Chevron (CVX) 10-K risk factor changes: FY2023 vs FY2022

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

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 [removed: new business lines such as the lower carbon businesses associated with] our [added: business, including our] Chevron New Energies organization.

In some cases, [removed: liabilities associated with] [added: transferred liabilities, including for abandonment and decommissioning of] divested [removed: assets] [added: oil and gas assets, have returned and] may [added: continue to] return to the company when an acquirer of those assets subsequently declares bankruptcy.

In addition, extended periods of low commodity prices can have a material adverse impact on the results of operations, financial condition and liquidity of the company’s suppliers, vendors, partners and equity affiliates upon which the company’s own results of operations and financial condition [removed: depends.][added: depend.]

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The scope of Chevron’s business will decline if the company does not successfully develop resources The company is in an extractive business; therefore, if it is not successful in replacing the crude oil and natural gas it produces with good prospects for future organic opportunities or through acquisitions, [added: exploration or technology,] the company’s business will decline.

Creating and maintaining an inventory of [added: economic] projects depends on many factors, including obtaining and renewing rights to explore, develop and produce hydrocarbons; drilling success; reservoir optimization; [added: technology advancements;] ability to bring long-lead-time, capital-intensive projects to completion on budget and on schedule; 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, war or other military conflicts such as the [removed: ongoing] [added: war between Israel and Hamas and the military] conflict [removed: in] [added: between Russia and] Ukraine, accidents, civil unrest, political events, fires, earthquakes, system failures, cyber threats, terrorist acts and epidemic or pandemic [removed: diseases such as the COVID-19 pandemic,] [added: diseases,] 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.

Cyberattacks targeting Chevron’s [removed: process control] [added: operational technology] networks or other digital infrastructure could have a material adverse impact on the company’s business and results of operations There are numerous and evolving risks to Chevron’s cybersecurity and privacy from cyber threat actors, including criminal hackers, state-sponsored intrusions, industrial espionage and employee malfeasance.

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 [added: 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.]

[removed: Cyber threat actors could compromise the company’s process control networks or other] critical systems and infrastructure, resulting in disruptions to its business operations, injury to people, harm to the environment or its assets, disruptions in access to its financial reporting systems, or loss, misuse or corruption of its critical data and proprietary information, including without limitation its intellectual property and business information and that of its employees, customers, partners and other third parties.

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

For information concerning some of the litigation in which the company is involved, see [Note 16 [removed: Litigation](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_355).][added: Litigation](#ib7903ee4cd7540d8ab5b70d4bf454edd_349).]

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

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

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

For information concerning the company’s tax liabilities, see [Note 17 [removed: Taxes](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358)] [added: Taxes](#ib7903ee4cd7540d8ab5b70d4bf454edd_352)] and [Note 24 Other Contingencies and [removed: Commitments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_406).][added: Commitments](#ib7903ee4cd7540d8ab5b70d4bf454edd_400).]

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 [removed: costs.][added: costs and reduce its return on investment.]

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

Globally, multiple jurisdictions are considering adopting or are in the process of implementing laws or regulations to directly regulate GHG emissions through [removed: similar or other mechanisms, such as] a carbon tax, a cap-and-trade program, [removed: or] performance [removed: standards,] [added: standards] or [added: other mechanisms, or] to [added: attempt to] indirectly advance reduction of GHG emissions through restrictive permitting, [added: procurement standards,] trade [removed: tariffs,] [added: barriers,] minimum renewable usage requirements, [added: financing standards, standards or requirements for environmental benefit claims,] increased GHG reporting and climate-related disclosure requirements, or tax advantages or other incentives to promote the use of alternative energy, fuel sources or lower-carbon technologies.

For 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 [removed: 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 [added: hydrocarbons; the upgrading of production from oil sands into synthetic oil; power generation; the conversion of crude oil, natural gas and biofeedstocks into refined hydrocarbon products; the processing, liquefaction, and regasification of natural gas; the transportation of crude oil, natural gas, and other products; and customers’ and consumers’ use of the company’s hydrocarbon products.]

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

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

In particular, GHG emissions-related legislation, regulations, and other government [removed: actions] [added: actions,] and shifting customer 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.

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 [removed: production] [added: production, result in impairment of assets] and limit Chevron’s ability to cost-effectively reduce GHG emissions across its global portfolio.

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

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

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

Increasing attention to environmental, social, and governance (ESG) matters [removed: may impact] [added: impacts] our [removed: business] [added: company] 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 and consumer use of substitutes to Chevron’s products [added: have resulted and] may [added: continue to] result in changes to the portfolio [removed: of] [added: and] 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, [added: impaired participation in public discourse] and [added: debate by the company relating to mandatory and voluntary standards and regulations, and] damage to our reputation.

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

In addition, some stakeholders, including some of our investors, have divergent [added: and evolving] views on our ESG-related strategies and priorities, vis-à-vis our [removed: traditional and lower carbon] lines of business, calling for focus on increased production of oil and gas products [added: 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 [removed: policies] [added: policies, practices] and [removed: practices;] [added: performance;] diversion of management’s attention and resources; and proxy fights, among other material adverse impacts on our businesses.

Additionally, evolving expectations on various ESG matters, including biodiversity, waste and water, [added: have increased, and] may [removed: increase] [added: continue to increase,] costs, require changes in how we operate and lead to negative stakeholder sentiment.

Our ability to achieve any aspiration, target or objective, including with respect to climate-related initiatives, our [removed: new] lower carbon strategy outlined in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, pages [removed: 32] [added: 34] through [removed: 34,] [added: 36,] and any lower carbon new energy businesses, is subject to numerous risks, many of which are outside of our control.

[removed: 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 and acceptability of cost-effective, verifiable carbon credits; (4) the availability of suppliers that can meet our sustainability and other standards; (5) evolving regulatory [removed: requirements] [added: requirements, including changes to IPCC’s Global Warming Potentials,] affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on emissions and emission reductions and removals; (7) customers’ 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.

The standards [added: and regulations] for [removed: tracking] [added: tracking, reporting, marketing] and [removed: reporting on] [added: advertising related to] ESG matters are relatively new, have not been harmonized and continue to evolve.

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

Achievement of or efforts to achieve aspirations, targets, goals and objectives such as the foregoing and future internal climate-related initiatives [added: has, and] may [added: continue to,] increase costs, [added: and, in addition, may] require purchase of carbon credits, or limit or impact the company’s business plans, operations and financial results, potentially resulting in the reduction to the economic end-of-life of certain assets, [removed: an impairment of] [added: impairing] the associated net book value, 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 [added: liabilities, including litigation reserves; and measurement of benefit obligations for pension and other postretirement benefit plans.]

substitutes; and governmental regulations, policies and other actions regarding the development of oil and gas reserves, as well as greenhouse gas emissions and climate change.

The cyber risk landscape changes over time due to a variety of internal and external factors, including during political tensions, war or other military conflicts, or civil unrest.

Cyber threat actors could compromise the company’s operational technology networks or other

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Further, the company is increasingly experiencing cyber incidents related to its third-party vendors.

Some third-party vendors house the company’s critical data and proprietary information on their IT systems, including the cloud; others have access to Chevron’s IT systems or provide software through which threat actors could gain access or introduce malware to Chevron’s IT systems.

Chevron may not complete the acquisition of Hess Corporation within the time frame the company anticipates or at all, which could have adverse effects on Chevron The completion of the acquisition of Hess Corporation (Hess) is subject to a number of conditions, including regulatory approvals and approval by Hess stockholders of the adoption of the merger agreement.

Additionally, Hess and Chevron have been engaged in discussions with Exxon Mobil Corporation and China National Offshore Oil Corporation regarding a right of first refusal provision in the joint operating agreement for the Stabroek Block offshore Guyana.

If these discussions do not result in an acceptable resolution and arbitration (if pursued) does not result in a confirmation that such right of first refusal provision is inapplicable to the merger, then there would be a failure of a closing condition under the Merger Agreement, in which case the merger would not close.

For additional information, please see the section entitled “The Merger—Stabroek JOA” in Chevron’s preliminary registration statement on Form S-4 to be filed on February 26, 2024.

Further, on December 7, 2023, Chevron and Hess each received a request for additional information and documentary materials (Second Request) from the Federal Trade Commission (FTC) in connection with the FTC’s review of the merger.

Issuance of the Second Request extends the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, until 30 days after Chevron and Hess have substantially complied with the Second Request, unless that period is extended voluntarily by Chevron and Hess or terminated sooner by the FTC.

The failure to satisfy all of the required conditions could delay the completion of the acquisition for a significant period of time or prevent it from occurring at all.

In addition, the terms and conditions of the required regulatory authorizations and consents for the acquisition that are granted, if any, may impose requirements, limitations or costs or place restrictions on the conduct of the company’s business after the transaction or materially delay the completion of the acquisition.

A delay in completing the acquisition could cause the company to realize some or all of the benefits later than we otherwise expect to realize them if the acquisition is successfully completed within the anticipated timeframe, which could result in additional transaction costs or in other negative effects associated with uncertainty about completion of the acquisition.

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Acquisitions may cause Chevron’s financial results to differ from the company’s expectations or the expectations of the investment community, the company may not achieve the anticipated benefits of the acquisition, and the acquisition may disrupt the company’s current plans or operations The success of prior acquisitions, such as PDC Energy, Inc. (PDC), and the pending acquisition of Hess will depend, in part, on Chevron’s ability to successfully integrate each of the businesses of PDC and Hess and realize the anticipated benefits, including synergies.

Difficulties in integrating PDC and Hess may result in the failure to realize anticipated synergies in the expected timeframes, in operational challenges, and in the diversion of management’s attention from ongoing business concerns, as well as in unforeseen expenses associated with the acquisitions, which may have an adverse impact on the company’s financial results.

The imposition of, or

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these effects, will depend on a number of factors.

Information related to climate-change related litigation matters is included in Note 16 Litigation under the heading “Climate Change.”

These and other aspirations, targets or objectives reflect our current plans and aspirations, and Chevron may change them for various reasons, including evolving market conditions; changes in our portfolio; and financial, operational, regulatory, reputational, legal and other factors.

Examples of such risks include: (1) sufficient and substantial advances in technology, including the

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In addition, Chevron participates, along with other companies, institutes, universities, trade associations and other organizations, in various initiatives, campaigns, and other projects that express various ambitions, aspirations and goals related to climate change, emissions and energy transition.

Chevron’s individual ambitions, future performance or policies may differ from the ambitions of such organizations or the individual ambitions of other participants in these various initiatives, campaigns, and other projects, and Chevron may unilaterally change its individual ambitions, aspirations and goals.

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 far reaching.

While the oil and gas industry has witnessed a substantial recovery of commodity prices and demand for 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.

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

Such factors include the duration and scope of the pandemic, including any further resurgences of the COVID-19 virus and its variants, and the impact on our workforce and operations; the negative impact of the pandemic on the economy and economic activity, including travel restrictions and prolonged low demand for our products; the ability of our affiliates, suppliers and partners to successfully navigate the impacts of the pandemic; the actions taken by governments, businesses and individuals in response to the pandemic; the actions of OPEC and other countries that otherwise impact supply and demand and, correspondingly, commodity prices; the extent and duration of recovery of economies and demand for our products after the pandemic subsides; and Chevron’s ability to keep its cost model in line with changing demand for our products.

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

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

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

In addition, 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.

through, without limitation, malicious software; data privacy breaches by employees, insiders or others with authorized access; cyber or phishing-attacks; ransomware; attempts to gain unauthorized access to our data and systems; and other electronic security breaches.

