Chevron (CVX) 10-K risk factor changes: FY2021 vs FY2020

[removed: Chevron is] [added: As] a global energy [removed: company and its operating and financial results are] [added: company, Chevron is] subject to a variety of risks [removed: inherent in] [added: that could materially impact] the [removed: global oil, gas,] [added: company’s results of operations] and [removed: petrochemical businesses.][added: financial condition.]

[removed: BUSINESS, OPERATIONAL] [added: BUSINESS] AND [removed: ACQUISITION-RELATED] [added: OPERATIONAL] RISK FACTORS

[removed: As] [added: Impacts] of the [removed: date] [added: continuation or further resurgences] of [removed: this Annual Report on Form 10-K,] the [added: COVID-19 pandemic may have an adverse and potentially material adverse effect on Chevron’s financial and operating results The] economic, business, and oil and gas industry impacts from the COVID-19 pandemic and the disruption to capital markets have [removed: continued] [added: been and continue] to be far reaching.

The company’s suppliers [removed: are also being] [added: continue to be] impacted by the COVID-19 pandemic and access to materials, supplies, and contract labor has been strained.

This strain on the financial health of the company’s suppliers could put [removed: 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 [added: and its variants] in countries that appear to have reduced their infection rates, could impact logistics and material movement and remain a risk to business continuity.

[removed: There] [added: While the oil and gas industry witnessed a substantial recovery of commodity prices and demand for products during 2021, there] continues to be uncertainty and unpredictability about the impact of the COVID-19 pandemic on our financial and operating results in future periods.

Such factors include the duration and scope of the pandemic, including any [added: further] resurgences of the [removed: pandemic,] [added: COVID-19 virus] and [added: its variants, 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 [removed: and] [added: 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.

[removed: The impact of the COVID-19 pandemic is evolving, and] [added: In addition,] the continuation or [removed: a resurgence] [added: further resurgences] of the pandemic could precipitate or aggravate the other risk factors identified in this Form 10-K, which in turn could [removed: 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.

[added: 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 or other producers, weather-related damage and disruptions due to other natural or human causes beyond our control (including without limitation due to the COVID-19 pandemic), competing fuel prices, [removed: and] geopolitical [removed: risks.][added: risks, the pace of energy transition, and governmental regulations and policies regarding the development of oil and gas reserves.]

The company may be unable to realize anticipated cost savings, expenditure reductions and asset sales that are intended to compensate for such [removed: downturns.][added: downturns, and such downturns may also slow the pace and scale at which we are able to invest in new business lines such as the lower carbon businesses associated with our Chevron New Energies]

The company’s operations are therefore subject to disruption from natural or human causes beyond its control, including risks from hurricanes, severe storms, floods, heat waves, other forms of severe weather, 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 COVID-19 pandemic, [added: some of which may be impacted by climate change and] any of which could result in suspension of operations or harm to people or the natural environment.

These cyber threat actors, whether internal or external to Chevron, are becoming more sophisticated and coordinated in their attempts to access the company’s information technology (IT) systems and data, including the IT systems of cloud providers and other third parties with whom the company conducts [removed: business.][added: business through, without limitation, malicious software; data privacy breaches by employees, insiders or others with authorized access; cyber or phishing-attacks; ransomware; attempts to gain unauthorized access to our data and systems; and other electronic security breaches.]

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 [added: systems, including the cloud.]

[removed: Chevron has implemented and maintains a system of corporate policies, processes and systems, behaviors and compliance] mechanisms to manage safety, health, environmental, reliability and efficiency risks; to verify compliance with applicable laws and policies; and to respond to and learn from unexpected incidents.

The occurrence of a significant [removed: incident] [added: incident, series of events,] or unforeseen liability for which the company is self-insured, not fully insured or for which insurance recovery is significantly delayed could have a material adverse effect on the company’s results of operations or financial condition.

For information concerning some of the litigation in which the company is involved, see [Note [removed: 14](#i0590eae22864498da5b517b0b9be4cc5_340) to the Consolidated Financial Statements, beginning on page 78.][added: 16 Litigation](#i094c916ca469465ab6c8626bba942725_343).]

Political instability and significant changes in the legal and regulatory environment could harm Chevron’s business The company’s operations, particularly exploration and production, can be affected by changing [removed: economic,] [added: political,] regulatory and [removed: political] [added: economic] environments in the various countries in which it operates.

Further, Chevron is required to comply with [removed: U.S.] sanctions and other trade laws and regulations [added: of the United States and other jurisdictions where we operate] which, depending upon their scope, could adversely impact the [removed: company's] [added: company’s] operations [added: and financial results] in certain countries.

Legislation, regulation, and other government actions [added: and shifting customer preferences and other private efforts] related to greenhouse gas (GHG) emissions and climate change could continue to increase Chevron’s operational costs and reduce demand for Chevron’s hydrocarbon and other [removed: products] [added: products, resulting in a material adverse effect on the company’s results of operations and financial condition] Chevron [added: has experienced and] may be [added: further] challenged by [removed: a further increase] [added: increases] in [added: the impacts of] international and domestic legislation, regulation, or other government actions relating to GHG emissions [added: (e.g., carbon dioxide] and [added: methane) and] climate change.

[removed: Like] [added: Similar to] any significant changes in the regulatory environment, GHG [added: emissions] and climate change-related [removed: legislation and regulation could have the impact of curtailing] [added: legislation, regulation, or other government actions may curtail] profitability in the oil and gas [removed: sector] [added: sector,] or [removed: rendering] [added: render] the extraction of the company’s [removed: oil and gas] [added: hydrocarbon] resources economically infeasible.

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

[removed: For example,] [added: Further,] the Paris Agreement went into effect in November 2016, and a number of countries [removed: are studying and] [added: in which we operate] may adopt additional policies to meet their Paris Agreement goals.

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

[added: In particular,] GHG emissions-related legislation, regulations, and [added: other] government actions and [removed: the effects of operating in a potentially carbon-constrained environment] [added: shifting customer preferences and other private efforts aimed at reducing GHG emissions] may result in increased and substantial capital, compliance, operating, and maintenance costs and could, among other things, reduce demand for hydrocarbons and the company’s hydrocarbon-based products; [added: increase demand for lower carbon products and alternative energy sources;] make the company’s products more expensive; adversely affect the economic feasibility of the company’s resources; [added: impact or limit our business plans;] and adversely affect the company’s sales volumes, revenues, [added: margins] and [removed: margins.][added: reputation.]

GHG emissions [removed: (e.g., carbon dioxide and methane)] that [removed: could] [added: may] be [added: directly] regulated [added: through such efforts] include, among others, those associated with the company’s exploration and production of 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, liquefaction, and regasification of natural gas; the transportation of crude oil, natural gas, and related products; and [removed: consumers’ or] customers’ use of the company’s hydrocarbon products.

Indirect regulation of GHG emissions could [removed: include] [added: include, among other things,] bans or restrictions on technologies [added: or products] that use the company’s hydrocarbon products.

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

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

Further, the ultimate impact of GHG emissions and climate change-related agreements, legislation, regulation, and 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 [removed: processes] [added: processes, including the actual laws] and [added: regulations enacted,] the variables and tradeoffs that inevitably occur in connection with such [removed: processes.][added: processes, and market conditions.]

Increasing attention to environmental, social, and governance (ESG) matters may impact our business Increasing attention to [added: ESG matters, including those related to] climate [removed: change,] [added: change and sustainability,] increasing [removed: societal expectations] [added: societal, investor and legislative pressure] on companies to address [removed: climate change,] [added: ESG matters,] and potential [removed: 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 [removed: litigation, and] [added: litigation or threats thereof,] negative impacts on our stock price and access to capital [removed: markets.][added: markets, and damage to our reputation.]

Increasing attention to climate change, for example, may result in demand shifts for our hydrocarbon products and additional governmental investigations and private [removed: litigation] [added: litigation, or threats thereof,] against the company.

In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG [removed: matters.][added: matters, including climate change and climate-related risks.]

Also, some stakeholders, including but not limited to sovereign wealth, pension, and endowment funds, have been [added: divesting and] promoting divestment of [added: or screening out of] fossil fuel equities and urging lenders to limit funding to companies engaged in the extraction of fossil fuel reserves.

Unfavorable ESG ratings and investment community divestment [removed: initiatives] [added: initiatives, among other actions,] may lead to negative investor sentiment toward Chevron 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.

Changes in estimates or assumptions or the information underlying the assumptions, such as changes in the company’s business plans, general market [removed: conditions] [added: conditions, the pace of energy transition,] or changes in [added: the company’s outlook on] commodity prices, could affect reported amounts of assets, liabilities or expenses.

organization.

Chevron has implemented and maintains a system of corporate policies, processes and systems, behaviors and compliance

Legislative or regulatory changes in tax laws may expose Chevron to additional tax liabilities Changes in tax laws and regulations around the world are regularly enacted due to political or economic factors beyond the company’s control.

Chevron’s taxes in the jurisdictions where the company conducts business activities have been and may be adversely affected by changes in tax laws or regulations.

Furthermore, Chevron’s tax returns are subject to audit by taxing authorities around the world.

There is no assurance that taxing authorities or courts will agree with the positions that Chevron has reflected on the company’s tax returns, in which case interest and penalties could be imposed that may have a material adverse effect on the company’s results of operations or financial condition.

For information concerning the company’s tax liabilities, see [Note 17 Taxes](#i094c916ca469465ab6c8626bba942725_346) and [Note 24 Other Contingencies and Commitments](#i094c916ca469465ab6c8626bba942725_394).

Globally, multiple 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 a carbon tax, a cap-and-trade program, or performance standards, or to indirectly advance reduction of GHG emissions through restrictive permitting, trade tariffs, minimum renewable usage requirements, increased GHG reporting and climate-related disclosure requirements, or tax advantages or other incentives to promote the use of alternative energy, fuel sources or lower-carbon technologies.

For instance, we have received investigative requests and demands from the U.S. Congress for information relating to climate change, methane leak

detection and repair, and other topics, and further requests and/or demands are possible.

At this time, Chevron cannot predict the ultimate impact any Congressional or other investigations may have on the company.

Additionally, evolving expectations on various ESG matters, including biodiversity, waste and water, may increase costs, require changes in how we operate and lead to negative stakeholder sentiment.

Our aspirations, targets and disclosures related to ESG matters expose us to numerous risks, including risks to our reputation and stock price In October 2021, Chevron announced an aspiration to achieve net zero Scope 1 and 2 emissions in Upstream by 2050.

The company also has set nearer-term GHG emission-related targets for zero routine flaring, upstream carbon intensity, portfolio carbon intensity, and refining carbon intensity.

These aspirations, targets or objectives reflect our current plans and aspirations and are not guarantees that we will be able to achieve them.

Our efforts to accomplish and accurately report on these goals and objectives present numerous operational, regulatory, reputational, financial, legal, and other risks, any of which could have a material negative impact, including on our reputation and stock price.

Our ability to achieve any aspiration, target or objective, including with respect to climate-related initiatives, our new lower carbon strategy outlined in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, pages 32 through 34, and any lower carbon new energy businesses, is subject to numerous risks, many of which are outside of our control.

