Chevron (CVX) 10-K risk factor changes: FY2025 vs FY2024

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[added: The most significant factor that affects the company’s results of operations are the prices of crude oil, natural gas, and natural gas liquids, 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 control; competing fuel prices; geopolitical risks; the pace of energy transition; customer and [removed: consumer preferences and the use of 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.]

Extended periods of low prices [added: or demand] for crude oil, natural gas, and natural gas liquids [removed: can] have [added: had, and in the future can have,] a material adverse impact on the company’s results of operations, financial condition and liquidity.

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 our business, including our [removed: Chevron] New Energies [removed: organization.][added: businesses.]

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, and other forms of severe weather; wildfires; ambient temperature increases; sea level rise; war or other military conflicts such as the conflict [removed: in the Middle East and the military conflict] between Russia and [removed: Ukraine;] [added: Ukraine and in the Middle East;] accidents; civil unrest; political [removed: events;] [added: events such as current geopolitical tensions in Venezuela;] fires; earthquakes; system failures; cyber threats; terrorist acts; and epidemic or pandemic 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.

The cyber risk landscape changes over time due to a variety of internal and external factors, [added: including during organizational changes, relocating work to international geographies, or other corporate transactions; political tensions; war or other military conflicts; or civil unrest.]

Although Chevron devotes significant resources to prevent unwanted intrusions and to protect its systems and data, whether such data is housed internally or by external third parties, the company has experienced and will continue to experience cyber incidents of varying degrees in the conduct of its [removed: business.]

[removed: Acquisitions] [added: The acquisition of Hess] 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 the [removed: pending] acquisition of [removed: Hess] [added: Hess, which closed in July 2025,] will depend, in part, on Chevron’s ability to [removed: successfully integrate the business of Hess and] realize the anticipated benefits, including [removed: synergies.][added: the anticipated run-rate cost synergies, estimated five-year production and free cash flow growth rates, and anticipated higher returns to shareholders over the long-term.]

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

[removed: In addition, to the extent that societal pressures or political or other factors are involved, it] [added: It] is [added: also] possible that such liability could be imposed without regard to the company’s causation of or contribution to the asserted damage, or to other mitigating factors.

For information concerning some of the litigation in which the company is involved, see [Note 16 [removed: Litigation](#ide8717194b4f4760a110dbf39ab1f2e5_364).][added: Litigation](#i933fdaefc79646f9a6300a126aece169_421).]

In a number of locations, including the European Union, governments have proposed or imposed [removed: restrictions on] [added: direct and indirect obligations with respect to] the company’s [removed: operations,] [added: activities,] trade, [removed: currency exchange controls, burdensome] taxes, and public [removed: disclosure requirements] [added: disclosures, as well as currency exchange controls] that might harm the company’s competitiveness, return on investments, or relations with other governments or third parties.

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

For information concerning the company’s tax liabilities, see [Note 17 [removed: Taxes](#ide8717194b4f4760a110dbf39ab1f2e5_370)] [added: Taxes](#i933fdaefc79646f9a6300a126aece169_430)] and [Note 24 Other Contingencies and [removed: Commitments](#ide8717194b4f4760a110dbf39ab1f2e5_418).][added: Commitments](#i933fdaefc79646f9a6300a126aece169_475).]

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 and [removed: legal challenges, including the actual laws and regulations enacted, the variables and trade-offs that inevitably occur in connection with such processes, and market conditions, including the responses of consumers to such changes.]

For example, [removed: increasing] [added: trends in] attention to ESG matters, including climate change, [removed: has] [added: have] resulted and may result in the future in shifting demand for our hydrocarbon products, [removed: and have resulted in] additional litigation and governmental investigations, [removed: or] [added: and/or] threats thereof, against the company.

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

[removed: Chevron regularly evaluates its ambitions and expects to change or eliminate] [added: The company has changed and/or eliminated] some of these aspirations, targets, and other ambitions [added: and may continue to do so in the future] for various reasons, including market conditions; its strategy or portfolio; and financial, operational, policy, reputational, legal and other factors.

Our ability to achieve any ambition, including [removed: with respect] [added: those related] to [added: GHG emissions or] climate-related initiatives, [removed: including] [added: such as] those outlined in the Management’s Discussion and Analysis of Financial Condition and Results of Operations, [added: on] pages [removed: 35] [added: 36] through 37, [removed: and any] [added: as well as efforts concerning] new businesses, is subject to numerous risks and contingencies, many of which are outside of Chevron’s [removed: control.][added: control and persist.]

Examples of such risks and contingencies include: (1) sufficient and substantial advances in technology, including [removed: the continuing] progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) [removed: the availability] [added: successful generation, acquisition, retirement] and [removed: acceptability] [added: accounting] of cost-effective, verifiable carbon [removed: credits;] [added: offsets from nature-based solutions or carbon capture and storage;] (4) the availability of suppliers that can meet [removed: our] sustainability-related standards; (5) evolving regulatory [removed: requirements, including changes to IPCC’s Global Warming Potentials and the United States Environmental Protection Agency (U.S. EPA) Greenhouse Gas Reporting Program,] [added: requirements] affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on [removed: emissions and emission reductions and removals; (7) customers’ and consumers’ preferences and use of the company’s products or substitute products; (8) actions taken by the company’s competitors in response to legislation and regulations; and (9) successful negotiations for carbon capture and storage and nature-based solutions with customers, suppliers, partners, and governments.]

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

As a global energy company, Chevron is subject to a variety of risks.

The following disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future.

References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future.

consumer preferences and the use of 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.

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business.

Chevron is incorporating artificial intelligence technologies into its processes and these technologies may present business, compliance, and reputational risks The company is increasingly utilizing artificial intelligence (“AI”) technologies in certain of its processes, information systems and various operations, and expects that AI will assume a more critical role in its operations over time.

The use of AI technologies introduces certain risks to the company, including potential dependency on biased or incorrect AI outputs, new or enhanced regulatory requirements, litigation, privacy risks, cybersecurity risks, reputational harm, liability or other adverse consequences, any of which could adversely affect its business, financial condition and results of operations.

Additionally, other unforeseen risks stemming from either the company’s or third-party service providers’ use and development of AI tools and technologies, or the company’s inability to adopt such technologies at the same pace as its competitors, may arise in the future that could adversely affect its business and results of operations.

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

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

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

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legal challenges, including the actual laws and regulations enacted, the variables and trade-offs that inevitably occur in connection with such processes, and market conditions, including the responses of consumers to such changes.

Chevron regularly evaluates its ambitions.

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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.

As a global energy company, Chevron is subject to a variety of risks that could materially impact the company’s results of operations and financial condition.

The most significant factor that affects the company’s results of operations are the prices of crude oil, natural gas, and natural gas liquids, which can be influenced by general economic conditions and level of economic

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including during organizational changes, relocating work to international geographies, or other corporate transactions; political tensions; war or other military conflicts; or civil unrest.

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 approval of any Guyanese governmental body, agency or authority that asserts its approval is required in connection with the transaction, which makes the completion and timing of the completion of the merger uncertain.

Hess Guyana Exploration Limited (HGEL), a wholly owned subsidiary of Hess, is currently in arbitration with respect to the right of first refusal (Stabroek ROFR) contained in an operating agreement among HGEL, affiliates of Exxon Mobil Corporation (Exxon), and China National Offshore Oil Corporation (CNOOC) regarding the Stabroek Block offshore Guyana.

The arbitration merits hearing about the applicability of the Stabroek ROFR to the merger has been scheduled for May 2025, with a decision expected in approximately the following three months.

If the arbitration does not result in a confirmation that the Stabroek ROFR is inapplicable to the merger, and if Chevron, Hess, Exxon and/or CNOOC do not otherwise agree upon an acceptable resolution, then there would be a failure of a closing condition under the merger agreement, in which case the merger would not close.

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).

Following the FTC review of the transaction, on September 30, 2024, the FTC announced that a majority of the Commission voted to accept a consent agreement among the FTC,

Chevron and Hess, resolving the concerns the FTC identified during its review of the transaction.

Chevron and Hess have taken and will continue to take appropriate steps to maintain our ability under the Hart-Scott-Rodino Act of 1976, as amended, to close the merger following satisfactory resolution of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement.

Additionally, if any Guyanese governmental body, agency or authority of competent jurisdiction asserts that its approval is required as a result of the consequences of the merger in Guyana on Hess’ assets in Guyana (which has not occurred as of the filing date of this report), approval of such governmental body, agency or authority will become a condition to each party’s obligation to complete the merger.

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.

A failure to complete the acquisition would mean that we will not realize the anticipated benefits of the transaction.

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.

In addition, litigation or changes in national, state or local environmental regulations or laws, including those

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

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

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

In particular, Chevron has announced an aspiration to achieve net zero Scope 1 and 2 emissions in upstream by 2050.

The company also has set nearer-term GHG emission-related targets for upstream carbon intensity and portfolio carbon intensity.

For example, Chevron’s methane intensity target is calculated based on Compendium of Greenhouse Gas Emissions Methodologies for the Oil and Natural Gas Industry (2021), which requires use of local regulatory reporting methodologies where applicable.

The U.S. EPA has adopted notable changes to reporting methodologies in its Greenhouse Gas Reporting Program (40 C.F.R. Part 98.230), which are applicable to Chevron’s U.S. operations.

We expect these adopted changes may increase our reported emissions in future years, and therefore, increase our reported methane intensity.

Our failure or

The index to Management’s Discussion and Analysis of Financial Condition and Results of Operations is presented in the [Financial Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_208).][added: Contents](#i933fdaefc79646f9a6300a126aece169_214).]

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](#ide8717194b4f4760a110dbf39ab1f2e5_253)] [added: Instruments](#i933fdaefc79646f9a6300a126aece169_310)] and in [Note 10 Financial and Derivative [removed: Instruments](#ide8717194b4f4760a110dbf39ab1f2e5_337).][added: Instruments](#i933fdaefc79646f9a6300a126aece169_394).]

A list of the company’s significant subsidiaries is presented in [Exhibit [removed: 21.1](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/cvx12312024ex211.htm).][added: 21.1](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex211.htm).]

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

Refer to [Business Environment and [removed: Outlook](#ide8717194b4f4760a110dbf39ab1f2e5_217)] [added: Outlook](#i933fdaefc79646f9a6300a126aece169_223)] 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.

We are leveraging our capabilities, [removed: assets] [added: assets, partnerships] and customer relationships as we aim to [removed: lead in] [added: grow our oil and gas business,] lower [added: the] carbon intensity [removed: oil, products] [added: of operations] and [removed: natural gas, as well as advance] [added: grow] new [removed: products and solutions that reduce the carbon emissions of major industries.][added: energies businesses.]

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

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[removed: Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge on the company’s website soon] after such reports are filed with or furnished to the U.S. Securities and Exchange Commission (SEC).

The Chevron Way explains the company’s [removed: beliefs, vision, purpose] [added: purpose, vision] and values.

The following table summarizes the number of Chevron employees by sex, where data is available, and by region as of December 31, [removed: 2024.][added: 2025.]

| Other Americas | | | [removed: 1,175] | | | [removed: 30] | | [removed: %] | [removed: 2,689] | | | [removed: 69] | | [removed: %] | [removed: 10] | | | [removed: —] | | [removed: %] | [removed: 3,874] | | | [removed: 9] | | [removed: %] | [added: | | | | | | | | | | | |]

| Africa | | | [removed: 623 | | | 16] [added: 1,635] | | [removed: %] | [removed: 3,189] | | | [removed: 84] [added: 623] | | [removed: %] | [removed: 4] [added: 46] | | | [removed: —] | | [removed: %] | [removed: 3,816] [added: 18] | | | [removed: 8] | | [removed: %] |

| Total Non-Service Station Employees | | | [removed: 10,907] [added: 10,094] | | | 27 | | % | [removed: 28,762] [added: 27,699] | | | [removed: 72] [added: 73] | | % | [removed: 73] [added: 67] | | | — | | % | [removed: 39,742] [added: 37,860] | | | 88 | | % |

Chevron rejects the use of [removed: quotas and] [added: quotas,] focuses on removing barriers to [removed: equal opportunity, fostering diversity,] [added: opportunity] and [removed: ensuring that] [added: makes] selection decisions [removed: are] based on merit.

Tabulations of segment income statements for the three years ended December 31, [removed: 2024,] [added: 2025,] and assets as of the end of [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] — for the United States and the company’s international geographic areas — are in [Note 14 Operating Segments and Geographic [removed: Data](#ide8717194b4f4760a110dbf39ab1f2e5_355)] [added: Data](#i933fdaefc79646f9a6300a126aece169_412)] 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](#ide8717194b4f4760a110dbf39ab1f2e5_358)] [added: Advances](#i933fdaefc79646f9a6300a126aece169_415)] and [Note 18 Property, Plant and [removed: Equipment](#ide8717194b4f4760a110dbf39ab1f2e5_373).][added: Equipment](#i933fdaefc79646f9a6300a126aece169_433).]

Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the company’s [Capital [removed: Expenditures](#ide8717194b4f4760a110dbf39ab1f2e5_241).][added: Expenditures](#i933fdaefc79646f9a6300a126aece169_298).]

Refer to [Table [removed: V](#ide8717194b4f4760a110dbf39ab1f2e5_484)] [added: V](#i933fdaefc79646f9a6300a126aece169_544)] for a tabulation of the company’s proved reserves by geographic area for each year-end from [removed: 2022] [added: 2023] through [removed: 2024.][added: 2025.]

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: 2024,] [added: 2025,] are summarized in the discussion for Table V.

