Chevron (CVX) 10-K risk factor changes: FY2022 vs FY2021

Impacts of the continuation or further resurgences of the 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 been [removed: and continue to be] far reaching.

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

In addition, [removed: the continuation or] further resurgences of the pandemic could precipitate or aggravate the other risk factors identified in this Form 10-K, which in turn could materially and adversely affect our business, financial condition, liquidity, results of operations and profitability, including in ways not currently known or considered by us to present significant risks.

The [removed: single largest variable] [added: most significant factor] that affects the company’s results of operations is the price of crude oil, which can be influenced by general economic [removed: conditions,] [added: conditions and level of economic growth, including low or negative growth;] industry production and inventory [removed: levels,] [added: levels;] technology advancements, [added: including those in pursuit of a lower carbon economy;] production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries or other [removed: producers,] [added: producers;] weather-related damage and disruptions due to other natural or human causes beyond our control (including without limitation due to the COVID-19 [removed: pandemic),] [added: pandemic);] competing fuel [removed: prices,] [added: prices;] geopolitical [removed: risks,] [added: risks;] the pace of energy [removed: transition,] [added: transition; customer] and [removed: governmental regulations] [added: consumer preferences] and [added: the use of substitutes; and governmental regulations,] policies [added: and other actions] regarding the development of oil and gas [removed: reserves.][added: reserves, as well as greenhouse gas emissions and climate change.]

Among other things, the company’s upstream earnings, cash flows, and capital [removed: and exploratory] expenditure programs could be negatively affected, as could its production and proved reserves.

The company may be unable to realize anticipated cost savings, expenditure reductions and asset sales that are intended to compensate for such 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 [added: organization.]

Creating and maintaining an inventory of projects depends on many factors, including obtaining and renewing rights to explore, develop and produce hydrocarbons; drilling success; reservoir optimization; ability to bring long-lead-time, capital-intensive projects to completion on budget and on schedule; [added: partner alignment, including strategic support;] and efficient and profitable operation of mature properties.

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, [removed: war,] [added: war or other military conflicts such as the ongoing conflict in Ukraine,] accidents, civil unrest, political events, fires, earthquakes, system failures, cyber threats, terrorist acts and epidemic or pandemic diseases such as the COVID-19 pandemic, 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 business [removed: 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.]

The company’s operations have inherent risks and hazards that require significant and continuous oversight Chevron’s results depend on its ability to identify and mitigate the risks and hazards inherent to operating in the [removed: crude oil and natural gas] [added: energy] industry.

Chevron has implemented and maintains a system of corporate policies, processes and systems, behaviors and compliance [added: 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.]

For information concerning some of the litigation in which the company is involved, see [Note 16 [removed: Litigation](#i094c916ca469465ab6c8626bba942725_343).][added: Litigation](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_355).]

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

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 [removed: regulations.][added: regulations, including but not limited to, substantive changes in, reductions in, or the repeal or expiration of tax incentives, such as U.S. federal tax incentives for biodiesel blending, which expire in 2024.]

For information concerning the company’s tax liabilities, see [Note 17 [removed: Taxes](#i094c916ca469465ab6c8626bba942725_346)] [added: Taxes](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358)] and [Note 24 Other Contingencies and [removed: Commitments](#i094c916ca469465ab6c8626bba942725_394).][added: Commitments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_406).]

Legislation, regulation, and other government actions and shifting customer [added: and consumer] 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 products, resulting in a material adverse effect on the company’s results of operations and financial condition Chevron has experienced and may be further challenged by increases in the impacts of international and domestic legislation, regulation, or other government actions relating to GHG emissions (e.g., carbon dioxide and methane) and climate change.

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

[removed: GHG emissions that may be directly regulated 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 customers’ [added: and consumers’] use of the company’s hydrocarbon products.

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

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

In particular, GHG emissions-related legislation, regulations, and other government actions and shifting customer [added: and consumer] 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; 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; impact or limit our business plans; and adversely affect the company’s sales volumes, revenues, margins and reputation.

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

Increasing attention to environmental, social, and governance (ESG) matters may impact our business Increasing attention to ESG matters, including those related to climate change and sustainability, increasing societal, investor and legislative pressure on companies to address ESG matters, and potential customer [added: and consumer] use of substitutes to Chevron’s products may result in [added: changes to the portfolio of company activities,] increased costs, reduced demand for our products, reduced profits, increased investigations and litigation or threats thereof, negative impacts on our stock price and access to capital markets, and damage to our reputation.

For instance, we have received investigative requests and demands from the U.S. Congress for information relating to climate change, methane leak [added: detection and repair, and other topics, and further requests and/or demands are possible.]

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 matters, including climate change and climate-related [removed: risks.][added: risks (including entities commonly referred to as “raters and rankers”).]

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

Our aspirations, targets and disclosures related to ESG matters [removed: expose] [added: subject] us to numerous [removed: risks, including] risks [removed: to] [added: that may negatively impact] our reputation and stock [removed: price In October 2021,] [added: price or result in other material adverse impacts to the company] Chevron [added: has] announced an aspiration to achieve net zero Scope 1 and 2 emissions in [removed: Upstream] [added: upstream] by 2050.

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

These [added: and other] aspirations, targets or objectives reflect our current plans and aspirations and are not guarantees that we will [removed: be able to] achieve [removed: them.][added: them, particularly as we encounter new opportunities and/or limitations as our portfolio and market conditions evolve.]

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 [added: and acceptability] 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’ [added: and consumers’] 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.

Achievement of or efforts to achieve [removed: aspirations] [added: aspirations, targets, goals] and [removed: targets] [added: objectives] 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 [removed: plans] [added: plans, operations] 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 [removed: aspirations] [added: aspirations, targets, goals] and [removed: targets] [added: objectives] or to satisfy various reporting standards within the timelines we announce, or at all, could have a negative impact on [added: the company’s reputation,] 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.

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

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

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.

In certain locations, governments have proposed or imposed

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

During periods of high profitability for certain companies or industries, there are often calls for increased taxes on profits, often called “windfall profit” taxes.

Governments in various jurisdictions, including California and Australia, have announced, proposed, or implemented windfall profit taxes for companies operating in the energy and oil and gas sectors.

Such taxes may be imposed on us or may be increased in the future in these or other jurisdictions.

The imposition of, or increase in, such windfall profit taxes could adversely affect the company’s current or anticipated future operations and profitability.

Legislation, regulation, and other government actions related to GHG emissions and climate change could reduce demand for Chevron’s hydrocarbon and other products and/or continue to increase Chevron’s operational costs.

For example, the company is currently subject to implemented programs in certain jurisdictions, such as the Renewable Fuel Standard program in the U.S., California’s Cap-and-Trade Program and Low Carbon Fuel Standard, and newly approved mandates such as the California Air Resources Board Advanced Clean Cars II regulations, as well as other indirect regulation of GHG emissions, which may, among other things, ban or restrict technologies or products that use the company’s hydrocarbon products.

GHG emissions that may be directly regulated through such efforts include, among others, those associated with the company’s exploration and production of

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

In addition, the U.S. Inflation Reduction Act (IRA) implements various incentives for lower carbon activities, including carbon capture and storage and the production of hydrogen and sustainable aviation fuel.

Although the IRA offers incentives that could support certain lower carbon lines of business, those same incentives could negatively impact demand for our traditional base business of oil and gas products in the future or any existing or future lower carbon business lines.

For example, some jurisdictions are in various stages of design, adoption, and implementation of policies and programs that cap emissions and/or require short-, medium-, and long-term GHG reductions by operators at the asset or facility level, which may not be technologically feasible, or which could require significant capital expenditure, increase costs of or limit production and limit Chevron’s ability to cost-effectively reduce GHG emissions across its global portfolio.

Further, voluntary carbon-related and target-setting frameworks have developed, and continue to develop, that limit the ability of certain sectors, including the oil and gas sector, from participating, and may result in exclusion of the company’s equity from being included as an investment option in portfolios.

In addition, some stakeholders, including some of our investors, have divergent views on our ESG-related strategies and priorities, vis-à-vis our traditional and lower carbon lines of business, calling for focus on increased production of oil and gas products

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

rather than new business lines and climate-related targets.

These circumstances, among others, may result in pressure from activists on production; unfavorable reputational impacts, including inaccurate perceptions or a misrepresentation of our actual ESG policies and practices; diversion of management’s attention and resources; and proxy fights, among other material adverse impacts on our businesses.

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

liabilities, including litigation reserves; and measurement of benefit obligations for pension and other postretirement benefit plans.

The company’s suppliers 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 pressure on the company’s financial results and may negatively impact supply assurance and supplier performance.

organization.

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 company is currently subject to implemented programs 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.

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

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

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.

The index to Management’s Discussion and Analysis of Financial Condition and Results of Operations is presented [removed: on page 31.][added: in the [Financial Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_202).]

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 — [removed: “Financial] [added: [Financial] and Derivative [removed: Instrument Market Risk,” beginning on page 47] [added: Instruments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_241)] and in [Note 10 Financial and Derivative [removed: Instruments](#i094c916ca469465ab6c8626bba942725_319).][added: Instruments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331).]