Examples of such risks include: (1) the continuing progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) the granting of necessary permits by governing authorities; (3) the availability of cost-effective, verifiable carbon credits; (4) the availability of suppliers that can meet our sustainability and other standards; (5) evolving regulatory requirements affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on emissions and emission reductions and removals; (7) customers’ preferences and use of the company’s products or substitute products; and (8) actions taken by the company’s competitors in response to legislation and regulations.

The standards for tracking and reporting on ESG matters are relatively new, have not been harmonized and continue to evolve.

Our selection of disclosure frameworks that seek to align with various voluntary reporting standards may change from time to time and may result in a lack of comparative data from period to period.

In addition, our processes and controls may not always align with evolving voluntary standards for identifying, measuring, and reporting ESG metrics, our interpretation of reporting standards may differ from those of others, and such standards may change over time, any of which could result in significant revisions to our goals or reported progress in achieving such goals.

Achievement of or efforts to achieve aspirations and targets such as the foregoing and future internal climate-related initiatives may increase costs, require purchase of carbon credits, or limit or impact the company’s business plans and financial results, potentially resulting in the reduction to the economic end-of-life of certain assets, an impairment of the associated net book value, among other material adverse impacts.

Our failure or perceived failure to pursue or fulfill such aspirations and targets or to satisfy various reporting standards within the timelines we announce, or at all, could have a negative impact on investor sentiment, ratings outcomes for evaluating the company’s approach to ESG matters, stock price, and cost of capital and expose us to government enforcement actions and private litigation, among other material adverse impacts.

Many of these risks are not within the company’s control and could materially impact the company’s results of operations and financial condition.

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.

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.

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

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.

Although the 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 beyond, if new 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.

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., Mexico and China).

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

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

Consideration of climate change-related issues and the responses to those issues through international agreements and national, 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, demand, and energy price forecasts.

These forecasts reflect long-range effects from renewable fuel penetration, energy efficiency standards, climate change-related policy 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 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 [removed: Operations, Consolidated Financial Statements and Supplementary Data] [added: Operations] is presented on page [removed: 30.][added: 31.]

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 47 and in [Note [removed: 8](#i0590eae22864498da5b517b0b9be4cc5_316) to the Consolidated] [added: 10] Financial [removed: Statements, “Financial] and Derivative [removed: Instruments,” beginning on page 72.][added: Instruments](#i094c916ca469465ab6c8626bba942725_319).]

Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined [removed: products] [added: products,] and lubricants; [added: manufacturing and marketing of renewable fuels;] 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 in [removed: Exhibit 21.1 on page E-1.][added: [Exhibit 21.1](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/cvx12312021ex211.htm).]

Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather [removed: patterns] [added: patterns, the pace of energy transition] and taxation relative to other energy sources also play a significant part.

Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies invest, conduct their [removed: operations] [added: operations, select feedstocks,] and formulate their products and, in some cases, limit their profits directly.

Refer to pages [removed: 31] [added: 32] through [removed: 38] [added: 40] 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.

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

The company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form [removed: 8-K] [added: 8-K,] and any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon after such reports are filed with or furnished to the U.S. Securities and Exchange Commission (SEC).

Chevron hires, develops, and strives to retain [removed: critical] [added: a diverse workforce of high-performing] talent, and fosters a culture that values [removed: diversity and] [added: diversity,] inclusion and employee [removed: engagement, all of which support the company’s overall objective to deliver industry leading performance.][added: engagement.]

[removed: Chevron’s] [added: Chevron] leadership [removed: reinforces and monitors] [added: is accountable for] the company’s investment in people and the company’s culture.

This includes reviews of metrics addressing critical function hiring, leadership development, [removed: attrition,] [added: retention,] diversity and inclusion, and employee engagement.

The following table summarizes [removed: Chevron’s] [added: the] number of [added: Chevron] employees by gender, where data is available, and by region as of December 31, [removed: 2020.][added: 2021.]

| | | | Female | | | | | | Male | | | | | | Gender data not [removed: available 1] [added: available1] | | | | | | Total Employees | | | | | |

| Other Americas | | | [removed: 894] [added: 925] | | | [removed: 26] [added: 27] | | % | 2,484 | | | [removed: 73] [added: 72] | | % | [removed: 33] [added: 37] | | | 1 | | % | [removed: 3,411] [added: 3,446] | | | [removed: 7] [added: 8] | | % |

Chevron recruits new employees [added: in part] through partnerships with universities and diversity associations.

In addition, the company recruits experienced hires to [removed: target critical] [added: provide specialized] skills.

[removed: Development] [added: Chevron’s learning and development] programs are designed to [removed: build] [added: help employees achieve their full potential by building technical, operating and] leadership capabilities at all levels [removed: and ensure the company’s workforce has the technical and operating capabilities] to produce energy [removed: safely] [added: safely, reliably] and [removed: reliably.][added: efficiently.]

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

In addition, to ensure business continuity, leadership regularly reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for [removed: leadership] [added: key] positions.

The Board [added: of Directors] provides oversight of CEO and executive succession planning.

Chevron believes its low voluntary attrition rate is in part a result of the company’s commitment to employee [removed: development] [added: development, its long-term employment model, competitive pay] and [removed: career advancement.][added: benefits, and its culture.]

[removed: The company] [added: Chevron] believes innovative solutions to [removed: its] [added: the] most complex challenges emerge when diverse people, ideas, and experiences come together in an inclusive environment.

Chevron regularly conducts employee surveys to assess the health of the company’s [removed: culture.][added: culture; recent surveys indicate high employee engagement.]

[removed: The] [added: Additionally, the] company [removed: also has] [added: offers] long-standing [added: employee support] programs such as Ombuds, an independent resource designed to equip employees with options to address and resolve workplace issues; a company hotline, where employees can report concerns to the Corporate Compliance department; and [removed: its] [added: an] Employee Assistance Program, a confidential consulting service that can help employees resolve a broad range of personal, family and work-related [removed: concerns or problems.][added: concerns.]

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, [removed: Middle East,] Asia and Australia.

Tabulations of segment sales and other operating revenues, [removed: earnings] [added: earnings, assets,] and income taxes for the three years ending December 31, [removed: 2020,] [added: 2021,] and assets as of the end of [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] — for the United States and the company’s international geographic areas — are in [Note [removed: 12](#i0590eae22864498da5b517b0b9be4cc5_331)] [added: 14 Operating Segments and Geographic Data](#i094c916ca469465ab6c8626bba942725_334)] to the Consolidated Financial [removed: Statements beginning on page 74.][added: Statements.]

Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in [Note [removed: 13](#i0590eae22864498da5b517b0b9be4cc5_334) beginning on page 77] [added: 15 Investments] and [added: Advances](#i094c916ca469465ab6c8626bba942725_337) and] [Note [removed: 16](#i0590eae22864498da5b517b0b9be4cc5_346) on page 82.][added: 18 Property, Plant and Equipment](#i094c916ca469465ab6c8626bba942725_349).]

Refer to page [removed: 44] [added: 45] 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 [removed: Table V beginning on page 103] [added: [Table V](#i094c916ca469465ab6c8626bba942725_463)] for a tabulation of the company’s proved [removed: crude oil, condensate, natural gas liquids (NGLs), synthetic oil and natural gas] reserves by geographic area, at the beginning of [removed: 2018] [added: 2019] and at each year-end from [removed: 2018] [added: 2019] through [removed: 2020.][added: 2021.]

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: 2020,] [added: 2021,] are summarized in the discussion for Table V.

At December 31, [removed: 2020, 27] [added: 2021, 34] percent of the company’s net proved oil-equivalent reserves were located in the United States, [removed: 18] [added: 19] percent were located in Australia and [removed: 20] [added: 16] percent were located in Kazakhstan.

The net proved reserve balances at the end of each of the three years [removed: 2018] [added: 2019] through [removed: 2020] [added: 2021] are shown in the following table:

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | | | | |

| Consolidated Companies | | | [removed: 4,475] [added: 4,756] | | | | | | [removed: 4,771] [added: 4,475] | | | | | | [removed: 4,975] [added: 4,771] | | | | | |

| Affiliated Companies | | | [removed: 1,672] [added: 1,357] | | | | | | [removed: 1,750] [added: 1,672] | | | | | | [removed: 1,815] [added: 1,750] | | | | | |

| Total Liquids | | | [removed: 6,147] [added: 6,113] | | | | | | [removed: 6,521] [added: 6,147] | | | | | | [removed: 6,790] [added: 6,521] | | | | | |

| Consolidated Companies | | | [removed: 27,006] [added: 28,314] | | | | | | [removed: 26,587] [added: 27,006] | | | | | | [removed: 28,733] [added: 26,587] | | | | | |

| Affiliated Companies | | | [removed: 2,916] [added: 2,594] | | | | | | [removed: 2,870] [added: 2,916] | | | | | | [removed: 2,843] [added: 2,870] | | | | | |

| Total Natural Gas | | | [removed: 29,922] [added: 30,908] | | | | | | [removed: 29,457] [added: 29,922] | | | | | | [removed: 31,576] [added: 29,457] | | | | | |

| Consolidated Companies | | | [removed: 8,976] [added: 9,475] | | | | | | [removed: 9,202] [added: 8,976] | | | | | | [removed: 9,764] [added: 9,202] | | | | | |

| Affiliated Companies | | | [removed: 2,158] [added: 1,789] | | | | | | [removed: 2,229] [added: 2,158] | | | | | | [removed: 2,289] [added: 2,229] | | | | | |

Chevron’s strategy is to leverage its strengths to deliver lower carbon energy to a growing world.

Chevron aims to lower the carbon intensity of its traditional oil and gas operations and grow lower carbon businesses in renewable fuels, hydrogen, carbon capture and offsets.

To grow its lower carbon businesses, Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified, while leveraging the company’s capabilities, assets and customer relationships.

Chevron invests in its employees and culture, with the objective of developing the full potential of its workforce to deliver energy solutions and drive human progress.

The Chevron Way explains the company’s beliefs, vision, purpose and values.

It guides how the company’s employees work and establishes a common understanding of culture and aspirations.

| | | | At December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | |

| Non-Service Station Employees | | | | | | | | | | | | | | | | | | | | | | | | | | |

| U.S. | | | 5,090 | | | 26 | | % | 14,512 | | | 74 | | % | 25 | | | — | | % | 19,627 | | | 46 | | % |

| Africa | | | 612 | | | 17 | | % | 2,991 | | | 83 | | % | 3 | | | — | | % | 3,606 | | | 8 | | % |

| Asia | | | 2,493 | | | 35 | | % | 4,621 | | | 65 | | % | 31 | | | — | | % | 7,145 | | | 17 | | % |

| Australia | | | 533 | | | 25 | | % | 1,634 | | | 75 | | % | 3 | | | — | | % | 2,170 | | | 5 | | % |

| Europe | | | 381 | | | 25 | | % | 1,121 | | | 75 | | % | 2 | | | — | | % | 1,504 | | | 4 | | % |

| Total Non-Service Station Employees | | | 10,034 | | | 27 | | % | 27,363 | | | 73 | | % | 101 | | | — | | % | 37,498 | | | 88 | | % |

| Service Station Employees | | | 2,170 | | | 43 | | % | 1,732 | | | 34 | | % | 1,195 | | | 23 | | % | 5,097 | | | 12 | | % |

| Total Employees | | | 12,204 | | | 29 | | % | 29,095 | | | 68 | | % | 1,296 | | | 3 | | % | 42,595 | | | 100 | | % |

The company’s approach to attracting, developing and retaining a diverse workforce of high-performing talent is anchored in a long-term employment model that fosters an environment of personal growth and engagement.