The company’s proved reserves at year-end [removed: 2024] [added: 2025] were approximately [removed: 9.8] [added: 10.6] billion barrels of oil-equivalent [removed: (BOE).][added: (BOE), eight percent higher than 2024.]

At December 31, [removed: 2024, 41] [added: 2025, 43] 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: 13] [added: 11] percent were located in Kazakhstan.

The net proved reserve balances at the end of each of the three years [removed: 2022] [added: 2023] through [removed: 2024] [added: 2025] are shown in the following table:

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | |

| Consolidated Companies | | | [removed: 3,027] [added: 3,608] | | | | | | [removed: 3,770] [added: 3,027] | | | | | | [removed: 3,868] [added: 3,770] | | | | | |

| Affiliated Companies | | | [removed: 889] [added: 761] | | | | | | [removed: 1,007] [added: 889] | | | | | | [removed: 1,129] [added: 1,007] | | | | | |

| Total Crude Oil, Condensate and Synthetic Oil | | | [removed: 3,916] [added: 4,369] | | | | | | [removed: 4,777] [added: 3,916] | | | | | | [removed: 4,997] [added: 4,777] | | | | | |

| Consolidated Companies | | | [removed: 1,075] [added: 1,271] | | | | | | [removed: 1,138] [added: 1,075] | | | | | | [removed: 1,002] [added: 1,138] | | | | | |

| Affiliated Companies | | | [removed: 84] [added: 77] | | | | | | [removed: 91] [added: 84] | | | | | | [removed: 86] [added: 91] | | | | | |

| Total Natural Gas Liquids | | | [removed: 1,159] [added: 1,348] | | | | | | [removed: 1,229] [added: 1,159] | | | | | | [removed: 1,088] [added: 1,229] | | | | | |

| Consolidated Companies | | | [removed: 26,526] [added: 27,642] | | | | | | [removed: 28,318] [added: 26,526] | | | | | | [removed: 28,765] [added: 28,318] | | | | | |

| Affiliated Companies | | | [removed: 1,849] [added: 1,603] | | | | | | [removed: 2,063] [added: 1,849] | | | | | | [removed: 2,099] [added: 2,063] | | | | | |

| Total Natural Gas | | | [removed: 28,375] [added: 29,245] | | | | | | [removed: 30,381] [added: 28,375] | | | | | | [removed: 30,864] [added: 30,381] | | | | | |

| Consolidated Companies | | | [removed: 8,523] [added: 9,486] | | | | | | [removed: 9,628] [added: 8,523] | | | | | | [removed: 9,664] [added: 9,628] | | | | | |

| Affiliated Companies | | | [removed: 1,281] [added: 1,105] | | | | | | [removed: 1,441] [added: 1,281] | | | | | | [removed: 1,565] [added: 1,441] | | | | | |

| Total Oil-Equivalent | | | [removed: 9,804] [added: 10,591] | | | | | | [removed: 11,069] [added: 9,804] | | | | | | [removed: 11,229] [added: 11,069] | | | | | |

Refer to [Table [removed: IV](#ide8717194b4f4760a110dbf39ab1f2e5_481)] [added: IV](#i933fdaefc79646f9a6300a126aece169_541)] for the company’s average sales price per barrel of crude (including crude oil and condensate) and natural gas liquids (NGLs) and per thousand cubic feet of natural gas produced, and the average production cost per oil-equivalent barrel for [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

The following table summarizes gross and net productive wells at year-end [removed: 2024] [added: 2025] for the company and its affiliates:

| Other Americas | | | [removed: 1,277] [added: 54] | | | [added: 20] | | | [removed: 752] | | | [added: 46 | | | — | | | | | | 64 | | |] — | | | | | | [added: 39 | | |] — | | | | | |

| Australia | | | 532 | | | | | | 299 | | | [removed: 118] [added: 121] | | | | | | [removed: 33] [added: 34] | | | | | |

| Europe | | | [removed: 27] [added: 33] | | | | | | [removed: 5] [added: 6] | | | — | | | | | | — | | | | | |

| Total Consolidated Companies | | | [removed: 40,349] [added: 4] | | | [added: 2] | | | [removed: 26,615] | | | [removed: 3,585] [added: 6] | | | [added: 4] | | | [removed: 2,214] | | | [added: 10] | | | [added: 5 | | | | | | 1 | | | 2 | | | | | |]

| | | | At December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | |

| U.S. | | | 4,645 | | | 24 | | % | 14,703 | | | 76 | | % | 18 | | | — | | % | 19,366 | | | 45 | | % |

| Africa | | | 531 | | | 16 | | % | 2,779 | | | 84 | | % | 1 | | | — | | % | 3,311 | | | 8 | | % |

| Asia | | | 2,732 | | | 35 | | % | 5,161 | | | 65 | | % | 12 | | | — | | % | 7,905 | | | 18 | | % |

| Australia | | | 480 | | | 26 | | % | 1,396 | | | 74 | | % | 3 | | | — | | % | 1,879 | | | 5 | | % |

| Europe | | | 401 | | | 28 | | % | 1,028 | | | 71 | | % | 25 | | | 1 | | % | 1,454 | | | 3 | | % |

| Service Station Employees | | | 2,344 | | | 45 | | % | 2,314 | | | 45 | | % | 521 | | | 10 | | % | 5,179 | | | 12 | | % |

| Total Employees | | | 12,438 | | | 29 | | % | 30,013 | | | 70 | | % | 588 | | | 1 | | % | 43,039 | | | 100 | | % |

Chevron’s approach to attracting, developing and retaining a skilled and diverse global workforce is grounded in creating an environment that supports growth, engagement and operational excellence.

Chevron seeks to foster an inclusive work environment that values the uniqueness and diversity of individual talents, experiences and ideas.

Leader accountability and employee engagement remain key indicators of organizational health.

Regular employee surveys help monitor engagement, support operational excellence, and track progress in culture, competitive performance, and execution.

| | | | | | | [Table of Contents](#i933fdaefc79646f9a6300a126aece169_7) | | |

Throughout the document, certain totals and percentages may not sum to their component parts due to rounding.

The largest additions were from the acquisition of Hess Corporation (Hess) and extensions and discoveries in shale and tight assets in the Permian Basin, and project approvals in Australia and Guyana.

| | | | | | | [Table of Contents](#i933fdaefc79646f9a6300a126aece169_7) | | |

| | | | At December 31, 2025 | | | | | | | | | | | | | | | | | | | | |

| United States | | | 37,907 | | | | | | 24,534 | | | 1,901 | | | | | | 1,528 | | | | | |

| Asia | | | 1,750 | | | | | | 834 | | | 1,432 | | | | | | 455 | | | | | |

| Affiliates2 | | | 1,640 | | | | | | 592 | | | — | | | | | | — | | | | | |

This includes a full-year contribution from Hess assets.

| United States | | | 4,256 | | | | | | 3,707 | | | | | | 4,982 | | | | | | 3,293 | | | | | | 9,238 | | | | | | 7,000 | | | | | |

| Other Americas | | | 29,532 | | | | | | 16,027 | | | | | | 1,152 | | | | | | 303 | | | | | | 30,684 | | | | | | 16,330 | | | | | |

| Africa | | | 18,460 | | | | | | 11,157 | | | | | | 1,283 | | | | | | 519 | | | | | | 19,743 | | | | | | 11,676 | | | | | |

| Asia | | | 13,417 | | | | | | 6,350 | | | | | | 1,186 | | | | | | 490 | | | | | | 14,603 | | | | | | 6,840 | | | | | |

| Australia | | | 3,332 | | | | | | 2,597 | | | | | | 2,010 | | | | | | 771 | | | | | | 5,342 | | | | | | 3,368 | | | | | |

| Total Consolidated Companies | | | 69,103 | | | | | | 39,859 | | | | | | 10,625 | | | | | | 5,378 | | | | | | 79,728 | | | | | | 45,237 | | | | | |

| Total Including Affiliates | | | 69,796 | | | | | | 40,146 | | | | | | 10,736 | | | | | | 5,429 | | | | | | 80,532 | | | | | | 45,575 | | | | | |

| | | | | | | [Table of Contents](#i933fdaefc79646f9a6300a126aece169_7) | | |

Worldwide oil-equivalent production of 3.7 million barrels per day in 2025 was up approximately 12 percent from 2024, mainly due to the acquisition of Hess, completion of the Future Growth Project at Tengizchevroil (TCO), record production in the Permian Basin, and ramp-up of production in the Gulf of America, partially offset by asset sales in Canada and the Republic of Congo.

| Guyana5 | | | 120 | | | — | | | | | | 119 | | | — | | | | | | | | | — | | | | | | 10 | | | | | | | | |

| Nigeria | | | 134 | | | 129 | | | | | | 92 | | | 96 | | | | | | 5 | | | 3 | | | | | | 220 | | | 183 | | | | | |

| Malaysia / JDA6 | | | 17 | | | — | | | | | | 2 | | | — | | | | | | | | | | | | | | | 92 | | | — | | | | | |

| Myanmar7 | | | — | | | 4 | | | | | | — | | | — | | | | | | | | | — | | | | | | — | | | 22 | | | | | |

| Affiliates8 | | | 538 | | | 413 | | | | | | 398 | | | 286 | | | | | | 27 | | | 25 | | | | | | 677 | | | 611 | | | | | |

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

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

| 5 Chevron acquired Guyana assets as part of the acquisition of Hess in July 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 6 Chevron acquired assets in Malaysia and the Joint Development Area with Thailand (JDA) as part of the acquisition of Hess in July 2025. JDA was sold immediately following the acquisition. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | [Table of Contents](#i933fdaefc79646f9a6300a126aece169_7) | | |

We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies.

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

| | | | At December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | |

| U.S. | | | 5,556 | | | 26 | | % | 15,751 | | | 74 | | % | 19 | | | — | | % | 21,326 | | | 47 | | % |

| Asia | | | 2,577 | | | 36 | | % | 4,476 | | | 63 | | % | 13 | | | — | | % | 7,066 | | | 16 | | % |

| Australia | | | 542 | | | 26 | | % | 1,550 | | | 74 | | % | 3 | | | — | | % | 2,095 | | | 5 | | % |

| Europe | | | 434 | | | 28 | | % | 1,107 | | | 71 | | % | 24 | | | 2 | | % | 1,565 | | | 3 | | % |

| Service Station Employees | | | 2,545 | | | 46 | | % | 2,372 | | | 43 | | % | 639 | | | 12 | | % | 5,556 | | | 12 | | % |

| Total Employees | | | 13,452 | | | 30 | | % | 31,134 | | | 69 | | % | 712 | | | 2 | | % | 45,298 | | | 100 | | % |

*Hiring, Development and Retention*

The company’s approach to attracting, developing and retaining a global, diverse workforce of high-performing talent is anchored by an environment of personal growth and engagement.

The company recruits new employees in a variety of ways, including through partnerships with universities and diversity associations.

In addition, the company recruits experienced hires to provide specialized skills.

Chevron’s learning and development programs are designed to help employees build technical, operating and leadership capabilities.

The company’s leadership reviews metrics on employee training and development programs, which are refined on an ongoing basis to meet the needs of the business.

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

Chevron invests in developing and upskilling employees, including things such as tailored generative AI training for leaders, practitioners and the broader workforce.

In addition, the company offers the Digital Scholar Program, preparing employees with advanced technology skills through one-year Master of Science degrees in Engineering and Management.

In addition, leadership reviews the talent pipeline, identifies and develops succession candidates, and builds succession plans for key positions.

The Board of Directors provides oversight of CEO and executive succession planning.

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

The voluntary attrition for this population in 2024 was 3.1 percent, in line with historical rates.

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

Chevron believes its low voluntary attrition rate is in part a result of the company’s commitment to employee development, competitive pay and benefits, and culture.

*Diversity and Inclusion*

Chevron believes human ingenuity is best able to solve difficult problems when people with different ideas, experiences and backgrounds work together in an inclusive environment.

The company has 11 employee networks (voluntary groups open to all employees with shared interests).

The Chairman’s Inclusion Council provides 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 discuss how employee networks can help reinforce the company’s values and achieve its business objectives.

Diversity and inclusion at Chevron means zero tolerance for discrimination based on race, sex or other protected characteristics, and a deep respect for the cultures in which we operate.

*Employee Engagement*

Employee engagement is an indicator of employee well-being and commitment to the company’s values, purpose and strategies.

The company regularly conducts employee surveys to assess the health of the company’s culture.

Our surveys indicate high levels of employee engagement compared to our industry.

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

The largest reductions from year-end 2023 were from record production and the sale of assets in Canada, and the largest additions were from extensions and discoveries in the Permian and DJ Basins.

| | | | At December 31, 2024 | | | | | | | | | | | | | | | | | | | | |

| United States | | | 35,135 | | | | | | 24,099 | | | 2,110 | | | | | | 1,758 | | | | | |

| Africa | | | 1,679 | | | | | | 653 | | | 48 | | | | | | 18 | | | | | |

| Asia | | | 1,699 | | | | | | 807 | | | 1,309 | | | | | | 405 | | | | | |

| Affiliates2 | | | 1,510 | | | | | | 595 | | | — | | | | | | — | | | | | |

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

As previously disclosed, on May 20, 2024, the New Mexico Environment Department issued a Notice of Violation (NOV) [removed: to Chevron] for alleged violations of state and federal regulations of air quality between October 2022 and September 2023 at different Chevron facilities in New Mexico.

[removed: On] [added: As previously disclosed, on] May 26, 2023, Chevron’s refinery in El Segundo, California notified the U.S. EPA that it had inadvertently overstated the number of biofuel credits generated by co-processing in 2022 in violation of the Renewable Fuel Standard program.