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

Additionally, authorized third-party IT systems or software can be compromised and used to gain access or introduce malware to Chevron's IT systems that can materially impact the company’s business.

In certain locations, governments have proposed or imposed

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’ and consumers’ use of the company’s hydrocarbon products.

rather than new business lines and climate-related targets.

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

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

The index to Management’s Discussion and Analysis of Financial Condition and Results of Operations is presented in the [Financial Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_202).][added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_199).]

The company’s discussion of interest rate, foreign currency and commodity price market risk is contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations — [Financial and Derivative [removed: Instruments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_241)] [added: Instruments](#ib7903ee4cd7540d8ab5b70d4bf454edd_241)] and in [Note 10 Financial and Derivative [removed: Instruments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331).][added: Instruments](#ib7903ee4cd7540d8ab5b70d4bf454edd_325).]

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

A list of the company’s significant subsidiaries is presented in [Exhibit [removed: 21.1](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex211.htm).][added: 21.1](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex211.htm).]

Refer to [removed: pages 32 through 40] [added: [Business Environment and Outlook](#ib7903ee4cd7540d8ab5b70d4bf454edd_208)] of this Form 10-K in Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s current business environment and outlook.

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

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

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[removed: Chevron] [added: The company] hires, develops, and strives to retain a diverse workforce of high-performing talent, and fosters a culture that values diversity, inclusion and employee engagement.

The following table summarizes the number of Chevron employees by gender, where data is available, and by region as of December 31, [removed: 2022.][added: 2023.]

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

| Other Americas | | | [removed: 1,005] [added: 18] | | | [removed: 28] [added: 15] | | [removed: %] | [removed: 2,536] | | | [removed: 71] [added: 39] | | [removed: %] | [removed: 21] [added: —] | | | [removed: 1] | | [removed: %] | [removed: 3,562] [added: 35] | | | [removed: 8] [added: —] | | [removed: %] | [added: | | | 54 | | | — | | | | | |]

| Total Non-Service Station Employees | | | [removed: 10,371] [added: 11,000] | | | 27 | | % | [removed: 27,794] [added: 29,138] | | | [removed: 73] [added: 72] | | % | [removed: 93] [added: 74] | | | — | | % | [removed: 38,258] [added: 40,212] | | | [removed: 87] [added: 88] | | % |

[removed: 1] [added: *] Includes employees where gender data was not collected or employee chose not to disclose gender.

[removed: Chevron’s] [added: The company’s] philosophy is to offer compelling career opportunities and a competitive total compensation and benefits package linked to individual and enterprise performance.

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

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

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

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

The [removed: annual] voluntary attrition for this population [added: in 2023] was [removed: 4.5] [added: 2.9] percent, [removed: which is in line with rates over] a [added: decrease from] five-year [removed: comparison period.][added: historical rates.]

The voluntary attrition rate generally excludes employee departures under [removed: enterprise-wide] restructuring programs.

[removed: Chevron] [added: The company also] strives to build an inclusive environment through innovative programs such as the company’s MARC (Men Advocating Real Change) program launched in 2017, in partnership with the non-profit organization Catalyst, [added: which is designed] to facilitate discussions on gender equity in the workplace.

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

[removed: Also, when hiring for a position,] [added: Across] many [added: of its] selection [removed: processes now include] [added: processes, the company continues to use specially trained company leaders as] inclusion [removed: counselors] [added: counselors,] who help [removed: check against] [added: challenge group think and] unconscious biases and provide outside [removed: perspectives.][added: perspectives when hiring for a position.]

[removed: In addition, Chevron] [added: The company] has 11 employee networks (voluntary groups of employees [added: and allies] 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 [removed: Chevron’s] [added: the company’s] values of diversity and inclusion.

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

[removed: Chevron’s] [added: The company’s] survey frequency enables the company to [removed: better] understand employee sentiment throughout the year and gain insights into employee well-being.

[removed: Chevron’s] [added: The company’s] safety culture empowers every member of its workforce to exercise stop-work authority without repercussion to address any potential unsafe work conditions.

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

Tabulations of segment sales and other operating revenues, earnings, assets, and income taxes for the three years ending December 31, [removed: 2022,] [added: 2023,] and assets as of the end of [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] — for the United States and the company’s international geographic areas — are in [Note 14 Operating Segments and Geographic [removed: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] [added: Data](#ib7903ee4cd7540d8ab5b70d4bf454edd_340)] 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](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] [added: Advances](#ib7903ee4cd7540d8ab5b70d4bf454edd_343)] and [Note 18 Property, Plant and [removed: Equipment](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_361).][added: Equipment](#ib7903ee4cd7540d8ab5b70d4bf454edd_355).]

Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s [Capital [removed: Expenditures](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_229).][added: Expenditures](#ib7903ee4cd7540d8ab5b70d4bf454edd_229).]

Refer to [Table [removed: V](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_469)] [added: V](#ib7903ee4cd7540d8ab5b70d4bf454edd_466)] for a tabulation of the company’s proved reserves by geographic area, at the beginning of [removed: 2020] [added: 2021] and at each year-end from [removed: 2020] [added: 2021] through [removed: 2022.][added: 2023.]

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: 2022,] [added: 2023,] are summarized in the discussion for Table V.

At December 31, [removed: 2022, 36] [added: 2023, 38] percent of the company’s net proved oil-equivalent reserves were located in the United States, [removed: 16] [added: 15] percent were located in Australia and [removed: 14] [added: 13] percent were located in Kazakhstan.

The net proved reserve balances at the end of each of the three years [removed: 2020] [added: 2021] through [removed: 2022] [added: 2023] are shown in the following table:

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | |

| Consolidated Companies | | | [removed: 3,868] [added: 3,770] | | | | | | [removed: 3,821] [added: 3,868] | | | | | | [removed: 3,766] [added: 3,821] | | | | | |

| Affiliated Companies | | | [removed: 1,129] [added: 1,007] | | | | | | [removed: 1,254] [added: 1,129] | | | | | | [removed: 1,553] [added: 1,254] | | | | | |

| Total Crude Oil, Condensate and Synthetic Oil | | | [removed: 4,997] [added: 4,777] | | | | | | [removed: 5,075] [added: 4,997] | | | | | | [removed: 5,319] [added: 5,075] | | | | | |

| Consolidated Companies | | | [removed: 1,002] [added: 1,138] | | | | | | [removed: 935] [added: 1,002] | | | | | | [removed: 709] [added: 935] | | | | | |

| Affiliated Companies | | | [removed: 86] [added: 91] | | | | | | [removed: 103] [added: 86] | | | | | | [removed: 119] [added: 103] | | | | | |

| | | | At December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | |

| U.S. | | | 5,713 | | | 26 | | % | 15,905 | | | 74 | | % | 20 | | | — | | % | 21,638 | | | 47 | | % |

| Africa | | | 611 | | | 16 | | % | 3,209 | | | 84 | | % | 3 | | | — | | % | 3,823 | | | 8 | | % |

| Asia | | | 2,550 | | | 36 | | % | 4,608 | | | 64 | | % | 16 | | | — | | % | 7,174 | | | 16 | | % |

| Australia | | | 562 | | | 26 | | % | 1,574 | | | 74 | | % | 4 | | | — | | % | 2,140 | | | 5 | | % |

| Europe | | | 442 | | | 28 | | % | 1,102 | | | 71 | | % | 19 | | | 1 | | % | 1,563 | | | 3 | | % |

| Service Station Employees | | | 2,392 | | | 44 | | % | 2,011 | | | 37 | | % | 985 | | | 18 | | % | 5,388 | | | 12 | | % |

| Total Employees | | | 13,392 | | | 29 | | % | 31,149 | | | 68 | | % | 1,059 | | | 2 | | % | 45,600 | | | 100 | | % |

The company invests in developing leadership at every level, including coaching programs for frontline supervisors, managers and individual contributors.

| | | | | | | [Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7) | | |

Chevron also believes inclusive leadership development enhances performance and innovation.

To that end, the company offers numerous leadership development programs, such as the Global Women’s Leadership Development Program and Transformational Leadership for Multicultural Women, which are designed to provide forums for discussion of potential headwinds, promote professional growth, and foster a more inclusive work environment.

The success and impact of MARC led to the creation of Elevate in 2020, a program that seeks to take the inclusion dialogue beyond gender.

The company also aims to support a diverse and inclusive supply chain that is reflective of the communities where we operate.

We believe that a diverse supply chain contributes to our success and growth.

The company maintains long-standing partnerships with non-profit organizations, including the National Minority Supplier Development Council, Women’s Business Enterprise National Council, National LGBT Chamber of Commerce and Disability:IN, that have helped many diverse businesses grow.

Our surveys indicate high levels of employee engagement.

| | | | | | | [Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7) | | |

| | | | | | | [Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7) | | |

| | | | At December 31, 2023 | | | | | | | | | | | | | | | | | | | | |

| United States | | | 36,547 | | | | | | 26,111 | | | 2,731 | | | | | | 2,092 | | | | | |

| Other Americas | | | 1,231 | | | | | | 741 | | | 284 | | | | | | 189 | | | | | |

| Africa | | | 1,645 | | | | | | 643 | | | 47 | | | | | | 18 | | | | | |

| Asia | | | 1,910 | | | | | | 855 | | | 1,366 | | | | | | 414 | | | | | |

| Affiliates2 | | | 1,608 | | | | | | 586 | | | — | | | | | | — | | | | | |

| United States | | | 4,168 | | | | | | 3,665 | | | | | | 4,147 | | | | | | 2,763 | | | | | | 8,315 | | | | | | 6,428 | | | | | |

| Other Americas | | | 15,508 | | | | | | 9,049 | | | | | | 1,020 | | | | | | 228 | | | | | | 16,528 | | | | | | 9,277 | | | | | |

| Africa | | | 10,986 | | | | | | 5,275 | | | | | | 1,273 | | | | | | 551 | | | | | | 12,259 | | | | | | 5,826 | | | | | |

| Asia | | | 19,723 | | | | | | 10,050 | | | | | | 1,102 | | | | | | 425 | | | | | | 20,825 | | | | | | 10,475 | | | | | |

| Australia | | | 2,814 | | | | | | 1,913 | | | | | | 2,067 | | | | | | 814 | | | | | | 4,881 | | | | | | 2,727 | | | | | |

| Total Consolidated Companies | | | 53,305 | | | | | | 29,973 | | | | | | 9,621 | | | | | | 4,783 | | | | | | 62,926 | | | | | | 34,756 | | | | | |

| Affiliates3 | | | 694 | | | | | | 288 | | | | | | 110 | | | | | | 50 | | | | | | 804 | | | | | | 338 | | | | | |

| Total Including Affiliates | | | 53,999 | | | | | | 30,261 | | | | | | 9,731 | | | | | | 4,833 | | | | | | 63,730 | | | | | | 35,094 | | | | | |

| | | | | | | [Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7) | | |

| Kazakhstan | | | 45 | | | 40 | | | | | | 26 | | | 24 | | | | | | — | | | — | | | | | | 114 | | | 96 | | | | | |

| Thailand5 | | | 42 | | | 67 | | | | | | 10 | | | 18 | | | | | | — | | | — | | | | | | 192 | | | 298 | | | | | |

| Affiliates6 | | | 406 | | | 399 | | | | | | 281 | | | 278 | | | | | | 25 | | | 16 | | | | | | 603 | | | 629 | | | | | |

| 4 Indonesia Deepwater Assets were sold in 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 5 Chevron concessions expired in 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

The company believes it can

| | | | 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.

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

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.

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.