Chevron’s philosophy is to offer compelling career opportunities and a competitive total compensation and benefits package linked to individual and enterprise performance.

For example, the company delivers learning experiences digitally to empower its employees, in any location, to develop, maintain and enhance critical skills.

Management routinely reviews the retention of its professional population, which includes executives, all levels of management, and the majority of its regular employee population.

The annual voluntary attrition for this population was 4.5 percent, which is in line with rates over a five-year comparison period.

Chevron reinforces the values of diversity and inclusion through recruitment and talent development, equitable selection processes, community partnerships and supplier diversity.

Examples of

initiatives to further advance diversity and inclusion include the company’s MARC (Men Advocating Real Change) program launched in 2017 in partnership with the non-profit organization Catalyst to facilitate discussions on gender equity in the workplace, and selection processes that reinforce the importance of diverse selection teams and candidate slates.

In addition, Chevron has twelve employee networks (voluntary groups of employees that come together based on shared identity or interests) and a Chairman’s Inclusion Council, which provides the employee network presidents with a direct line of communication to the Chairman and Chief Executive Officer, the Chief Human Resources Officer, the Chief Diversity and Inclusion Officer, and the executive leadership team to collaborate and discuss how employee networks can reinforce Chevron’s values of diversity and inclusion.

In 2021, the company increased survey frequency to better understand employee sentiment throughout the year, including focused efforts to gain insights into employee well-being.

Chevron prioritizes the health, safety and well-being of its employees.

Chevron’s safety culture empowers every member of its workforce to exercise stop-work authority without repercussion to address any potential unsafe work conditions.

Chevron developed new safeguards and operating standards and updated existing protocols to adjust for the ever-changing conditions of the pandemic, including a return to the workplace strategy, with paced, condition-based stages.

The company also announced a hybrid work model based on employee feedback and learnings from the pandemic, which will allow certain employees the flexibility to combine in-office and remote work.

| Kurdistan Region of Iraq | | | 2 | | | — | | | | | | 2 | | | — | | | | | | — | | | — | | | | | |

| Affiliates6 | | | 387 | | | 447 | | | | | | 284 | | | 331 | | | | | | 616 | | | 695 | | | | | |

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

Excluding contract expirations and 2022 asset sales, 2022 production is expected to increase by two to five percent compared to 2021.

| | | | At December 31, 2021 | | | | | | | | | | | | | | | | | | | | |

| United States | | | 37,346 | | | | | | 28,321 | | | 2,430 | | | | | | 2,055 | | | | | |

| Other Americas | | | 1,094 | | | | | | 682 | | | 245 | | | | | | 161 | | | | | |

| Africa | | | 1,744 | | | | | | 683 | | | 50 | | | | | | 19 | | | | | |

| Asia | | | 2,276 | | | | | | 1,158 | | | 2,454 | | | | | | 1,168 | | | | | |

| Affiliates2 | | | 1,662 | | | | | | 600 | | | — | | | | | | — | | | | | |

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.

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

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

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

| 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 | | % |

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.

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

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

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

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

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

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.

In addition, Chevron has twelve employee networks (voluntary groups of employees that come together based on shared identity or interests) and more than fifteen diversity councils across its business units that help align diversity and inclusion efforts with business strategies.

Recent surveys have indicated a high degree of employee engagement.

In 2020, the company’s employee survey focused on the COVID-19 impact on employee well-being and the company’s response to the pandemic.

The survey results positively reinforced actions taken by Chevron, and helped inform further actions to address the impact on employees and their families through enhanced mental health and wellness support, financial assistance for unplanned childcare needs and remote learning resources, among other efforts.

| Denmark4 | | | — | | | 5 | | | | | | — | | | 3 | | | | | | — | | | 11 | | | | | |

| Affiliates3,6 | | | 447 | | | 472 | | | | | | 331 | | | 356 | | | | | | 695 | | | 698 | | | | | |

| Venezuela, net | | | — | | | 3 | | | | | | — | | | 3 | | | | | | — | | | — | | | | | |

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

| United States | | | 42,933 | | | | | | 31,380 | | | 2,859 | | | | | | 2,322 | | | | | |

| Other Americas | | | 1,077 | | | | | | 687 | | | 216 | | | | | | 135 | | | | | |

| Africa | | | 1,732 | | | | | | 679 | | | 50 | | | | | | 19 | | | | | |

| Asia | | | 14,210 | | | | | | 12,492 | | | 3,179 | | | | | | 1,732 | | | | | |

| Affiliates2 | | | 1,675 | | | | | | 601 | | | — | | | | | | — | | | | | |

| United States | | | 4,120 | | | | | | 3,561 | | | | | | 4,670 | | | | | | 3,317 | | | | | | 8,790 | | | | | | 6,878 | | | | | |

| Other Americas | | | 19,418 | | | | | | 10,592 | | | | | | 1,169 | | | | | | 252 | | | | | | 20,587 | | | | | | 10,844 | | | | | |

| Africa | | | 7,393 | | | | | | 4,829 | | | | | | 2,522 | | | | | | 1,051 | | | | | | 9,915 | | | | | | 5,880 | | | | | |

| Asia | | | 18,742 | | | | | | 7,692 | | | | | | 1,914 | | | | | | 1,041 | | | | | | 20,656 | | | | | | 8,733 | | | | | |

| Australia | | | 10,370 | | | | | | 6,471 | | | | | | 2,061 | | | | | | 812 | | | | | | 12,431 | | | | | | 7,283 | | | | | |

| Total Consolidated Companies | | | 60,043 | | | | | | 33,145 | | | | | | 12,336 | | | | | | 6,473 | | | | | | 72,379 | | | | | | 39,618 | | | | | |

| Affiliates3 | | | 702 | | | | | | 290 | | | | | | 102 | | | | | | 46 | | | | | | 804 | | | | | | 336 | | | | | |

| Total Including Affiliates | | | 60,745 | | | | | | 33,435 | | | | | | 12,438 | | | | | | 6,519 | | | | | | 73,183 | | | | | | 39,954 | | | | | |

production from the company’s proved developed U.S. reserves and third-party purchases.

[removed: Governmental Proceedings] The following is a description of legal proceedings that involve governmental authorities as a party and the company reasonably believes would result in $1.0 million or more of monetary 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.

An October 2, [removed: 2019,] [added: 2019] CalGEM order seeks a civil penalty of approximately $2.7 million.

[removed: In January 2021,] [added: As previously disclosed,] 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.

Resolution of these alleged violations [removed: may] [added: is expected to] result in the payment of a civil penalty of [removed: $1,000,000] [added: $1.0 million] or more.

The parties have negotiated a resolution of these issues with the agencies, which was approved by the U.S. District Court, District of Colorado on September 28, 2021.

Resolution of these alleged violations resulted in the payment of a civil penalty of $1.0 million on October 26, 2021.

Please see information related to other legal proceedings in [Note 16 Litigation](#i094c916ca469465ab6c8626bba942725_343).

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.

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

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

For the fiscal year ended December 31, [removed: 2020][added: 2021]

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: $166.6] [added: $202.5] billion (As of June 30, [removed: 2020)][added: 2021)]

Number of Shares of Common Stock outstanding as of February 10, [removed: 2021] [added: 2022] — [removed: 1,926,376,764][added: 1,947,553,346]

Notice of the [removed: 2021] [added: 2022] Annual Meeting and [removed: 2021] [added: 2022] 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: 2021] [added: 2022] Annual Meeting of Stockholders (in Part III)

| | | | [General Development of [removed: Business](#i0590eae22864498da5b517b0b9be4cc5_25)] [added: Business](#i094c916ca469465ab6c8626bba942725_25)] | | | [removed: [3](#i0590eae22864498da5b517b0b9be4cc5_25)] [added: [3](#i094c916ca469465ab6c8626bba942725_25)] | | | | | |

| | | | [Description of Business and [removed: Properties](#i0590eae22864498da5b517b0b9be4cc5_31)] [added: Properties](#i094c916ca469465ab6c8626bba942725_34)] | | | [removed: [5](#i0590eae22864498da5b517b0b9be4cc5_31)] [added: [6](#i094c916ca469465ab6c8626bba942725_34)] | | | | | |

| [removed: [1A.](#i0590eae22864498da5b517b0b9be4cc5_115)] [added: [1A.](#i094c916ca469465ab6c8626bba942725_121)] | | | [Risk [removed: Factors](#i0590eae22864498da5b517b0b9be4cc5_115)] [added: Factors](#i094c916ca469465ab6c8626bba942725_121)] | | | [removed: [18](#i0590eae22864498da5b517b0b9be4cc5_115)] [added: [20](#i094c916ca469465ab6c8626bba942725_121)] | | | | | |

| [removed: [1B.](#i0590eae22864498da5b517b0b9be4cc5_118)] [added: [1B.](#i094c916ca469465ab6c8626bba942725_124)] | | | [Unresolved Staff [removed: Comments](#i0590eae22864498da5b517b0b9be4cc5_118)] [added: Comments](#i094c916ca469465ab6c8626bba942725_124)] | | | [removed: [23](#i0590eae22864498da5b517b0b9be4cc5_118)] [added: [25](#i094c916ca469465ab6c8626bba942725_124)] | | | | | |

| [removed: [4.](#i0590eae22864498da5b517b0b9be4cc5_127)] [added: [4.](#i094c916ca469465ab6c8626bba942725_133)] | | | [Mine Safety [removed: Disclosures](#i0590eae22864498da5b517b0b9be4cc5_127)] [added: Disclosures](#i094c916ca469465ab6c8626bba942725_133)] | | | [removed: [24](#i0590eae22864498da5b517b0b9be4cc5_127)] [added: [25](#i094c916ca469465ab6c8626bba942725_133)] | | | | | |

| | | | [Information about our Executive [removed: Officers](#i0590eae22864498da5b517b0b9be4cc5_127)] [added: Officers](#i094c916ca469465ab6c8626bba942725_133)] | | | [removed: [24](#i0590eae22864498da5b517b0b9be4cc5_127)] [added: [25](#i094c916ca469465ab6c8626bba942725_133)] | | | | | |

| [removed: [5.](#i0590eae22864498da5b517b0b9be4cc5_133)] [added: [5.](#i094c916ca469465ab6c8626bba942725_139)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i0590eae22864498da5b517b0b9be4cc5_133)] [added: Securities](#i094c916ca469465ab6c8626bba942725_139)] | | | [removed: [25](#i0590eae22864498da5b517b0b9be4cc5_133)] [added: [26](#i094c916ca469465ab6c8626bba942725_139)] | | | | | |