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

[removed: On] [added: As previously disclosed, on] October 31, 2024, California’s Bay Area Air District (formerly Bay Area Air Quality Management District) issued two NOVs for the alleged noncompliance with permit conditions that governed operation of certain equipment associated with low-NOx burners at the thermal oxidizers and stack gas heaters for sulfur recovery units 1 & 2 at Chevron’s refinery in Richmond, California.

Please see information related to other legal proceedings in [Note 16 [removed: Litigation](#ide8717194b4f4760a110dbf39ab1f2e5_364).][added: Litigation](#i933fdaefc79646f9a6300a126aece169_421).]

As previously disclosed, in February 2025, the United States Department of Justice notified Hess of alleged Clean Water Act violations relating to Hess’s National Pollutant Discharge Elimination System permit covering operations in Hess facilities in the Gulf of America.

Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

As previously disclosed, on June 26, 2025, the Colorado Energy & Carbon Management Commission (ECMC) issued a notice alleging violations of certain ECMC rules following the loss of well control incident that occurred in Galeton, Colorado, on April 6, 2025.

Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

On July 22, 2025, ECMC issued a notice alleging various violations of reporting rules associated with environmental remediation data.

Resolution of the alleged violations may result in the payment of a civil penalty of $1.0 million or more.

As previously disclosed, in April 2015, Noble Energy, Inc. (Noble) entered into a joint consent decree (Consent Decree) with the United States Department of Justice, the U.S. EPA, and the State of Colorado to improve emission control systems at a number of condensate storage tanks within the Denver-Julesburg (DJ) Basin.

The associated civil penalty was paid by Noble previously, and Chevron paid $1.5 million in stipulated penalties for noncompliance with the Consent Decree in August 2024.

On December 20, 2024, the parties entered a joint stipulation terminating the Consent Decree, which was approved by the U.S. District Court.

Accordingly, the Consent Decree has been terminated and no outstanding obligations remain.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

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: $286.1] [added: $247.4] billion (As of June [removed: 28, 2024)][added: 30, 2025)]

Number of Shares of Common Stock outstanding as of February [removed: 7, 2025] [added: 6, 2026] — [removed: 1,760,598,537][added: 1,995,385,539]

Notice of the [removed: 2025] [added: 2026] Annual Meeting and [removed: 2025] [added: 2026] 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: 2025] [added: 2026] Annual Meeting of Stockholders (in Part III)

| | | | [General Development of [removed: Business](#ide8717194b4f4760a110dbf39ab1f2e5_25)] [added: Business](#i933fdaefc79646f9a6300a126aece169_25)] | | | [removed: [3](#ide8717194b4f4760a110dbf39ab1f2e5_25)] [added: [3](#i933fdaefc79646f9a6300a126aece169_25)] | | | | | |

| | | | [Description of Business and [removed: Properties](#ide8717194b4f4760a110dbf39ab1f2e5_34)] [added: Properties](#i933fdaefc79646f9a6300a126aece169_34)] | | | [removed: [6](#ide8717194b4f4760a110dbf39ab1f2e5_34)] [added: [5](#i933fdaefc79646f9a6300a126aece169_34)] | | | | | |

| | | | [Other [removed: Businesses](#ide8717194b4f4760a110dbf39ab1f2e5_109)] [added: Businesses](#i933fdaefc79646f9a6300a126aece169_109)] | | | [removed: [19](#ide8717194b4f4760a110dbf39ab1f2e5_109)] [added: [20](#i933fdaefc79646f9a6300a126aece169_109)] | | | | | |

| [removed: [1A.](#ide8717194b4f4760a110dbf39ab1f2e5_124)] [added: [1A.](#i933fdaefc79646f9a6300a126aece169_121)] | | | [Risk [removed: Factors](#ide8717194b4f4760a110dbf39ab1f2e5_124)] [added: Factors](#i933fdaefc79646f9a6300a126aece169_121)] | | | [removed: [20](#ide8717194b4f4760a110dbf39ab1f2e5_124)] [added: [21](#i933fdaefc79646f9a6300a126aece169_121)] | | | | | |

| [removed: [1B.](#ide8717194b4f4760a110dbf39ab1f2e5_127)] [added: [1B.](#i933fdaefc79646f9a6300a126aece169_133)] | | | [Unresolved Staff [removed: Comments](#ide8717194b4f4760a110dbf39ab1f2e5_127)] [added: Comments](#i933fdaefc79646f9a6300a126aece169_133)] | | | [removed: [27](#ide8717194b4f4760a110dbf39ab1f2e5_127)] [added: [27](#i933fdaefc79646f9a6300a126aece169_133)] | | | | | |

| [removed: [4.](#ide8717194b4f4760a110dbf39ab1f2e5_139)] [added: [4.](#i933fdaefc79646f9a6300a126aece169_145)] | | | [Mine Safety [removed: Disclosures](#ide8717194b4f4760a110dbf39ab1f2e5_139)] [added: Disclosures](#i933fdaefc79646f9a6300a126aece169_145)] | | | [removed: [29](#ide8717194b4f4760a110dbf39ab1f2e5_139)] [added: [29](#i933fdaefc79646f9a6300a126aece169_145)] | | | | | |

| [removed: [5.](#ide8717194b4f4760a110dbf39ab1f2e5_145)] [added: [5.](#i933fdaefc79646f9a6300a126aece169_151)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ide8717194b4f4760a110dbf39ab1f2e5_145)] [added: Securities](#i933fdaefc79646f9a6300a126aece169_151)] | | | [removed: [30](#ide8717194b4f4760a110dbf39ab1f2e5_145)] [added: [30](#i933fdaefc79646f9a6300a126aece169_151)] | | | | | |

| [removed: [7.](#ide8717194b4f4760a110dbf39ab1f2e5_151)] [added: [7.](#i933fdaefc79646f9a6300a126aece169_157)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ide8717194b4f4760a110dbf39ab1f2e5_151)] [added: Operations](#i933fdaefc79646f9a6300a126aece169_157)] | | | [removed: [30](#ide8717194b4f4760a110dbf39ab1f2e5_151)] [added: [30](#i933fdaefc79646f9a6300a126aece169_157)] | | | | | |

| [removed: [7A.](#ide8717194b4f4760a110dbf39ab1f2e5_154)] [added: [7A.](#i933fdaefc79646f9a6300a126aece169_160)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ide8717194b4f4760a110dbf39ab1f2e5_154)] [added: Risk](#i933fdaefc79646f9a6300a126aece169_160)] | | | [removed: [30](#ide8717194b4f4760a110dbf39ab1f2e5_154)] [added: [30](#i933fdaefc79646f9a6300a126aece169_160)] | | | | | |

| [removed: [8.](#ide8717194b4f4760a110dbf39ab1f2e5_157)] [added: [8.](#i933fdaefc79646f9a6300a126aece169_163)] | | | [Financial Statements and Supplementary [removed: Data](#ide8717194b4f4760a110dbf39ab1f2e5_157)] [added: Data](#i933fdaefc79646f9a6300a126aece169_163)] | | | [removed: [30](#ide8717194b4f4760a110dbf39ab1f2e5_157)] [added: [30](#i933fdaefc79646f9a6300a126aece169_163)] | | | | | |

| [removed: [9.](#ide8717194b4f4760a110dbf39ab1f2e5_160)] [added: [9.](#i933fdaefc79646f9a6300a126aece169_166)] | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#ide8717194b4f4760a110dbf39ab1f2e5_160)] [added: Disclosure](#i933fdaefc79646f9a6300a126aece169_166)] | | | [removed: [30](#ide8717194b4f4760a110dbf39ab1f2e5_160)] [added: [30](#i933fdaefc79646f9a6300a126aece169_166)] | | | | | |

| [removed: [9A.](#ide8717194b4f4760a110dbf39ab1f2e5_163)] [added: [9A.](#i933fdaefc79646f9a6300a126aece169_169)] | | | [Controls and [removed: Procedures](#ide8717194b4f4760a110dbf39ab1f2e5_163)] [added: Procedures](#i933fdaefc79646f9a6300a126aece169_169)] | | | [removed: [30](#ide8717194b4f4760a110dbf39ab1f2e5_163)] [added: [30](#i933fdaefc79646f9a6300a126aece169_169)] | | | | | |

| [removed: [9B.](#ide8717194b4f4760a110dbf39ab1f2e5_175)] [added: [9B.](#i933fdaefc79646f9a6300a126aece169_181)] | | | [Other [removed: Information](#ide8717194b4f4760a110dbf39ab1f2e5_175)] [added: Information](#i933fdaefc79646f9a6300a126aece169_181)] | | | [removed: [31](#ide8717194b4f4760a110dbf39ab1f2e5_175)] [added: [31](#i933fdaefc79646f9a6300a126aece169_181)] | | | | | |

| [removed: [9C](#ide8717194b4f4760a110dbf39ab1f2e5_181).] [added: [9C](#i933fdaefc79646f9a6300a126aece169_187).] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ide8717194b4f4760a110dbf39ab1f2e5_181)] [added: Inspections](#i933fdaefc79646f9a6300a126aece169_187)] | | | [removed: [31](#ide8717194b4f4760a110dbf39ab1f2e5_175)] [added: [31](#i933fdaefc79646f9a6300a126aece169_181)] | | | | | |

| [removed: [10.](#ide8717194b4f4760a110dbf39ab1f2e5_187)] [added: [10.](#i933fdaefc79646f9a6300a126aece169_193)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#ide8717194b4f4760a110dbf39ab1f2e5_187)] [added: Governance](#i933fdaefc79646f9a6300a126aece169_193)] | | | [removed: [32](#ide8717194b4f4760a110dbf39ab1f2e5_187)] [added: [32](#i933fdaefc79646f9a6300a126aece169_193)] | | | | | |

| [removed: [11.](#ide8717194b4f4760a110dbf39ab1f2e5_193)] [added: [11.](#i933fdaefc79646f9a6300a126aece169_199)] | | | [Executive [removed: Compensation](#ide8717194b4f4760a110dbf39ab1f2e5_193)] [added: Compensation](#i933fdaefc79646f9a6300a126aece169_199)] | | | [removed: [32](#ide8717194b4f4760a110dbf39ab1f2e5_193)] [added: [33](#i933fdaefc79646f9a6300a126aece169_199)] | | | | | |

| [removed: [12.](#ide8717194b4f4760a110dbf39ab1f2e5_196)] [added: [12.](#i933fdaefc79646f9a6300a126aece169_202)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ide8717194b4f4760a110dbf39ab1f2e5_196)] [added: Matters](#i933fdaefc79646f9a6300a126aece169_202)] | | | [removed: [33](#ide8717194b4f4760a110dbf39ab1f2e5_196)] [added: [33](#i933fdaefc79646f9a6300a126aece169_202)] | | | | | |

| [removed: [13.](#ide8717194b4f4760a110dbf39ab1f2e5_199)] [added: [13.](#i933fdaefc79646f9a6300a126aece169_205)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ide8717194b4f4760a110dbf39ab1f2e5_199)] [added: Independence](#i933fdaefc79646f9a6300a126aece169_205)] | | | [removed: [33](#ide8717194b4f4760a110dbf39ab1f2e5_199)] [added: [33](#i933fdaefc79646f9a6300a126aece169_205)] | | | | | |

| [removed: [14.](#ide8717194b4f4760a110dbf39ab1f2e5_202)] [added: [14.](#i933fdaefc79646f9a6300a126aece169_208)] | | | [Principal Accountant Fees and [removed: Services](#ide8717194b4f4760a110dbf39ab1f2e5_202)] [added: Services](#i933fdaefc79646f9a6300a126aece169_208)] | | | [removed: [33](#ide8717194b4f4760a110dbf39ab1f2e5_202)] [added: [33](#i933fdaefc79646f9a6300a126aece169_208)] | | | | | |

| [removed: [15.](#ide8717194b4f4760a110dbf39ab1f2e5_511)] [added: [15.](#i933fdaefc79646f9a6300a126aece169_571)] | | | [removed: [Exhibit](#ide8717194b4f4760a110dbf39ab1f2e5_511) [and](#ide8717194b4f4760a110dbf39ab1f2e5_511)] [added: [Exhibit](#i933fdaefc79646f9a6300a126aece169_571) [and](#i933fdaefc79646f9a6300a126aece169_571)] [Financial Statement [removed: Schedules](#ide8717194b4f4760a110dbf39ab1f2e5_511)] [added: Schedules](#i933fdaefc79646f9a6300a126aece169_571)] | | | [removed: [117](#ide8717194b4f4760a110dbf39ab1f2e5_511)] [added: [121](#i933fdaefc79646f9a6300a126aece169_571)] | | | | | |

| | | | [Schedule II — Valuation and Qualifying [removed: Accounts](#ide8717194b4f4760a110dbf39ab1f2e5_514)] [added: Accounts](#i933fdaefc79646f9a6300a126aece169_574)] | | | [removed: [117](#ide8717194b4f4760a110dbf39ab1f2e5_514)] [added: [121](#i933fdaefc79646f9a6300a126aece169_574)] | | | | | |

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

[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 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 conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the 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 risk that regulatory approvals and clearances related to the Hess Corporation (Hess) transaction are not obtained or are not obtained in a timely manner or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of 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 27 in this report, and as updated in the future.][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, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage 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 company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; 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 21 through 27 in this report, and as updated in the future.]

