLP (page [removed: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex231.htm)] [added: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/cvx12312020ex231q4.htm)] | [added: | |]

| 23.2* | [added: | |] [Consent of PricewaterhouseCoopers LLP for [removed: Tengizchevroil.](https://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex232tco.htm)] [added: Tengizchevroil.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/cvx12312020ex232tco.htm)] | [added: | |]