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| [removed: [7A.](#i0590eae22864498da5b517b0b9be4cc5_142)] [added: [7A.](#i094c916ca469465ab6c8626bba942725_148)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i0590eae22864498da5b517b0b9be4cc5_142)] [added: Risk](#i094c916ca469465ab6c8626bba942725_148)] | | | [removed: [25](#i0590eae22864498da5b517b0b9be4cc5_142)] [added: [26](#i094c916ca469465ab6c8626bba942725_148)] | | | | | |

| [removed: [8.](#i0590eae22864498da5b517b0b9be4cc5_145)] [added: [8.](#i094c916ca469465ab6c8626bba942725_151)] | | | [Financial Statements and Supplementary [removed: Data](#i0590eae22864498da5b517b0b9be4cc5_145)] [added: Data](#i094c916ca469465ab6c8626bba942725_151)] | | | [removed: [25](#i0590eae22864498da5b517b0b9be4cc5_145)] [added: [26](#i094c916ca469465ab6c8626bba942725_151)] | | | | | |

| [removed: [9.](#i0590eae22864498da5b517b0b9be4cc5_148)] [added: [9.](#i094c916ca469465ab6c8626bba942725_154)] | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i0590eae22864498da5b517b0b9be4cc5_148)] [added: Disclosure](#i094c916ca469465ab6c8626bba942725_154)] | | | [removed: [25](#i0590eae22864498da5b517b0b9be4cc5_148)] [added: [26](#i094c916ca469465ab6c8626bba942725_154)] | | | | | |

| [removed: [9A.](#i0590eae22864498da5b517b0b9be4cc5_151)] [added: [9A.](#i094c916ca469465ab6c8626bba942725_157)] | | | [Controls and [removed: Procedures](#i0590eae22864498da5b517b0b9be4cc5_151)] [added: Procedures](#i094c916ca469465ab6c8626bba942725_157)] | | | [removed: [25](#i0590eae22864498da5b517b0b9be4cc5_151)] [added: [26](#i094c916ca469465ab6c8626bba942725_157)] | | | | | |

| [removed: [9B.](#i0590eae22864498da5b517b0b9be4cc5_163)] [added: [9B.](#i094c916ca469465ab6c8626bba942725_169)] | | | [Other [removed: Information](#i0590eae22864498da5b517b0b9be4cc5_163)] [added: Information](#i094c916ca469465ab6c8626bba942725_169)] | | | [removed: [26](#i0590eae22864498da5b517b0b9be4cc5_163)] [added: [27](#i094c916ca469465ab6c8626bba942725_169)] | | | | | |

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| [removed: [11.](#i0590eae22864498da5b517b0b9be4cc5_175)] [added: [11.](#i094c916ca469465ab6c8626bba942725_181)] | | | [Executive [removed: Compensation](#i0590eae22864498da5b517b0b9be4cc5_175)] [added: Compensation](#i094c916ca469465ab6c8626bba942725_181)] | | | [removed: [28](#i0590eae22864498da5b517b0b9be4cc5_175)] [added: [29](#i094c916ca469465ab6c8626bba942725_181)] | | | | | |

| [removed: [12.](#i0590eae22864498da5b517b0b9be4cc5_178)] [added: [12.](#i094c916ca469465ab6c8626bba942725_184)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i0590eae22864498da5b517b0b9be4cc5_178)] [added: Matters](#i094c916ca469465ab6c8626bba942725_184)] | | | [removed: [28](#i0590eae22864498da5b517b0b9be4cc5_178)] [added: [29](#i094c916ca469465ab6c8626bba942725_184)] | | | | | |

| [removed: [13.](#i0590eae22864498da5b517b0b9be4cc5_181)] [added: [13.](#i094c916ca469465ab6c8626bba942725_187)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i0590eae22864498da5b517b0b9be4cc5_181)] [added: Independence](#i094c916ca469465ab6c8626bba942725_187)] | | | [removed: [28](#i0590eae22864498da5b517b0b9be4cc5_181)] [added: [29](#i094c916ca469465ab6c8626bba942725_187)] | | | | | |

| [removed: [14.](#i0590eae22864498da5b517b0b9be4cc5_184)] [added: [14.](#i094c916ca469465ab6c8626bba942725_190)] | | | [Principal Accounting Fees and [removed: Services](#i0590eae22864498da5b517b0b9be4cc5_184)] [added: Services](#i094c916ca469465ab6c8626bba942725_190)] | | | [removed: [28](#i0590eae22864498da5b517b0b9be4cc5_184)] [added: [29](#i094c916ca469465ab6c8626bba942725_190)] | | | | | |

| | | | [Schedule II — Valuation and Qualifying [removed: Accounts](#i0590eae22864498da5b517b0b9be4cc5_481)] [added: Accounts](#i094c916ca469465ab6c8626bba942725_493)] | | | [removed: [112](#i0590eae22864498da5b517b0b9be4cc5_481)] [added: [110](#i094c916ca469465ab6c8626bba942725_493)] | | | | | |

This *Annual Report on Form 10-K* of Chevron Corporation contains forward-looking statements relating to Chevron’s operations [added: and energy transition plans] that are based on [removed: management's] [added: management’s] current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries.

Words or phrases such as [removed: \[“anticipates,”] [added: “anticipates,”] “expects,” “intends,” “plans,” “targets,” [added: “advances,” “commits,” “drives,” “aims,”] “forecasts,” “projects,” “believes,” [added: “approaches,”] “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” [added: “can,”] “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on [removed: schedule,” “on] track,” [removed: “is slated,”] “goals,” “objectives,” “strategies,” “opportunities,” “poised,” [removed: “potential”\]] [added: “potential,” “ambitions,” “aspires”] 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 in the forward-looking statements are: changing crude oil and natural gas prices and demand for [removed: our] [added: the company’s] 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 [removed: (OPEC)] and other producing countries; [added: technological advancements; changes to government policies in the countries in which the company operates;] public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; [added: disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services;] changing 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; [removed: the company’s ability to realize anticipated cost 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; [removed: technological developments;] [added: development of large carbon capture and offset markets;] the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during [removed: extended periods of low prices for crude oil and natural gas during] the 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 acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes [added: undertaken or] 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 [removed: 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; government mandated sales, divestitures, recapitalizations, [removed: industry-specific taxes,] [added: taxes and tax audits,] 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 receipt of required Board authorizations to [removed: pay] [added: implement capital allocation strategies, including] future [removed: dividends;] [added: stock repurchase programs and dividend payments;] 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 [removed: 18] [added: 20] through [removed: 23] [added: 25] in this report.

| [PART I](#i094c916ca469465ab6c8626bba942725_19) | | | | | | | | | | | |

| [1.](#i094c916ca469465ab6c8626bba942725_22) | | | [Business](#i094c916ca469465ab6c8626bba942725_22) | | | [3](#i094c916ca469465ab6c8626bba942725_22) | | | | | |

| | | | [Upstream](#i094c916ca469465ab6c8626bba942725_37) | | | [6](#i094c916ca469465ab6c8626bba942725_37) | | | | | |

| | | | [Downstream](#i094c916ca469465ab6c8626bba942725_97) | | | [16](#i094c916ca469465ab6c8626bba942725_97) | | | | | |

| | | | [Other Businesses](#i094c916ca469465ab6c8626bba942725_112) | | | [18](#i094c916ca469465ab6c8626bba942725_112) | | | | | |

| [2.](#i094c916ca469465ab6c8626bba942725_127) | | | [Properties](#i094c916ca469465ab6c8626bba942725_127) | | | [25](#i094c916ca469465ab6c8626bba942725_127) | | | | | |

| [3.](#i094c916ca469465ab6c8626bba942725_130) | | | [Legal Proceedings](#i094c916ca469465ab6c8626bba942725_130) | | | [25](#i094c916ca469465ab6c8626bba942725_130) | | | | | |

| [PART II](#i094c916ca469465ab6c8626bba942725_136) | | | | | | | | | | | |

| [6.](#i094c916ca469465ab6c8626bba942725_142) | | | [Reserved](#i094c916ca469465ab6c8626bba942725_142) | | | [26](#i094c916ca469465ab6c8626bba942725_142) | | | | | |

| [9C](#i094c916ca469465ab6c8626bba942725_4250). | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i094c916ca469465ab6c8626bba942725_4250) | | | [27](#i094c916ca469465ab6c8626bba942725_169) | | | | | |

| [PART III](#i094c916ca469465ab6c8626bba942725_172) | | | | | | | | | | | |

| [PART IV](#i094c916ca469465ab6c8626bba942725_487) | | | | | | | | | | | |

| [15.](#i094c916ca469465ab6c8626bba942725_490) | | | [Exhibit](#i094c916ca469465ab6c8626bba942725_490) [and](#i094c916ca469465ab6c8626bba942725_490) [Financial Statement Schedules](#i094c916ca469465ab6c8626bba942725_490) | | | [110](#i094c916ca469465ab6c8626bba942725_490) | | | | | |

| [16.](#i094c916ca469465ab6c8626bba942725_496) | | | [Form 10-K Summary](#i094c916ca469465ab6c8626bba942725_496) | | | [110](#i094c916ca469465ab6c8626bba942725_496) | | | | | |

| | | | [Signatures](#i094c916ca469465ab6c8626bba942725_502) | | | [113](#i094c916ca469465ab6c8626bba942725_502) | | | | | |

| [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) | | | | | | | | | | | |

| [6.](#i0590eae22864498da5b517b0b9be4cc5_136) | | | [Selected Financial Data](#i0590eae22864498da5b517b0b9be4cc5_136) | | | [25](#i0590eae22864498da5b517b0b9be4cc5_136) | | | | | |

| [PART III](#i0590eae22864498da5b517b0b9be4cc5_166) | | | | | | | | | | | |

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

| [15.](#i0590eae22864498da5b517b0b9be4cc5_478) | | | [Exhibits, Financial Statement Schedules](#i0590eae22864498da5b517b0b9be4cc5_478) | | | [112](#i0590eae22864498da5b517b0b9be4cc5_478) | | | | | |

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

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

The location and character of the company’s crude oil and natural gas properties and its refining, marketing, [removed: transportation] [added: transportation,] and chemicals facilities are described beginning on page 3 under Item 1.

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: 99] [added: 97] through [removed: 111.][added: 109 and [Note 18 Properties, Plant and Equipment](#i094c916ca469465ab6c8626bba942725_349).]

[Note 16](#i0590eae22864498da5b517b0b9be4cc5_346), “Properties, Plant and Equipment,” to the company’s financial statements is on page 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: 27,] [added: 28,] and is incorporated herein by reference.

As of February 10, [removed: 2021,] [added: 2022,] stockholders of record numbered approximately [removed: 114,000.][added: 109,000.]