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

| United States | | | 34,834 | | | | | | 27,364 | | | 2,078 | | | | | | 1,712 | | | | | |

| Other Americas | | | 1,144 | | | | | | 708 | | | 266 | | | | | | 176 | | | | | |

| Africa | | | 1,623 | | | | | | 635 | | | 46 | | | | | | 17 | | | | | |

| Asia | | | 1,764 | | | | | | 779 | | | 1,431 | | | | | | 436 | | | | | |

| Affiliates2 | | | 1,677 | | | | | | 607 | | | — | | | | | | — | | | | | |

| United States | | | 3,784 | | | | | | 3,277 | | | | | | 3,909 | | | | | | 2,565 | | | | | | 7,693 | | | | | | 5,842 | | | | | |

| Other Americas | | | 19,322 | | | | | | 11,109 | | | | | | 1,088 | | | | | | 239 | | | | | | 20,410 | | | | | | 11,348 | | | | | |

| Africa | | | 10,286 | | | | | | 5,695 | | | | | | 1,884 | | | | | | 793 | | | | | | 12,170 | | | | | | 6,488 | | | | | |

| Asia | | | 16,850 | | | | | | 6,795 | | | | | | 1,105 | | | | | | 430 | | | | | | 17,955 | | | | | | 7,225 | | | | | |

| Australia | | | 2,853 | | | | | | 1,933 | | | | | | 2,069 | | | | | | 815 | | | | | | 4,922 | | | | | | 2,748 | | | | | |

| Total Consolidated Companies | | | 53,198 | | | | | | 28,829 | | | | | | 10,070 | | | | | | 4,845 | | | | | | 63,268 | | | | | | 33,674 | | | | | |

| Affiliates3 | | | 695 | | | | | | 286 | | | | | | 109 | | | | | | 50 | | | | | | 804 | | | | | | 336 | | | | | |

| Total Including Affiliates | | | 53,893 | | | | | | 29,115 | | | | | | 10,179 | | | | | | 4,895 | | | | | | 64,072 | | | | | | 34,010 | | | | | |

International production decreased 7 percent in 2022 primarily due to the end of concessions in Thailand and Indonesia, while U.S. production increased 4 percent compared to 2021, mainly in the Permian Basin.

| Brazil | | | — | | | 3 | | | | | | — | | | 3 | | | | | | — | | | — | | | | | | — | | | — | | | | | |

| Kazakhstan | | | 40 | | | 41 | | | | | | 24 | | | 24 | | | | | | — | | | — | | | | | | 96 | | | 103 | | | | | |

| Thailand4 | | | 67 | | | 163 | | | | | | 18 | | | 41 | | | | | | — | | | — | | | | | | 298 | | | 736 | | | | | |

| Affiliates5 | | | 399 | | | 387 | | | | | | 278 | | | 263 | | | | | | 16 | | | 21 | | | | | | 629 | | | 616 | | | | | |

| 4 Chevron concessions expired in 2021 (Indonesia) and 2022 (Thailand). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Chevron divested its assets in the Eagle Ford Shale in Texas in March 2022.

In Colorado, development in the Denver-Julesburg (DJ) Basin is primarily focused on Chevron’s Mustang and Wells Ranch areas where the company’s comprehensive drilling plans allow for efficient resource development.

In 2022, 53 wells in Texas and 29 wells in Colorado achieved Project Canary’s highest certification rating on operational and environmental performance, allowing Chevron to market responsibly sourced natural gas.

The California operations support Chevron’s efforts to progress its lower carbon technologies with investments in geothermal and carbon capture pilots.

As previously disclosed, the California Department of Fish and [removed: Game,] [added: Wildlife,] Office of Spill Prevention and Response [added: (CDFW, OSPR)] issued a Complaint - [removed: Notice of Violation (NOV)] [added: 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.

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

Chevron is currently in discussions with CalGEM [removed: to explore] [added: regarding] a [removed: global] settlement to resolve the order and all past and present seeps in the Cymric Field, which [removed: would] [added: will] increase the amount of penalty paid.

Please see information related to other legal proceedings in [Note 16 [removed: Litigation](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_355).][added: Litigation](#ib7903ee4cd7540d8ab5b70d4bf454edd_349).]

As previously disclosed, Chevron received correspondence from California’s Bay Area Air Quality Management District (BAAQMD) seeking to resolve certain Notices of Violation (NOVs) related to alleged violations that occurred at Chevron’s refinery in Richmond, California, between 2019 and 2022.

The parties negotiated a resolution of the NOVs, including additional NOVs from the first half of 2023, in a settlement effective February 12, 2024.

Resolution of these alleged violations will result in the payment of a civil penalty of $20 million.

Chevron is negotiating a potential resolution of the NOVs with CDFW, OSPR.

On March 17, 2022, the Texas Commission on Environmental Quality and Harris County, Texas filed a civil lawsuit alleging violations of the Texas Clean Air Act in connection with a fire at Chevron’s Pasadena, Texas refinery.

The Pasadena refinery is currently negotiating a potential resolution that may result in the payment of a civil penalty of $1.0 million or more.

For the fiscal year ended December 31, [removed: 2022][added: 2023]

Yes [removed: þ No] o [added: No þ]

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: $283.4] [added: $293.8] billion (As of June 30, [removed: 2022)][added: 2023)]

Number of Shares of Common Stock outstanding as of February [removed: 10, 2023] [added: 9, 2024] — [removed: 1,906,674,044][added: 1,857,269,160]

Notice of the [removed: 2023] [added: 2024] Annual Meeting and [removed: 2023] [added: 2024] 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: 2023] [added: 2024] Annual Meeting of Stockholders (in Part III)

| | | | [General Development of [removed: Business](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_25)] [added: Business](#ib7903ee4cd7540d8ab5b70d4bf454edd_25)] | | | [removed: [3](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_25)] [added: [3](#ib7903ee4cd7540d8ab5b70d4bf454edd_25)] | | | | | |

| | | | [Description of Business and [removed: Properties](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_34)] [added: Properties](#ib7903ee4cd7540d8ab5b70d4bf454edd_34)] | | | [removed: [6](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_34)] [added: [6](#ib7903ee4cd7540d8ab5b70d4bf454edd_34)] | | | | | |

| [removed: [1A.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_124)] [added: [1A.](#ib7903ee4cd7540d8ab5b70d4bf454edd_121)] | | | [Risk [removed: Factors](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_124)] [added: Factors](#ib7903ee4cd7540d8ab5b70d4bf454edd_121)] | | | [removed: [20](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_124)] [added: [20](#ib7903ee4cd7540d8ab5b70d4bf454edd_121)] | | | | | |

| [removed: [1B.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_127)] [added: [1B.](#ib7903ee4cd7540d8ab5b70d4bf454edd_124)] | | | [Unresolved Staff [removed: Comments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_127)] [added: Comments](#ib7903ee4cd7540d8ab5b70d4bf454edd_124)] | | | [removed: [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_127)] [added: [26](#ib7903ee4cd7540d8ab5b70d4bf454edd_124)] | | | | | |

| [removed: [4.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] [added: [4.](#ib7903ee4cd7540d8ab5b70d4bf454edd_133)] | | | [Mine Safety [removed: Disclosures](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] [added: Disclosures](#ib7903ee4cd7540d8ab5b70d4bf454edd_133)] | | | [removed: [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136)] [added: [28](#ib7903ee4cd7540d8ab5b70d4bf454edd_133)] | | | | | |

| [removed: [5.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_142)] [added: [5.](#ib7903ee4cd7540d8ab5b70d4bf454edd_139)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_142)] [added: Securities](#ib7903ee4cd7540d8ab5b70d4bf454edd_139)] | | | [removed: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_142)] [added: [29](#ib7903ee4cd7540d8ab5b70d4bf454edd_139)] | | | | | |

| [removed: [7.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_148)] [added: [7.](#ib7903ee4cd7540d8ab5b70d4bf454edd_145)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_148)] [added: Operations](#ib7903ee4cd7540d8ab5b70d4bf454edd_145)] | | | [removed: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_148)] [added: [29](#ib7903ee4cd7540d8ab5b70d4bf454edd_145)] | | | | | |

| [removed: [7A.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_151)] [added: [7A.](#ib7903ee4cd7540d8ab5b70d4bf454edd_148)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_151)] [added: Risk](#ib7903ee4cd7540d8ab5b70d4bf454edd_148)] | | | [removed: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_151)] [added: [29](#ib7903ee4cd7540d8ab5b70d4bf454edd_148)] | | | | | |

| [removed: [8.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_154)] [added: [8.](#ib7903ee4cd7540d8ab5b70d4bf454edd_151)] | | | [Financial Statements and Supplementary [removed: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_154)] [added: Data](#ib7903ee4cd7540d8ab5b70d4bf454edd_151)] | | | [removed: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_154)] [added: [29](#ib7903ee4cd7540d8ab5b70d4bf454edd_151)] | | | | | |

| [removed: [9.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_157)] [added: [9.](#ib7903ee4cd7540d8ab5b70d4bf454edd_154)] | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_157)] [added: Disclosure](#ib7903ee4cd7540d8ab5b70d4bf454edd_154)] | | | [removed: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_157)] [added: [29](#ib7903ee4cd7540d8ab5b70d4bf454edd_154)] | | | | | |

| [removed: [9A.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_160)] [added: [9A.](#ib7903ee4cd7540d8ab5b70d4bf454edd_157)] | | | [Controls and [removed: Procedures](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_160)] [added: Procedures](#ib7903ee4cd7540d8ab5b70d4bf454edd_157)] | | | [removed: [27](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_160)] [added: [29](#ib7903ee4cd7540d8ab5b70d4bf454edd_157)] | | | | | |

| [removed: [9B.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] [added: [9B.](#ib7903ee4cd7540d8ab5b70d4bf454edd_169)] | | | [Other [removed: Information](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] [added: Information](#ib7903ee4cd7540d8ab5b70d4bf454edd_169)] | | | [removed: [28](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] [added: [30](#ib7903ee4cd7540d8ab5b70d4bf454edd_169)] | | | | | |

| [removed: [9C](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_175).] [added: [9C](#ib7903ee4cd7540d8ab5b70d4bf454edd_172).] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_175)] [added: Inspections](#ib7903ee4cd7540d8ab5b70d4bf454edd_172)] | | | [removed: [28](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_172)] [added: [30](#ib7903ee4cd7540d8ab5b70d4bf454edd_169)] | | | | | |

| [removed: [10.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_181)] [added: [10.](#ib7903ee4cd7540d8ab5b70d4bf454edd_178)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_181)] [added: Governance](#ib7903ee4cd7540d8ab5b70d4bf454edd_178)] | | | [removed: [29](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_181)] [added: [31](#ib7903ee4cd7540d8ab5b70d4bf454edd_178)] | | | | | |

| [removed: [11.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_187)] [added: [11.](#ib7903ee4cd7540d8ab5b70d4bf454edd_184)] | | | [Executive [removed: Compensation](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_187)] [added: Compensation](#ib7903ee4cd7540d8ab5b70d4bf454edd_184)] | | | [removed: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_187)] [added: [32](#ib7903ee4cd7540d8ab5b70d4bf454edd_184)] | | | | | |

| [removed: [12.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_190)] [added: [12.](#ib7903ee4cd7540d8ab5b70d4bf454edd_187)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_190)] [added: Matters](#ib7903ee4cd7540d8ab5b70d4bf454edd_187)] | | | [removed: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_190)] [added: [32](#ib7903ee4cd7540d8ab5b70d4bf454edd_187)] | | | | | |

| [removed: [13.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_193)] [added: [13.](#ib7903ee4cd7540d8ab5b70d4bf454edd_190)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_193)] [added: Independence](#ib7903ee4cd7540d8ab5b70d4bf454edd_190)] | | | [removed: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_193)] [added: [32](#ib7903ee4cd7540d8ab5b70d4bf454edd_190)] | | | | | |

| [removed: [14.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_196)] [added: [14.](#ib7903ee4cd7540d8ab5b70d4bf454edd_193)] | | | [Principal Accountant Fees and [removed: Services](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_196)] [added: Services](#ib7903ee4cd7540d8ab5b70d4bf454edd_193)] | | | [removed: [30](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_196)] [added: [32](#ib7903ee4cd7540d8ab5b70d4bf454edd_193)] | | | | | |

| [removed: [15.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] [added: [15.](#ib7903ee4cd7540d8ab5b70d4bf454edd_493)] | | | [removed: [Exhibit](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496) [and](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] [added: [Exhibit](#ib7903ee4cd7540d8ab5b70d4bf454edd_493) [and](#ib7903ee4cd7540d8ab5b70d4bf454edd_493)] [Financial Statement [removed: Schedules](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] [added: Schedules](#ib7903ee4cd7540d8ab5b70d4bf454edd_493)] | | | [removed: [112](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_496)] [added: [115](#ib7903ee4cd7540d8ab5b70d4bf454edd_493)] | | | | | |

| | | | [Schedule II — Valuation and Qualifying [removed: Accounts](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_499)] [added: Accounts](#ib7903ee4cd7540d8ab5b70d4bf454edd_496)] | | | [removed: [112](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_499)] [added: [115](#ib7903ee4cd7540d8ab5b70d4bf454edd_496)] | | | | | |

FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE [added: PRIVATE SECURITIES]

[removed: PRIVATE SECURITIES] LITIGATION REFORM ACT OF 1995

Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” [added: “progress,”] “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar [removed: expressions] [added: expressions, and variations or negatives of these words,] are intended to identify such forward-looking [removed: statements.][added: statements, but not all forward-looking statements include such words.]

These statements are not guarantees of future performance and are subject to [removed: certain] [added: numerous] risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict.

[removed: 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 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; 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 26 in this report.][added: 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 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, market and political conditions, including the military conflict between Russia and Ukraine, the war between Israel and Hamas and the global response to these hostilities; 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; 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 related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of the company and PDC Energy, Inc. and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the risk that Hess Corporation (Hess) stockholders do not approve the potential transaction, and the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; uncertainties as to whether the potential transaction will be consummated on the anticipated timing or at all, or if consummated, will achieve its anticipated economic benefits, including as a result of regulatory proceedings and risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; 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; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; 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 26 in this report, and as updated in the future.]

| | | | | | | [Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7)] [added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7)] | | |

| [PART I](#ib7903ee4cd7540d8ab5b70d4bf454edd_19) | | | | | | | | | | | |

| [1.](#ib7903ee4cd7540d8ab5b70d4bf454edd_22) | | | [Business](#ib7903ee4cd7540d8ab5b70d4bf454edd_22) | | | [3](#ib7903ee4cd7540d8ab5b70d4bf454edd_22) | | | | | |

| | | | [Upstream](#ib7903ee4cd7540d8ab5b70d4bf454edd_37) | | | [6](#ib7903ee4cd7540d8ab5b70d4bf454edd_37) | | | | | |

| | | | [Downstream](#ib7903ee4cd7540d8ab5b70d4bf454edd_91) | | | [16](#ib7903ee4cd7540d8ab5b70d4bf454edd_91) | | | | | |

| | | | [Other Businesses](#ib7903ee4cd7540d8ab5b70d4bf454edd_109) | | | [19](#ib7903ee4cd7540d8ab5b70d4bf454edd_109) | | | | | |

| [1](#ib7903ee4cd7540d8ab5b70d4bf454edd_4110)[C](#ib7903ee4cd7540d8ab5b70d4bf454edd_4110)[.](#ib7903ee4cd7540d8ab5b70d4bf454edd_4110) | | | [Cybersecurity](#ib7903ee4cd7540d8ab5b70d4bf454edd_4110) | | | [26](#ib7903ee4cd7540d8ab5b70d4bf454edd_4110) | | | | | |

| [2.](#ib7903ee4cd7540d8ab5b70d4bf454edd_127) | | | [Properties](#ib7903ee4cd7540d8ab5b70d4bf454edd_127) | | | [28](#ib7903ee4cd7540d8ab5b70d4bf454edd_127) | | | | | |

| [3.](#ib7903ee4cd7540d8ab5b70d4bf454edd_130) | | | [Legal Proceedings](#ib7903ee4cd7540d8ab5b70d4bf454edd_130) | | | [28](#ib7903ee4cd7540d8ab5b70d4bf454edd_130) | | | | | |

| [PART II](#ib7903ee4cd7540d8ab5b70d4bf454edd_136) | | | | | | | | | | | |

| [6.](#ib7903ee4cd7540d8ab5b70d4bf454edd_142) | | | [\[Reserved\]](#ib7903ee4cd7540d8ab5b70d4bf454edd_142) | | | [29](#ib7903ee4cd7540d8ab5b70d4bf454edd_142) | | | | | |

| [PART III](#ib7903ee4cd7540d8ab5b70d4bf454edd_175) | | | | | | | | | | | |

| [PART IV](#ib7903ee4cd7540d8ab5b70d4bf454edd_490) | | | | | | | | | | | |

| [16.](#ib7903ee4cd7540d8ab5b70d4bf454edd_499) | | | [Form 10-K Summary](#ib7903ee4cd7540d8ab5b70d4bf454edd_499) | | | [115](#ib7903ee4cd7540d8ab5b70d4bf454edd_499) | | | | | |

| | | | [Signatures](#ib7903ee4cd7540d8ab5b70d4bf454edd_505) | | | [119](#ib7903ee4cd7540d8ab5b70d4bf454edd_505) | | | | | |

| [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) | | | | | |

| | | | [Other Businesses](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_112) | | | [19](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_112) | | | | | |

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

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

| | | | [Information about our Executive Officers](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136) | | | [26](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_136) | | | | | |

| [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) | | | | | |

Chevron’s business and proprietary information, information technology (IT) and operational technology (OT) networks are essential to its success.

The company’s cybersecurity program is designed to protect its information assets and operations from external and internal cyber threats by identifying and appropriately managing and mitigating risks while ensuring business resiliency.

This program is integrated within the company’s Enterprise Risk Management (ERM) process, which is the company’s systematic approach to identifying, managing and assessing major risks and safeguards,

| | | | | | | | | |

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

| | | | | | | [Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7) | | |

including cybersecurity risks.

Chevron uses a risk-based information security process aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework to identify, prioritize and mitigate cyber risks.

The company’s worldwide team of cybersecurity professionals undertakes a range of preemptive activities to protect its people, assets and reputation globally.

The company also leverages internal and external resources to monitor cybersecurity threats to its systems and networks and to understand the broader threat environment.

The company seeks to remove exploitable weaknesses in its systems or devices before they become a threat.

Chevron security experts use automated threat intelligence feeds to increase vulnerability awareness, taking action to mitigate the highest risks.

The company’s cybersecurity guardrails, which are high-level design requirements expected to be built into any new digital solutions being deployed, are also updated on an ongoing basis to align with changes in industry standards and the evolving threat environment.

Chevron’s cyber risk management process includes testing and risk assessments of technologies, third-party suppliers, and its IT and OT networks.

These assessments ensure that our focus is on the highest priorities to maintain the security of our company’s assets.

To further protect the company’s systems and data, Chevron’s cybersecurity organization has threat intelligence capabilities to monitor security breaches impacting third-party suppliers.

As third-party risks increase, the company’s approach to third-party supplier risk management and qualification continues to evolve, including the ongoing expansion of its current supplier risk management program beyond IT vendors to other high-risk, third-party vendors.

Chevron’s Chief Information Security Officer (CISO) leads a global cybersecurity team that operationalizes and manages the company’s cybersecurity program and strategy.

Chevron’s CISO has more than 20 years of cybersecurity experience and is responsible for providing a single and consolidated view of the company’s enterprise cybersecurity risk.

Before joining Chevron, he held a leadership role in cyber threat analysis with the U.S. Department of State’s Bureau of Diplomatic Security.

Chevron’s CISO reports to the Chief Information Officer (CIO) who is responsible for Chevron’s broader IT program, including resiliency and ability to remediate and recover from a cybersecurity incident to minimize impacts to the business and operations.

He has more than 30 years of experience in IT and the oil and gas industry.

Chevron operates four Cyber Intelligence Centers around the world, some co-located with critical assets, with cyber professionals who monitor and respond to cyber threats 24 hours a day, 365 days a year, to limit the scope and impact of cyber incidents in its networks.

Chevron’s CISO regularly receives cybersecurity operations reports detailing prevention, detection, mitigation and remediation efforts associated with cyber incidents, both on Chevron’s networks and third-party supplier networks.

The CISO has authority to mobilize a cross-functional cyber incident response team, including outside cybersecurity experts, to drive mitigation and remediation actions.

Status updates on incidents are provided to senior management and to the Board, as appropriate.

The company’s dedicated cyber risk organization meets regularly with business units to raise cyber risk awareness and keep diverse cybersecurity skill sets connected across the enterprise.

Chevron has invested in broad cybersecurity awareness and required training to educate those with access to Chevron’s networks on company policy and best practices.

The company conducts regular phishing tests to train and assess its workforce’s ability to identify malicious emails.

Chevron’s Corporate Audit Department has a dedicated team responsible for IT and information security (including cybersecurity) audits.

Chevron also leverages external resources to reinforce its cybersecurity capabilities.

On a regular basis, external consultants provide a maturity assessment of the company’s cybersecurity program.

The company’s approach to managing risks, including cybersecurity risks, is embedded within the enterprise Operational Excellence (OE) Management System (OEMS).

The OEMS provides a systematic process that enables the company to manage risk and implement safeguards and foster a culture of learning across different focus areas for Chevron’s business, including cybersecurity.

The company’s Business Continuity Planning OE Process, a component of the OEMS, is designed to prepare Chevron to continue operations during an unplanned event or disruption, which aligns with its OE objective to prevent high-consequence security and cybersecurity incidents.

Chevron works to identify critical business processes and dependent IT applications and document the processes for continuing operations without IT systems.

Cross-functional teams also conduct regular multidisciplinary exercises, including an expansive cybersecurity exercise in 2023, to test and improve response plans.

The Board provides oversight of Chevron’s cybersecurity program, receives reports from management on cybersecurity risks in connection with Chevron’s operations and projects, and also reviews cybersecurity risks as part of the company’s broader annual ERM process.

In support of the Board’s oversight of the company’s policies and processes with respect to risk management and the company’s major financial risk exposures, including cybersecurity, the Audit Committee meets with Chevron’s CISO and CIO at least twice a year to review cybersecurity risks and implications, including the results of

| | | | | | | | | |

Information required by Subpart 1200 of Regulation S-K (“Disclosure by Registrants Engaged in Oil and Gas Producing Activities”) is also contained in Item 1 and in Tables I through VII on pages [removed: 99] [added: 102] through [removed: 111] [added: 114] and [Note 18 Properties, Plant and [removed: Equipment](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_361).][added: Equipment](#ib7903ee4cd7540d8ab5b70d4bf454edd_355).]

| | | | | | | [Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7)] [added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7)] | | |

Information about our Executive Officers

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

As of February [removed: 10, 2023,] [added: 9, 2024,] stockholders of record numbered approximately [removed: 104,000.][added: 100,000.]