| | | | | | | [Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_7)] [added: Contents](#i933fdaefc79646f9a6300a126aece169_7)] | | |

| [PART I](#i933fdaefc79646f9a6300a126aece169_19) | | | | | | | | | | | |

| [1.](#i933fdaefc79646f9a6300a126aece169_22) | | | [Business](#i933fdaefc79646f9a6300a126aece169_22) | | | [3](#i933fdaefc79646f9a6300a126aece169_22) | | | | | |

| | | | [Upstream](#i933fdaefc79646f9a6300a126aece169_37) | | | [5](#i933fdaefc79646f9a6300a126aece169_37) | | | | | |

| | | | [Downstream](#i933fdaefc79646f9a6300a126aece169_91) | | | [18](#i933fdaefc79646f9a6300a126aece169_91) | | | | | |

| [1](#i933fdaefc79646f9a6300a126aece169_136)[C](#i933fdaefc79646f9a6300a126aece169_136)[.](#i933fdaefc79646f9a6300a126aece169_136) | | | [Cybersecurity](#i933fdaefc79646f9a6300a126aece169_136) | | | [27](#i933fdaefc79646f9a6300a126aece169_136) | | | | | |

| [2.](#i933fdaefc79646f9a6300a126aece169_139) | | | [Properties](#i933fdaefc79646f9a6300a126aece169_139) | | | [29](#i933fdaefc79646f9a6300a126aece169_139) | | | | | |

| [3.](#i933fdaefc79646f9a6300a126aece169_142) | | | [Legal Proceedings](#i933fdaefc79646f9a6300a126aece169_142) | | | [29](#i933fdaefc79646f9a6300a126aece169_142) | | | | | |

| [PART II](#i933fdaefc79646f9a6300a126aece169_148) | | | | | | | | | | | |

| [6.](#i933fdaefc79646f9a6300a126aece169_154) | | | [\[Reserved\]](#i933fdaefc79646f9a6300a126aece169_154) | | | [30](#i933fdaefc79646f9a6300a126aece169_154) | | | | | |

| [PART III](#i933fdaefc79646f9a6300a126aece169_190) | | | | | | | | | | | |

| [PART IV](#i933fdaefc79646f9a6300a126aece169_568) | | | | | | | | | | | |

| [16.](#i933fdaefc79646f9a6300a126aece169_577) | | | [Form 10-K Summary](#i933fdaefc79646f9a6300a126aece169_577) | | | [121](#i933fdaefc79646f9a6300a126aece169_577) | | | | | |

| | | | [Signatures](#i933fdaefc79646f9a6300a126aece169_583) | | | [125](#i933fdaefc79646f9a6300a126aece169_583) | | | | | |

| [PART I](#ide8717194b4f4760a110dbf39ab1f2e5_19) | | | | | | | | | | | |

| [1.](#ide8717194b4f4760a110dbf39ab1f2e5_22) | | | [Business](#ide8717194b4f4760a110dbf39ab1f2e5_22) | | | [3](#ide8717194b4f4760a110dbf39ab1f2e5_22) | | | | | |

| | | | [Upstream](#ide8717194b4f4760a110dbf39ab1f2e5_37) | | | [6](#ide8717194b4f4760a110dbf39ab1f2e5_37) | | | | | |

| | | | [Downstream](#ide8717194b4f4760a110dbf39ab1f2e5_91) | | | [17](#ide8717194b4f4760a110dbf39ab1f2e5_91) | | | | | |

| [1](#ide8717194b4f4760a110dbf39ab1f2e5_130)[C](#ide8717194b4f4760a110dbf39ab1f2e5_130)[.](#ide8717194b4f4760a110dbf39ab1f2e5_130) | | | [Cybersecurity](#ide8717194b4f4760a110dbf39ab1f2e5_130) | | | [27](#ide8717194b4f4760a110dbf39ab1f2e5_130) | | | | | |

| [2.](#ide8717194b4f4760a110dbf39ab1f2e5_133) | | | [Properties](#ide8717194b4f4760a110dbf39ab1f2e5_133) | | | [28](#ide8717194b4f4760a110dbf39ab1f2e5_133) | | | | | |

| [3.](#ide8717194b4f4760a110dbf39ab1f2e5_136) | | | [Legal Proceedings](#ide8717194b4f4760a110dbf39ab1f2e5_136) | | | [29](#ide8717194b4f4760a110dbf39ab1f2e5_136) | | | | | |

| [PART II](#ide8717194b4f4760a110dbf39ab1f2e5_142) | | | | | | | | | | | |

| [6.](#ide8717194b4f4760a110dbf39ab1f2e5_148) | | | [\[Reserved\]](#ide8717194b4f4760a110dbf39ab1f2e5_148) | | | [30](#ide8717194b4f4760a110dbf39ab1f2e5_148) | | | | | |

| [PART III](#ide8717194b4f4760a110dbf39ab1f2e5_184) | | | | | | | | | | | |

| [PART IV](#ide8717194b4f4760a110dbf39ab1f2e5_508) | | | | | | | | | | | |

| [16.](#ide8717194b4f4760a110dbf39ab1f2e5_517) | | | [Form 10-K Summary](#ide8717194b4f4760a110dbf39ab1f2e5_517) | | | [117](#ide8717194b4f4760a110dbf39ab1f2e5_517) | | | | | |

| | | | [Signatures](#ide8717194b4f4760a110dbf39ab1f2e5_523) | | | [121](#ide8717194b4f4760a110dbf39ab1f2e5_523) | | | | | |

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

| | | | | | | [Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_7)] [added: Contents](#i933fdaefc79646f9a6300a126aece169_7)] | | |

To date, the company has not experienced a cybersecurity threat or incident that has materially affected or is reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition; [removed: however, the company has experienced and will continue to experience cyber incidents of varying degrees.]

Risk [removed: Factors](#ide8717194b4f4760a110dbf39ab1f2e5_124)] [added: Factors](#i933fdaefc79646f9a6300a126aece169_121)] on pages 21 through [removed: 22] [added: 24] for further discussion of cyberattacks and the associated risks to Chevron’s business.

Chevron security experts use automated

Chevron’s CISO has 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 senior leadership roles, including that of CISO, at other multinational, publicly traded companies.

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however, the company has experienced and will continue to experience cyber incidents of varying degrees.

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

Information required by Subpart 1200 of Regulation S-K (“Disclosure by Registrants Engaged in Oil and Gas Producing Activities”) is also contained in Item 1 and in Tables I through VII on pages [removed: 104] [added: 108] through [removed: 114] [added: 120] and [Note 18 Properties, Plant and [removed: Equipment](#ide8717194b4f4760a110dbf39ab1f2e5_373).][added: Equipment](#i933fdaefc79646f9a6300a126aece169_433).]

Business](#i933fdaefc79646f9a6300a126aece169_22).

Business.

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| | | | | | | [Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_7)] [added: Contents](#i933fdaefc79646f9a6300a126aece169_7)] | | |

As of February [removed: 7, 2025,] [added: 6, 2026,] stockholders of record numbered approximately [removed: 95,000.][added: 91,000.]

The information on Chevron’s dividends are contained in the [Quarterly [removed: Results](#ide8717194b4f4760a110dbf39ab1f2e5_271)] [added: Results](#i933fdaefc79646f9a6300a126aece169_328)] tabulation.

*Chevron Corporation Issuer Purchases of Equity Securities* *for Quarter Ended December 31, [removed: 2024*][added: 2025*]

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

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

2 Refer to [Liquidity and Capital [removed: Resources](#ide8717194b4f4760a110dbf39ab1f2e5_235)] [added: Resources](#i933fdaefc79646f9a6300a126aece169_295)] for additional detail regarding the company's authorized stock repurchase program.

| October 1 - October 31, 2025 | | | 6,121,636 | | | $ | 153.55 | | 6,121,482 | | | $38.6 | | |

| November 1 - November 30, 2025 | | | 5,583,177 | | | $ | 152.49 | | 5,583,177 | | | $37.7 | | |

| December 1 - December 31, 2025 | | | 8,036,375 | | | $ | 150.08 | | 8,034,641 | | | $36.5 | | |

| Total October 1 - December 31, 2025 | | | 19,741,188 | | | $ | 151.84 | | 19,739,300 | | | | | |

| October 1 - October 31, 2024 | | | 9,521,027 | | | $ | 150.02 | | 9,520,248 | | | $51.7 | | |

| November 1 - November 30, 2024 | | | 7,067,420 | | | $ | 158.89 | | 7,067,420 | | | $50.5 | | |

| December 1 - December 31, 2024 | | | 12,874,652 | | | $ | 151.37 | | 12,874,652 | | | $48.6 | | |

| Total October 1 - December 31, 2024 | | | 29,463,099 | | | $ | 152.74 | | 29,462,320 | | | | | |

The index to Financial Statements and Supplementary Data is presented in the [Financial Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_208).][added: Contents](#i933fdaefc79646f9a6300a126aece169_214).]

Based on this evaluation, management concluded that the company’s disclosure controls and procedures were effective as of December 31, [removed: 2024.][added: 2025.]

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: 2024.][added: 2025.]

The effectiveness of the company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein.

| | | | | | | [Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_7)] [added: Contents](#i933fdaefc79646f9a6300a126aece169_7)] | | |

(c) Changes in Internal Control Over Financial Reporting During the quarter ended December 31, [removed: 2024,] [added: 2025,] 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 Hess from our assessment of internal control over financial reporting as of December 31, 2025, because it was acquired by the company in a business combination during 2025.

Total assets and total revenues of Hess, a

wholly-owned subsidiary of Chevron Corporation, represent 24 percent and 3 percent, respectively, of the related consolidated financial statement amounts as of and for the period ended December 31, 2025.

Wirth, Chairman of the Board and Chief Executive Officer, entered into a pre-arranged stock trading plan on November [removed: 6, 2024.][added: 26, 2025.]

Mr. Wirth’s plan provides for the potential exercise of vested stock options and the associated sale of up to [removed: 320,700] [added: 262,900] shares of Chevron common stock between [removed: February 26, 2025,] [added: March 2, 2026] and February [removed: 28, 2026.][added: 26, 2027.]

The trading [removed: plan was] [added: plans were] entered into during an open insider trading window and [removed: is] [added: are] 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.

Eimear P.

Bonner, Chief Financial Officer, entered into a pre-arranged stock trading plan on November 22, 2025.

Ms. Bonner’s plan provides for the potential exercise of vested stock options and the associated sale of up to 132,768 shares of Chevron common stock between February 27, 2026 and February 26, 2027.

R.

Hewitt Pate, Chief Legal Officer, entered into a pre-arranged stock trading plan on November 26, 2025.

Mr. Pate’s plan provides for the potential exercise of vested stock options and the associated sale of up to 335,509 shares of Chevron common stock between February 27, 2026 and February 26, 2027.

| | | | | | | [Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_7)] [added: Contents](#i933fdaefc79646f9a6300a126aece169_7)] | | |

Information about our Executive Officers at February [removed: 21, 2025][added: 24, 2026]

[removed: Members of the] [added: The] Corporation’s [removed: Executive Committee] [added: executive officers] are [removed: the Executive Officers of] [added: shown in] the [removed: Corporation:][added: table below:]

| Michael K. [removed: Wirth] [added: Wirth*] | | | [removed: 64] [added: 65] | | | Chairman of the Board and Chief Executive Officer (since Feb 2018) | | | Chairman of the Board and Chief Executive Officer | | |

| Eimear P. [removed: Bonner] [added: Bonner*] | | | [removed: 50] [added: 51] | | | [removed: Vice President (since Aug 2021);] Chief Financial Officer (since Mar 2024) President and Chief Technology Officer, Chevron Technical Center (Feb 2021 - Dec 2023) General Director, Tengizchevroil (Dec 2018 - Jan 2021) | | | Finance; Investor Relations | | |

| Mark A. [removed: Nelson] [added: Nelson*] | | | [removed: 61] [added: 62] | | | Vice Chairman (since Feb 2023); Executive Vice President, Oil, Products & Gas (since Oct 2024) Executive Vice President, Strategy, Policy & Development (Oct 2022 - Sep 2023) Executive Vice President, Downstream (Mar 2019 - Sep 2022) | | | Upstream - Worldwide Exploration and Production; [added: Subsurface; Wells;] Downstream - Worldwide Manufacturing, Marketing, Lubricants, and Chemicals; [removed: Midstream - Worldwide;] [added: Midstream;] Asset Performance and Process [removed: Safety; Health,] Safety [removed: and Environment; Supply Chain Management] | | |

| Jeff B. [removed: Gustavson] [added: Gustavson*] | | | [removed: 52] [added: 53] | | | [removed: Vice] President, [removed: Lower Carbon] [added: New] Energies (since Aug 2021) Vice President, Midcontinent (Feb 2018 - Jul 2021) | | | Lower Carbon [removed: Solutions] [added: Solutions; Power for Data Centers; Artificial Intelligence] | | |

| R. Hewitt [removed: Pate] [added: Pate*] | | | [removed: 62] [added: 63] | | | [removed: Vice President and General Counsel] [added: Chief Legal Officer] (since Aug 2009) | | | Law, Governance and Compliance | | |

The information about directors required by Item 401(a), (d), (e) and (f) of Regulation S-K and contained under the heading “Election of Directors” in the Notice of the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and [removed: 2025] [added: 2026] Proxy Statement, to be filed pursuant to Rule 14a-6(b) under the Exchange Act in connection with the company’s [removed: 2025] [added: 2026] Annual Meeting (the [removed: 2025] [added: 2026] 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 “Business Conduct and Ethics Code” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(d)(4) and (5) of Regulation S-K and contained under the heading “Corporate Governance — Board Committees” in the [removed: 2025] [added: 2026] 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 [removed: 2025] [added: 2026] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

| T. Ryder Booth* | | | 57 | | | Chief Technology and Engineering Officer (since Jul 2025) Vice President, Midcontinent (Aug 2021 - Jun 2025) | | | Reserves and Storage; Facilities Engineering; Capital Projects; Technology Strategy Execution and Performance; Information Technology; Operations and Turnarounds; Asset Retirement; Environmental Management; Innovation; Health, Safety and Environment; Supply Chain Management | | |

| Robert Clay Neff | | | 63 | | | President, Upstream (since Jul 2025) President, Chevron International Exploration and Production (Oct 2022 - Jul 2025) President, Chevron Middle East, Africa, South America Exploration and Production Company (Nov 2019 - Oct 2022) | | | Upstream - Worldwide Exploration and Production; Subsurface; Wells | | |

| Andy Walz | | | 58 | | | President, Downstream, Midstream & Chemicals (since Oct 2024) President, Americas Products (Oct 2019 - Oct 2024) | | | Downstream - Worldwide Manufacturing, Marketing, Lubricants, and Chemicals; Midstream | | |

*Member of the Corporation’s Executive Committee

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| Balaji Krishnamurthy | | | 48 | | | Vice President (since Oct 2022); Vice President, Chevron Technical Center (since Jan 2024) Vice President, Strategy & Sustainability (Oct 2022 - Sep 2023) President, Chevron Canada Limited (Jun 2021 - Sep 2022) General Manager, Corporate Transformation and Integration Management (Dec 2019 - May 2021) | | | Subsurface; Global Reserves; Wells; Facilities Designs and Solutions; Capital Projects; Technology Strategy Execution and Performance; Information Technology; Environmental Management; Innovation | | |

The information required by Item 402 of Regulation S-K and contained under the headings “Executive Compensation,” “Director Compensation” and “CEO Pay Ratio” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(e)(5) of Regulation S-K and contained under the heading “Corporate Governance — Management Compensation Committee Report” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference into this [added: 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: 2025] [added: 2026] 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.