*Chevron Corporation Issuer Purchases of Equity Securities* *for Quarter Ended December 31, [removed: 2020*][added: 2021*]

2Refer to “Liquidity and Capital Resources” on page [removed: 42] [added: 44] for additional detail regarding the company's authorized stock repurchase program.

| October 1 – October 31, 2021 | | | 1,998,279 | | | $109.20 | | | 1,997,367 | | | $18.7 | | |

| November 1 – November 30, 2021 | | | 2,759,499 | | | $114.35 | | | 2,757,758 | | | $18.4 | | |

| December 1 – December 31, 2021 | | | 1,861,236 | | | $116.38 | | | 1,860,752 | | | $18.2 | | |

| Total October 1 – December 31, 2021 | | | 6,619,014 | | | $113.36 | | | 6,615,877 | | | | | |

| 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 | | | — | | | | | |

The selected financial data for years 2016 through 2020 are presented on page 98.

The index to [removed: Management’s Discussion and Analysis, Consolidated] Financial Statements and Supplementary Data is presented on page [removed: 30.][added: 31.]

Based on this evaluation, management concluded that the company’s disclosure controls and procedures were effective as of December 31, [removed: 2020.][added: 2021.]

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: 2020.][added: 2021.]

The effectiveness of the company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] 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: 2020,] [added: 2021,] 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.

*Rule 10b5-1 Plan Elections*

Michael K.

Wirth, Chairman of the Board, entered into a pre-arranged stock trading plan in November 2021.

Mr. Wirth’s plan provides for the potential exercise of vested stock options and the associated sale of up to 93,000 shares of Chevron common stock between February 2022 and March 2023.

Pierre R.

Breber, Vice President and Chief Financial Officer, entered into a pre-arranged stock trading plan in November 2021.

Mr. Breber’s plan provides for the potential exercise of vested stock options and the associated sale of up to 18,500 shares of Chevron common stock between February 2022 and January 2023.

Rhonda J.

Morris, Vice President and Chief Human Resources Officer, and her spouse each entered into pre-arranged stock trading plans in November 2021.

The plans for Ms. Morris and her spouse provide for the potential exercise of vested stock options and the associated sale of up to 17,300 and 11,300 shares of Chevron common stock, respectively, between February 2022 and January 2023.

Colin E.

Parfitt, Vice President, Midstream, entered into a pre-arranged stock trading plan in November 2021.

Mr. Parfitt’s plan provides for the potential exercise of vested stock options and the associated sale of up to 55,500 shares of Chevron common stock between February 2022 and January 2023.

None.

PART III

Not applicable.

PART III

Information about our Executive Officers at February [removed: 25, 2021][added: 24, 2022]

| Michael K. Wirth | | | [removed: 60] [added: 61] | | | 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) [removed: Executive Vice President, Downstream (Mar 2006 - Dec 2015)] | | | Chairman of the Board and Chief Executive Officer | | |

| Joseph C. Geagea | | | [removed: 61] [added: 62] | | | Executive Vice [removed: President, Technology, Projects] [added: President] and [removed: Services (since Jun 2015)] Senior [added: Advisor to Chairman and CEO (since Aug 2021) Executive] Vice President, Technology, Projects and Services [removed: (Jan 2014] [added: (Jun 2015] - [removed: Jun 2015)] [added: Aug 2021)] | | | [removed: Capital Projects; Procurement; Information Technology and Digital; Asset Performance; Health, Safety] [added: Advisor to the Chairman] and [removed: Environment; Real Estate Services] [added: CEO] | | |

| James W. Johnson | | | [removed: 61] [added: 62] | | | Executive Vice President, Upstream (since Jun 2015) [removed: Senior Vice President, Upstream (Jan 2014 - Jun 2015)] | | | Worldwide Exploration and Production Activities | | |

| Mark A. Nelson | | | [removed: 57] [added: 58] | | | 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) [removed: President, International Products (Jun 2010 - Mar 2016)] | | | Worldwide Manufacturing, Marketing and Lubricants; Chemicals | | |

| Pierre R. Breber | | | [removed: 56] [added: 57] | | | Vice President and Chief Financial Officer (since Apr 2019) Executive Vice President, Downstream (Jan 2016 - Mar 2019) [removed: Executive Vice President, Gas and Midstream (Apr 2015 - Dec 2015) Vice President, Gas and Midstream (Jan 2014 - Mar 2015)] | | | Finance | | |

| Rhonda J. Morris | | | [removed: 55] [added: 56] | | | Vice President and Chief Human Resources Officer (since Feb 2019) Vice President, Human Resources (Oct 2016 - Jan 2019) [removed: Vice President, Downstream Human Resources (Sep 2012 - Sep 2016)] | | | Human Resources; Diversity and Inclusion | | |

| Colin E. Parfitt | | | [removed: 56] [added: 57] | | | Vice President, Midstream (since Mar 2019) President, Supply and Trading (Jun 2013 - Feb 2019) | | | Supply and Trading Activities; Shipping; Pipeline; Power and Energy Management | | |

| R. Hewitt Pate | | | [removed: 58] [added: 59] | | | Vice President and General Counsel (since Aug 2009) | | | Law, Governance and Compliance | | |

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: 2021] [added: 2022] Annual Meeting of Stockholders and [removed: 2021] [added: 2022] Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Exchange Act in connection with the company’s [removed: 2021] [added: 2022] Annual Meeting (the [removed: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021] [added: 2022] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

| Eimear P. Bonner | | | 47 | | | Vice President (since Aug 2021), Chief Technology Officer and President of Chevron Technical Center (since Feb 2021) General Director of Tengizchevroil (Dec 2018 - Jan 2021) General Manager of Operations of Tengizchevroil (Nov 2015 - Nov 2018) | | | Information Technology; Subsurface; Global Reserves; Wells; Asset Performance and Process Safety; Facilities Designs and Solutions; Capital Projects; Health, Safety and Environment; Downstream Technology | | |

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: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021] [added: 2022] 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: 2021”] [added: 2022”] in the [removed: 2021] [added: 2022] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

| | | | [Management’s Discussion and Analysis [removed: of](#i0590eae22864498da5b517b0b9be4cc5_193)[ ](#i0590eae22864498da5b517b0b9be4cc5_193)[Financial] [added: of](#i094c916ca469465ab6c8626bba942725_199)[ ](#i094c916ca469465ab6c8626bba942725_199)[Financial] Condition and Results of [removed: Operations](#i0590eae22864498da5b517b0b9be4cc5_193)] [added: Operations](#i094c916ca469465ab6c8626bba942725_199)] | | | | | |

| | | | [Key Financial [removed: Results](#i0590eae22864498da5b517b0b9be4cc5_196)] [added: Results](#i094c916ca469465ab6c8626bba942725_202)] | | | [removed: [31](#i0590eae22864498da5b517b0b9be4cc5_196)] [added: [32](#i094c916ca469465ab6c8626bba942725_202)] | | |

| | | | [Earnings by Major Operating [removed: Area](#i0590eae22864498da5b517b0b9be4cc5_196)] [added: Area](#i094c916ca469465ab6c8626bba942725_202)] | | | [removed: [31](#i0590eae22864498da5b517b0b9be4cc5_196)] [added: [32](#i094c916ca469465ab6c8626bba942725_202)] | | |

| | | | [Business Environment and [removed: Outlook](#i0590eae22864498da5b517b0b9be4cc5_199)] [added: Outlook](#i094c916ca469465ab6c8626bba942725_205)] | | | [removed: [31](#i0590eae22864498da5b517b0b9be4cc5_199)] [added: [32](#i094c916ca469465ab6c8626bba942725_205)] | | |

| | | | [Consolidated Statement of [removed: Income](#i0590eae22864498da5b517b0b9be4cc5_208)] [added: Income](#i094c916ca469465ab6c8626bba942725_214)] | | | [removed: [39](#i0590eae22864498da5b517b0b9be4cc5_208)] [added: [40](#i094c916ca469465ab6c8626bba942725_214)] | | |

| | | | [Selected Operating [removed: Data](#i0590eae22864498da5b517b0b9be4cc5_211)] [added: Data](#i094c916ca469465ab6c8626bba942725_217)] | | | [removed: [41](#i0590eae22864498da5b517b0b9be4cc5_211)] [added: [42](#i094c916ca469465ab6c8626bba942725_217)] | | |

| | | | [Liquidity and Capital [removed: Resources](#i0590eae22864498da5b517b0b9be4cc5_214)] [added: Resources](#i094c916ca469465ab6c8626bba942725_220)] | | | [removed: [42](#i0590eae22864498da5b517b0b9be4cc5_214)] [added: [43](#i094c916ca469465ab6c8626bba942725_220)] | | |

| | | | [Financial and Derivative Instrument Market [removed: Risk](#i0590eae22864498da5b517b0b9be4cc5_229)] [added: Risk](#i094c916ca469465ab6c8626bba942725_235)] | | | [removed: [47](#i0590eae22864498da5b517b0b9be4cc5_229)] [added: [47](#i094c916ca469465ab6c8626bba942725_235)] | | |

| | | | [Transactions With Related [removed: Parties](#i0590eae22864498da5b517b0b9be4cc5_232)] [added: Parties](#i094c916ca469465ab6c8626bba942725_238)] | | | [removed: [48](#i0590eae22864498da5b517b0b9be4cc5_232)] [added: [48](#i094c916ca469465ab6c8626bba942725_238)] | | |

| | | | [Litigation and Other [removed: Contingencies](#i0590eae22864498da5b517b0b9be4cc5_235)] [added: Contingencies](#i094c916ca469465ab6c8626bba942725_241)] | | | [removed: [48](#i0590eae22864498da5b517b0b9be4cc5_235)] [added: [48](#i094c916ca469465ab6c8626bba942725_241)] | | |

| | | | [Critical Accounting Estimates and [removed: Assumption](#i0590eae22864498da5b517b0b9be4cc5_241)s] [added: Assumption](#i094c916ca469465ab6c8626bba942725_247)s] | | | [removed: [49](#i0590eae22864498da5b517b0b9be4cc5_241)] [added: [50](#i094c916ca469465ab6c8626bba942725_247)] | | |

| | | | [New Accounting [removed: Standards](#i0590eae22864498da5b517b0b9be4cc5_244)] [added: Standards](#i094c916ca469465ab6c8626bba942725_250)] | | | [removed: [53](#i0590eae22864498da5b517b0b9be4cc5_244)] [added: [53](#i094c916ca469465ab6c8626bba942725_250)] | | |

| | | | [Consolidated Financial [removed: Statements](#i0590eae22864498da5b517b0b9be4cc5_250)] [added: Statements](#i094c916ca469465ab6c8626bba942725_256)] | | | | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i0590eae22864498da5b517b0b9be4cc5_256)] [added: Firm (PCAOB ID:](#i094c916ca469465ab6c8626bba942725_262) 238[)](#i094c916ca469465ab6c8626bba942725_262)] | | | [removed: [56](#i0590eae22864498da5b517b0b9be4cc5_256)] [added: [56](#i094c916ca469465ab6c8626bba942725_262)] | | |

| | | | [Consolidated Statement of [removed: Income](#i0590eae22864498da5b517b0b9be4cc5_259)] [added: Income](#i094c916ca469465ab6c8626bba942725_265)] | | | [removed: [59](#i0590eae22864498da5b517b0b9be4cc5_259)] [added: [58](#i094c916ca469465ab6c8626bba942725_265)] | | |