A list of the company’s [removed: major] [added: significant] subsidiaries is presented in [Exhibit [removed: 21.1](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/cvx12312021ex211.htm).][added: 21.1](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex211.htm).]

Prices for crude oil, natural gas, [added: liquefied natural gas,] petroleum products and petrochemicals are generally determined by supply and demand.

Chevron’s strategy is to leverage [removed: its] [added: our] strengths to [added: safely] deliver lower carbon energy to a growing world.

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

[removed: Chevron aims] [added: We aim] to [added: grow our traditional oil and gas business,] lower the carbon intensity of [removed: its traditional oil and gas] [added: our] operations and grow [added: new] lower carbon businesses in renewable fuels, hydrogen, carbon [removed: capture] [added: capture, offsets,] and [removed: offsets.][added: other emerging technologies.]

Chevron invests in its [removed: employees] [added: workforce] and culture, with the objective of [removed: developing the] [added: engaging employees to develop their] full potential [removed: of its workforce] to deliver energy solutions and [removed: drive] [added: enable] human progress.

The following table summarizes the number of Chevron employees by gender, where data is available, and by region as of December 31, [removed: 2021.][added: 2022.]

| Other Americas | | | [removed: 925] | | | [removed: 27] | | [removed: %] | [removed: 2,484] | | | [removed: 72] | | [removed: %] | [removed: 37] | | | [removed: 1] | | [removed: %] | [removed: 3,446] | | | [removed: 8] | | [removed: %] | [added: | | | | | | | | | | | |]

| Total Non-Service Station Employees | | | [removed: 10,034] [added: 10,371] | | | 27 | | % | [removed: 27,363] [added: 27,794] | | | 73 | | % | [removed: 101] [added: 93] | | | — | | % | [removed: 37,498] [added: 38,258] | | | [removed: 88] [added: 87] | | % |

The company’s approach to attracting, developing and retaining a [added: global,] 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 leadership regularly reviews metrics on employee training and development programs, which are continually [removed: evolving] [added: refined] to meet the needs of our evolving business.

Chevron believes [removed: innovative solutions to] [added: human ingenuity has] the [removed: most complex challenges emerge] [added: power to solve difficult problems] when diverse people, [removed: ideas,] [added: ideas] and experiences come together in an inclusive environment.

[removed: initiatives] [added: Chevron strives] to [removed: further advance diversity and inclusion include] [added: build an inclusive environment through innovative programs such as] the company’s MARC (Men Advocating Real Change) program launched in [removed: 2017] [added: 2017,] in partnership with the non-profit organization [removed: Catalyst] [added: Catalyst,] to facilitate discussions on gender equity in the [removed: workplace, and selection processes that reinforce the importance of diverse selection teams and candidate slates.][added: workplace.]

In addition, Chevron has [removed: twelve] [added: 11] 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.

[removed: In 2021, the company increased] [added: Chevron’s] survey frequency [added: enables the company] to better understand employee sentiment throughout the [removed: year, including focused efforts to] [added: year and] gain insights into employee well-being.

Tabulations of segment sales and other operating revenues, earnings, assets, and income taxes for the three years ending December 31, [removed: 2021,] [added: 2022,] and assets as of the end of [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] — for the United States and the company’s international geographic areas — are in [Note 14 Operating Segments and Geographic [removed: Data](#i094c916ca469465ab6c8626bba942725_334)] [added: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] to the Consolidated Financial Statements.

Similar comparative data for the company’s investments in and income from equity affiliates and property, plant and equipment are in [Note 15 Investments and [removed: Advances](#i094c916ca469465ab6c8626bba942725_337)] [added: Advances](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] and [Note 18 Property, Plant and [removed: Equipment](#i094c916ca469465ab6c8626bba942725_349).][added: Equipment](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_361).]

Refer to [removed: page 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 [removed: capital and exploratory expenditures.][added: [Capital Expenditures](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_229).]

Refer to [Table [removed: V](#i094c916ca469465ab6c8626bba942725_463)] [added: V](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_469)] for a tabulation of the company’s proved reserves by geographic area, at the beginning of [removed: 2019] [added: 2020] and at each year-end from [removed: 2019] [added: 2020] through [removed: 2021.][added: 2022.]

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: 2021,] [added: 2022,] are summarized in the discussion for Table V.

At December 31, [removed: 2021, 34] [added: 2022, 36] percent of the company’s net proved oil-equivalent reserves were located in the United States, [removed: 19] [added: 16] percent were located in Australia and [removed: 16] [added: 14] percent were located in Kazakhstan.

The net proved reserve balances at the end of each of the three years [removed: 2019] [added: 2020] through [removed: 2021] [added: 2022] are shown in the following table:

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | |

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

| Consolidated Companies | | | [removed: 4,756] [added: 9,664] | | | | | | [removed: 4,475] [added: 9,475] | | | | | | [removed: 4,771] [added: 8,976] | | | | | |

| Consolidated Companies | | | [removed: 28,314] [added: 28,765] | | | | | | [removed: 27,006] [added: 28,314] | | | | | | [removed: 26,587] [added: 27,006] | | | | | |

| Affiliated Companies | | | [removed: 2,594] [added: 2,099] | | | | | | [removed: 2,916] [added: 2,594] | | | | | | [removed: 2,870] [added: 2,916] | | | | | |

| Total Natural Gas | | | [removed: 30,908] [added: 30,864] | | | | | | [removed: 29,922] [added: 30,908] | | | | | | [removed: 29,457] [added: 29,922] | | | | | |

| Affiliated Companies | | | [removed: 1,789] [added: 1,565] | | | | | | [removed: 2,158] [added: 1,789] | | | | | | [removed: 2,229] [added: 2,158] | | | | | |

| Total Oil-Equivalent | | | [removed: 11,264] [added: 11,229] | | | | | | [removed: 11,134] [added: 11,264] | | | | | | [removed: 11,431] [added: 11,134] | | | | | |

Net Production of [added: Crude Oil, Natural Gas] Liquids and Natural Gas

The following table summarizes the net production of [added: crude oil, natural gas] liquids and natural gas for [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] by the company and its affiliates.

Worldwide oil-equivalent production of [removed: 3.099] [added: 3] million barrels per day in [removed: 2021] [added: 2022] was [removed: up] [added: down] approximately [removed: 1] [added: 3] percent from [removed: 2020.][added: 2021.]

Refer to the [removed: [“Results] [added: [Results] of [removed: Operations”](#i094c916ca469465ab6c8626bba942725_211)] [added: Operations](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_217)] section [removed: beginning on page 38] for a detailed discussion of the factors explaining the changes in production for [added: liquids (including] crude oil, condensate, natural gas [removed: liquids,] [added: liquids and] synthetic [removed: oil] [added: oil)] and natural gas, and refer to [Table [removed: V](#i094c916ca469465ab6c8626bba942725_463)] [added: V](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_469)] for information on annual production by geographical region.

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

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

| *Thousands of barrels per day (MBPD)* | | | (MBPD)1 | | | | | | | | | [added: (MBPD)2 | | | | | | | | |] (MBPD) | | | | | | | | | (MMCFPD) | | | | | | | | |

| *Millions of cubic feet per day (MMCFPD)* | | | [removed: 2021] [added: 2022] | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | [removed: 2020] [added: 2021] | | | | | | [added: 2022 | | | 2021 | | | | | |]

| Other Americas | | | [added: 7] | | | [added: 5] | | | | | | [added: 35] | | | [added: —] | | | | | | [added: 54] | | | [added: —] | | | | | | [added: 27 | | | — | | | | | |]

| Argentina | | | [removed: 33] [added: 40] | | | [removed: 25] [added: 33] | | | | | | [removed: 28] [added: 35] | | | [removed: 21] [added: 28] | | | | | | [removed: 31] [added: —] | | | [removed: 24] [added: —] | | | | | | [added: 34 | | | 31 | | | | | |]

We are building on our capabilities, assets and customer relationships as we aim to lead in lower carbon intensity oil, products and natural gas, as well as advance new products and solutions that reduce the carbon emissions of major industries.

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

| | | | At December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | |

| U.S. | | | 5,343 | | | 27 | | % | 14,609 | | | 73 | | % | 23 | | | — | | % | 19,975 | | | 46 | | % |

| Africa | | | 613 | | | 16 | | % | 3,246 | | | 84 | | % | 3 | | | — | | % | 3,862 | | | 9 | | % |

| Asia | | | 2,420 | | | 34 | | % | 4,675 | | | 66 | | % | 32 | | | — | | % | 7,127 | | | 16 | | % |

| Australia | | | 557 | | | 25 | | % | 1,629 | | | 74 | | % | 3 | | | — | | % | 2,189 | | | 5 | | % |

| Europe | | | 433 | | | 28 | | % | 1,099 | | | 71 | | % | 11 | | | 1 | | % | 1,543 | | | 4 | | % |

| Service Station Employees | | | 2,121 | | | 38 | | % | 1,675 | | | 30 | | % | 1,792 | | | 32 | | % | 5,588 | | | 13 | | % |

| Total Employees | | | 12,492 | | | 28 | | % | 29,469 | | | 67 | | % | 1,885 | | | 4 | | % | 43,846 | | | 100 | | % |

The company invests in developing leadership at every level.

