Item 3. Quantitative and Qualitative Disclosures About Market Risk

Chevron is exposed to market risks described in Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial and Derivative Instrument Market Risk in Chevron’s 2025 Annual Report on Form 10-K. Information about volatility in commodity prices associated with the ongoing conflict in the Middle East and its impact is discussed in Note 14. Financial and Derivative Instruments.