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Annual Report on Form 10-K.

The information required by Item 403 of Regulation S-K and contained under the heading “Stock Ownership Information — Security Ownership of Certain Beneficial Owners and Management” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 201(d) of Regulation S-K and contained under the heading “Equity Compensation Plan Information” in the [removed: 2025] [added: 2026] 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 “Related Person Transactions” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 407(a) of Regulation S-K and contained under the heading “Corporate Governance — Director Independence” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

The information required by Item 9(e) of Schedule 14A and contained under the heading “Board Proposal to Ratify PricewaterhouseCoopers LLP as the Independent Registered Public Accounting Firm for [removed: 2025”] [added: 2026”] in the [removed: 2025] [added: 2026] Proxy Statement is incorporated by reference into this Annual Report on Form 10-K.

| Financial Table of Contents | | | | | | [Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_7)] [added: Contents](#i933fdaefc79646f9a6300a126aece169_7)] | | |

| | | | [Management’s Discussion and Analysis [removed: of](#ide8717194b4f4760a110dbf39ab1f2e5_211)[ ](#ide8717194b4f4760a110dbf39ab1f2e5_211)[Financial] [added: of](#i933fdaefc79646f9a6300a126aece169_217)[ ](#i933fdaefc79646f9a6300a126aece169_217)[Financial] Condition and Results of [removed: Operations](#ide8717194b4f4760a110dbf39ab1f2e5_211)] [added: Operations](#i933fdaefc79646f9a6300a126aece169_217)] | | | | | |

| | | | [Key Financial [removed: Results](#ide8717194b4f4760a110dbf39ab1f2e5_214)] [added: Results](#i933fdaefc79646f9a6300a126aece169_220)] | | | [removed: [35](#ide8717194b4f4760a110dbf39ab1f2e5_214)] [added: [35](#i933fdaefc79646f9a6300a126aece169_220)] | | |

| | | | [Earnings by Major Operating [removed: Area](#ide8717194b4f4760a110dbf39ab1f2e5_214)] [added: Area](#i933fdaefc79646f9a6300a126aece169_220)] | | | [removed: [35](#ide8717194b4f4760a110dbf39ab1f2e5_214)] [added: [35](#i933fdaefc79646f9a6300a126aece169_220)] | | |

| | | | [Business Environment and [removed: Outlook](#ide8717194b4f4760a110dbf39ab1f2e5_217)] [added: Outlook](#i933fdaefc79646f9a6300a126aece169_223)] | | | [removed: [35](#ide8717194b4f4760a110dbf39ab1f2e5_217)] [added: [35](#i933fdaefc79646f9a6300a126aece169_223)] | | |

| | | | [Consolidated Statement of [removed: Income](#ide8717194b4f4760a110dbf39ab1f2e5_229)] [added: Income](#i933fdaefc79646f9a6300a126aece169_277)] | | | [removed: [45](#ide8717194b4f4760a110dbf39ab1f2e5_229)] [added: [44](#i933fdaefc79646f9a6300a126aece169_277)] | | |

| | | | [Selected Operating [removed: Data](#ide8717194b4f4760a110dbf39ab1f2e5_232)] [added: Data](#i933fdaefc79646f9a6300a126aece169_280)] | | | [removed: [47](#ide8717194b4f4760a110dbf39ab1f2e5_232)] [added: [46](#i933fdaefc79646f9a6300a126aece169_280)] | | |

| | | | [Liquidity and Capital [removed: Resources](#ide8717194b4f4760a110dbf39ab1f2e5_235)] [added: Resources](#i933fdaefc79646f9a6300a126aece169_283)] | | | [removed: [48](#ide8717194b4f4760a110dbf39ab1f2e5_235)] [added: [47](#i933fdaefc79646f9a6300a126aece169_283)] | | |

| | | | [Financial Ratios and [removed: Metrics](#ide8717194b4f4760a110dbf39ab1f2e5_235)] [added: Metrics](#i933fdaefc79646f9a6300a126aece169_283)] | | | [removed: [52](#ide8717194b4f4760a110dbf39ab1f2e5_247)] [added: [51](#i933fdaefc79646f9a6300a126aece169_304)] | | |

| | | | [Financial and Derivative Instrument Market [removed: Risk](#ide8717194b4f4760a110dbf39ab1f2e5_253)] [added: Risk](#i933fdaefc79646f9a6300a126aece169_310)] | | | [removed: [53](#ide8717194b4f4760a110dbf39ab1f2e5_253)] [added: [53](#i933fdaefc79646f9a6300a126aece169_310)] | | |

| | | | [Transactions With Related [removed: Parties](#ide8717194b4f4760a110dbf39ab1f2e5_256)] [added: Parties](#i933fdaefc79646f9a6300a126aece169_313)] | | | [removed: [54](#ide8717194b4f4760a110dbf39ab1f2e5_256)] [added: [54](#i933fdaefc79646f9a6300a126aece169_313)] | | |

| | | | [Litigation and Other [removed: Contingencies](#ide8717194b4f4760a110dbf39ab1f2e5_259)] [added: Contingencies](#i933fdaefc79646f9a6300a126aece169_316)] | | | [removed: [54](#ide8717194b4f4760a110dbf39ab1f2e5_259)] [added: [54](#i933fdaefc79646f9a6300a126aece169_316)] | | |

| | | | [Critical Accounting Estimates and [removed: Assumptions](#ide8717194b4f4760a110dbf39ab1f2e5_265)] [added: Assumptions](#i933fdaefc79646f9a6300a126aece169_322)] | | | [removed: [56](#ide8717194b4f4760a110dbf39ab1f2e5_265)] [added: [55](#i933fdaefc79646f9a6300a126aece169_322)] | | |

| | | | [New Accounting [removed: Standards](#ide8717194b4f4760a110dbf39ab1f2e5_268)] [added: Standards](#i933fdaefc79646f9a6300a126aece169_325)] | | | [removed: [59](#ide8717194b4f4760a110dbf39ab1f2e5_268)] [added: [59](#i933fdaefc79646f9a6300a126aece169_325)] | | |

| | | | [Consolidated Financial [removed: Statements](#ide8717194b4f4760a110dbf39ab1f2e5_274)] [added: Statements](#i933fdaefc79646f9a6300a126aece169_331)] | | | | | |

| | | | [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID:](#ide8717194b4f4760a110dbf39ab1f2e5_280) 238[)](#ide8717194b4f4760a110dbf39ab1f2e5_280)] [added: ID:](#i933fdaefc79646f9a6300a126aece169_337) 238[)](#i933fdaefc79646f9a6300a126aece169_337)] | | | [removed: [62](#ide8717194b4f4760a110dbf39ab1f2e5_280)] [added: [62](#i933fdaefc79646f9a6300a126aece169_337)] | | |

| | | | [Consolidated Statement of [removed: Income](#ide8717194b4f4760a110dbf39ab1f2e5_283)] [added: Income](#i933fdaefc79646f9a6300a126aece169_340)] | | | [removed: [64](#ide8717194b4f4760a110dbf39ab1f2e5_283)] [added: [65](#i933fdaefc79646f9a6300a126aece169_340)] | | |

| | | | [Consolidated Statement of Comprehensive [removed: Income](#ide8717194b4f4760a110dbf39ab1f2e5_286)] [added: Income](#i933fdaefc79646f9a6300a126aece169_343)] | | | [removed: [65](#ide8717194b4f4760a110dbf39ab1f2e5_286)] [added: [66](#i933fdaefc79646f9a6300a126aece169_343)] | | |

| | | | [Consolidated Balance [removed: Sheet](#ide8717194b4f4760a110dbf39ab1f2e5_292)] [added: Sheet](#i933fdaefc79646f9a6300a126aece169_349)] | | | [removed: [66](#ide8717194b4f4760a110dbf39ab1f2e5_292)] [added: [67](#i933fdaefc79646f9a6300a126aece169_349)] | | |

| | | | [Consolidated Statement of Cash [removed: Flows](#ide8717194b4f4760a110dbf39ab1f2e5_295)] [added: Flows](#i933fdaefc79646f9a6300a126aece169_352)] | | | [removed: [67](#ide8717194b4f4760a110dbf39ab1f2e5_295)] [added: [68](#i933fdaefc79646f9a6300a126aece169_352)] | | |

| | | | [Consolidated Statement of [removed: Equity](#ide8717194b4f4760a110dbf39ab1f2e5_298)] [added: Equity](#i933fdaefc79646f9a6300a126aece169_355)] | | | [removed: [68](#ide8717194b4f4760a110dbf39ab1f2e5_298)] [added: [69](#i933fdaefc79646f9a6300a126aece169_355)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#ide8717194b4f4760a110dbf39ab1f2e5_304)] [added: Statements](#i933fdaefc79646f9a6300a126aece169_361)] | | | | | | | | |

| [Note [removed: 1](#ide8717194b4f4760a110dbf39ab1f2e5_307)] [added: 1](#i933fdaefc79646f9a6300a126aece169_364)] | | | [Summary of Significant Accounting [removed: Policies](#ide8717194b4f4760a110dbf39ab1f2e5_307)] [added: Policies](#i933fdaefc79646f9a6300a126aece169_364)] | | | [removed: [69](#ide8717194b4f4760a110dbf39ab1f2e5_307)] [added: [70](#i933fdaefc79646f9a6300a126aece169_364)] | | |

| [Note [removed: 2](#ide8717194b4f4760a110dbf39ab1f2e5_310)] [added: 2](#i933fdaefc79646f9a6300a126aece169_367)] | | | [Changes in Accumulated [removed: Other](#ide8717194b4f4760a110dbf39ab1f2e5_310)] [added: Other](#i933fdaefc79646f9a6300a126aece169_367)] [Comprehensive [removed: Losses](#ide8717194b4f4760a110dbf39ab1f2e5_310)] [added: Losses](#i933fdaefc79646f9a6300a126aece169_367)] | | | [removed: [72](#ide8717194b4f4760a110dbf39ab1f2e5_310)] [added: [73](#i933fdaefc79646f9a6300a126aece169_367)] | | |

| [Note [removed: 3](#ide8717194b4f4760a110dbf39ab1f2e5_313)] [added: 3](#i933fdaefc79646f9a6300a126aece169_370)] | | | [Information Relating to the Consolidated Statement of Cash [removed: Flows](#ide8717194b4f4760a110dbf39ab1f2e5_313)] [added: Flows](#i933fdaefc79646f9a6300a126aece169_370)] | | | [removed: [73](#ide8717194b4f4760a110dbf39ab1f2e5_313)] [added: [74](#i933fdaefc79646f9a6300a126aece169_370)] | | |

| [Note [removed: 4](#ide8717194b4f4760a110dbf39ab1f2e5_316)] [added: 4](#i933fdaefc79646f9a6300a126aece169_373)] | | | [New Accounting [removed: Standards](#ide8717194b4f4760a110dbf39ab1f2e5_316)] [added: Standards](#i933fdaefc79646f9a6300a126aece169_373)] | | | [removed: [74](#ide8717194b4f4760a110dbf39ab1f2e5_316)] [added: [75](#i933fdaefc79646f9a6300a126aece169_373)] | | |

| [Note [removed: 5](#ide8717194b4f4760a110dbf39ab1f2e5_319)] [added: 5](#i933fdaefc79646f9a6300a126aece169_376)] | | | [Lease [removed: Commitments](#ide8717194b4f4760a110dbf39ab1f2e5_319)] [added: Commitments](#i933fdaefc79646f9a6300a126aece169_376)] | | | [removed: [74](#ide8717194b4f4760a110dbf39ab1f2e5_319)] [added: [75](#i933fdaefc79646f9a6300a126aece169_376)] | | |

| [Note [removed: 6](#ide8717194b4f4760a110dbf39ab1f2e5_322)] [added: 6](#i933fdaefc79646f9a6300a126aece169_379)] | | | [Summarized Financial Data - Chevron U.S.A. [removed: Inc.](#ide8717194b4f4760a110dbf39ab1f2e5_322)] [added: Inc.](#i933fdaefc79646f9a6300a126aece169_379)] | | | [removed: [76](#ide8717194b4f4760a110dbf39ab1f2e5_322)] [added: [77](#i933fdaefc79646f9a6300a126aece169_379)] | | |