For example, Chevron expanded a coaching program that reaches deeper into the organization, including frontline supervisors, managers and individual contributors.

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

MARC is active in over 35 Chevron locations on six continents around the world with over 5,000 participants since inception.

Also, when hiring for a position, many selection processes now include inclusion counselors who help check against unconscious biases and provide outside perspectives.

Chevron’s leadership development also reflects Chevron’s diversity focus.

In 2022, Chevron offered numerous leadership programs to promote leadership diversity, including the Global Women’s Leadership Development Program, Transformational Leadership for Multicultural Women, Executive Leadership Council (U.S. Black employees), Asia Pacific Leadership Development Program, Asian American Leadership Development Program, and Latino Leadership Development Program.

The company also introduced surveys to understand employee experience trends throughout the employee lifecycle.

The company has set clear expectations for leaders to deliver operational excellence by demonstrating their commitment to prioritizing the safety and health of its workforce, and the protection of communities, the environment and the company’s assets.

In February, Chevron received the 2023 Platinum Bell Seal for Workplace Mental Health by Mental Health America.

The Bell Seal is a first-of-its-kind workplace mental health certification that recognizes employers who strive to create mentally healthy workplaces for their employees.

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

These activities are managed by the Oil, Products and Gas organization.

| Crude Oil, Condensate and Synthetic Oil — Millions of barrels | | | | | | | | | | | | | | | | | | | | |

| Consolidated Companies | | | 3,868 | | | | | | 3,821 | | | | | | 3,766 | | | | | |

| Affiliated Companies | | | 1,129 | | | | | | 1,254 | | | | | | 1,553 | | | | | |

| Total Crude Oil, Condensate and Synthetic Oil | | | 4,997 | | | | | | 5,075 | | | | | | 5,319 | | | | | |

| Consolidated Companies | | | 1,002 | | | | | | 935 | | | | | | 709 | | | | | |

| Affiliated Companies | | | 86 | | | | | | 103 | | | | | | 119 | | | | | |

| Total Natural Gas Liquids | | | 1,088 | | | | | | 1,038 | | | | | | 828 | | | | | |

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

| | | | At December 31, 2022 | | | | | | | | | | | | | | | | | | | | |

In the upstream, the company’s strategy is to deliver industry-leading returns while developing high-value resource opportunities.

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

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.

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

| 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 | | % |

| 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 | | % |

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

Examples of

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.

| Affiliated Companies | | | 1,357 | | | | | | 1,672 | | | | | | 1,750 | | | | | |

| Total Liquids | | | 6,113 | | | | | | 6,147 | | | | | | 6,521 | | | | | |

| Consolidated Companies | | | 9,475 | | | | | | 8,976 | | | | | | 9,202 | | | | | |

Additional production from the Noble Energy, Inc. (Noble) acquisition and lower production curtailments were partially offset by asset sale related decreases of 80,000 barrels per day, expiration of the Rokan concession in Indonesia, unfavorable entitlement effects, and normal field declines.

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

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

| United States2 | | | 1,139 | | | 1,058 | | | | | | 858 | | | 790 | | | | | | 1,689 | | | 1,607 | | | | | |

| Canada3 | | | 161 | | | 159 | | | | | | 136 | | | 138 | | | | | | 150 | | | 126 | | | | | |

| Colombia4 | | | — | | | 2 | | | | | | — | | | — | | | | | | — | | | 14 | | | | | |

| Nigeria | | | 165 | | | 183 | | | | | | 124 | | | 140 | | | | | | 246 | | | 260 | | | | | |

| Total Africa | | | 334 | | | 327 | | | | | | 249 | | | 267 | | | | | | 515 | | | 368 | | | | | |

| Azerbaijan4 | | | — | | | 7 | | | | | | — | | | 7 | | | | | | — | | | 3 | | | | | |

| Indonesia | | | 67 | | | 138 | | | | | | 62 | | | 131 | | | | | | 30 | | | 43 | | | | | |

| Israel2 | | | 91 | | | 20 | | | | | | 1 | | | — | | | | | | 541 | | | 116 | | | | | |

| Partitioned Zone5 | | | 58 | | | 18 | | | | | | 56 | | | 17 | | | | | | 7 | | | 3 | | | | | |

| Philippines4 | | | — | | | 5 | | | | | | — | | | 1 | | | | | | — | | | 25 | | | | | |

| Thailand | | | 163 | | | 207 | | | | | | 41 | | | 54 | | | | | | 736 | | | 918 | | | | | |

| United Kingdom4 | | | 14 | | | 14 | | | | | | 13 | | | 13 | | | | | | 6 | | | 5 | | | | | |

| Total Consolidated Companies | | | 2,712 | | | 2,636 | | | | | | 1,530 | | | 1,537 | | | | | | 7,093 | | | 6,595 | | | | | |

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

| Total Including Affiliates7 | | | 3,099 | | | 3,083 | | | | | | 1,814 | | | 1,868 | | | | | | 7,709 | | | 7,290 | | | | | |

| 2 Includes production associated with the acquisition of Noble commencing October 2020. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4 Chevron sold its interest in various upstream producing assets in 2020 and 2021. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 5 Located between Saudi Arabia and Kuwait. Production was shut-in in May 2015 and resumed in July 2020. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

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

Please see information related to other legal proceedings in [Note 16 [removed: Litigation](#i094c916ca469465ab6c8626bba942725_343).][added: Litigation](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_355).]

As previously disclosed, the California Department of Fish and Game, Office of Spill Prevention and Response issued a Complaint - Notice of Violation (NOV) to Chevron for alleged violations related to oil spills and impacted habitat and species occurring between January 2018 and May 2022 at different Chevron fields within Kern County, California.

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

The Pasadena refinery is currently negotiating a resolution of the NOVs with the Texas Attorney General.

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.

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.

For the fiscal year ended December 31, [removed: 2021][added: 2022]

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

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

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

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: $202.5] [added: $283.4] billion (As of June 30, [removed: 2021)][added: 2022)]

Number of Shares of Common Stock outstanding as of February 10, [removed: 2022] [added: 2023] — [removed: 1,947,553,346][added: 1,906,674,044]

Notice of the [removed: 2022] [added: 2023] Annual Meeting and [removed: 2022] [added: 2023] 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: 2022] [added: 2023] Annual Meeting of Stockholders (in Part III)

| | | | [General Development of [removed: Business](#i094c916ca469465ab6c8626bba942725_25)] [added: Business](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_25)] | | | [removed: [3](#i094c916ca469465ab6c8626bba942725_25)] [added: [3](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_25)] | | | | | |

| | | | [Description of Business and [removed: Properties](#i094c916ca469465ab6c8626bba942725_34)] [added: Properties](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_34)] | | | [removed: [6](#i094c916ca469465ab6c8626bba942725_34)] [added: [6](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_34)] | | | | | |

| | | | [Other [removed: Businesses](#i094c916ca469465ab6c8626bba942725_112)] [added: Businesses](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_112)] | | | [removed: [18](#i094c916ca469465ab6c8626bba942725_112)] [added: [19](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_112)] | | | | | |

| [removed: [1A.](#i094c916ca469465ab6c8626bba942725_121)] [added: [1A.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_124)] | | | [Risk [removed: Factors](#i094c916ca469465ab6c8626bba942725_121)] [added: Factors](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_124)] | | | [removed: [20](#i094c916ca469465ab6c8626bba942725_121)] [added: [20](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_124)] | | | | | |

| [removed: [1B.](#i094c916ca469465ab6c8626bba942725_124)] [added: [1B.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_127)] | | | [Unresolved Staff [removed: Comments](#i094c916ca469465ab6c8626bba942725_124)] [added: Comments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_127)] | | | [removed: [25](#i094c916ca469465ab6c8626bba942725_124)] [added: [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_127)] | | | | | |

| [removed: [4.](#i094c916ca469465ab6c8626bba942725_133)] [added: [4.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] | | | [Mine Safety [removed: Disclosures](#i094c916ca469465ab6c8626bba942725_133)] [added: Disclosures](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] | | | [removed: [25](#i094c916ca469465ab6c8626bba942725_133)] [added: [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] | | | | | |

| | | | [Information about our Executive [removed: Officers](#i094c916ca469465ab6c8626bba942725_133)] [added: Officers](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] | | | [removed: [25](#i094c916ca469465ab6c8626bba942725_133)] [added: [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] | | | | | |

| [removed: [5.](#i094c916ca469465ab6c8626bba942725_139)] [added: [5.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_142)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i094c916ca469465ab6c8626bba942725_139)] [added: Securities](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_142)] | | | [removed: [26](#i094c916ca469465ab6c8626bba942725_139)] [added: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_142)] | | | | | |