The information on Chevron’s dividends are contained in the [Quarterly [removed: Results](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_259)] [added: Results](#ib7903ee4cd7540d8ab5b70d4bf454edd_259)] tabulation.

*Chevron Corporation Issuer Purchases of Equity Securities* *for Quarter Ended December 31, [removed: 2022*][added: 2023*]

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

[removed: 2Refer] [added: *Refer] to [Liquidity and Capital [removed: Resources](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] [added: Resources](#ib7903ee4cd7540d8ab5b70d4bf454edd_223)] for additional detail regarding the company's authorized stock repurchase program.

| October 1 – October 31, 2023 | | | 9,396,099 | | | $162.01 | | | 9,396,099 | | | $65.7 | | |

| November 1 – November 30, 2023 | | | 6,818,060 | | | $144.50 | | | 6,818,060 | | | $64.7 | | |

| December 1 – December 31, 2023 | | | 6,180,512 | | | $147.74 | | | 6,180,512 | | | $63.8 | | |

| Total October 1 – December 31, 2023 | | | 22,394,671 | | | $152.74 | | | 22,394,671 | | | | | |

| 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 | | | | | |

1Includes common shares repurchased from participants in the company's deferred compensation plans for personal income tax withholdings.

The index to Financial Statements and Supplementary Data is presented in the [Financial Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_202).][added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_199).]

Based on this evaluation, management concluded that the company’s disclosure controls and procedures were effective as of December 31, [removed: 2022.][added: 2023.]

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: 2022.][added: 2023.]

The effectiveness of the company’s internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein.

| | | | | | | [Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7)] [added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7)] | | |

(c) Changes in Internal Control Over Financial Reporting During the quarter ended December 31, [removed: 2022,] [added: 2023,] there were no changes in the company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting.

The company excluded PDC Energy, Inc. (PDC) from our assessment of internal control over financial reporting as of December 31, 2023 because it was acquired by the company in a business combination during 2023.

Total assets and total

revenues of PDC, a wholly-owned subsidiary, represent five percent and one percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2023.

Hewitt Pate, Vice President and General Counsel, entered into a pre-arranged stock trading plan on November [removed: 17, 2022.][added: 27, 2023.]

Mr. Pate’s plan provides for the potential exercise of vested stock options and the associated sale of up to 250,742 shares of Chevron common stock between February [removed: 20, 2023] [added: 27, 2024] and February [removed: 8, 2024.][added: 7, 2025.]

Michael K.

Wirth, Chairman of the Board and Chief Executive Officer, entered into a pre-arranged stock trading plan on November 22, 2023.

Mr. Wirth’s plan provides for the potential exercise of vested stock options and the associated sale of up to 404,500 shares of Chevron common stock between February 27, 2024 and January 28, 2025.

Alana K.

Knowles, Vice President and Controller, entered into a pre-arranged stock trading plan on November 27, 2023.

Ms. Knowles’ plan provides for the potential exercise of vested stock options and the associated sale of up to 17,534 shares of Chevron common stock between February 27, 2024 and November 30, 2024.

These trading plans were entered into during an open insider trading window and are each intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and Chevron’s policies regarding transactions in Chevron securities.

| | | | | | | [Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7)] [added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7)] | | |

Information about our Executive Officers at February [removed: 23, 2023][added: 26, 2024]

| Michael K. Wirth | | | [removed: 62] [added: 63] | | | Chairman of the Board and Chief Executive Officer (since Feb 2018) | | | Chairman of the Board and Chief Executive Officer | | |

| Pierre R. [removed: Breber] [added: Breber*] | | | [removed: 58] [added: 59] | | | Vice President and Chief Financial Officer (since Apr 2019) Executive Vice President, Downstream (Jan 2016 - Mar 2019) | | | Finance; [removed: Procurement] [added: Investor Relations] | | |

| A. Nigel Hearne | | | [removed: 55] [added: 56] | | | 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) [removed: Managing Director, Australia Business Unit (July 2016 - Dec 2018)] | | | Upstream - Worldwide Exploration and Production; Downstream - Worldwide Manufacturing, Marketing, Lubricants, and Chemicals; Midstream - [removed: Worldwide] [added: Worldwide; Asset Performance and Process Safety; Health, Safety and Environment] | | |

| Mark A. Nelson | | | [removed: 59] [added: 60] | | | Vice Chairman [removed: and Executive Vice President, Strategy, Policy & Development] (since Feb 2023) Executive Vice President, Strategy, Policy & Development (Oct 2022 - [removed: Feb] [added: Sept] 2023) Executive Vice President, Downstream [removed: (since Mar] [added: (Mar] 2019 - Sep 2022) Vice President, Midstream, Strategy and Policy (Feb 2018 - Feb 2019) | | | Strategy & Sustainability; Corporate Affairs; Corporate Business [removed: Development] [added: Development; Procurement/Supply Chain Management; Information Technology] | | |

| Eimear P. [removed: Bonner] [added: Bonner*] | | | [removed: 48] [added: 49] | | | Vice President (since Aug [removed: 2021),] [added: 2021) President and] Chief Technology [removed: Officer and President of] [added: Officer,] Chevron Technical Center [removed: (since Feb 2021)] [added: (Feb 2021 - Dec 2023)] General [removed: Director of] [added: Director,] Tengizchevroil (Dec 2018 - Jan 2021) [removed: General Manager of Operations of Tengizchevroil (Nov 2015 - Nov 2018)] | | | [removed: Information Technology; Subsurface; Global Reserves; Wells; Asset Performance and Process Safety; Facilities Designs and Solutions; Capital Projects; Health, Safety and Environment; Downstream Technology] [added: Finance; Investor Relations] | | |

| Jeff B. Gustavson | | | [removed: 50] [added: 51] | | | Vice President, Lower Carbon Energies (since Aug 2021) Vice President, [removed: Chevron North America Exploration & Production] [added: Midcontinent] (Feb 2018 - July 2021) | | | Lower Carbon Solutions | | |

| Rhonda J. Morris | | | [removed: 57] [added: 58] | | | Vice President and Chief Human Resources Officer (since Feb 2019) [removed: Vice President, Human Resources (Oct 2016 - Jan 2019)] | | | Human Resources; Diversity and Inclusion | | |

| R. Hewitt Pate | | | [removed: 60] [added: 61] | | | 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: 2023] [added: 2024] Annual Meeting of Stockholders and [removed: 2023] [added: 2024] Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Exchange Act in connection with the company’s [removed: 2023] [added: 2024] Annual Meeting (the [removed: 2023] [added: 2024] 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 [removed: “Corporate governance — Business conduct] [added: “Business Conduct] and [removed: ethics code”] [added: Ethics Code”] in the [removed: 2023] [added: 2024] 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: 2023] [added: 2024] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

| | | | | | | [Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7)] [added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7)] | | |

| Balaji Krishnamurthy | | | 47 | | | Vice President (since Oct 2022); Vice President, Chevron Technical Center (since Jan 2024) Vice President, Strategy & Sustainability (Oct 2022 - Sept 2023) President, Chevron Canada Limited (June 2021 - Sept 2022) General Manager, Corporate Transformation and Integration Management (Dec 2019 - May 2021) Deputy Managing Director, Eurasia Business Unit (June 2018 - Dec 2019) | | | Subsurface; Global Reserves; Wells; Facilities Designs and Solutions; Capital Projects; Downstream Technology | | |

| * Effective March 1, 2024, Ms. Bonner will assume the position of Vice President and Chief Financial Officer. | | | | | | | | | | | |

The information required by Item 405 of Regulation S-K and contained under the heading “Delinquent Section 16(a) Reports” in the 2024 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 408(b) of Regulation S-K and contained under the heading “Insider Trading and Prohibited Transactions Involving Chevron Securities” in the 2024 Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 402 of Regulation S-K and contained under the headings “Executive [removed: compensation,”] [added: Compensation,”] “Director [removed: compensation”] [added: Compensation”] and “CEO [removed: pay ratio”] [added: Pay Ratio”] in the [removed: 2023] [added: 2024] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(e)(5) of Regulation S-K and contained under the heading “Corporate [removed: governance] [added: Governance] — Management [removed: compensation committee report”] [added: Compensation Committee Report”] in the [removed: 2023] [added: 2024] Proxy Statement is incorporated herein by reference into this Annual Report on Form 10-K.

Pursuant to the rules and regulations of the SEC under the Exchange Act, the information under such caption incorporated by reference from the [removed: 2023] [added: 2024] Proxy Statement shall not be deemed to be “soliciting material,” or to be “filed” with the Commission, or subject to Regulation 14A or 14C or the liabilities of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933.

The information required by Item 403 of Regulation S-K and contained under the heading “Stock [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: 2023] [added: 2024] 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: 2023] [added: 2024] 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 [removed: “Corporate governance — Related person transactions”] [added: “Related Person Transactions”] in the [removed: 2023] [added: 2024] 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: 2023] [added: 2024] 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: 2023”] [added: 2024”] in the [removed: 2023] [added: 2024] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

| Financial Table of Contents | | | | | | [Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7)] [added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7)] | | |

| | | | [Management’s Discussion and Analysis [removed: of](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_205)[ ](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_205)[Financial] [added: of](#ib7903ee4cd7540d8ab5b70d4bf454edd_202)[ ](#ib7903ee4cd7540d8ab5b70d4bf454edd_202)[Financial] Condition and Results of [removed: Operations](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_205)] [added: Operations](#ib7903ee4cd7540d8ab5b70d4bf454edd_202)] | | | | | |

| | | | [Key Financial [removed: Results](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] [added: Results](#ib7903ee4cd7540d8ab5b70d4bf454edd_205)] | | | [removed: [32](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] [added: [34](#ib7903ee4cd7540d8ab5b70d4bf454edd_205)] | | |

| | | | [Earnings by Major Operating [removed: Area](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] [added: Area](#ib7903ee4cd7540d8ab5b70d4bf454edd_205)] | | | [removed: [32](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_208)] [added: [34](#ib7903ee4cd7540d8ab5b70d4bf454edd_205)] | | |

| | | | [Business Environment and [removed: Outlook](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_211)] [added: Outlook](#ib7903ee4cd7540d8ab5b70d4bf454edd_208)] | | | [removed: [32](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_211)] [added: [34](#ib7903ee4cd7540d8ab5b70d4bf454edd_208)] | | |

| | | | [Consolidated Statement of [removed: Income](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_220)] [added: Income](#ib7903ee4cd7540d8ab5b70d4bf454edd_217)] | | | [removed: [41](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_220)] [added: [43](#ib7903ee4cd7540d8ab5b70d4bf454edd_217)] | | |

| | | | [Selected Operating [removed: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_223)] [added: Data](#ib7903ee4cd7540d8ab5b70d4bf454edd_220)] | | | [removed: [43](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_223)] [added: [45](#ib7903ee4cd7540d8ab5b70d4bf454edd_220)] | | |

| | | | [Liquidity and Capital [removed: Resources](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] [added: Resources](#ib7903ee4cd7540d8ab5b70d4bf454edd_223)] | | | [removed: [44](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] [added: [46](#ib7903ee4cd7540d8ab5b70d4bf454edd_223)] | | |

| | | | [Financial Ratios and [removed: Metrics](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_226)] [added: Metrics](#ib7903ee4cd7540d8ab5b70d4bf454edd_223)] | | | [removed: [48](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_235)] [added: [50](#ib7903ee4cd7540d8ab5b70d4bf454edd_235)] | | |