| | | | [Consolidated Statement of Comprehensive [removed: Income](#i0590eae22864498da5b517b0b9be4cc5_265)] [added: Income](#i094c916ca469465ab6c8626bba942725_268)] | | | [removed: [60](#i0590eae22864498da5b517b0b9be4cc5_265)] [added: [59](#i094c916ca469465ab6c8626bba942725_268)] | | |

| | | | [Consolidated Balance [removed: Sheet](#i0590eae22864498da5b517b0b9be4cc5_271)] [added: Sheet](#i094c916ca469465ab6c8626bba942725_274)] | | | [removed: [61](#i0590eae22864498da5b517b0b9be4cc5_271)] [added: [60](#i094c916ca469465ab6c8626bba942725_274)] | | |

| | | | [Consolidated Statement of Cash [removed: Flows](#i0590eae22864498da5b517b0b9be4cc5_277)] [added: Flows](#i094c916ca469465ab6c8626bba942725_280)] | | | [removed: [62](#i0590eae22864498da5b517b0b9be4cc5_277)] [added: [61](#i094c916ca469465ab6c8626bba942725_280)] | | |

| | | | [Consolidated Statement of [removed: Equity](#i0590eae22864498da5b517b0b9be4cc5_280)] [added: Equity](#i094c916ca469465ab6c8626bba942725_283)] | | | [removed: [63](#i0590eae22864498da5b517b0b9be4cc5_280)] [added: [62](#i094c916ca469465ab6c8626bba942725_283)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i0590eae22864498da5b517b0b9be4cc5_289)] [added: Statements](#i094c916ca469465ab6c8626bba942725_292)] | | | | | | | | |

| [Note [removed: 1](#i0590eae22864498da5b517b0b9be4cc5_292)] [added: 1](#i094c916ca469465ab6c8626bba942725_295)] | | | [Summary of Significant Accounting [removed: Policies](#i0590eae22864498da5b517b0b9be4cc5_292)] [added: Policies](#i094c916ca469465ab6c8626bba942725_295)] | | | [removed: [64](#i0590eae22864498da5b517b0b9be4cc5_292)] [added: [63](#i094c916ca469465ab6c8626bba942725_295)] | | |

| [removed: [Note](#i0590eae22864498da5b517b0b9be4cc5_295) [2](#i0590eae22864498da5b517b0b9be4cc5_295)] [added: [Note 2](#i094c916ca469465ab6c8626bba942725_298)] | | | [Changes in Accumulated [removed: Other](#i0590eae22864498da5b517b0b9be4cc5_295)[](#i0590eae22864498da5b517b0b9be4cc5_295)] [added: Other](#i094c916ca469465ab6c8626bba942725_298)] [Comprehensive [removed: Losses](#i0590eae22864498da5b517b0b9be4cc5_295)] [added: Losses](#i094c916ca469465ab6c8626bba942725_298)] | | | [removed: [67](#i0590eae22864498da5b517b0b9be4cc5_295)] [added: [66](#i094c916ca469465ab6c8626bba942725_298)] | | |

| [Note [removed: 3](#i0590eae22864498da5b517b0b9be4cc5_298)] [added: 3](#i094c916ca469465ab6c8626bba942725_301)] | | | [Information Relating to the Consolidated Statement of Cash [removed: Flows](#i0590eae22864498da5b517b0b9be4cc5_298)] [added: Flows](#i094c916ca469465ab6c8626bba942725_301)] | | | [removed: [68](#i0590eae22864498da5b517b0b9be4cc5_298)] [added: [67](#i094c916ca469465ab6c8626bba942725_301)] | | |

| [Note [removed: 4](#i0590eae22864498da5b517b0b9be4cc5_301)] [added: 4](#i094c916ca469465ab6c8626bba942725_304)] | | | [New Accounting [removed: Standards](#i0590eae22864498da5b517b0b9be4cc5_301)] [added: Standards](#i094c916ca469465ab6c8626bba942725_304)] | | | [removed: [69](#i0590eae22864498da5b517b0b9be4cc5_301)] [added: [68](#i094c916ca469465ab6c8626bba942725_304)] | | |

| [Note [removed: 5](#i0590eae22864498da5b517b0b9be4cc5_304)] [added: 5](#i094c916ca469465ab6c8626bba942725_307)] | | | [Lease [removed: Commitments](#i0590eae22864498da5b517b0b9be4cc5_304)] [added: Commitments](#i094c916ca469465ab6c8626bba942725_307)] | | | [removed: [69](#i0590eae22864498da5b517b0b9be4cc5_304)] [added: [68](#i094c916ca469465ab6c8626bba942725_307)] | | |

| [Note [removed: 6](#i0590eae22864498da5b517b0b9be4cc5_307)] [added: 6](#i094c916ca469465ab6c8626bba942725_310)] | | | [Summarized Financial Data – Chevron U.S.A. [removed: Inc.](#i0590eae22864498da5b517b0b9be4cc5_307)] [added: Inc.](#i094c916ca469465ab6c8626bba942725_310)] | | | [removed: [71](#i0590eae22864498da5b517b0b9be4cc5_307)] [added: [70](#i094c916ca469465ab6c8626bba942725_310)] | | |

| [Note [removed: 7](#i0590eae22864498da5b517b0b9be4cc5_313)] [added: 9](#i094c916ca469465ab6c8626bba942725_313)] | | | [Fair Value [removed: Measurements](#i0590eae22864498da5b517b0b9be4cc5_313)] [added: Measurements](#i094c916ca469465ab6c8626bba942725_313)] | | | [removed: [71](#i0590eae22864498da5b517b0b9be4cc5_313)] [added: [71](#i094c916ca469465ab6c8626bba942725_313)] | | |

| [Note [removed: 8](#i0590eae22864498da5b517b0b9be4cc5_316)] [added: 10](#i094c916ca469465ab6c8626bba942725_319)] | | | [Financial and Derivative [removed: Instruments](#i0590eae22864498da5b517b0b9be4cc5_316)] [added: Instruments](#i094c916ca469465ab6c8626bba942725_319)] | | | [removed: [72](#i0590eae22864498da5b517b0b9be4cc5_316)] [added: [72](#i094c916ca469465ab6c8626bba942725_319)] | | |

| [Note [removed: 9](#i0590eae22864498da5b517b0b9be4cc5_319)] [added: 11](#i094c916ca469465ab6c8626bba942725_322)] | | | [Assets Held for [removed: Sale](#i0590eae22864498da5b517b0b9be4cc5_319)] [added: Sale](#i094c916ca469465ab6c8626bba942725_322)] | | | [removed: [74](#i0590eae22864498da5b517b0b9be4cc5_319)] [added: [73](#i094c916ca469465ab6c8626bba942725_322)] | | |

| [Note [removed: 12](#i0590eae22864498da5b517b0b9be4cc5_331)] [added: 14](#i094c916ca469465ab6c8626bba942725_334)] | | | [Operating Segments and Geographic [removed: Data](#i0590eae22864498da5b517b0b9be4cc5_331)] [added: Data](#i094c916ca469465ab6c8626bba942725_334)] | | | [removed: [74](#i0590eae22864498da5b517b0b9be4cc5_331)] [added: [74](#i094c916ca469465ab6c8626bba942725_334)] | | |

| [Note [removed: 13](#i0590eae22864498da5b517b0b9be4cc5_334)] [added: 15](#i094c916ca469465ab6c8626bba942725_337)] | | | [Investments and [removed: Advances](#i0590eae22864498da5b517b0b9be4cc5_334)] [added: Advances](#i094c916ca469465ab6c8626bba942725_337)] | | | [removed: [77](#i0590eae22864498da5b517b0b9be4cc5_334)] [added: [77](#i094c916ca469465ab6c8626bba942725_337)] | | |

| [Note [removed: 16](#i0590eae22864498da5b517b0b9be4cc5_346)] [added: 18](#i094c916ca469465ab6c8626bba942725_349)] | | | [Properties, Plant and [removed: Equipment](#i0590eae22864498da5b517b0b9be4cc5_346)] [added: Equipment](#i094c916ca469465ab6c8626bba942725_349)] | | | [removed: [82](#i0590eae22864498da5b517b0b9be4cc5_346)] [added: [82](#i094c916ca469465ab6c8626bba942725_349)] | | |

| [Note [removed: 17](#i0590eae22864498da5b517b0b9be4cc5_349)] [added: 19](#i094c916ca469465ab6c8626bba942725_352)] | | | [Short-Term [removed: Debt](#i0590eae22864498da5b517b0b9be4cc5_349)] [added: Debt](#i094c916ca469465ab6c8626bba942725_352)] | | | [removed: [83](#i0590eae22864498da5b517b0b9be4cc5_349)] [added: [83](#i094c916ca469465ab6c8626bba942725_352)] | | |

| [Note [removed: 18](#i0590eae22864498da5b517b0b9be4cc5_4215)] [added: 20](#i094c916ca469465ab6c8626bba942725_355)] | | | [Long-Term [removed: Debt](#i0590eae22864498da5b517b0b9be4cc5_4215)] [added: Debt](#i094c916ca469465ab6c8626bba942725_355)] | | | [removed: [84](#i0590eae22864498da5b517b0b9be4cc5_4215)] [added: [84](#i094c916ca469465ab6c8626bba942725_355)] | | |

| [Note [removed: 19](#i0590eae22864498da5b517b0b9be4cc5_358)] [added: 21](#i094c916ca469465ab6c8626bba942725_364)] | | | [Accounting for Suspended Exploratory [removed: Wells](#i0590eae22864498da5b517b0b9be4cc5_358)] [added: Wells](#i094c916ca469465ab6c8626bba942725_364)] | | | [removed: [85](#i0590eae22864498da5b517b0b9be4cc5_358)] [added: [85](#i094c916ca469465ab6c8626bba942725_364)] | | |

| [Note [removed: 20](#i0590eae22864498da5b517b0b9be4cc5_361)] [added: 22](#i094c916ca469465ab6c8626bba942725_367)] | | | [Stock Options and Other Share-Based [removed: Compensation](#i0590eae22864498da5b517b0b9be4cc5_361)] [added: Compensation](#i094c916ca469465ab6c8626bba942725_367)] | | | [removed: [86](#i0590eae22864498da5b517b0b9be4cc5_361)] [added: [86](#i094c916ca469465ab6c8626bba942725_367)] | | |

| [Note [removed: 21](#i0590eae22864498da5b517b0b9be4cc5_364)] [added: 23](#i094c916ca469465ab6c8626bba942725_370)] | | | [Employee Benefit [removed: Plans](#i0590eae22864498da5b517b0b9be4cc5_364)] [added: Plans](#i094c916ca469465ab6c8626bba942725_370)] | | | [removed: [87](#i0590eae22864498da5b517b0b9be4cc5_364)] [added: [87](#i094c916ca469465ab6c8626bba942725_370)] | | |