| [removed: [7.](#i094c916ca469465ab6c8626bba942725_145)] [added: [7.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_148)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i094c916ca469465ab6c8626bba942725_145)] [added: Operations](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_148)] | | | [removed: [26](#i094c916ca469465ab6c8626bba942725_145)] [added: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_148)] | | | | | |

| [removed: [7A.](#i094c916ca469465ab6c8626bba942725_148)] [added: [7A.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_151)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i094c916ca469465ab6c8626bba942725_148)] [added: Risk](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_151)] | | | [removed: [26](#i094c916ca469465ab6c8626bba942725_148)] [added: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_151)] | | | | | |

| [removed: [8.](#i094c916ca469465ab6c8626bba942725_151)] [added: [8.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_154)] | | | [Financial Statements and Supplementary [removed: Data](#i094c916ca469465ab6c8626bba942725_151)] [added: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_154)] | | | [removed: [26](#i094c916ca469465ab6c8626bba942725_151)] [added: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_154)] | | | | | |

| [removed: [9.](#i094c916ca469465ab6c8626bba942725_154)] [added: [9.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_157)] | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i094c916ca469465ab6c8626bba942725_154)] [added: Disclosure](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_157)] | | | [removed: [26](#i094c916ca469465ab6c8626bba942725_154)] [added: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_157)] | | | | | |

| [removed: [9A.](#i094c916ca469465ab6c8626bba942725_157)] [added: [9A.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_160)] | | | [Controls and [removed: Procedures](#i094c916ca469465ab6c8626bba942725_157)] [added: Procedures](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_160)] | | | [removed: [26](#i094c916ca469465ab6c8626bba942725_157)] [added: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_160)] | | | | | |

| [removed: [9B.](#i094c916ca469465ab6c8626bba942725_169)] [added: [9B.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] | | | [Other [removed: Information](#i094c916ca469465ab6c8626bba942725_169)] [added: Information](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] | | | [removed: [27](#i094c916ca469465ab6c8626bba942725_169)] [added: [28](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] | | | | | |

| [removed: [9C](#i094c916ca469465ab6c8626bba942725_4250).] [added: [9C](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_175).] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i094c916ca469465ab6c8626bba942725_4250)] [added: Inspections](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_175)] | | | [removed: [27](#i094c916ca469465ab6c8626bba942725_169)] [added: [28](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] | | | | | |

| [removed: [10.](#i094c916ca469465ab6c8626bba942725_175)] [added: [10.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_181)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i094c916ca469465ab6c8626bba942725_175)] [added: Governance](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_181)] | | | [removed: [28](#i094c916ca469465ab6c8626bba942725_175)] [added: [29](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_181)] | | | | | |

| [removed: [11.](#i094c916ca469465ab6c8626bba942725_181)] [added: [11.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_187)] | | | [Executive [removed: Compensation](#i094c916ca469465ab6c8626bba942725_181)] [added: Compensation](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_187)] | | | [removed: [29](#i094c916ca469465ab6c8626bba942725_181)] [added: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_187)] | | | | | |

| [removed: [12.](#i094c916ca469465ab6c8626bba942725_184)] [added: [12.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_190)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i094c916ca469465ab6c8626bba942725_184)] [added: Matters](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_190)] | | | [removed: [29](#i094c916ca469465ab6c8626bba942725_184)] [added: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_190)] | | | | | |

| [removed: [13.](#i094c916ca469465ab6c8626bba942725_187)] [added: [13.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_193)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i094c916ca469465ab6c8626bba942725_187)] [added: Independence](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_193)] | | | [removed: [29](#i094c916ca469465ab6c8626bba942725_187)] [added: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_193)] | | | | | |

| [removed: [14.](#i094c916ca469465ab6c8626bba942725_190)] [added: [14.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_196)] | | | [Principal [removed: Accounting] [added: Accountant] Fees and [removed: Services](#i094c916ca469465ab6c8626bba942725_190)] [added: Services](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_196)] | | | [removed: [29](#i094c916ca469465ab6c8626bba942725_190)] [added: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_196)] | | | | | |

| [removed: [15.](#i094c916ca469465ab6c8626bba942725_490)] [added: [15.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] | | | [removed: [Exhibit](#i094c916ca469465ab6c8626bba942725_490) [and](#i094c916ca469465ab6c8626bba942725_490)] [added: [Exhibit](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496) [and](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] [Financial Statement [removed: Schedules](#i094c916ca469465ab6c8626bba942725_490)] [added: Schedules](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] | | | [removed: [110](#i094c916ca469465ab6c8626bba942725_490)] [added: [112](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] | | | | | |

| | | | [Schedule II — Valuation and Qualifying [removed: Accounts](#i094c916ca469465ab6c8626bba942725_493)] [added: Accounts](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_499)] | | | [removed: [110](#i094c916ca469465ab6c8626bba942725_493)] [added: [112](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_499)] | | | | | |

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 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 and other producing countries; 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; 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 [removed: conditions;] [added: conditions, including the military conflict between Russia and Ukraine and the global response to such conflict;] changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; 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 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 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 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, 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; [added: higher inflation and related impacts;] material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future 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 20 through [removed: 25] [added: 26] in this report.

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

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

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

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

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| [PART I](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_19) | | | | | | | | | | | |

| [1.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_22) | | | [Business](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_22) | | | [3](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_22) | | | | | |

| | | | [Upstream](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_37) | | | [6](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_37) | | | | | |

| | | | [Downstream](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_94) | | | [16](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_94) | | | | | |

| [2.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_130) | | | [Properties](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_130) | | | [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_130) | | | | | |

| [3.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_133) | | | [Legal Proceedings](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_133) | | | [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_133) | | | | | |

| [PART II](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_139) | | | | | | | | | | | |

| [6.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_145) | | | [\[Reserved\]](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_145) | | | [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_145) | | | | | |

| [PART III](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_178) | | | | | | | | | | | |

| [PART IV](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_493) | | | | | | | | | | | |

| [16.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_502) | | | [Form 10-K Summary](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_502) | | | [112](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_502) | | | | | |

| | | | [Signatures](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_508) | | | [116](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_508) | | | | | |

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

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

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

| [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) | | | | | |

| [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) | | | | | |

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

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

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

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

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: 97] [added: 99] through [removed: 109] [added: 111] and [Note 18 Properties, Plant and [removed: Equipment](#i094c916ca469465ab6c8626bba942725_349).][added: Equipment](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_361).]

Information relating to the company’s executive officers is included under “Information about our Executive Officers” in Part III, Item 10, [removed: “Directors,] [added: [Directors,] Executive Officers and Corporate [removed: Governance” on page 28,] [added: Governance](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_181),] and is incorporated herein by reference.

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

As of February 10, [removed: 2022,] [added: 2023,] stockholders of record numbered approximately [removed: 109,000.][added: 104,000.]

The information on Chevron’s dividends are contained in the [removed: Quarterly Results tabulations on page 54.][added: [Quarterly Results](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_259) tabulation.]

*Chevron Corporation Issuer Purchases of Equity Securities* *for Quarter Ended December 31, [removed: 2021*][added: 2022*]

2Refer to [removed: “Liquidity] [added: [Liquidity] and Capital [removed: Resources” on page 44] [added: Resources](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] for additional detail regarding the company's authorized stock repurchase program.

| October 1 – October 31, 2022 | | | 7,582,842 | | | $165.65 | | | 7,582,805 | | | $9.4 | | |

| November 1 – November 30, 2022 | | | 6,967,090 | | | $183.00 | | | 6,966,715 | | | $8.1 | | |

| December 1 – December 31, 2022 | | | 6,972,807 | | | $174.82 | | | 6,972,807 | | | $6.9 | | |

| Total October 1 – December 31, 2022 | | | 21,522,739 | | | $174.24 | | | 21,522,327 | | | | | |

| 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 | | | | | |

The index to Financial Statements and Supplementary Data is presented [removed: on page 31.][added: in the [Financial Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_202).]

Based on this evaluation, management concluded that the company’s disclosure controls and procedures were effective as of December 31, [removed: 2021.][added: 2022.]

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: 2021.][added: 2022.]

The effectiveness of the company’s internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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.

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

Mr. [removed: Wirth’s] [added: Pate’s] plan provides for the potential exercise of vested stock options and the associated sale of up to [removed: 93,000] [added: 250,742] shares of Chevron common stock between February [removed: 2022] [added: 20, 2023] and [removed: March 2023.][added: February 8, 2024.]

[removed: Breber,] [added: Hewitt Pate,] Vice President and [removed: Chief Financial Officer,] [added: General Counsel,] entered into a pre-arranged stock trading plan [removed: in] [added: on] November [removed: 2021.][added: 17, 2022.]

R.

Michael K.

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

Pierre R.

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.