| | | | [Financial and Derivative Instrument Market [removed: Risk](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_241)] [added: Risk](#ib7903ee4cd7540d8ab5b70d4bf454edd_241)] | | | [removed: [49](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_241)] [added: [51](#ib7903ee4cd7540d8ab5b70d4bf454edd_241)] | | |

| | | | [Transactions With Related [removed: Parties](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_244)] [added: Parties](#ib7903ee4cd7540d8ab5b70d4bf454edd_244)] | | | [removed: [50](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_244)] [added: [52](#ib7903ee4cd7540d8ab5b70d4bf454edd_244)] | | |

| | | | [Litigation and Other [removed: Contingencies](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_247)] [added: Contingencies](#ib7903ee4cd7540d8ab5b70d4bf454edd_247)] | | | [removed: [50](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_247)] [added: [52](#ib7903ee4cd7540d8ab5b70d4bf454edd_247)] | | |

| | | | [Environmental [removed: Matters](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_250)] [added: Matters](#ib7903ee4cd7540d8ab5b70d4bf454edd_250)] | | | [removed: [51](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_250)] [added: [53](#ib7903ee4cd7540d8ab5b70d4bf454edd_250)] | | |

| | | | [Critical Accounting Estimates and [removed: Assumptions](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_253)] [added: Assumptions](#ib7903ee4cd7540d8ab5b70d4bf454edd_253)] | | | [removed: [52](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_253)] [added: [54](#ib7903ee4cd7540d8ab5b70d4bf454edd_253)] | | |

| | | | [New Accounting [removed: Standards](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_256)] [added: Standards](#ib7903ee4cd7540d8ab5b70d4bf454edd_256)] | | | [removed: [55](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_256)] [added: [57](#ib7903ee4cd7540d8ab5b70d4bf454edd_256)] | | |

| | | | [Quarterly [removed: Results](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_259)] [added: Results](#ib7903ee4cd7540d8ab5b70d4bf454edd_259)] | | | [removed: [56](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_259)] [added: [58](#ib7903ee4cd7540d8ab5b70d4bf454edd_259)] | | |

| | | | [Consolidated Financial [removed: Statements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_262)] [added: Statements](#ib7903ee4cd7540d8ab5b70d4bf454edd_262)] | | | | | |

| | | | [Reports of [removed: Management](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_262)] [added: Management](#ib7903ee4cd7540d8ab5b70d4bf454edd_262)] | | | [removed: [57](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_262)] [added: [59](#ib7903ee4cd7540d8ab5b70d4bf454edd_262)] | | |

| | | | [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID:](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268) 238[)](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] [added: ID:](#ib7903ee4cd7540d8ab5b70d4bf454edd_268) 238[)](#ib7903ee4cd7540d8ab5b70d4bf454edd_268)] | | | [removed: [58](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] [added: [60](#ib7903ee4cd7540d8ab5b70d4bf454edd_268)] | | |

| | | | [Consolidated Statement of [removed: Income](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] [added: Income](#ib7903ee4cd7540d8ab5b70d4bf454edd_271)] | | | [removed: [60](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] [added: [62](#ib7903ee4cd7540d8ab5b70d4bf454edd_271)] | | |

| | | | [Consolidated Statement of Comprehensive [removed: Income](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] [added: Income](#ib7903ee4cd7540d8ab5b70d4bf454edd_274)] | | | [removed: [61](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] [added: [63](#ib7903ee4cd7540d8ab5b70d4bf454edd_274)] | | |

| | | | [Consolidated Balance [removed: Sheet](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] [added: Sheet](#ib7903ee4cd7540d8ab5b70d4bf454edd_280)] | | | [removed: [62](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] [added: [64](#ib7903ee4cd7540d8ab5b70d4bf454edd_280)] | | |

| | | | [Consolidated Statement of Cash [removed: Flows](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] [added: Flows](#ib7903ee4cd7540d8ab5b70d4bf454edd_283)] | | | [removed: [63](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] [added: [65](#ib7903ee4cd7540d8ab5b70d4bf454edd_283)] | | |

| | | | [Consolidated Statement of [removed: Equity](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] [added: Equity](#ib7903ee4cd7540d8ab5b70d4bf454edd_286)] | | | [removed: [64](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] [added: [66](#ib7903ee4cd7540d8ab5b70d4bf454edd_286)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_298)] [added: Statements](#ib7903ee4cd7540d8ab5b70d4bf454edd_292)] | | | | | | | | |

| [Note [removed: 1](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_301)] [added: 1](#ib7903ee4cd7540d8ab5b70d4bf454edd_295)] | | | [Summary of Significant Accounting [removed: Policies](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_301)] [added: Policies](#ib7903ee4cd7540d8ab5b70d4bf454edd_295)] | | | [removed: [65](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_301)] [added: [67](#ib7903ee4cd7540d8ab5b70d4bf454edd_295)] | | |

| [Note [removed: 2](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] [added: 2](#ib7903ee4cd7540d8ab5b70d4bf454edd_298)] | | | [Changes in Accumulated [removed: Other](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] [added: Other](#ib7903ee4cd7540d8ab5b70d4bf454edd_298)] [Comprehensive [removed: Losses](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] [added: Losses](#ib7903ee4cd7540d8ab5b70d4bf454edd_298)] | | | [removed: [68](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_304)] [added: [70](#ib7903ee4cd7540d8ab5b70d4bf454edd_298)] | | |

| [Note [removed: 3](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_307)] [added: 3](#ib7903ee4cd7540d8ab5b70d4bf454edd_301)] | | | [Information Relating to the Consolidated Statement of Cash [removed: Flows](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_307)] [added: Flows](#ib7903ee4cd7540d8ab5b70d4bf454edd_301)] | | | [removed: [69](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_307)] [added: [71](#ib7903ee4cd7540d8ab5b70d4bf454edd_301)] | | |

| [Note [removed: 4](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_310)] [added: 4](#ib7903ee4cd7540d8ab5b70d4bf454edd_304)] | | | [New Accounting [removed: Standards](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_310)] [added: Standards](#ib7903ee4cd7540d8ab5b70d4bf454edd_304)] | | | [removed: [70](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_310)] [added: [72](#ib7903ee4cd7540d8ab5b70d4bf454edd_304)] | | |

| [Note [removed: 5](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_313)] [added: 5](#ib7903ee4cd7540d8ab5b70d4bf454edd_307)] | | | [Lease [removed: Commitments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_313)] [added: Commitments](#ib7903ee4cd7540d8ab5b70d4bf454edd_307)] | | | [removed: [70](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_313)] [added: [72](#ib7903ee4cd7540d8ab5b70d4bf454edd_307)] | | |

| [Note [removed: 6](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_316)] [added: 6](#ib7903ee4cd7540d8ab5b70d4bf454edd_310)] | | | [Summarized Financial Data - Chevron U.S.A. [removed: Inc.](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_316)] [added: Inc.](#ib7903ee4cd7540d8ab5b70d4bf454edd_310)] | | | [removed: [71](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_316)] [added: [74](#ib7903ee4cd7540d8ab5b70d4bf454edd_310)] | | |

| [Note [removed: 7](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_319)] [added: 7](#ib7903ee4cd7540d8ab5b70d4bf454edd_313)] | | | [Summarized Financial Data - Tengizchevroil [removed: LLP](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_319)] [added: LLP](#ib7903ee4cd7540d8ab5b70d4bf454edd_313)] | | | [removed: [72](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_319)] [added: [74](#ib7903ee4cd7540d8ab5b70d4bf454edd_313)] | | |

| [Note [removed: 8](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] [added: 8](#ib7903ee4cd7540d8ab5b70d4bf454edd_316)] | | | [Summarized Financial Data - Chevron [removed: Phillips](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] [added: Phillips](#ib7903ee4cd7540d8ab5b70d4bf454edd_316)] [Chemical Company [removed: LLC](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] [added: LLC](#ib7903ee4cd7540d8ab5b70d4bf454edd_316)] | | | [removed: [72](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_322)] [added: [74](#ib7903ee4cd7540d8ab5b70d4bf454edd_316)] | | |

| [Note [removed: 9](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_325)] [added: 9](#ib7903ee4cd7540d8ab5b70d4bf454edd_319)] | | | [Fair Value [removed: Measurements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_325)] [added: Measurements](#ib7903ee4cd7540d8ab5b70d4bf454edd_319)] | | | [removed: [72](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_325)] [added: [75](#ib7903ee4cd7540d8ab5b70d4bf454edd_319)] | | |

| [Note [removed: 10](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331)] [added: 10](#ib7903ee4cd7540d8ab5b70d4bf454edd_325)] | | | [Financial and Derivative [removed: Instruments](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331)] [added: Instruments](#ib7903ee4cd7540d8ab5b70d4bf454edd_325)] | | | [removed: [74](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_331)] [added: [76](#ib7903ee4cd7540d8ab5b70d4bf454edd_325)] | | |

| [Note [removed: 11](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_334)] [added: 11](#ib7903ee4cd7540d8ab5b70d4bf454edd_328)] | | | [Assets Held for [removed: Sale](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_334)] [added: Sale](#ib7903ee4cd7540d8ab5b70d4bf454edd_328)] | | | [removed: [75](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_334)] [added: [77](#ib7903ee4cd7540d8ab5b70d4bf454edd_328)] | | |

| [Note [removed: 13](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)] [added: 13](#ib7903ee4cd7540d8ab5b70d4bf454edd_334)] | | | [Earnings Per [removed: Sha](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)[re](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)] [added: Sha](#ib7903ee4cd7540d8ab5b70d4bf454edd_334)[re](#ib7903ee4cd7540d8ab5b70d4bf454edd_334)] | | | [removed: [75](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_340)] [added: [77](#ib7903ee4cd7540d8ab5b70d4bf454edd_334)] | | |

| [Note [removed: 14](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] [added: 14](#ib7903ee4cd7540d8ab5b70d4bf454edd_340)] | | | [Operating Segments and Geographic [removed: Data](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] [added: Data](#ib7903ee4cd7540d8ab5b70d4bf454edd_340)] | | | [removed: [76](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_346)] [added: [78](#ib7903ee4cd7540d8ab5b70d4bf454edd_340)] | | |

| [Note [removed: 15](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] [added: 15](#ib7903ee4cd7540d8ab5b70d4bf454edd_343)] | | | [Investments and [removed: Advances](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] [added: Advances](#ib7903ee4cd7540d8ab5b70d4bf454edd_343)] | | | [removed: [79](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_349)] [added: [81](#ib7903ee4cd7540d8ab5b70d4bf454edd_343)] | | |

| | | | [Noteworthy Developments](#ib7903ee4cd7540d8ab5b70d4bf454edd_211) | | | [40](#ib7903ee4cd7540d8ab5b70d4bf454edd_211) | | |

| | | | [Results of Operations](#ib7903ee4cd7540d8ab5b70d4bf454edd_549755817983) | | | [41](#ib7903ee4cd7540d8ab5b70d4bf454edd_549755817983) | | |

| [Note 12](#ib7903ee4cd7540d8ab5b70d4bf454edd_331) | | | [Equity](#ib7903ee4cd7540d8ab5b70d4bf454edd_331) | | | [77](#ib7903ee4cd7540d8ab5b70d4bf454edd_331) | | |

| [Note 16](#ib7903ee4cd7540d8ab5b70d4bf454edd_349) | | | [Litigation](#ib7903ee4cd7540d8ab5b70d4bf454edd_349) | | | [82](#ib7903ee4cd7540d8ab5b70d4bf454edd_349) | | |

| [Note 17](#ib7903ee4cd7540d8ab5b70d4bf454edd_352) | | | [Taxes](#ib7903ee4cd7540d8ab5b70d4bf454edd_352) | | | [85](#ib7903ee4cd7540d8ab5b70d4bf454edd_352) | | |

| [Note 26](#ib7903ee4cd7540d8ab5b70d4bf454edd_421) | | | [Revenue](#ib7903ee4cd7540d8ab5b70d4bf454edd_421) | | | [99](#ib7903ee4cd7540d8ab5b70d4bf454edd_421) | | |

| [Note 29](#ib7903ee4cd7540d8ab5b70d4bf454edd_442) | | | [Acquisition of](#ib7903ee4cd7540d8ab5b70d4bf454edd_430) [PDC Energy](#ib7903ee4cd7540d8ab5b70d4bf454edd_430)[, Inc.](#ib7903ee4cd7540d8ab5b70d4bf454edd_430) | | | [101](#ib7903ee4cd7540d8ab5b70d4bf454edd_430) | | |

| [Note](#ib7903ee4cd7540d8ab5b70d4bf454edd_442) [](#ib7903ee4cd7540d8ab5b70d4bf454edd_442)[30](#ib7903ee4cd7540d8ab5b70d4bf454edd_442) | | | [Agreement to Acquire Hess Corporation](#ib7903ee4cd7540d8ab5b70d4bf454edd_442) | | | [101](#ib7903ee4cd7540d8ab5b70d4bf454edd_442) | | |

| Management's Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_199) | | |

These policies have also enabled opportunities for Chevron in its lower carbon businesses.

| Management's Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_199) | | |

Chevron uses emissions intensity targets, which enable the company to assess, quantify and transparently communicate its own carbon performance in a standardized way.