| [Note [removed: 7](#ide8717194b4f4760a110dbf39ab1f2e5_325)] [added: 7](#i933fdaefc79646f9a6300a126aece169_382)] | | | [Summarized Financial Data - Tengizchevroil [removed: LLP](#ide8717194b4f4760a110dbf39ab1f2e5_325)] [added: LLP](#i933fdaefc79646f9a6300a126aece169_382)] | | | [removed: [76](#ide8717194b4f4760a110dbf39ab1f2e5_325)] [added: [77](#i933fdaefc79646f9a6300a126aece169_382)] | | |

| [Note [removed: 8](#ide8717194b4f4760a110dbf39ab1f2e5_460)] [added: 8](#i933fdaefc79646f9a6300a126aece169_385)] | | | [Restructuring and Reorganization [removed: Costs](#ide8717194b4f4760a110dbf39ab1f2e5_460)] [added: Costs](#i933fdaefc79646f9a6300a126aece169_385)] | | | [removed: [76](#ide8717194b4f4760a110dbf39ab1f2e5_460)] [added: [77](#i933fdaefc79646f9a6300a126aece169_385)] | | |

| [Note [removed: 9](#ide8717194b4f4760a110dbf39ab1f2e5_331)] [added: 9](#i933fdaefc79646f9a6300a126aece169_388)] | | | [Fair Value [removed: Measurements](#ide8717194b4f4760a110dbf39ab1f2e5_331)] [added: Measurements](#i933fdaefc79646f9a6300a126aece169_388)] | | | [removed: [77](#ide8717194b4f4760a110dbf39ab1f2e5_331)] [added: [78](#i933fdaefc79646f9a6300a126aece169_388)] | | |

| [Note [removed: 10](#ide8717194b4f4760a110dbf39ab1f2e5_337)] [added: 10](#i933fdaefc79646f9a6300a126aece169_394)] | | | [Financial and Derivative [removed: Instruments](#ide8717194b4f4760a110dbf39ab1f2e5_337)] [added: Instruments](#i933fdaefc79646f9a6300a126aece169_394)] | | | [removed: [78](#ide8717194b4f4760a110dbf39ab1f2e5_337)] [added: [79](#i933fdaefc79646f9a6300a126aece169_394)] | | |

| [Note [removed: 11](#ide8717194b4f4760a110dbf39ab1f2e5_340)] [added: 11](#i933fdaefc79646f9a6300a126aece169_397)] | | | [Assets Held for [removed: Sale](#ide8717194b4f4760a110dbf39ab1f2e5_340)] [added: Sale](#i933fdaefc79646f9a6300a126aece169_397)] | | | [removed: [79](#ide8717194b4f4760a110dbf39ab1f2e5_340)] [added: [80](#i933fdaefc79646f9a6300a126aece169_397)] | | |

| [Note [removed: 13](#ide8717194b4f4760a110dbf39ab1f2e5_346)] [added: 13](#i933fdaefc79646f9a6300a126aece169_403)] | | | [Earnings Per [removed: Sha](#ide8717194b4f4760a110dbf39ab1f2e5_346)[re](#ide8717194b4f4760a110dbf39ab1f2e5_346)] [added: Sha](#i933fdaefc79646f9a6300a126aece169_403)[re](#i933fdaefc79646f9a6300a126aece169_403)] | | | [removed: [80](#ide8717194b4f4760a110dbf39ab1f2e5_346)] [added: [80](#i933fdaefc79646f9a6300a126aece169_403)] | | |

| [Note [removed: 14](#ide8717194b4f4760a110dbf39ab1f2e5_355)] [added: 14](#i933fdaefc79646f9a6300a126aece169_412)] | | | [Operating Segments and Geographic [removed: Data](#ide8717194b4f4760a110dbf39ab1f2e5_355)] [added: Data](#i933fdaefc79646f9a6300a126aece169_412)] | | | [removed: [80](#ide8717194b4f4760a110dbf39ab1f2e5_355)] [added: [81](#i933fdaefc79646f9a6300a126aece169_412)] | | |

| [Note [removed: 15](#ide8717194b4f4760a110dbf39ab1f2e5_358)] [added: 15](#i933fdaefc79646f9a6300a126aece169_415)] | | | [Investments and [removed: Advances](#ide8717194b4f4760a110dbf39ab1f2e5_358)] [added: Advances](#i933fdaefc79646f9a6300a126aece169_415)] | | | [removed: [83](#ide8717194b4f4760a110dbf39ab1f2e5_358)] [added: [84](#i933fdaefc79646f9a6300a126aece169_415)] | | |

| [Note [removed: 18](#ide8717194b4f4760a110dbf39ab1f2e5_373)] [added: 18](#i933fdaefc79646f9a6300a126aece169_433)] | | | [Properties, Plant and [removed: Equipment](#ide8717194b4f4760a110dbf39ab1f2e5_373)] [added: Equipment](#i933fdaefc79646f9a6300a126aece169_433)] | | | [removed: [90](#ide8717194b4f4760a110dbf39ab1f2e5_373)] [added: [92](#i933fdaefc79646f9a6300a126aece169_433)] | | |

| [Note [removed: 19](#ide8717194b4f4760a110dbf39ab1f2e5_376)] [added: 19](#i933fdaefc79646f9a6300a126aece169_436)] | | | [Short-Term [removed: Debt](#ide8717194b4f4760a110dbf39ab1f2e5_376)] [added: Debt](#i933fdaefc79646f9a6300a126aece169_436)] | | | [removed: [90](#ide8717194b4f4760a110dbf39ab1f2e5_376)] [added: [92](#i933fdaefc79646f9a6300a126aece169_436)] | | |

| [Note [removed: 20](#ide8717194b4f4760a110dbf39ab1f2e5_379)] [added: 20](#i933fdaefc79646f9a6300a126aece169_439)] | | | [Long-Term [removed: Debt](#ide8717194b4f4760a110dbf39ab1f2e5_379)] [added: Debt](#i933fdaefc79646f9a6300a126aece169_439)] | | | [removed: [91](#ide8717194b4f4760a110dbf39ab1f2e5_379)] [added: [94](#i933fdaefc79646f9a6300a126aece169_439)] | | |

| | | | [Noteworthy Developments](#i933fdaefc79646f9a6300a126aece169_265) | | | [41](#i933fdaefc79646f9a6300a126aece169_265) | | |

| | | | [Results of Operations](#i933fdaefc79646f9a6300a126aece169_268) | | | [42](#i933fdaefc79646f9a6300a126aece169_268) | | |

| | | | [Environmental Matters](#i933fdaefc79646f9a6300a126aece169_319) | | | [55](#i933fdaefc79646f9a6300a126aece169_319) | | |

| | | | [Quarterly Results](#i933fdaefc79646f9a6300a126aece169_328) | | | [60](#i933fdaefc79646f9a6300a126aece169_328) | | |

| | | | [Reports of Management](#i933fdaefc79646f9a6300a126aece169_331) | | | [61](#i933fdaefc79646f9a6300a126aece169_331) | | |

| [Note 12](#i933fdaefc79646f9a6300a126aece169_400) | | | [Equity](#i933fdaefc79646f9a6300a126aece169_400) | | | [80](#i933fdaefc79646f9a6300a126aece169_400) | | |

| [Note 16](#i933fdaefc79646f9a6300a126aece169_421) | | | [Litigation](#i933fdaefc79646f9a6300a126aece169_421) | | | [86](#i933fdaefc79646f9a6300a126aece169_421) | | |

| [Note 17](#i933fdaefc79646f9a6300a126aece169_430) | | | [Taxes](#i933fdaefc79646f9a6300a126aece169_430) | | | [88](#i933fdaefc79646f9a6300a126aece169_430) | | |

| [Note 26](#i933fdaefc79646f9a6300a126aece169_499) | | | [Revenue](#i933fdaefc79646f9a6300a126aece169_499) | | | [104](#i933fdaefc79646f9a6300a126aece169_499) | | |

| [Note 29](#i933fdaefc79646f9a6300a126aece169_508) | | | [Acquisition of Hess Corporation](#i933fdaefc79646f9a6300a126aece169_511) | | | [105](#i933fdaefc79646f9a6300a126aece169_511) | | |

Although we expect the company’s costs to comply with these policies and

| Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i933fdaefc79646f9a6300a126aece169_214) | | |

Chevron regularly evaluates its aspirations, targets and goals.

As a result, Chevron is not on track to achieve the aspiration by 2050.

While Chevron continues to have the aspiration, it will no longer use 2050 as a timeline.

| Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i933fdaefc79646f9a6300a126aece169_214) | | |

Lead times for key capital equipment remain long due to strong demand levels.

The offshore market remains competitive for vessels and subsea equipment.

The tariff impact in 2025 was less than one percent of the company’s third party spend and was not material to the company’s financial results.

In first quarter 2026, the company continued to work with partners across its supply chain to identify alternative sourcing options and mitigate the impact of the tariffs.

Although the U.S. Supreme Court struck down some global tariffs in February 2026, there remains significant uncertainty as to the duration and magnitude of any future tariffs that may be imposed as permitted under U.S. laws and, accordingly, as to the resultant impacts these tariffs could have on the company and its suppliers and the company’s future results of operations.

Looking ahead, the company expects $1-2 billion in annual asset sale proceeds through 2030.

| Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i933fdaefc79646f9a6300a126aece169_214) | | |

may require that Chevron assume such obligations.

In July 2025, the company completed its acquisition of Hess Corporation (Hess).

In 2025, the company delivered $1.5 billion in structural cost savings, with $2 billion achieved in the annual run rate.

Following the issuance of a general license and other authorizations, crude oil liftings in Venezuela restarted in 2023.

Chevron maintained its presence in Venezuela consistent with the U.S. government sanctions policy, and pursuant to this policy, continued delivering limited crude oil to the U.S. from these affiliates through January 2026.

Based on recently revised authorizations that align with current U.S. sanctions policy for Venezuela, Chevron will continue delivery of crude oil produced from its Venezuelan assets to the U.S. and to the international market.

Current geopolitical developments relating to Venezuela could have an impact on the company’s operations in Venezuela and, as a result, impact the company’s future results of operations.

The financial impacts of such risks remain uncertain.

| Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i933fdaefc79646f9a6300a126aece169_214) | | |

to $81 in 2024.

Crude prices were lower in 2025 driven by supply growth in non-OPEC countries and slowing demand despite impacts from geopolitical conflicts and OPEC+ supply decisions.

 Sources: Platts (crude) & Energy Intelligence (natural gas)

This includes a full year contribution from Hess assets.

| Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i933fdaefc79646f9a6300a126aece169_214) | | |

| Management’s Discussion and Analysis of Financial Condition and Results of Operations | | | | | | [Financial Table of Contents](#i933fdaefc79646f9a6300a126aece169_214) | | |

Angola Achieved first oil from the South N’dola platform, leveraging existing infrastructure.

Argentina Exercised option to participate in the Vaca Muerta Sur Pipeline Project to export crude from the Vaca Muerta shale to a new export terminal.

| | | | [Noteworthy Developments](#ide8717194b4f4760a110dbf39ab1f2e5_220) | | | [42](#ide8717194b4f4760a110dbf39ab1f2e5_220) | | |

| | | | [Results of Operations](#ide8717194b4f4760a110dbf39ab1f2e5_226) | | | [43](#ide8717194b4f4760a110dbf39ab1f2e5_226) | | |

| | | | [Environmental Matters](#ide8717194b4f4760a110dbf39ab1f2e5_262) | | | [55](#ide8717194b4f4760a110dbf39ab1f2e5_262) | | |

| | | | [Quarterly Results](#ide8717194b4f4760a110dbf39ab1f2e5_271) | | | [60](#ide8717194b4f4760a110dbf39ab1f2e5_271) | | |

| | | | [Reports of Management](#ide8717194b4f4760a110dbf39ab1f2e5_274) | | | [61](#ide8717194b4f4760a110dbf39ab1f2e5_274) | | |

| [Note 12](#ide8717194b4f4760a110dbf39ab1f2e5_343) | | | [Equity](#ide8717194b4f4760a110dbf39ab1f2e5_343) | | | [79](#ide8717194b4f4760a110dbf39ab1f2e5_343) | | |

| [Note 16](#ide8717194b4f4760a110dbf39ab1f2e5_364) | | | [Litigation](#ide8717194b4f4760a110dbf39ab1f2e5_364) | | | [85](#ide8717194b4f4760a110dbf39ab1f2e5_364) | | |

| [Note 17](#ide8717194b4f4760a110dbf39ab1f2e5_370) | | | [Taxes](#ide8717194b4f4760a110dbf39ab1f2e5_370) | | | [87](#ide8717194b4f4760a110dbf39ab1f2e5_370) | | |

| [Note 26](#ide8717194b4f4760a110dbf39ab1f2e5_439) | | | [Revenue](#ide8717194b4f4760a110dbf39ab1f2e5_439) | | | [101](#ide8717194b4f4760a110dbf39ab1f2e5_439) | | |

| [Note 29](#ide8717194b4f4760a110dbf39ab1f2e5_448) | | | [Acquisition of PDC Energy, Inc.](#ide8717194b4f4760a110dbf39ab1f2e5_448) | | | [103](#ide8717194b4f4760a110dbf39ab1f2e5_448) | | |

| [Note 30](#ide8717194b4f4760a110dbf39ab1f2e5_451) | | | [Agreement to Acquire Hess Corporation](#ide8717194b4f4760a110dbf39ab1f2e5_451) | | | [103](#ide8717194b4f4760a110dbf39ab1f2e5_451) | | |

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

Implementation of jurisdiction-specific policies and programs can be dependent on, and can affect the pace of, technological advancements; the granting of necessary permits by governing authorities; the availability and acceptability of cost-effective, verifiable carbon credits; the availability of suppliers that can meet our sustainability-related standards; evolving regulatory or other requirements affecting ESG standards or disclosures and evolving standards and regulations for tracking, reporting, marketing and advertising relating to emissions and emission reductions and removals.