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

Information about our Executive Officers at February [removed: 24, 2022][added: 23, 2023]

| Michael K. Wirth | | | [removed: 61] [added: 62] | | | Chairman of the Board and Chief Executive Officer (since Feb 2018) [removed: Vice Chairman of the Board (Feb 2017 - Jan 2018) and Executive Vice President, Midstream and Development (Jan 2016 - Jan 2018)] | | | Chairman of the Board and Chief Executive Officer | | |

| Mark A. Nelson | | | [removed: 58] [added: 59] | | | [added: Vice Chairman and] Executive Vice President, [added: Strategy, Policy & Development (since Feb 2023) Executive Vice President, Strategy, Policy & Development (Oct 2022 - Feb 2023) Executive Vice President,] Downstream (since Mar [removed: 2019)] [added: 2019 - Sep 2022)] Vice President, Midstream, Strategy and Policy (Feb 2018 - Feb 2019) [removed: Vice President, Strategic Planning (Apr 2016 - Jan 2018)] | | | [removed: Worldwide Manufacturing, Marketing and Lubricants; Chemicals] [added: Strategy & Sustainability; Corporate Affairs; Corporate Business Development] | | |

| Eimear P. Bonner | | | [removed: 47] [added: 48] | | | 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 | | |

| Pierre R. Breber | | | [removed: 57] [added: 58] | | | Vice President and Chief Financial Officer (since Apr 2019) Executive Vice President, Downstream (Jan 2016 - Mar 2019) | | | [removed: Finance] [added: Finance; Procurement] | | |

| Rhonda J. Morris | | | [removed: 56] [added: 57] | | | Vice President and Chief Human Resources Officer (since Feb 2019) Vice President, Human Resources (Oct 2016 - Jan 2019) | | | Human Resources; Diversity and Inclusion | | |

| R. Hewitt Pate | | | [removed: 59] [added: 60] | | | 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 [removed: Directors”] [added: directors”] in the Notice of the [removed: 2022] [added: 2023] Annual Meeting of Stockholders and [removed: 2022] [added: 2023] Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Exchange Act in connection with the company’s [removed: 2022] [added: 2023] Annual Meeting (the [removed: 2022] [added: 2023] 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 [removed: Governance] [added: governance] — Business [removed: Conduct] [added: conduct] and [removed: Ethics Code”] [added: ethics code”] in the [removed: 2022] [added: 2023] 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 [removed: Governance] [added: governance] — Board [removed: Committees”] [added: committees”] in the [removed: 2022] [added: 2023] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

| A. Nigel Hearne | | | 55 | | | Executive Vice President, Oil, Products & Gas (since Oct 2022) President, Chevron Eurasia Pacific Exploration & Production (July 2020 - Oct 2022) President, Chevron Asia Pacific Exploration & Production (Jan 2019 \- June 2020) Managing Director, Australia Business Unit (July 2016 - Dec 2018) | | | Upstream - Worldwide Exploration and Production; Downstream - Worldwide Manufacturing, Marketing, Lubricants, and Chemicals; Midstream - Worldwide | | |

| Jeff B. Gustavson | | | 50 | | | Vice President, Lower Carbon Energies (since Aug 2021) Vice President, Chevron North America Exploration & Production (Feb 2018 - July 2021) | | | Lower Carbon Solutions | | |

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

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

| Joseph C. Geagea | | | 62 | | | Executive Vice President and Senior Advisor to Chairman and CEO (since Aug 2021) Executive Vice President, Technology, Projects and Services (Jun 2015 - Aug 2021) | | | Advisor to the Chairman and CEO | | |

| James W. Johnson | | | 62 | | | Executive Vice President, Upstream (since Jun 2015) | | | Worldwide Exploration and Production Activities | | |

| Colin E. Parfitt | | | 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 | | |

The information required by Item 402 of Regulation S-K and contained under the headings “Executive [removed: Compensation,” “CEO Pay Ratio” and] [added: compensation,”] “Director [removed: Compensation”] [added: compensation” and “CEO pay ratio”] in the [removed: 2022] [added: 2023] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item [removed: 407(e)(4)] [added: 407(e)(5)] of Regulation S-K and contained under the heading “Corporate [removed: Governance] [added: governance] — [removed: Board Committees”] [added: Management compensation committee report”] in the [removed: 2022] [added: 2023] Proxy Statement is incorporated [added: 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: 2022] [added: 2023] 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 407(e)(5) of Regulation S-K and contained under the heading “Corporate Governance — Management Compensation Committee Report” in the 2022 Proxy Statement is incorporated herein by reference into this Annual Report on Form 10-K.

The information required by Item 403 of Regulation S-K and contained under the heading “Stock [removed: Ownership Information] [added: ownership information] — Security [removed: Ownership] [added: ownership] of [removed: Certain Beneficial Owners] [added: certain beneficial owners] and [removed: Management”] [added: management”] in the [removed: 2022] [added: 2023] 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 [removed: Compensation Plan Information”] [added: compensation plan information”] in the [removed: 2022] [added: 2023] 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 [removed: Governance] [added: governance] — Related [removed: Person Transactions”] [added: person transactions”] in the [removed: 2022] [added: 2023] 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 [removed: Governance] [added: governance] — Director [removed: Independence”] [added: independence”] in the [removed: 2022] [added: 2023] 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 [removed: Proposal] [added: proposal] to [removed: Ratify] [added: ratify] PricewaterhouseCoopers LLP as the [removed: Independent Registered Public Accounting Firm] [added: independent registered public accounting firm] for [removed: 2022”] [added: 2023”] in the [removed: 2022] [added: 2023] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

[added: |] Financial Table of Contents [added: | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |]

| | | | [Management’s Discussion and Analysis [removed: of](#i094c916ca469465ab6c8626bba942725_199)[ ](#i094c916ca469465ab6c8626bba942725_199)[Financial] [added: of](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_205)[ ](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_205)[Financial] Condition and Results of [removed: Operations](#i094c916ca469465ab6c8626bba942725_199)] [added: Operations](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_205)] | | | | | |

| | | | [Key Financial [removed: Results](#i094c916ca469465ab6c8626bba942725_202)] [added: Results](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] | | | [removed: [32](#i094c916ca469465ab6c8626bba942725_202)] [added: [32](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] | | |

| | | | [Earnings by Major Operating [removed: Area](#i094c916ca469465ab6c8626bba942725_202)] [added: Area](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] | | | [removed: [32](#i094c916ca469465ab6c8626bba942725_202)] [added: [32](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] | | |

| | | | [Business Environment and [removed: Outlook](#i094c916ca469465ab6c8626bba942725_205)] [added: Outlook](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_211)] | | | [removed: [32](#i094c916ca469465ab6c8626bba942725_205)] [added: [32](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_211)] | | |

| | | | [Consolidated Statement of [removed: Income](#i094c916ca469465ab6c8626bba942725_214)] [added: Income](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_220)] | | | [removed: [40](#i094c916ca469465ab6c8626bba942725_214)] [added: [41](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_220)] | | |

| | | | [Selected Operating [removed: Data](#i094c916ca469465ab6c8626bba942725_217)] [added: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_223)] | | | [removed: [42](#i094c916ca469465ab6c8626bba942725_217)] [added: [43](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_223)] | | |

| | | | [Liquidity and Capital [removed: Resources](#i094c916ca469465ab6c8626bba942725_220)] [added: Resources](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] | | | [removed: [43](#i094c916ca469465ab6c8626bba942725_220)] [added: [44](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] | | |

| | | | [Financial Ratios and [removed: Metrics](#i094c916ca469465ab6c8626bba942725_220)] [added: Metrics](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] | | | [removed: [46](#i094c916ca469465ab6c8626bba942725_229)] [added: [48](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_235)] | | |

| | | | [Financial and Derivative Instrument Market [removed: Risk](#i094c916ca469465ab6c8626bba942725_235)] [added: Risk](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_241)] | | | [removed: [47](#i094c916ca469465ab6c8626bba942725_235)] [added: [49](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_241)] | | |

| | | | [Transactions With Related [removed: Parties](#i094c916ca469465ab6c8626bba942725_238)] [added: Parties](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_244)] | | | [removed: [48](#i094c916ca469465ab6c8626bba942725_238)] [added: [50](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_244)] | | |

| | | | [Litigation and Other [removed: Contingencies](#i094c916ca469465ab6c8626bba942725_241)] [added: Contingencies](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_247)] | | | [removed: [48](#i094c916ca469465ab6c8626bba942725_241)] [added: [50](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_247)] | | |

| | | | [Critical Accounting Estimates and [removed: Assumption](#i094c916ca469465ab6c8626bba942725_247)s] [added: Assumptions](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_253)] | | | [removed: [50](#i094c916ca469465ab6c8626bba942725_247)] [added: [52](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_253)] | | |

| | | | [New Accounting [removed: Standards](#i094c916ca469465ab6c8626bba942725_250)] [added: Standards](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_256)] | | | [removed: [53](#i094c916ca469465ab6c8626bba942725_250)] [added: [55](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_256)] | | |

| | | | [Consolidated Financial [removed: Statements](#i094c916ca469465ab6c8626bba942725_256)] [added: Statements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_262)] | | | | | |

| | | | [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID:](#i094c916ca469465ab6c8626bba942725_262) 238[)](#i094c916ca469465ab6c8626bba942725_262)] [added: ID:](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268) 238[)](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] | | | [removed: [56](#i094c916ca469465ab6c8626bba942725_262)] [added: [58](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] | | |