Chevron’s goals, targets and aspirations reflect Chevron’s current plans, and Chevron may change them for various reasons, including market conditions; changes in its portfolio; and financial, operational, regulatory, reputational, legal and other factors.

In December 2021, the Organization for Economic Co-operation and Development (OECD) issued model rules for a new 15 percent global minimum tax (Pillar Two), and various jurisdictions in which the company operates enacted or are in the process of enacting Pillar Two legislation.

Certain aspects of the tax under the Pillar Two framework will be effective beginning in 2024 in some jurisdictions and in 2025 (or later) in others.

Although we do not currently expect that Pillar Two will have a material impact on our results of operations, we are continuing to evaluate the impact of legislative adoption by individual countries.

| Management's Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_199) | | |

While macroeconomic inflation is easing, trends in the costs of goods and services vary by spend category.

The labor market remains tight, and suppliers are passing along wage rate increases for labor intensive operations.

Chevron has applied inflation mitigation strategies in an effort to temper these cost increases, including fixed price and index-based contracts.

Lead times for key capital equipment remain long.

Chevron has addressed lead times by partnering with suppliers on demand planning, volume commitments, standardization and scope optimization.

Raw material prices have declined, leading to a lower cost for drilling pipe, chemicals and construction materials.

Onshore drilling activity in the United States declined; however, availability of specialized offshore drilling rigs, supply vessels and equipment to perform onshore hydraulic fracturing remains under pressure.

Refer to the [Cautionary Statement Relevant to Forward-Looking Information](#ib7903ee4cd7540d8ab5b70d4bf454edd_16) on page 2 and to [Item 1A.

In addition, some assets are sold along with their related liabilities, such as abandonment and decommissioning obligations.

In certain instances, such transferred obligations have, and may in the future, revert to the company and result in losses that could be significant.

In fourth quarter 2023, the company recognized an after-tax loss of $1.9 billion related to abandonment and decommissioning obligations from previously sold oil and gas production assets in the U.S. Gulf of Mexico, as companies that purchased these assets have filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and the company believes it is now probable and estimable that a portion of these obligations will revert to the company.

The cash outlays for these abandonment and decommissioning obligations are expected to take place over the next decade.

The company has begun to experience regulatory challenges and delays in obtaining permits to conduct operations in certain jurisdictions.

These challenges have, and may continue to, impact the company’s plans for future investments.

For example, during fourth quarter 2023, the company impaired a portion of its U.S. upstream assets, primarily in California, due to continuing regulatory challenges in the state that have resulted in lower anticipated future investment levels in its business plans.

The company expects to continue operating the impacted assets for many years to come.

| Management's Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_199) | | |

An adverse effect on the Caspian Pipeline Consortium (CPC) operations could have a negative impact on the Tengiz field in Kazakhstan and the company’s results of operations and financial position.

Chevron holds a 39.7 percent interest in the Leviathan field and a 25 percent interest in the Tamar gas field in Israel.

In early October 2023, due to a war between Israel and Hamas, the Government of Israel directed the company to shut down production at the Tamar gas field.

Approximately one month later, the company resumed production, and the Tamar gas field is currently operational.

The Leviathan gas field was not impacted by the war and is currently operational.

The financial impacts of the Tamar shutdown and other operational impacts were not material for the company.

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

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

| [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) | | |

We have set 2016 as our baseline to align with the year the Paris Agreement entered into force, and the company plans to update the metrics every five years in line with the Paris Agreement stocktakes.

We believe these updates will provide additional transparency on the company’s progress toward its net zero aspiration.

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.

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.

Caspian Pipeline Consortium (CPC), an equity affiliate, operates a 935-mile crude oil export pipeline from the Tengiz Field in Kazakhstan to tanker-loading facilities at Novorossiysk on the Russian coast of the Black Sea, providing the main export route for crude oil production from TCO, Karachaganak and other producing fields in Kazakhstan.

The tanker loading facilities at Novorossiysk consist of three single point mooring facilities, with availability of two or more required to operate at full capacity.

CPC is capable of operating at approximately 70 percent of capacity with one single point mooring facility in service.

Two of the three offshore loading moorings at the CPC marine terminal were taken out of service during August 2022 for equipment repairs identified during normal maintenance.

Repairs were completed in fourth quarter 2022.

Production at TCO was not impacted by this CPC outage given turnaround activity at TCO and at other regional producers that ship through CPC.

However, there is a risk that production from TCO could be curtailed in the future should availability of export facilities be constrained.

Crude prices increased in 2022 driven by geopolitical risk, supply decisions by OPEC+ and continued demand recovery due to the further easing of COVID-19 restrictions.

Refining margins were higher in 2022 because of recovering demand for refined products, low product inventories, lower industry refining capacity and lower product exports from Russia and China.

Refining utilization was strong in 2022 to keep pace with demand growth.

Although refining margins were elevated and still remain above historical levels, they fell considerably in late 2022.

There are signs that higher refined product prices and concerns over macroeconomic conditions are slowing demand.

Angola Announced final investment decision for gas development projects at the Quiluma and Maboqueiro (Q&M) fields.

Argentina Received a concession for the development of unconventional hydrocarbon resources in the east area of the El Trapial field for a 35-year period.

Australia Received permits, as part of joint ventures, to assess carbon storage for three blocks totaling nearly 7.8 million acres in offshore Australia.

Canada Invested in Aurora Hydrogen, a company developing emission-free hydrogen production technology.

Egypt Made a significant gas discovery at the Nargis block offshore Egypt in the eastern Mediterranean Sea.

Finland Acquired Neste Oyj’s Group III base oil business, including its related sales and marketing business, and NEXBASETM brand.

Israel Approved a project to expand the company’s Tamar gas field in offshore Israel.

Namibia Entered Namibia by acquiring an 80 percent working interest in a deepwater oil and gas exploration lease.

Nigeria Extended Agbami and Usan leases to 2042.

Qatar Reached final investment decision with QatarEnergy on Ras Laffan Petrochemicals Complex through the company’s 50 percent owned affiliate, Chevron Phillips Chemical Company LLC (CPChem).

Republic of Congo Extended the Haute Mer production sharing contract to 2040.

United States Completed the sale of the company’s interest in the Eagle Ford Shale in Texas.

| [Report of Independent Registered Public Accounting Firm — PricewaterhouseCoopers [removed: LLP](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] [added: LLP](#ib7903ee4cd7540d8ab5b70d4bf454edd_268)] | | | [removed: [58](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_268)] [added: [60](#ib7903ee4cd7540d8ab5b70d4bf454edd_268)] | | |

| [Consolidated Statement of Income for the three years [removed: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] [added: ended](#ib7903ee4cd7540d8ab5b70d4bf454edd_271)] December 31, [removed: 2022] [added: 2023] | | | [removed: [60](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_271)] [added: [62](#ib7903ee4cd7540d8ab5b70d4bf454edd_271)] | | |

| [Consolidated Statement of Comprehensive Income for the three years [removed: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] [added: ended](#ib7903ee4cd7540d8ab5b70d4bf454edd_274)] December 31, [removed: 2022] [added: 2023] | | | [removed: [61](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_274)] [added: [63](#ib7903ee4cd7540d8ab5b70d4bf454edd_274)] | | |

| [Consolidated Balance Sheet at December [removed: 31,](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] [added: 31,](#ib7903ee4cd7540d8ab5b70d4bf454edd_280) 2023 [and](#ib7903ee4cd7540d8ab5b70d4bf454edd_280)] 2022 [removed: [and](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280) 2021] | | | [removed: [62](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_280)] [added: [64](#ib7903ee4cd7540d8ab5b70d4bf454edd_280)] | | |

| [Consolidated Statement of Cash Flows for the three years [removed: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] [added: ended](#ib7903ee4cd7540d8ab5b70d4bf454edd_283)] December 31, [removed: 2022] [added: 2023] | | | [removed: [63](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_286)] [added: [65](#ib7903ee4cd7540d8ab5b70d4bf454edd_283)] | | |

| [Consolidated Statement of Equity for the three years [removed: ended](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] [added: ended](#ib7903ee4cd7540d8ab5b70d4bf454edd_286)] December 31, [removed: 2022] [added: 2023] | | | [removed: [64](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_289)] [added: [66](#ib7903ee4cd7540d8ab5b70d4bf454edd_286)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_298)] [added: Statements](#ib7903ee4cd7540d8ab5b70d4bf454edd_292)] | | | [removed: 65] [added: 67] to [removed: 98] [added: 101] | | |

Included below is Schedule II - Valuation and Qualifying Accounts for each of the three years in the period ended December 31, [removed: 2022.][added: 2023.]

| *Millions of Dollars* | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Balance at January 1 | | | $ | [removed: 43] [added: 11] | | | | | $ | [removed: 470] [added: 43] | | | | | $ | [removed: 7] [added: 470] | |

| Additions (reductions) charged to expense | | | [removed: 1] [added: (2)] | | | | | | [removed: (30)] [added: 1] | | | | | | [removed: 859] [added: (30)] | | |

| Payments | | | [removed: (33)] [added: (3)] | | | | | | [removed: (397)] [added: (33)] | | | | | | [removed: (396)] [added: (397)] | | |

| Balance at December 31 | | | $ | [removed: 11] [added: 6] | | | | | $ | [removed: 43] [added: 11] | | | | | $ | [removed: 470] [added: 43] | |

| Beginning allowance balance for expected credit losses | | | $ | [removed: 745] [added: 1,008] | | | | | $ | [removed: 671] [added: 745] | | | | | $ | [removed: 849] [added: 671] | |

| Current period provision | | | [removed: 263] [added: (367)] | | | | | | [removed: 74] [added: 263] | | | | | | [removed: 573] [added: 74] | | |

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

| Balance at December 31 | | | $ | [removed: 1,008] [added: 641] | | | | | $ | [removed: 745] [added: 1,008] | | | | | $ | [removed: 671] [added: 745] | |

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

| Balance at January 1 | | | $ | [removed: 17,651] [added: 19,532] | | | | | $ | [removed: 17,762] [added: 17,651] | | | | | $ | [removed: 15,965] [added: 17,762] | |

| Additions to deferred income tax [removed: expense2] [added: expense] | | | [removed: 3,533] [added: 2,348] | | | | | | [removed: 3,691] [added: 3,533] | | | | | | [removed: 2,892] [added: 3,691] | | |

| Reduction of deferred income tax expense | | | [removed: (1,652)] [added: (1,464)] | | | | | | [removed: (3,802)] [added: (1,652)] | | | | | | [removed: (1,095)] [added: (3,802)] | | |

| Balance at December 31 | | | $ | [removed: 19,532] [added: 20,416] | | | | | $ | [removed: 17,651] [added: 19,532] | | | | | $ | [removed: 17,762] [added: 17,651] | |

[removed: 1] [added: *] See also [Note 17 [removed: Taxes](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_358).][added: Taxes](#ib7903ee4cd7540d8ab5b70d4bf454edd_352).]