California’s Cap-and-Trade Program; performance standards, including methane-specific regulations such as the United States Environmental Protection Agency (U.S. EPA) Standards of Performance for New, Reconstructed, and Modified Sources and Emissions Guidelines for Existing Sources; and measures that provide various incentives for lower carbon activities, including carbon capture and storage and the production of hydrogen and sustainable aviation fuel, such as the U.S. Inflation Reduction Act.

For example, Renewable Energy Group, Inc. (REG) produces most of Chevron’s renewable fuels offering and generates a substantial amount of the company’s carbon credit generation activities.

As discussed below, in 2021, the company announced planned capital spend of approximately $10 billion through 2028 in lower carbon investments.

sustainability-related standards; (5) evolving regulatory requirements, including changes to IPCC’s Global Warming Potentials and the U.S. EPA Greenhouse Gas Reporting Program, 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; (8) actions taken by the company’s competitors in response to legislation and regulations; and (9) successful negotiations for carbon capture and storage and nature-based solutions with customers, suppliers, partners and governments.

The company believes accomplishing this aspiration depends on, among other things, sufficient and substantial advances in technology, including the continuing progress of commercially viable technologies and low- or non-carbon-based energy sources; enabling policies and other actions by governing authorities, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits; successful negotiations for carbon capture and storage and nature-based solutions with customers, suppliers, partners and governments; market conditions; and the availability and acceptability of cost-effective, verifiable carbon credits.

Planned Lower-Carbon Capital Spend through 2028 In 2021, the company guided to capital spend of approximately $10 billion through 2028 to advance its lower carbon ambitions, which includes approximately $2 billion to lower the carbon intensity of its oil and gas operations, and approximately $8 billion for lower carbon investments including in renewable fuels, hydrogen and carbon capture and offsets.

Beyond 2028, the company anticipates capital spending will be necessary to progress the company’s 2050 upstream production Scope 1 and 2 net zero aspiration and building of its lower carbon business lines.

Since 2021, the company has spent $7.7 billion in lower carbon investments, including $2.9 billion associated with the acquisition of REG in 2022.

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 became effective in 2024 in some jurisdictions and will be effective in 2025 (or later) in others.

Pillar Two did not have a material impact on the company’s results of operations in 2024.

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

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

Lead times for key capital equipment remain long and availability of offshore and specialized equipment is under pressure, with some experiencing upward pricing movements.

There is significant uncertainty as to the duration of these and any further tariffs, and the impacts these tariffs and any corresponding retaliatory tariffs will have on the company and its suppliers.

The financial impacts of the tariffs are currently not expected to be material; however, the ultimate impact on the company’s results of operations and financial condition remains uncertain.

Refer to the [Cautionary Statement Relevant to Forward-Looking Information](#ide8717194b4f4760a110dbf39ab1f2e5_16) on page 2 and to [Item 1A.

In December 2024, the company sold its 20 percent non-operated interest in the Athabasca Oil Sands Project and 70 percent operated interest in the Duvernay shale in Alberta, Canada, to Canadian Natural Resources Limited for $6.5 billion before taxes, and expects to make tax payments totaling $1.5 billion in first quarter 2025.

In 2024, these assets produced 86 thousand barrels of oil-equivalent per day and generated over $2.2 billion of sales and approximately $590 million of operational net income.

As part of the sale, the buyer assumed decommissioning obligations for the transferred assets.

In October 2023, the company announced that it had entered into a definitive merger agreement with Hess Corporation.

In relation to these efforts, the company recognized a restructuring charge of $715 million after tax in fourth quarter 2024, with associated cash outflows anticipated over the next two years.

The company continues to evaluate incremental cost reduction opportunities and could incur additional restructuring and reorganization charges in future periods.

This will have an impact on the company’s pension and Other Post-Employment Benefit (OPEB) plans; however, the impact is not yet estimable and any impacts will be recognized in future periods.

In April 2024, Tengizchevroil LLP (TCO) achieved start-up of the Wellhead Pressure Management Project (WPMP) and at year-end 2024, all four pressure boost facility compressors are online and all metering stations have been converted to low pressure.

In January 2025, TCO started oil production at its Future Growth Project, which is expected to contribute to higher free cash flow.

In fourth quarter 2022, Chevron received General License 41 from the United States government, enabling the company to resume activity in Venezuela subject to certain limitations, and the company continues such activities under this General License.

| [Report of Independent Registered Public Accounting Firm — PricewaterhouseCoopers [removed: LLP](#ide8717194b4f4760a110dbf39ab1f2e5_280)] [added: LLP](#i933fdaefc79646f9a6300a126aece169_337)] | | | [removed: [62](#ide8717194b4f4760a110dbf39ab1f2e5_280)] [added: [62](#i933fdaefc79646f9a6300a126aece169_337)] | | |

| [Consolidated Statement of Income for the three years [removed: ended](#ide8717194b4f4760a110dbf39ab1f2e5_283)] [added: ended](#i933fdaefc79646f9a6300a126aece169_340)] December 31, [removed: 2024] [added: 2025] | | | [removed: [64](#ide8717194b4f4760a110dbf39ab1f2e5_283)] [added: [65](#i933fdaefc79646f9a6300a126aece169_340)] | | |

| [Consolidated Statement of Comprehensive Income for the three years [removed: ended](#ide8717194b4f4760a110dbf39ab1f2e5_286)] [added: ended](#i933fdaefc79646f9a6300a126aece169_343)] December 31, [removed: 2024] [added: 2025] | | | [removed: [65](#ide8717194b4f4760a110dbf39ab1f2e5_286)] [added: [66](#i933fdaefc79646f9a6300a126aece169_343)] | | |

| [Consolidated Balance Sheet at December [removed: 31,](#ide8717194b4f4760a110dbf39ab1f2e5_292)] [added: 31,](#i933fdaefc79646f9a6300a126aece169_349) 2025 [and](#i933fdaefc79646f9a6300a126aece169_349)] 2024 [removed: [and](#ide8717194b4f4760a110dbf39ab1f2e5_292) 2023] | | | [removed: [66](#ide8717194b4f4760a110dbf39ab1f2e5_292)] [added: [67](#i933fdaefc79646f9a6300a126aece169_349)] | | |

| [Consolidated Statement of Cash Flows for the three years [removed: ended](#ide8717194b4f4760a110dbf39ab1f2e5_295)] [added: ended](#i933fdaefc79646f9a6300a126aece169_352)] December 31, [removed: 2024] [added: 2025] | | | [removed: [67](#ide8717194b4f4760a110dbf39ab1f2e5_295)] [added: [68](#i933fdaefc79646f9a6300a126aece169_352)] | | |

| [Consolidated Statement of Equity for the three years [removed: ended](#ide8717194b4f4760a110dbf39ab1f2e5_298)] [added: ended](#i933fdaefc79646f9a6300a126aece169_355)] December 31, [removed: 2024] [added: 2025] | | | [removed: [68](#ide8717194b4f4760a110dbf39ab1f2e5_298)] [added: [69](#i933fdaefc79646f9a6300a126aece169_355)] | | |

| [Notes to the Consolidated Financial [removed: Statements](#ide8717194b4f4760a110dbf39ab1f2e5_304)] [added: Statements](#i933fdaefc79646f9a6300a126aece169_361)] | | | [removed: 69 to 103] [added: 70 through 107] | | |

Included below is Schedule II - Valuation and Qualifying Accounts for each of the three years in the period ended December 31, [removed: 2024.][added: 2025.]

| *Millions of Dollars* | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Balance at January 1 | | | $ | [removed: 6] [added: 990] | | | | | $ | [removed: 11] [added: 6] | | | | | $ | [removed: 43] [added: 11] | |

| Additions (reductions) charged to expense | | | [removed: 987] [added: 191] | | | | | | [removed: (2)] [added: 987] | | | | | | [removed: 1] [added: (2)] | | |

| Payments | | | [removed: (3)] [added: (498)] | | | | | | (3) | | | | | | [removed: (33)] [added: (3)] | | |

| Balance at December 31 | | | $ | [removed: 990] [added: 683] | | | | | $ | [removed: 6] [added: 990] | | | | | $ | [removed: 11] [added: 6] | |

| Beginning allowance balance for expected credit losses | | | $ | [removed: 641] [added: 611] | | | | | $ | [removed: 1,008] [added: 641] | | | | | $ | [removed: 745] [added: 1,008] | |

| Current period provision | | | [removed: (30)] [added: (83)] | | | | | | [removed: (367)] [added: (30)] | | | | | | [removed: 263] [added: (367)] | | |

| Write-offs charged against the allowance, if any | | | [removed: —] [added: (136)] | | | | | | — | | | | | | — | | |

| Balance at December 31 | | | $ | [removed: 611] [added: 392] | | | | | $ | [removed: 641] [added: 611] | | | | | $ | [removed: 1,008] [added: 641] | |

| Balance at January 1 | | | $ | [removed: 20,416] [added: 21,313] | | | | | $ | [removed: 19,532] [added: 20,416] | | | | | $ | [removed: 17,651] [added: 19,532] | |

| Additions to deferred income tax expense | | | [removed: 1,881] [added: 6,210] | | | | | | [removed: 2,348] [added: 1,881] | | | | | | [removed: 3,533] [added: 2,348] | | |

| Reduction of deferred income tax expense | | | [removed: (984)] [added: (662)] | | | | | | [removed: (1,464)] [added: (984)] | | | | | | [removed: (1,652)] [added: (1,464)] | | |

| Balance at December 31 | | | $ | [removed: 21,313] [added: 26,861] | | | | | $ | [removed: 20,416] [added: 21,313] | | | | | $ | [removed: 19,532] [added: 20,416] | |

* See also [Note 17 [removed: Taxes](#ide8717194b4f4760a110dbf39ab1f2e5_370).][added: Taxes](#i933fdaefc79646f9a6300a126aece169_430).]

| | | | | | | [Table of [removed: Contents](#ide8717194b4f4760a110dbf39ab1f2e5_7)] [added: Contents](#i933fdaefc79646f9a6300a126aece169_7)] | | |

| 3.1 | | | [Restated Certificate of Incorporation of Chevron Corporation, dated [removed: May 30, 2008,] [added: May](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm) [2](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[8](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[, 20](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[25](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[,] filed as Exhibit 3.1 to Chevron [removed: Corporation’s Quarterly Report] [added: Corporation’s](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm) [Current](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm) [Report] on [removed: Form 10-Q for the quarter ended June 30, 2008,] [added: Form](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm) [8-K](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm) [](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[filed](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm) [](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[May](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm) [30, 20](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[25](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)[,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000095013408014499/f42584exv3w1.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341025000024/a2025form8-kasmex31.htm)] | | |

| 3.2 | | | [By-Laws of Chevron Corporation, as amended and restated [removed: December](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm) [4](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm)[4](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm)[,] [added: December](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm) [3](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm)[5](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm)[,] filed as Exhibit 3.2 to Chevron Corporation’s Current Report on Form 8-K filed [removed: December](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm) [10](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm)[4](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm)[,] [added: December](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm) [5](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm)[, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm)[5](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm)[,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000066/exhibit32formbylawsamendme.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341025000122/exhibit32formbylawsamendme.htm)] | | |