| | | | [Consolidated Statement of [removed: Income](#i094c916ca469465ab6c8626bba942725_265)] [added: Income](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] | | | [removed: [58](#i094c916ca469465ab6c8626bba942725_265)] [added: [60](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] | | |

| | | | [Consolidated Statement of Comprehensive [removed: Income](#i094c916ca469465ab6c8626bba942725_268)] [added: Income](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] | | | [removed: [59](#i094c916ca469465ab6c8626bba942725_268)] [added: [61](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] | | |

| | | | [Consolidated Balance [removed: Sheet](#i094c916ca469465ab6c8626bba942725_274)] [added: Sheet](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] | | | [removed: [60](#i094c916ca469465ab6c8626bba942725_274)] [added: [62](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] | | |

| | | | [Consolidated Statement of Cash [removed: Flows](#i094c916ca469465ab6c8626bba942725_280)] [added: Flows](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] | | | [removed: [61](#i094c916ca469465ab6c8626bba942725_280)] [added: [63](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] | | |

| | | | [Consolidated Statement of [removed: Equity](#i094c916ca469465ab6c8626bba942725_283)] [added: Equity](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] | | | [removed: [62](#i094c916ca469465ab6c8626bba942725_283)] [added: [64](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i094c916ca469465ab6c8626bba942725_292)] [added: Statements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_298)] | | | | | | | | |

| [Note [removed: 1](#i094c916ca469465ab6c8626bba942725_295)] [added: 1](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_301)] | | | [Summary of Significant Accounting [removed: Policies](#i094c916ca469465ab6c8626bba942725_295)] [added: Policies](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_301)] | | | [removed: [63](#i094c916ca469465ab6c8626bba942725_295)] [added: [65](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_301)] | | |

| [Note [removed: 2](#i094c916ca469465ab6c8626bba942725_298)] [added: 2](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] | | | [Changes in Accumulated [removed: Other](#i094c916ca469465ab6c8626bba942725_298)] [added: Other](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] [Comprehensive [removed: Losses](#i094c916ca469465ab6c8626bba942725_298)] [added: Losses](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] | | | [removed: [66](#i094c916ca469465ab6c8626bba942725_298)] [added: [68](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] | | |

| [Note [removed: 3](#i094c916ca469465ab6c8626bba942725_301)] [added: 3](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_307)] | | | [Information Relating to the Consolidated Statement of Cash [removed: Flows](#i094c916ca469465ab6c8626bba942725_301)] [added: Flows](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_307)] | | | [removed: [67](#i094c916ca469465ab6c8626bba942725_301)] [added: [69](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_307)] | | |

| [Note [removed: 4](#i094c916ca469465ab6c8626bba942725_304)] [added: 4](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_310)] | | | [New Accounting [removed: Standards](#i094c916ca469465ab6c8626bba942725_304)] [added: Standards](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_310)] | | | [removed: [68](#i094c916ca469465ab6c8626bba942725_304)] [added: [70](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_310)] | | |

| [Note [removed: 5](#i094c916ca469465ab6c8626bba942725_307)] [added: 5](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_313)] | | | [Lease [removed: Commitments](#i094c916ca469465ab6c8626bba942725_307)] [added: Commitments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_313)] | | | [removed: [68](#i094c916ca469465ab6c8626bba942725_307)] [added: [70](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_313)] | | |

| [Note [removed: 6](#i094c916ca469465ab6c8626bba942725_310)] [added: 6](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_316)] | | | [Summarized Financial Data [removed: –] [added: -] Chevron U.S.A. [removed: Inc.](#i094c916ca469465ab6c8626bba942725_310)] [added: Inc.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_316)] | | | [removed: [70](#i094c916ca469465ab6c8626bba942725_310)] [added: [71](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_316)] | | |

| [Note [removed: 7](#i094c916ca469465ab6c8626bba942725_436)] [added: 7](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_319)] | | | [Summarized Financial Data - Tengizchevroil [removed: LLP](#i094c916ca469465ab6c8626bba942725_436)] [added: LLP](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_319)] | | | [removed: [70](#i094c916ca469465ab6c8626bba942725_436)] [added: [72](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_319)] | | |

| [Note [removed: 8](#i094c916ca469465ab6c8626bba942725_421)] [added: 8](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] | | | [Summarized Financial Data - Chevron [removed: Phillips](#i094c916ca469465ab6c8626bba942725_421)] [added: Phillips](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] [Chemical Company [removed: LLC](#i094c916ca469465ab6c8626bba942725_421)] [added: LLC](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] | | | [removed: [70](#i094c916ca469465ab6c8626bba942725_421)] [added: [72](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] | | |

| [Note [removed: 9](#i094c916ca469465ab6c8626bba942725_313)] [added: 9](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_325)] | | | [Fair Value [removed: Measurements](#i094c916ca469465ab6c8626bba942725_313)] [added: Measurements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_325)] | | | [removed: [71](#i094c916ca469465ab6c8626bba942725_313)] [added: [72](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_325)] | | |

| [Note [removed: 10](#i094c916ca469465ab6c8626bba942725_319)] [added: 10](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331)] | | | [Financial and Derivative [removed: Instruments](#i094c916ca469465ab6c8626bba942725_319)] [added: Instruments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331)] | | | [removed: [72](#i094c916ca469465ab6c8626bba942725_319)] [added: [74](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331)] | | |

| [Note [removed: 11](#i094c916ca469465ab6c8626bba942725_322)] [added: 11](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_334)] | | | [Assets Held for [removed: Sale](#i094c916ca469465ab6c8626bba942725_322)] [added: Sale](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_334)] | | | [removed: [73](#i094c916ca469465ab6c8626bba942725_322)] [added: [75](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_334)] | | |

| [Note [removed: 13](#i094c916ca469465ab6c8626bba942725_328)] [added: 13](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)] | | | [Earnings Per [removed: Sha](#i094c916ca469465ab6c8626bba942725_328)[re](#i094c916ca469465ab6c8626bba942725_328)] [added: Sha](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)[re](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)] | | | [removed: [74](#i094c916ca469465ab6c8626bba942725_328)] [added: [75](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)] | | |

| [Note [removed: 14](#i094c916ca469465ab6c8626bba942725_334)] [added: 14](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] | | | [Operating Segments and Geographic [removed: Data](#i094c916ca469465ab6c8626bba942725_334)] [added: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] | | | [removed: [74](#i094c916ca469465ab6c8626bba942725_334)] [added: [76](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] | | |

| [Note [removed: 15](#i094c916ca469465ab6c8626bba942725_337)] [added: 15](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] | | | [Investments and [removed: Advances](#i094c916ca469465ab6c8626bba942725_337)] [added: Advances](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] | | | [removed: [77](#i094c916ca469465ab6c8626bba942725_337)] [added: [79](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] | | |

| [Note [removed: 18](#i094c916ca469465ab6c8626bba942725_349)] [added: 18](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_361)] | | | [Properties, Plant and [removed: Equipment](#i094c916ca469465ab6c8626bba942725_349)] [added: Equipment](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_361)] | | | [removed: [82](#i094c916ca469465ab6c8626bba942725_349)] [added: [84](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_361)] | | |

| [Note [removed: 19](#i094c916ca469465ab6c8626bba942725_352)] [added: 19](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_364)] | | | [Short-Term [removed: Debt](#i094c916ca469465ab6c8626bba942725_352)] [added: Debt](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_364)] | | | [removed: [83](#i094c916ca469465ab6c8626bba942725_352)] [added: [85](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_364)] | | |

| [Note [removed: 20](#i094c916ca469465ab6c8626bba942725_355)] [added: 20](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_367)] | | | [Long-Term [removed: Debt](#i094c916ca469465ab6c8626bba942725_355)] [added: Debt](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_367)] | | | [removed: [84](#i094c916ca469465ab6c8626bba942725_355)] [added: [86](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_367)] | | |

| | | | [Noteworthy Developments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_214) | | | [38](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_214) | | |

| | | | [Results of Operations](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_217) | | | [39](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_217) | | |

| | | | [Environmental Matters](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_250) | | | [51](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_250) | | |

| | | | [Quarterly Results](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_259) | | | [56](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_259) | | |

| | | | [Reports of Management](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_262) | | | [57](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_262) | | |

| [Note 12](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_337) | | | [Equity](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_337) | | | [75](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_337) | | |

| [Note 16](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_355) | | | [Litigation](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_355) | | | [80](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_355) | | |

| [Note 17](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358) | | | [Taxes](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358) | | | [81](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358) | | |

| [Note 26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_427) | | | [Revenue](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_427) | | | [96](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_427) | | |

| [Note 29](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_436) | | | [Acquisition of Renewable Energy Group, Inc.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_4150) | | | [97](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_4150) | | |

Some of these policies and programs include renewable and low carbon fuel standards, such as the Renewable Fuel Standard program in the U.S. and California’s Low Carbon Fuel Standard; programs that price GHG emissions, including

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

| Management's Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_202) | | |

California’s Cap-and-Trade Program; performance standards, including methane-specific regulation such as the U.S. EPA’s forthcoming New Source Performance Standard and Emissions Guidelines for Existing Sources; and measures that provide various incentives for lower carbon activities, including carbon capture and storage and the production of hydrogen and sustainable aviation fuel, such as the U.S. Inflation Reduction Act.