2 Includes $974 of additions associated with the purchase of Noble in 2020.

| | | | | | | [Table of [removed: Contents](#i6a307f2e4a6645f39c1c0ca1a4f97bf4_7)] [added: Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7)] | | |

| 3.2 | | | [By-Laws of Chevron Corporation, as amended and [removed: 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] [added: restated December 7, 2022, filed] as Exhibit [removed: 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] [added: 3.2 to] Chevron [removed: 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] [added: Corporation’s Current Report] on [removed: Form](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) [8-K] [added: Form 8-K] filed December 8, [removed: 2022](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm)[,] [added: 2022,] and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000078/chevroncorporationby-laws.htm) | | |

| [removed: 10.5+] [added: 10.6+] | | | [removed: [Chevron] [added: [Summary](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/exhibit1062022.htm) of Chevron] Incentive [removed: Plan, amended and restated effective January 1, 2021,] [added: Plan Award Criteria,] filed as Exhibit [removed: 10.5] [added: 10.6] to Chevron [removed: Corporation’s] [added: Corporation's] Annual Report on Form 10-K for the year ended December 31, [removed: 2020,] [added: 2022,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341021000009/exhibit105-chevronincent.htm)] [added: reference.] | | |

| [removed: 10.7+] [added: 10.13+] | | | [removed: [Long-Term] [added: [Form of Stock Appreciation Rights Award Agreement under the Long-Term] Incentive Plan of Chevron Corporation, filed as [removed: Appendix B] [added: Exhibit 10.13] to Chevron Corporation’s [removed: Notice of the 2013] Annual [removed: Meeting and 2013 Proxy Statement filed April 11, 2013, and] [added: Report on Form 10-K for the year ended December 31, 201](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)[9](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)[,](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm) [and] incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000130817913000196/lchevron_def14a.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)] | | |

| [removed: 10.13+] [added: 10.37+] | | | [Form of Stock Appreciation [removed: Rights] [added: Right] Award Agreement under the [added: 2022] Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit [removed: 10.13] [added: 10.9] to Chevron Corporation’s [removed: Annual] [added: Current] Report on Form [removed: 10-K for the year ended December 31, 2019] [added: 8-K filed February 2, 2024,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341020000010/cvx12312019ex1013.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex109sars.htm)] | | |

| 10.15+ | | | [Chevron Corporation Deferred Compensation Plan for Management Employees [removed: II, filed] [added: II,](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [amended and restated effective October 2, 2023,](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [filed] as Exhibit [removed: 10.5 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm)[1](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [to] Chevron [removed: Corporation’s Annual Report] [added: Corporation’s](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [Report] on Form [removed: 10-K for the year ended December 31, 2008,] [added: 10-](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm)[Q](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [for the](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [quarter](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [ended](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [September](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm) [30, 2023](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm)[,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w5.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm)] | | |

| [removed: 10.16+] [added: 10.18+] | | | [removed: [Chevron] [added: [Agreement between Chevron] Corporation [removed: Retirement Restoration Plan, filed] [added: and R. Hewitt Pate,](http://www.sec.gov/Archives/edgar/data/93410/000095012312002976/f60351exv10w16.htm) [dated February 21, 2012,](http://www.sec.gov/Archives/edgar/data/93410/000095012312002976/f60351exv10w16.htm) [filed] as Exhibit [removed: 10.6] [added: 10.16] to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, [removed: 2008,] [added: 2011,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000089161809000054/f50714exv10w6.htm)] [added: reference.](http://www.sec.gov/Archives/edgar/data/93410/000095012312002976/f60351exv10w16.htm)] | | |

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

| [removed: 10.18+] [added: 10.16+] | | | [Chevron Corporation [removed: ESIP] [added: Retirement] Restoration [removed: Plan, Amended] [added: Plan,](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex102rrp.htm) amended] and [removed: Restated as of January 1, 2018, filed] [added: restated effective October 2, 2023, [filed] as Exhibit [removed: 10.1 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex102rrp.htm)[2](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex102rrp.htm) [to] Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, [removed: 2017,] [added: 2023,] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex102rrp.htm)] | | |

| [removed: 10.19+] [added: 10.38+] | | | [removed: [Agreement] [added: [General Release and Separation Agreement, dated February 15, 2023, by and] between Chevron Corporation and [removed: R. Hewitt Pate,] [added: James W. Johnson](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex1030q4.htm),] filed as Exhibit [removed: 10.16] [added: 10.30] to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, [removed: 2011,] [added: 2022] and incorporated herein by [removed: reference.](http://www.sec.gov/Archives/edgar/data/93410/000095012312002976/f60351exv10w16.htm)] [added: reference.] | | |

| [removed: 10.21+] [added: 10.29+] | | | [removed: [2022] [added: [Form of Performance Share Award Agreement (share settled) 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 [removed: May 27, 2022,] [added: February 2, 2024,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000035/exhibit101to8-k.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex101psusharesettled.htm)] | | |

| 10.23+ | | | [Form of Standard Restricted Stock Unit Award Agreement [removed: (stock settled)] [added: (s](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit102tojan2023formsta.htm)[hare](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit102tojan2023formsta.htm) [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) | | |

| [removed: 10.29+] [added: 2.1] | | | [removed: [Letter Agreement, dated May 25, 2022, by] [added: [Agreement] and [removed: between] [added: Plan of Merger, dated as of October 22, 2023 among] Chevron [removed: Corporation] [added: Corporation, Yankee Merger Sub Inc.,] and [removed: Joseph C. Geagea,] [added: Hess Corporation,] filed as Exhibit [removed: 10.1] [added: 2.1] to Chevron [removed: Corporation's] [added: Corporation’s] Current Report on Form 8-K filed [removed: May 27, 2022,] [added: October 23, 2023,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341022000036/exhibit101to20220524formjo.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000095014223002670/eh230413259_ex0201.htm)] | | |

| [removed: 10.30+*] [added: 10.19+*] | | | [removed: [General Release and Separation Agreement, dated February 15, 2023, by and] [added: [Agreement] between Chevron Corporation and [removed: James W. Johnson.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex1030q4.htm)] [added: R. Hewitt Pate,](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm) [dated](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm) [De](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm)[cember 13, 2018](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm).] | | |

| 21.1* | | | [Subsidiaries of Chevron Corporation (page [removed: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex211.htm)] [added: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex211.htm)] | | |

| 22.1* | | | [Subsidiary Issuer of Guaranteed [removed: Securities.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/a12312022ex221guaranteedse.htm)] [added: Securities.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a12312023ex221guaranteedse.htm)] | | |

| 23.1* | | | [Consent of PricewaterhouseCoopers LLP (page [removed: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex231q4.htm)] [added: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex231q4.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/93410/000009341023000009/cvx12312022ex241q4.htm)] [added: behalf.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex241q4.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/93410/000009341023000009/a12312022ex311ceo-sox302.htm)] [added: E-3).](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a12312023ex311ceo-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/93410/000009341023000009/a12312022ex312cfo-sox302.htm)] [added: E-4).](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a12312023ex312cfo-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/93410/000009341023000009/a12312022ex321ceo-sox906.htm)] [added: E-5).](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a12312023ex321ceo-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/93410/000009341023000009/a12312022ex322cfo-sox906.htm)] [added: E-6).](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a12312023ex322cfo-sox906.htm)] | | |

| 99.1* | | | [Definitions of Selected Energy and Financial Terms (pages E-7 through [removed: E-10).](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/cvx12312022ex991.htm)] [added: E-10).](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex99110-k.htm)] | | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the [removed: 23rd] [added: 26th] day of February, [removed: 2023.][added: 2024.]

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: 23rd] [added: 26th] day of February, [removed: 2023.][added: 2024.]

| /s/ [removed: DAVID A. INCHAUSTI David A. Inchausti,] [added: ALANA K. KNOWLES Alana K. Knowles,] Vice President and Controller | | | | | |

| 10.5+ | | | [Chevron Incentive Plan, amended and restated effective](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [October 2, 2023](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm)[, filed as Exhibit 10.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm)[3](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [to Chevron Corporation’s](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [Report on Form 10-](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm)[Q](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [for the](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [quarter](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [ended](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) [September 30](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm)[3](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm)[, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex103cip.htm) | | |

| 10.7+ | | | [Long-Term Incentive Plan of Chevron Corporation,](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm) [amended and restated effective Octo](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm)[ber 2](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm)[, 2023, filed as Exhibit 10.5 to Chevron Corporation](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm)[’](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm)[s Quarterly Report on Form 10-Q for the quarter ended](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm) [September](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm) [3](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm)[0, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1052013ltip.htm) | | |

| | | | | | | [Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7) | | |

| 10.21+ | | | [2022 Long-Term Incentive Plan of Chevron Corporation,](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) [amended and restated effective October 2, 2023,](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) [filed as Exhibit 10.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm)[4](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) [to Chevron Corporation’s](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) [10-Q for the quarter ended September 30, 2023, and incorporated](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) [herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm) | | |

| | | | | | | [Table of Contents](#ib7903ee4cd7540d8ab5b70d4bf454edd_7) | | |

| 10.30+ | | | [Form of Performance Share Award Agreement (cash 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 February 2, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex102psucashsettled.htm) | | |

| 10.31+ | | | [Form of Standard Restricted Stock Unit Award Agreement (share 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 February 2, 2024, and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex103stdrsusharesettled.htm). | | |

| 10.32+ | | | [Form of Standard Restricted Stock Unit Award Agreement (cash 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 February 2, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex104stdrsucashsettled.htm) | | |

| 10.33+ | | | [Form of Special Restricted Stock Unit Award Agreement (share 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 February 2, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex105specialrsusharesett.htm) | | |

| 10.34+ | | | [Form of Special Restricted Stock Unit Award Agreement (cash settled) 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 February 2, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex106specialrsucashsettl.htm) | | |

| 10.35+ | | | [Form of Non-Qualified Stock Options 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 February 2, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex107nqso.htm) | | |

| 10.36+ | | | [Form of Non-Qualified Stock Options Award Agreement (cashless) under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.8 to Chevron Corporation’s Current Report on Form 8-K filed February 2, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex108nqsocashless.htm) | | |

| 19* | | | [Insider Trading Policies and Procedures.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312310-kex19.htm) | | |

| 97.1+* | | | [Chevron Corporation Dodd-Frank Clawback Policy.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm) | | |

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| 10.6+* | | | [Summary of Chevron Incentive Plan Award Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/exhibit1062022.htm). | | |

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

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| RONALD D. SUGAR* Ronald D. Sugar | | |