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

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

| [removed: 10.3+*] [added: 10.3+] | | | [Amendment Number Two to the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral [removed: Plan](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex103.htm).] [added: Plan](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex103.htm), filed as Exhibit 10.3 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024, and incorporated herein by reference.] | | |

| [removed: 10.6+] [added: 97.1+] | | | [Chevron [removed: Incentive Plan, amended and restated effective October 2, 2023,] [added: Corporation Dodd-Frank Clawback Policy,] filed as Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000059/a09302024ex10110-q1.htm)[1](https://www.sec.gov/Archives/edgar/data/93410/000009341024000059/a09302024ex10110-q1.htm) [to] [added: 97.1 to] Chevron Corporation’s [removed: Quarterly] [added: Annual] Report on Form [removed: 10-Q] [added: 10-K] for the [removed: quarter] [added: year] ended [removed: September 30, 202](https://www.sec.gov/Archives/edgar/data/93410/000009341024000059/a09302024ex10110-q1.htm)[4](https://www.sec.gov/Archives/edgar/data/93410/000009341024000059/a09302024ex10110-q1.htm)[,] [added: December 31, 2023,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000059/a09302024ex10110-q1.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)] | | |

| [removed: 10.7+] [added: 10.9+] | | | [removed: [Summary](https://www.sec.gov/Archives/edgar/data/93410/000009341023000009/exhibit1062022.htm)] [added: [Form] of [removed: Chevron] [added: Non-Qualified Stock Option Award Agreement under the Long-Term] Incentive Plan [removed: Award Criteria,] [added: of Chevron Corporation,] filed as Exhibit [removed: 10.6] [added: 10.8] to Chevron [removed: Corporation's] [added: Corporation’s] Annual Report on Form 10-K for the year ended December 31, [removed: 2022,] [added: 2014,] and incorporated herein by [removed: reference.] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm)] | | |

| [removed: 10.9+] [added: 10.31+] | | | [Form of Non-Qualified Stock [removed: Option] [added: Options] Award Agreement under the [added: 2022] Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm)[8](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm) [to] [added: 10.6 to] Chevron [removed: Corporation’s](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm) [Annual](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm) [Report] [added: Corporation’s Current Report] on [removed: Form](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm) [10](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm)[\-K](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm) [for the](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm) [year ended December 31, 20](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm)[14](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm)[,] [added: Form 8-K filed January 27, 2023,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341015000010/cvx12312014ex108ltipnqso.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit106jan2023formcompd.htm)] | | |

| [removed: 10.14+] [added: 10.33+] | | | [Form of Performance Share Award Agreement [added: (share settled)] under the [added: 2022] Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.1 to Chevron Corporation’s Current Report on Form 8-K filed February [removed: 1, 2021,] [added: 2, 2024,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341021000005/formofpsuagreement2021.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex101psusharesettled.htm)] | | |

| [removed: 10.15+] [added: 10.14+] | | | [Chevron Corporation Deferred Compensation Plan for Management Employees, filed as Exhibit 10.5 to Chevron Corporation’s Current Report on Form 8-K filed December 13, 2005, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000095013405023032/f15310exv10w5.htm) | | |

| [removed: 10.16+] [added: 10.15+*] | | | [Chevron Corporation Deferred Compensation Plan for Management Employees II, amended and restated effective [removed: October 2, 2023, filed as Exhibit 10.1 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex101dcpii.htm)] [added: January 1, 2026.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exdcpii.htm)] | | |

| [removed: 10.17+] [added: 10.23] | | | [removed: [Chevron Corporation Retirement Restoration Plan,](https://www.sec.gov/Archives/edgar/data/93410/000009341024000059/a09302024ex10210-q1.htm) amended] [added: [Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc.] and [removed: restated effective August 1, 2024, [filed] [added: HFO Holdings LLC, filed] as Exhibit 10.2 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, [removed: 202](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex102rrp.htm)[4](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex102rrp.htm)[,] [added: 2025,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex102rrp.htm)] [added: reference](https://www.sec.gov/Archives/edgar/data/93410/000009341025000108/exhibit102tsa.htm).] | | |

| [removed: 10.18+] [added: 10.24] | | | [removed: [Chevron Corporation ESIP Restoration Plan, Amended and Restated] [added: [Amendment One to Transition Services Agreement, dated] as [removed: of](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm) [August](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm) [1, 20](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)[24](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)[,] [added: of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC,] filed as Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)[3](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm) [to] [added: 10.3 to] Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, [removed: 20](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)[24](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)[,] [added: 2025,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341017000046/a09302017ex101esiprestorat.htm)] [added: reference](https://www.sec.gov/Archives/edgar/data/93410/000009341025000108/exhibit103tsaam1.htm).] | | |

| [removed: 10.19+] [added: 10.18+] | | | [Agreement between Chevron Corporation and R. Hewitt Pate, dated February 21, 2012, filed as Exhibit 10.16 to Chevron Corporation’s Annual Report on Form 10-K for the year ended December 31, 2011, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000095012312002976/f60351exv10w16.htm) | | |

| [removed: 10.20+] [added: 10.19+] | | | [Agreement between Chevron Corporation and R. Hewitt Pate, dated December 13, [removed: 201](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm)[8](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm)[,](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm) [](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm)[filed](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm) [as Exhibit](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm) [10.19] [added: 2018, filed as Exhibit 10.19] to Chevron [removed: Corporation](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm)[’](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm)[s] [added: Corporation’s] Annual Report on Form 10-K for the [removed: year](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm) [ended] [added: year ended] December 31, 2023, and incorporated [removed: her](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm)[ein] [added: herein] by reference](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/a202310-kex1019.htm). | | |

| [removed: 10.21+*] [added: 10.20+] | | | [Amended and Restated Aircraft Time-Sharing Agreement, dated as [removed: of](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm) [November] [added: of November] 16, [removed: 2024](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)[,] [added: 2024,] between Chevron U.S.A. Inc. and Michael K. [removed: Wirth](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)[.](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)] [added: Wirth](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)[, filed as Exhibit 10.21 to Chevron Corporation](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)[’](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)[s Annual Report on Form 10-K for the year ended December 31, 2024, and incorporated here](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)[in by reference](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)[.](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex1021.htm)] | | |

| [removed: 10.22+] [added: 10.29+] | | | [removed: [2022] [added: [Form of Performance Share Award Agreement under the 2022] Long-Term Incentive Plan of Chevron Corporation, [removed: amended and restated effective October 2, 2023,] filed as Exhibit [removed: 10.4] [added: 10.1] to Chevron Corporation’s [removed: Quarterly] [added: Current] Report on Form [removed: 10-Q for the quarter ended September 30,] [added: 8-K filed January 27,] 2023, and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000088/a09302023ex1042022ltip.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit101forjan2023recomp.htm)] | | |

| [removed: 10.23+] [added: 10.32+] | | | [Form of [removed: Performance Share] [added: Stock Appreciation Right] Award Agreement under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit [removed: 10.1] [added: 10.7] to Chevron Corporation’s Current Report on Form 8-K filed January 27, 2023, and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit101forjan2023recomp.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit107tojan2023formcom.htm)] | | |

| [removed: 10.24+] [added: 10.30+] | | | [Form of Standard Restricted Stock Unit Award Agreement (share 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: 10.25+] [added: 10.34+] | | | [Form of Standard Restricted Stock Unit Award Agreement [removed: (cash] [added: (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 [removed: January 27, 2023,] [added: February 2, 2024,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/ex103tojan2023formcompdeci.htm)] [added: reference](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex103stdrsusharesettled.htm).] | | |

| [removed: 10.26+] [added: 10.35+] | | | [Form of Non-Qualified Stock Options Award Agreement under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit [removed: 10.6] [added: 10.7] to Chevron Corporation’s Current Report on Form 8-K filed [removed: January 27, 2023,] [added: February 2, 2024,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit106jan2023formcompd.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex107nqso.htm)] | | |

| [removed: 10.27+] [added: 10.37+] | | | [Form of Stock Appreciation Right Award Agreement under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit [removed: 10.7] [added: 10.9] to Chevron Corporation’s Current Report on Form 8-K filed [removed: January 27, 2023,] [added: February 2, 2024,] and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341023000005/exhibit107tojan2023formcom.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex109sars.htm)] | | |

| [removed: 10.28+] [added: 10.36+] | | | [Form of [removed: Performance Share] [added: Non-Qualified Stock Options] Award Agreement [removed: (share settled)] [added: (cashless)] under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit [removed: 10.1] [added: 10.8] to Chevron Corporation’s Current Report on Form 8-K filed February 2, 2024, and incorporated herein by [removed: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex101psusharesettled.htm)] [added: reference.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000007/ex108nqsocashless.htm)] | | |

| [removed: 10.29+] [added: 10.39+*] | | | [Form of Performance Share Award Agreement (cash settled) under the 2022 Long-Term Incentive Plan of Chevron [removed: 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)] [added: Corporation.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025psucash.htm)] | | |

| [removed: 10.30+] [added: 10.40+*] | | | [Form of Standard Restricted Stock Unit Award Agreement (share settled) under the 2022 Long-Term Incentive Plan of Chevron [removed: 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).] [added: Corporation.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025rsushare.htm)] | | |

| [removed: 10.31+] [added: 10.41+*] | | | [Form of Standard Restricted Stock Unit Award Agreement (cash settled) under the 2022 Long-Term Incentive Plan of Chevron [removed: 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)] [added: Corporation.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025rsucash.htm)] | | |

| [removed: 10.32+] [added: 10.38+*] | | | [Form of [removed: Special Restricted Stock Unit] [added: Performance Share] Award Agreement (share settled) under the 2022 Long-Term Incentive Plan of Chevron [removed: 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)] [added: Corporation.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312925psushare.htm)] | | |

| 19* | | | [Insider Trading Policies and [removed: Procedures.](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/cvx12312024ex19.htm)] [added: Procedures](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025ex19.htm).] | | |

| 21.1* | | | [Subsidiaries of Chevron Corporation (page [removed: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/cvx12312024ex211.htm)] [added: E-1).](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex211.htm)] | | |

| 22.1* | | | [Subsidiary Issuer of Guaranteed [removed: Securities.](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/a12312024ex221guaranteedse.htm)] [added: Securities.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025ex221guaranteedse.htm)] | | |

| 23.1* | | | [Consent of PricewaterhouseCoopers LLP (page [removed: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/cvx12312024ex231.htm)] [added: E-2).](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex2311.htm)] | | |

| 24.1* | | | [removed: [Power] [added: [P](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex241.htm)[ower] 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/93410/000009341025000009/cvx12312024ex241.htm)] [added: behalf.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex241.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/93410/000009341025000009/a12312024ex311ceo-sox302.htm)] [added: E-3).](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025ex311ceo-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/93410/000009341025000009/a12312024ex312cfo-sox302.htm)] [added: E-4).](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025ex312cfo-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/93410/000009341025000009/a12312024ex321ceo-sox906.htm)] [added: E-5).](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025ex321ceo-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/93410/000009341025000009/a12312024ex322cfo-sox906.htm)] [added: E-6).](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025ex322cfo-sox906.htm)] | | |

| 99.1* | | | [Definitions of Selected Energy and Financial Terms (pages E-7 [removed: through E-10).](https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/cvx12312024ex99110-k.htm)] [added: through](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex99110-k.htm) [](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex99110-k.htm)[E-1](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex99110-k.htm)[1](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex99110-k.htm)[)](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex99110-k.htm)[.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex99110-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: 21st] [added: 24th] day of February, [removed: 2025.][added: 2026.]

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: 21st] [added: 24th] day of February, [removed: 2025.][added: 2026.]

| 4.6 | | | [Fifth Supplemental Indenture, dated as of December 9, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed December 9, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/93410/000119312525312771/d47665dex42.htm) | | |

| 4.7 | | | [Form of Floating Rate Notes Due 2075 (contained in Exhibit 4.6 hereto)](https://www.sec.gov/Archives/edgar/data/93410/000119312525312771/d47665dex42.htm). | | |

| 10.6+* | | | [Chevron Incentive Plan, amended and restated effective January 1, 2026.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025excip.htm) | | |

| 10.7+* | | | [Summary](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a2025122510-kex107.htm) [of Chevron Incentive Plan Award Criteria](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a2025122510-kex107.htm). | | |

| | | | | | | [Table of Contents](#i933fdaefc79646f9a6300a126aece169_7) | | |

| 10.16+* | | | [Chevron Corporation Retirement Restoration Plan, amended and restated effective January 1, 2026.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exrrp.htm) | | |

| 10.17+* | | | [Chevron Corporation ESIP Restoration Plan,](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exesip-rp.htm) [a](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exesip-rp.htm)[mended and](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exesip-rp.htm) [r](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exesip-rp.htm)[estated](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exesip-rp.htm) [effective](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exesip-rp.htm) [January 1, 2026.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exesip-rp.htm) | | |

| 10.21+ | | | [Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess, filed as Exhibit 10.1 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/93410/000009341025000108/exhibit101atsajbh.htm). | | |

| 10.22+* | | | [Aircraft Time-Sharing Agreement, dated as of December 9, 2025, between JBH Ventures, LLC and Chevron Corporation.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025ex1022.htm) | | |

| 10.25 | | | [Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC, filed as Exhibit 10.4 to Chevron Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and incorporated herein by referenc](https://www.sec.gov/Archives/edgar/data/93410/000009341025000108/exhibit104mipareaircraft.htm)[e](https://www.sec.gov/Archives/edgar/data/93410/000009341025000108/exhibit104mipareaircraft.htm). | | |

| 10.26* | | | [Membership Interest Purchase Agreement (Membership Interest in HLOGO LLC), dated as of December 17, 2025, between Hess Corporation and John B. Hess.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025hlogo.htm) | | |

| 10.27* | | | [Membership Interest Purchase Agreement (Membership Interest in Hess Toy Truck LLC), dated as of December 17, 2025, between Hess Corporation and John B. Hess.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025extoytruck.htm) | | |

| 10.28+* | | | [2022 Long-Term Incentive Plan of Chevron Corporation, amended and restated effective January 1, 2026.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/a12312025exltip.htm) | | |

| | | | | | | [Table of Contents](#i933fdaefc79646f9a6300a126aece169_7) | | |

| 23.2* | | | [Consent of](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx-ex2322025.htm) [DeGolyer and MacNaughton](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx-ex2322025.htm). | | |

| 99.2* | | | [Report of DeGolyer and MacNaughton.](https://www.sec.gov/Archives/edgar/data/93410/000009341026000078/cvx12312025ex99210-k.htm) | | |

| JOHN B. HESS* John B. Hess | | |

| THOMAS W. HORTON* Thomas W. Horton | | |

| | | |

| | | | | | |

| 10.33+ | | | [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) | | |

| 10.34+ | | | [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) | | |

| 10.35+ | | | [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) | | |

| 10.36+ | | | [Form of Stock Appreciation Right Award Agreement under the 2022 Long-Term Incentive Plan of Chevron Corporation, filed as Exhibit 10.9 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/ex109sars.htm) | | |

| 97.1+ | | | [Chevron Corporation Dodd-Frank Clawback Policy](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[, filed as Exh](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[i](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[bit 97.1 to Ch](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[ev](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[ron Corporation](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[’](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[s Annual Report on Form](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm) [10-K for the year](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm) [ended December 31, 2023, and incorporated herein by r](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[eference](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm)[.](https://www.sec.gov/Archives/edgar/data/93410/000009341024000013/cvx12312023ex971.htm) | | |

| ALICE P. GAST* Alice P. Gast | | |