Requirements for these and other similar policies and programs are complex, ever changing, program specific and encompass: (1) the blending of renewable fuels into transportation fuels; (2) the purchasing, selling, utilizing and retiring of allowances and carbon credits; and (3) other emissions reduction measures including efficiency improvements and capturing GHG emissions.

While these compliance policies and programs may have negative impacts on the company now and in the future including, but not limited to, the displacement of hydrocarbon and other products, these policies have also enabled opportunities for Chevron as it grows and aims to further grow its lower carbon businesses.

For example, the acquisition of Renewable Energy Group, Inc. (REG) in 2022 grew the company’s renewable fuels production capacity and increased the company’s carbon credit generation activities.

Although we expect the company’s costs to comply with these policies and programs to continue to increase, these costs currently do not have a material impact on the company’s financial condition or results of operations.

Significant uncertainty remains as to the pace in which the transition to a lower carbon future will progress, which is dependent, in part, on further advancements and changes in policy, technology, and customer and consumer preferences.

Chevron believes that broad, market-based mechanisms are the most efficient approach to addressing GHG emission reductions.

| | | | | | | | | |

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

| Management's Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_202) | | |

During 2021 and 2022, the company spent $4.8 billion in lower carbon investments, including $2.9 billion associated with the acquisition of REG.

Additional information related to the company’s effective income tax rate is included in [Note 17 Taxes](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358) to the Consolidated Financial Statements.

The Inflation Reduction Act (IRA), enacted in the United States on August 16, 2022, imposes several new taxes that will be effective in 2023, including a 15 percent minimum tax on book income and a 1 percent excise tax on stock repurchases.

The IRA also implements various incentives for lower carbon activities, including carbon capture and storage and the production of hydrogen and sustainable aviation fuel, and extends the federal biodiesel mixture excise tax credit through December 31, 2024.

We do not currently expect the IRA to have a material impact on our results of operations.

Inflation continued to be a key factor impacting the economy over the last year.

For key oil and gas industry inputs (e.g. rigs, well services, etc.), markets are likely to remain tight with any upward pressure tied directly to possible increases in activity.

In contrast, inflationary pressures have started to reduce for non-oil and gas specific goods and services as a result of reduced supply chain disruptions and a slowdown in economic activity.

Chevron’s 2023 capital expenditure budget assumes cost inflation that averages in the mid-single digits with certain areas higher, such as in the Permian Basin that assumes low double-digit cost inflation.

Chevron believes it is well positioned to manage its costs for 2023, in large part due to indexed contracts and secured supplies for critical inputs.

| | | | | | | | | |

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

| Management's Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_202) | | |

The COVID-19 pandemic caused a significant decrease in demand for our products and created disruptions and volatility in the global marketplace beginning late in first quarter 2020.

Demand has largely recovered as of year-end 2022; however, there continues to be uncertainty around the extent to which the COVID-19 pandemic may impact our future results, which could be material.

Chevron has interests in Venezuelan assets operated by independent affiliates.

Chevron has been conducting limited activities in Venezuela consistent with the authorization provided pursuant to general licenses issued by the United States government.

THIS PAGE INTENTIONALLY LEFT BLANK

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

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

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

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

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

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

| [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) | | |

| [Note 29](#i094c916ca469465ab6c8626bba942725_430) | | | [Acquisition of Noble Energy, Inc.](#i094c916ca469465ab6c8626bba942725_430) | | | [95](#i094c916ca469465ab6c8626bba942725_430) | | |

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

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

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.

We anticipate setting additional capital spending targets as the company

Response to Market Conditions and COVID-19 Commodity prices and demand for most of our products have largely recovered from the impacts of COVID-19 in 2020.

However, some countries face a resurgence of the virus and its variants (e.g., Delta, Omicron) that could impact demand for some of our products (e.g., jet fuel), workforce availability, timing of project start-ups and materials movement and pose a risk to our business and future financial results.

Chevron’s operations have continued with a combination of on-site and at-home work, while monitoring local vaccine and transmission rates.

In refining, the company continued to take steps to maximize diesel and motor gasoline production, given the decline in jet fuel demand.

In TCO, progress continued on FGP/WPMP.

Staffing is at targeted levels and at the end of December 2021, over 90 percent of the TCO workforce on-site was fully vaccinated.

[Note 17 Taxes](#i094c916ca469465ab6c8626bba942725_346) provides the company’s effective income tax rate for the last three years.

Prices for goods and services in various sectors have risen over the past year.

A key factor behind this trend is the accelerated demand for goods and transportation as companies restock materials and expand working inventories as a hedge against future disruptions.

Shifts in the labor market continue to create issues for companies seeking to fill positions.

Geographic mismatches between skills required and available labor, reductions in the overall labor supply, and perceptions of working conditions have resulted in tight labor markets.

As U.S. and international drilling activity continues to accelerate, continued upward market pressure is expected for oil and gas industry inputs (such as rigs and well services).

The pace of economic growth and shifting spending patterns may lead to more cross-industry competition for resources, which could impact the cost of certain non-oil and gas industry goods and services.

Crude prices increased in 2021 driven by production curtailment by OPEC+ countries and steadily increasing demand for transportation fuels.

production; civil unrest; changing geopolitics; delays in completion of maintenance turnarounds; storage constraints or economic conditions that could lead to shut-in production; or other disruptions to operations.

In January 2022, Chevron announced its intent to begin the process of exiting from its nonoperated interests in Myanmar.

At December 31, 2021, the carrying value of the company’s assets was approximately $200 million.

Operating Developments

Upstream

Angola Chevron’s affiliate, Cabinda Gulf Oil Company Limited (CABGOC), signed an agreement to extend the Block 0 concession for 20 years, through 2050.

Australia Sanctioned the Jansz-Io compression project, a part of the Gorgon development and an important source of natural gas supply to the Gorgon LNG facility.

Brazil Completed the sale of the company's 37.5 percent nonoperated interest in the Papa-Terra oil field.

Equatorial Guinea Announced the start-up and first LNG cargo from the Alen Gas Monetization Project.

Japan Announced the signing of a binding Sale and Purchase Agreement with Hokkaido Gas Co., Ltd. for the delivery of about a half million tons of LNG over a period of five years, starting in 2022.

United States Entered FEED for the Ballymore project, which is being developed as a subsea tieback to the existing Blind Faith facility, in the deepwater Gulf of Mexico.

| [Report of Independent Registered Public Accounting Firm — PricewaterhouseCoopers [removed: LLP](#i094c916ca469465ab6c8626bba942725_262)] [added: LLP](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] | | | [removed: [56](#i094c916ca469465ab6c8626bba942725_262)] [added: [58](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] | | |

| [Consolidated Statement of Income for the three years [removed: ended] [added: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] December 31, [removed: 2021](#i094c916ca469465ab6c8626bba942725_265)] [added: 2022] | | | [removed: [58](#i094c916ca469465ab6c8626bba942725_265)] [added: [60](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] | | |

| [Consolidated Statement of Comprehensive Income for the three years [removed: ended] [added: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] December 31, [removed: 2021](#i094c916ca469465ab6c8626bba942725_268)] [added: 2022] | | | [removed: [59](#i094c916ca469465ab6c8626bba942725_268)] [added: [61](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] | | |

| [Consolidated Balance Sheet at December [removed: 31,] [added: 31,](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280) 2022 [and](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] 2021 [removed: and 2020](#i094c916ca469465ab6c8626bba942725_274)] | | | [removed: [60](#i094c916ca469465ab6c8626bba942725_274)] [added: [62](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] | | |

| [Consolidated Statement of Cash Flows for the three years [removed: ended] [added: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] December 31, [removed: 2021](#i094c916ca469465ab6c8626bba942725_280)] [added: 2022] | | | [removed: [61](#i094c916ca469465ab6c8626bba942725_280)] [added: [63](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] | | |

| [Consolidated Statement of Equity for the three years [removed: ended] [added: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] December 31, [removed: 2021](#i094c916ca469465ab6c8626bba942725_283)] [added: 2022] | | | [removed: [62](#i094c916ca469465ab6c8626bba942725_283)] [added: [64](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i094c916ca469465ab6c8626bba942725_292)] [added: Statements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_298)] | | | [removed: 63] [added: 65] to [removed: 96] [added: 98] | | |

Included below is Schedule II - Valuation and Qualifying Accounts for each of the three years in the period ended December 31, [removed: 2021.][added: 2022.]