| [Note [removed: 22](#i0590eae22864498da5b517b0b9be4cc5_388)] [added: 2](#i094c916ca469465ab6c8626bba942725_391)[4](#i094c916ca469465ab6c8626bba942725_391)] | | | [Other Contingencies and [removed: Commitments](#i0590eae22864498da5b517b0b9be4cc5_388)] [added: Commitments](#i094c916ca469465ab6c8626bba942725_391)] | | | [removed: [92](#i0590eae22864498da5b517b0b9be4cc5_388)] [added: [92](#i094c916ca469465ab6c8626bba942725_391)] | | |

| [Note [removed: 23](#i0590eae22864498da5b517b0b9be4cc5_409)] [added: 2](#i094c916ca469465ab6c8626bba942725_412)[5](#i094c916ca469465ab6c8626bba942725_412)] | | | [Asset Retirement [removed: Obligations](#i0590eae22864498da5b517b0b9be4cc5_409)] [added: Obligations](#i094c916ca469465ab6c8626bba942725_412)] | | | [removed: [94](#i0590eae22864498da5b517b0b9be4cc5_409)] [added: [93](#i094c916ca469465ab6c8626bba942725_412)] | | |

| | | | [Operating Developments](#i094c916ca469465ab6c8626bba942725_208) | | | [37](#i094c916ca469465ab6c8626bba942725_208) | | |

| | | | [Results of Operations](#i094c916ca469465ab6c8626bba942725_211) | | | [38](#i094c916ca469465ab6c8626bba942725_211) | | |

| | | | [Financial Ratios and Metrics](#i094c916ca469465ab6c8626bba942725_220) | | | [46](#i094c916ca469465ab6c8626bba942725_229) | | |

| | | | [Environmental Matters](#i094c916ca469465ab6c8626bba942725_244) | | | [49](#i094c916ca469465ab6c8626bba942725_244) | | |

| | | | [Quarterly Results](#i094c916ca469465ab6c8626bba942725_253) | | | [54](#i094c916ca469465ab6c8626bba942725_253) | | |

| | | | [Reports of Management](#i094c916ca469465ab6c8626bba942725_256) | | | [55](#i094c916ca469465ab6c8626bba942725_256) | | |

| [Note 7](#i094c916ca469465ab6c8626bba942725_436) | | | [Summarized Financial Data - Tengizchevroil LLP](#i094c916ca469465ab6c8626bba942725_436) | | | [70](#i094c916ca469465ab6c8626bba942725_436) | | |

| [Note 12](#i094c916ca469465ab6c8626bba942725_325) | | | [Equity](#i094c916ca469465ab6c8626bba942725_325) | | | [73](#i094c916ca469465ab6c8626bba942725_325) | | |

| [Note 13](#i094c916ca469465ab6c8626bba942725_328) | | | [Earnings Per Sha](#i094c916ca469465ab6c8626bba942725_328)[re](#i094c916ca469465ab6c8626bba942725_328) | | | [74](#i094c916ca469465ab6c8626bba942725_328) | | |

| [Note 16](#i094c916ca469465ab6c8626bba942725_343) | | | [Litigation](#i094c916ca469465ab6c8626bba942725_343) | | | [78](#i094c916ca469465ab6c8626bba942725_343) | | |

| [Note 17](#i094c916ca469465ab6c8626bba942725_346) | | | [Taxes](#i094c916ca469465ab6c8626bba942725_346) | | | [79](#i094c916ca469465ab6c8626bba942725_346) | | |

| [Note 2](#i094c916ca469465ab6c8626bba942725_415)[6](#i094c916ca469465ab6c8626bba942725_415) | | | [Revenue](#i094c916ca469465ab6c8626bba942725_415) | | | [94](#i094c916ca469465ab6c8626bba942725_415) | | |

Governments, companies, communities, and other stakeholders are increasingly supporting efforts to address climate change, recognizing that individuals and society benefit from access to affordable, reliable, and ever-cleaner energy.

International initiatives and national, regional and state legislation and regulations that aim to directly or indirectly reduce GHG emissions are in various stages of adoption and implementation.

These policies, some of which support the global net zero emissions ambitions of the Paris Agreement, can change the amount of energy consumed, the rate of energy-demand growth, the energy mix, and the relative economics of one fuel versus another.

Implementation of these policies can be dependent on, and can affect the pace of, technological advancements, the granting of necessary permits by governing authorities, the availability of cost-effective, verifiable carbon credits, the availability of suppliers that can meet sustainability and other standards, evolving regulatory requirements affecting ESG standards or other disclosures, and evolving standards for tracking and reporting on emissions and emission reductions and removals.

Beyond the legislative and regulatory landscape, ever changing customer and consumer behavior can also influence energy demand by affecting preferences and use of the company’s products or competitors’ products, now and in the future.

Chevron supports the Paris Agreement’s global approach to governments addressing climate change and is committed to taking actions to help lower the carbon intensity of its operations while continuing to meet the need for energy that supports society.

Chevron integrates climate change-related issues and the regulatory and other responses to these issues into its strategy and planning, capital investment reviews, and risk management tools and processes, where it believes they are applicable.

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

These forecasts reflect estimates of long-range effects from climate change-related policy actions, such as renewable fuel penetration and energy efficiency standards, 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 existing technology or facilities, such as carbon capture and storage, is difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted or customer and consumer preference in a jurisdiction, the company’s activities in it, and market conditions.

As discussed in more detail below, the company has announced planned capital spend of $10 billion through 2028 in lower carbon investments.

Although the future is uncertain, many published outlooks conclude that fossil fuels will remain a significant part of an energy system that increasingly incorporates lower carbon sources of supply.

The company will continue to develop oil and gas resources to meet customers’ demand for energy.

At the same time, Chevron believes that the future of energy is lower carbon.

The company will continue to maintain flexibility in its portfolio to be responsive to changes in policy, technology, and customer preferences.

Chevron aims to grow its traditional oil and gas business, lower the carbon intensity of its operations and grow lower carbon businesses in renewable fuels, hydrogen, carbon capture and offsets.

To grow its lower carbon businesses, Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified, while leveraging the company’s capabilities, assets and customer relationships.

The company’s traditional oil and gas business may increase or decrease depending upon regulatory or market forces, among other factors.

In 2021, Chevron announced the following aspiration and targets that are aligned with its lower carbon strategy:

2050 Net Zero Upstream Aspiration Chevron aspires to achieve net zero for Upstream production Scope 1 and 2 GHG Emissions on an equity basis by 2050.

The company believes accomplishing this aspiration depends on, among other things, partnerships with multiple stakeholders, continuing progress on commercially viable technology, government policy, successful negotiations for carbon capture and storage and nature-based projects, availability of cost-effective, verifiable offsets in the global market, and granting of necessary permits by governing authorities.

2028 Upstream Production GHG Intensity Targets These metrics include Scope 1, direct emissions, and Scope 2, indirect emissions from imported electricity and steam, and are net of emissions from exported electricity and steam.

The targeted 2028 reductions from 2016 on an equity ownership basis include a:

- 40 percent reduction in oil production GHG intensity to 24 kilograms (kg) carbon dioxide equivalent per barrel of oil-equivalent (CO2e/boe),

- 26 percent reduction in gas production GHG intensity to 24 kg CO2e/boe,

- 53 percent reduction in methane intensity to 2 kg CO2e/boe, and

- 66 percent reduction in flaring GHG intensity to 3 kg CO2e/boe.

The company also targets no routine flaring by 2030.

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

| | | | [Operating Developments](#i0590eae22864498da5b517b0b9be4cc5_202) | | | [36](#i0590eae22864498da5b517b0b9be4cc5_202) | | |

| | | | [Results of Operations](#i0590eae22864498da5b517b0b9be4cc5_205) | | | [37](#i0590eae22864498da5b517b0b9be4cc5_205) | | |

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

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

| | | | [Environmental Matters](#i0590eae22864498da5b517b0b9be4cc5_238) | | | [49](#i0590eae22864498da5b517b0b9be4cc5_238) | | |

| | | | [Quarterly Results](#i0590eae22864498da5b517b0b9be4cc5_247) | | | [54](#i0590eae22864498da5b517b0b9be4cc5_247) | | |

| | | | [Reports of Management](#i0590eae22864498da5b517b0b9be4cc5_250) | | | [55](#i0590eae22864498da5b517b0b9be4cc5_250) | | |

| [Note 10](#i0590eae22864498da5b517b0b9be4cc5_322) | | | [Equity](#i0590eae22864498da5b517b0b9be4cc5_322) | | | [74](#i0590eae22864498da5b517b0b9be4cc5_322) | | |

| [Note 11](#i0590eae22864498da5b517b0b9be4cc5_325) | | | [Earnings Per Shar](#i0590eae22864498da5b517b0b9be4cc5_325)e | | | [74](#i0590eae22864498da5b517b0b9be4cc5_325) | | |

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

| [Note 15](#i0590eae22864498da5b517b0b9be4cc5_343) | | | [Taxes](#i0590eae22864498da5b517b0b9be4cc5_343) | | | [79](#i0590eae22864498da5b517b0b9be4cc5_343) | | |

| [Note 24](#i0590eae22864498da5b517b0b9be4cc5_412) | | | [Revenue](#i0590eae22864498da5b517b0b9be4cc5_412) | | | [94](#i0590eae22864498da5b517b0b9be4cc5_412) | | |

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

| [Five-Year Financial Summary](#i0590eae22864498da5b517b0b9be4cc5_430) | | | | | | [98](#i0590eae22864498da5b517b0b9be4cc5_430) | | |

Management's Discussion and Analysis of Financial Condition and Results of Operations

Similarly, impairments or write-offs have occurred, and may occur in the future, as a result of managerial decisions not to progress certain projects in the company’s portfolio.

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.

Additionally, the company suspended its stock repurchase program in March 2020.

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.

The company’s asset sale program for 2018 through 2020 targeted before-tax proceeds of $5-10 billion.