| *Millions of Dollars* | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Balance at January 1 | | | $ | [removed: 470] [added: 43] | | | | | $ | [removed: 7] [added: 470] | | | | | $ | [removed: 19] [added: 7] | |

| Additions (reductions) charged to expense | | | [removed: (30)] [added: 1] | | | | | | [removed: 859] [added: (30)] | | | | | | [removed: 6] [added: 859] | | |

| Payments | | | [removed: (397)] [added: (33)] | | | | | | [removed: (396)] [added: (397)] | | | | | | [removed: (18)] [added: (396)] | | |

| Balance at December 31 | | | $ | [removed: 43] [added: 11] | | | | | $ | [removed: 470] [added: 43] | | | | | $ | [removed: 7] [added: 470] | |

| Beginning allowance balance for expected credit losses | | | $ | [removed: 671] [added: 745] | | | | | $ | [removed: 849] [added: 671] | | | | | $ | [removed: 980] [added: 849] | |

| Current period provision | | | [removed: 74] [added: 263] | | | | | | [removed: 573] [added: 74] | | | | | | [removed: (128)] [added: 573] | | |

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

| Balance at December 31 | | | $ | [removed: 745] [added: 1,008] | | | | | $ | [removed: 671] [added: 745] | | | | | $ | [removed: 849] [added: 671] | |

| Balance at January 1 | | | $ | [removed: 17,762] [added: 17,651] | | | | | $ | [removed: 15,965] [added: 17,762] | | | | | $ | [removed: 15,973] [added: 15,965] | |

| Additions to deferred income tax expense2 | | | [removed: 3,691] [added: 3,533] | | | | | | [removed: 2,892] [added: 3,691] | | | | | | [removed: 1,336] [added: 2,892] | | |

| Reduction of deferred income tax expense | | | [removed: (3,802)] [added: (1,652)] | | | | | | [removed: (1,095)] [added: (3,802)] | | | | | | [removed: (1,344)] [added: (1,095)] | | |

| Balance at December 31 | | | $ | [removed: 17,651] [added: 19,532] | | | | | $ | [removed: 17,762] [added: 17,651] | | | | | $ | [removed: 15,965] [added: 17,762] | |

1 See also [Note 17 [removed: Taxes](#i094c916ca469465ab6c8626bba942725_346).][added: Taxes](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358).]

| [removed: 3.2] [added: 10.5+] | | | [removed: [By-Laws of Chevron Corporation, as] [added: [Chevron Incentive Plan,] amended and restated [removed: on September 30, 2020] [added: effective January 1, 2021,] filed as Exhibit [removed: 3.1] [added: 10.5] to Chevron [removed: 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] [added: Corporation’s Annual] Report on Form [removed: 10-Q] [added: 10-K] for the [removed: quarter] [added: year] ended [removed: September 30,] [added: December 31,] 2020, and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000044/a20200930by-lawsxexhib.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)] | | |

| 4.2 | | | [Indenture dated as of May 11, 2020, between Chevron Corporation and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4.1 to Chevron [removed: 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] [added: Corporation’s Current] Report on Form 8-K filed May 12, 2020, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000119312520139497/d877876dex41.htm) | | |

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

| 4.5 | | | [Description of Securities Registered under Section 12 of the Exchange Act, filed as Exhibit 4.4 to Chevron [removed: 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] [added: Corporation’s 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: 99.2] | | | [removed: [Chevron Incentive Plan, amended and restated effective January 1, 2021,] [added: [Report of Netherland, Sewell & Associates, Inc.,] filed as Exhibit [removed: 10.5] [added: 99.3] to Chevron Corporation’s Annual Report on Form [removed: 10-K](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm) [for] [added: 10-K for] the year ended December [removed: 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)[,] [added: 31, 2020,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit993.htm)] | | |

| 10.6+* | | | [Summary of Chevron Incentive Plan Award [removed: Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/exhibit1062021.htm)] [added: Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/exhibit1062022.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](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] [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/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](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] [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/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](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] [added: Corporation’s Current] Report on Form 8-K filed February 4, 2019, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341019000004/exhibit103-2019specialrsua.htm) | | |

| 10.13+ | | | [Form of Stock Appreciation [removed: 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] [added: Rights Award Agreement] under the Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.13 to Chevron [removed: 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] [added: Corporation’s 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/cvx12312019ex1013.htm) | | |

| 10.17+ | | | [Amendment Number One to the Chevron Corporation Retirement Restoration Plan, filed as Exhibit 10.23 to Chevron [removed: 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] [added: Corporation’s 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) | | |

| 10.19+ | | | [Agreement between Chevron Corporation and R. Hewitt Pate, filed as Exhibit 10.16 to Chevron [removed: 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] [added: Corporation’s 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](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] [added: Corporation’s 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/93410/000009341022000019/cvx12312021ex211.htm)] [added: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex211.htm)] | | |

| [removed: 22.1] [added: 3.2] | | | [removed: [Subsidiary Issuer] [added: [By-Laws] of [removed: Guaranteed Securities, filed] [added: Chevron Corporation,] as [added: amended and restated](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) [December 7](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm)[2](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm)[,](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) [filed as] Exhibit [removed: 22.1 to] [added: 3.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm)[2](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) [to] Chevron [removed: Corporation’s Quarterly Report] [added: Corporation’s](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) [Current](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) [Report] on [removed: Form 10-Q for the quarter 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)[,] [added: Form](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) [8-K filed December 8, 2022](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm)[,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000015/a03312021ex221guaranteedse.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm)] | | |

| 23.1* | | | [Consent of PricewaterhouseCoopers LLP (page [removed: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341022000019/cvx12312021ex231q4.htm)] [added: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex231q4.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/93410/000009341022000019/cvx12312021ex241q4.htm)] [added: behalf.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex241q4.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/93410/000009341022000019/a12312021ex311ceo-sox302.htm)] [added: E-3).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/a12312022ex311ceo-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/93410/000009341022000019/a12312021ex312cfo-sox302.htm)] [added: E-4).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/a12312022ex312cfo-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/93410/000009341022000019/a12312021ex321ceo-sox906.htm)] [added: E-5).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/a12312022ex321ceo-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/93410/000009341022000019/a12312021ex322cfo-sox906.htm)] [added: E-6).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/a12312022ex322cfo-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/93410/000009341022000019/cvx12312021ex991q4.htm)] [added: E-10).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex991.htm)] | | |

| 104* | | | Cover Page Interactive Data File (contained in Exhibit [removed: 101)] [added: 101).] | | |

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: 24th] [added: 23rd] day of February, [removed: 2022.][added: 2023.]

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: 24th] [added: 23rd] day of February, [removed: 2022.][added: 2023.]

| CHARLES W. [removed: MOORMAN IV*] [added: MOORMAN*] Charles W. Moorman [removed: IV] | | |

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

| 10.21+ | | | [2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.1 to Chevron Corporation’s Current Report on Form 8-K filed May 27, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000035/exhibit101to8-k.htm) | | |

| 10.22+ | | | [Form of Performance Share Award Agreement under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.1 to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit101forjan2023recomp.htm) | | |

| 10.23+ | | | [Form of Standard Restricted Stock Unit Award Agreement (stock settled) under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.2 to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit102tojan2023formsta.htm) | | |

| 10.24+ | | | [Form of Standard Restricted Stock Unit Award Agreement (cash settled) under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.3 to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/ex103tojan2023formcompdeci.htm) | | |

| 10.25+ | | | [Form of Special Restricted Stock Unit Award Agreement (share settled) under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.4 to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit104jan2023formcompd.htm) | | |

| 10.26+ | | | [Form of Special Restricted Stock Unit Award Agreement (cash settled) under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.5 to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit105jan2023formcompd.htm) | | |

| 10.27+ | | | [Form of Non-Qualified Stock Options Award Agreement under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.6 to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit106jan2023formcompd.htm) | | |

| 10.28+ | | | [Form of Stock Appreciation Right Award Agreement under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.7 to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit107tojan2023formcom.htm) | | |

| 10.29+ | | | [Letter Agreement, dated May 25, 2022, by and between Chevron Corporation and Joseph C. Geagea, filed as Exhibit 10.1 to Chevron Corporation's Current Report on Form 8-K filed May 27, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000036/exhibit101to20220524formjo.htm) | | |

| 10.30+* | | | [General Release and Separation Agreement, dated February 15, 2023, by and between Chevron Corporation and James W. Johnson.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex1030q4.htm) | | |

| 22.1* | | | [Subsidiary Issuer of Guaranteed Securities.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/a12312022ex221guaranteedse.htm) | | |

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7) | | |

| Exhibit No. | | | Description | | |

| 101* | | | Interactive data files (formatted as Inline XBRL). | | |

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

| | | | | | |

| CYNTHIA J. WARNER* Cynthia J. Warner | | |

| 99.2 | | | [Report of Netherland, Sewell & Associates, 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) | | |

| 101.SCH* | | | iXBRL Schema Document. | | |

| 101.CAL* | | | iXBRL Calculation Linkbase Document. | | |

| 101.DEF* | | | iXBRL Definition Linkbase Document. | | |

| 101.LAB* | | | iXBRL Label Linkbase Document. | | |

| 101.PRE* | | | iXBRL Presentation Linkbase Document. | | |

Attached as Exhibit 101 to this report are documents formatted in iXBRL (Inline Extensible Business Reporting Language).

The financial information contained in the iXBRL-related documents is “unaudited” or “unreviewed.”

| | | |