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.

| [Report of Independent Registered Public Accounting Firm — PricewaterhouseCoopers [removed: LLP](#i0590eae22864498da5b517b0b9be4cc5_256)] [added: LLP](#i094c916ca469465ab6c8626bba942725_262)] | | | [removed: [56](#i0590eae22864498da5b517b0b9be4cc5_256)] [added: [56](#i094c916ca469465ab6c8626bba942725_262)] | | |

| [Consolidated Statement of Income for the three years ended December 31, [removed: 20](#i0590eae22864498da5b517b0b9be4cc5_259)[2](#i0590eae22864498da5b517b0b9be4cc5_259)0] [added: 2021](#i094c916ca469465ab6c8626bba942725_265)] | | | [removed: [59](#i0590eae22864498da5b517b0b9be4cc5_259)] [added: [58](#i094c916ca469465ab6c8626bba942725_265)] | | |

| [Consolidated Statement of Comprehensive Income for the three years ended December 31, [removed: 20](#i0590eae22864498da5b517b0b9be4cc5_265)[2](#i0590eae22864498da5b517b0b9be4cc5_265)0] [added: 2021](#i094c916ca469465ab6c8626bba942725_268)] | | | [removed: [60](#i0590eae22864498da5b517b0b9be4cc5_265)] [added: [59](#i094c916ca469465ab6c8626bba942725_268)] | | |

| [Consolidated Balance Sheet at December 31, [removed: 20](#i0590eae22864498da5b517b0b9be4cc5_271)[2](#i0590eae22864498da5b517b0b9be4cc5_271)0] [added: 2021] and [removed: 2019] [added: 2020](#i094c916ca469465ab6c8626bba942725_274)] | | | [removed: [61](#i0590eae22864498da5b517b0b9be4cc5_271)] [added: [60](#i094c916ca469465ab6c8626bba942725_274)] | | |

| [Consolidated Statement of Cash Flows for the three years ended December 31, [removed: 20](#i0590eae22864498da5b517b0b9be4cc5_277)[2](#i0590eae22864498da5b517b0b9be4cc5_277)0] [added: 2021](#i094c916ca469465ab6c8626bba942725_280)] | | | [removed: [62](#i0590eae22864498da5b517b0b9be4cc5_277)] [added: [61](#i094c916ca469465ab6c8626bba942725_280)] | | |

| [Consolidated Statement of Equity for the three years ended December 31, [removed: 20](#i0590eae22864498da5b517b0b9be4cc5_280)[2](#i0590eae22864498da5b517b0b9be4cc5_280)0] [added: 2021](#i094c916ca469465ab6c8626bba942725_283)] | | | [removed: [63](#i0590eae22864498da5b517b0b9be4cc5_280)] [added: [62](#i094c916ca469465ab6c8626bba942725_283)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i0590eae22864498da5b517b0b9be4cc5_289)] [added: Statements](#i094c916ca469465ab6c8626bba942725_292)] | | | [removed: 64] [added: 63] to [removed: 97] [added: 96] | | |

Included below is Schedule II - Valuation and Qualifying Accounts for each of the three years in the period ended December 31, [removed: 2020.][added: 2021.]

| *Millions of Dollars* | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Balance at January 1 | | | $ | [removed: 7] [added: 470] | | | | | $ | [removed: 19] [added: 7] | | | | | $ | [removed: 62] [added: 19] | |

| Additions (reductions) charged to expense | | | [removed: 859] [added: (30)] | | | | | | [removed: 6] [added: 859] | | | | | | [removed: 5] [added: 6] | | |

| Payments | | | [removed: (396)] [added: (397)] | | | | | | [removed: (18)] [added: (396)] | | | | | | [removed: (48)] [added: (18)] | | |

| Balance at December 31 | | | $ | [removed: 470] [added: 43] | | | | | $ | [removed: 7] [added: 470] | | | | | $ | [removed: 19] [added: 7] | |

| Beginning allowance balance for expected credit losses | | | $ | [removed: 849] [added: 671] | | | | | $ | [removed: 980] [added: 849] | | | | | $ | [removed: 606] [added: 980] | |

| Current period provision | | | [removed: 573] [added: 74] | | | | | | [removed: (128)] [added: 573] | | | | | | [removed: 379] [added: (128)] | | |

| Write-offs charged against the allowance, if any | | | [removed: (751)] [added: —] | | | | | | [removed: (3)] [added: (751)] | | | | | | [removed: (5)] [added: (3)] | | |

| Balance at December 31 | | | $ | [removed: 671] [added: 745] | | | | | $ | [removed: 849] [added: 671] | | | | | $ | [removed: 980] [added: 849] | |

| Balance at January 1 | | | $ | [removed: 15,965] [added: 17,762] | | | | | $ | [removed: 15,973] [added: 15,965] | | | | | $ | [removed: 16,574] [added: 15,973] | |

| Additions to deferred income tax expense2 | | | [removed: 2,892] [added: 3,691] | | | | | | [removed: 1,336] [added: 2,892] | | | | | | [removed: 2,000] [added: 1,336] | | |

| Reduction of deferred income tax expense | | | [removed: (1,095)] [added: (3,802)] | | | | | | [removed: (1,344)] [added: (1,095)] | | | | | | [removed: (2,601)] [added: (1,344)] | | |

| Balance at December 31 | | | $ | [removed: 17,762] [added: 17,651] | | | | | $ | [removed: 15,965] [added: 17,762] | | | | | $ | [removed: 15,973] [added: 15,965] | |

2 Includes $974 of additions associated with the purchase of [removed: Noble.][added: Noble in 2020.]

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

1 See also [Note 17 Taxes](#i094c916ca469465ab6c8626bba942725_346).

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

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

| 3.2 | | | [By-Laws of Chevron Corporation, as amended and restated on [removed: 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] [added: September 30, 2020 filed] as Exhibit [removed: 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] [added: 3.1 to] Chevron [removed: 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] [added: Corporation](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[’](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)[s](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) [Quarterly Report] on [removed: 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] [added: Form 10-Q for] the quarter ended September [removed: 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] [added: 30, 2020, and] incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm) | | |

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

| 4.3 | | | [removed: [In](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[denture] [added: [Indenture] dated as [removed: of](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [August 12](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[, 2020,](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [among](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [Chevron](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [U.S.](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[A.] [added: of August 12, 2020, among Chevron U.S.A.] Inc., [removed: Chevron](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[, as](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [guarantor, and](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[Deutsche] [added: Chevron Corporation, as guarantor, and Deutsche] Bank Trust Company Americas, as trustee, filed as Exhibit 4.1 to Chevron [removed: Corporation's Current] [added: Corporation](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[’](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[s](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [Current] Report on Form 8-K [removed: filed](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) [August 13](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm)[,] [added: filed August 13,] 2020, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000119312520218015/d91339dex41.htm) | | |

| 4.4 | | | [Confidential Stockholder Voting Policy of Chevron Corporation, filed as Exhibit 4.2 [removed: to](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv4w2.htm) [](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv4w2.htm)[Chevron] [added: 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/f50714exv4w2.htm) | | |

| 4.5 | | | [Description of Securities Registered under Section 12 of the Exchange [removed: Act](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)[,] [added: Act,] filed as Exhibit 4.4 to Chevron [removed: Corporation's Annual R](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)[eport] [added: Corporation](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)[’](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm)[s](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex44.htm) [Annual Report] 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) | | |

| [removed: 10.5+*] [added: 10.5+] | | | [Chevron Incentive Plan, amended and restated effective January 1, [removed: 2021.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)] [added: 2021, filed as Exhibit 10.5 to Chevron Corporation’s Annual Report on Form 10-K](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm) [for the year ended December 31](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)[, 202](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)[0](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)[, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)] | | |

| 10.6+* | | | [Summary of Chevron Incentive Plan Award [removed: Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit106.htm)] [added: Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/exhibit1062021.htm)] | | |

| 10.9+ | | | [Form of Performance Share Award Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.1 to Chevron [removed: Corporation's Current] [added: Corporation](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit101toform8-kpsu.htm)[’](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit101toform8-kpsu.htm)[s](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit101toform8-kpsu.htm) [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) | | |

| 10.10+ | | | [Form of Standard Restricted Stock Unit Award Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.3 to Chevron [removed: Corporation's Current] [added: Corporation](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit103toform8-ksta.htm)[’](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit103toform8-ksta.htm)[s](http://www.sec.gov/Archives/edgar/data/93410/000009341020000007/exhibit103toform8-ksta.htm) [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) | | |

| 10.11+ | | | [Form of Special Restricted Stock Unit Award Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.3 to Chevron [removed: Corporation's Current] [added: Corporation](http://www.sec.gov/Archives/edgar/data/93410/000009341019000004/exhibit103-2019specialrsua.htm)[’](http://www.sec.gov/Archives/edgar/data/93410/000009341019000004/exhibit103-2019specialrsua.htm)[s](http://www.sec.gov/Archives/edgar/data/93410/000009341019000004/exhibit103-2019specialrsua.htm) [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) | | |

| 10.12+ | | | [Form of Non-Qualified Stock [removed: Options] [added: Option Award] Agreement under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.2 to Chevron [removed: Corporation's] [added: 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) | | |

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

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

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

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

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

| 21.1* | | | [Subsidiaries of Chevron Corporation (page [removed: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/cvx12312020ex211.htm)] [added: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/cvx12312021ex211.htm)] | | |

| 22.1 | | | [Subsidiary Issuer of Guaranteed Securities, filed as Exhibit 22.1 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter [removed: ended September 30, 2020,] [added: ended](https://www.sec.gov/Archives/edgar/data/93410/000009341021000015/a03312021ex221guaranteedse.htm) [March 31](https://www.sec.gov/Archives/edgar/data/93410/000009341021000015/a03312021ex221guaranteedse.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341021000015/a03312021ex221guaranteedse.htm)[1](https://www.sec.gov/Archives/edgar/data/93410/000009341021000015/a03312021ex221guaranteedse.htm)[,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000050/a09302020ex221guarante.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000015/a03312021ex221guaranteedse.htm)] | | |

| 23.1* | | | [Consent of PricewaterhouseCoopers LLP (page [removed: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/cvx12312020ex231q4.htm)] [added: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/cvx12312021ex231q4.htm)] | | |

| 24.1* | | | [Power of Attorney for certain directors of Chevron Corporation, authorizing the signing of the Annual Report on Form 10-K on their [removed: behalf.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/cvx12312020ex241q4.htm)] [added: behalf.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/cvx12312021ex241q4.htm)] | | |

| 31.1* | | | [Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer (page [removed: E-3).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/a12312020ex311ceo-sox302ng.htm)] [added: E-3).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/a12312021ex311ceo-sox302.htm)] | | |

| 31.2* | | | [Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer (page [removed: E-4).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/a12312020ex312cfo-sox302ng.htm)] [added: E-4).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/a12312021ex312cfo-sox302.htm)] | | |

| 32.1 | | | [Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer (page [removed: E-5).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/a12312020ex321ceo-sox906ng.htm)] [added: E-5).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/a12312021ex321ceo-sox906.htm)] | | |

| 32.2 | | | [Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer (page [removed: E-6).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/a12312020ex322cfo-sox906ng.htm)] [added: E-6).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/a12312021ex322cfo-sox906.htm)] | | |

| 99.1* | | | [Definitions of Selected Energy and Financial Terms (pages E-7 through [removed: E-8).](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/cvx12312020ex991q4ng.htm)] [added: E-8).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/cvx12312021ex991q4.htm)] | | |

| [removed: 99.3*] [added: 99.2] | | | [Report of Netherland, Sewell & Associates, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit993.htm)] [added: Inc.](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit993.htm)[,](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit993.htm) [](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit993.htm)[filed as Exhibit 99.3 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit993.htm)] | | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the [removed: 25th] [added: 24th] day of February, [removed: 2021.][added: 2022.]

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the [removed: 25th] [added: 24th] day of February, [removed: 2021.][added: 2022.]

___________________________________________

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

| 23.3* | | | [Consent of Independent Petroleum Engineers and Geologists - Netherland, Sewell & Associates, Inc.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit233.htm) | | |

| 99.2* | | | [Tengizchevroil LLP Consolidated Financial Statements for the fiscal year ended December 31, 2020](https://www.sec.gov/Archives/edgar/data/93410/000009341021000009/ex992tco.htm). | | |

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