CHEVRON CORP

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Downstream

Refining Operations

At the end of 2024, the company had a refining network capable of processing 1.8 million barrels per day. Operable capacity at December 31, 2024, and daily refinery inputs for the company and affiliate refineries for 2022 through 2024, are summarized in the table below. Average crude unit distillation capacity utilization was 87.9 percent in 2024 and 89.8 percent in 2023.

At U.S. refineries, crude unit distillation capacity utilization, which includes all crude oil and other inputs, averaged 86.6 percent in 2024, compared with 90.8 percent in 2023. Chevron processes both imported and domestic crude oil in its U.S. refining operations. Imported crude oil accounted for approximately 60 percent of Chevron’s U.S. refinery inputs in both 2024 and 2023.

In the United States, the company continued work on projects aimed at improving refinery flexibility and reliability. In 2024, the company completed the upgrade of the Pasadena Refinery, which is expected to increase light crude oil throughput capacity to 125,000 barrels per day with a phased start-up through first-quarter 2025. This project should allow the company to process more equity crude from the Permian Basin, supply more products to customers in the U.S. Gulf Coast and realize synergies with the company’s Pascagoula Refinery.

Outside the United States, the company has interests in three large refineries in Singapore, South Korea and Thailand. Singapore Refining Company (SRC), a 50 percent-owned joint venture, has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products. The 50 percent-owned GS Caltex (GSC) Yeosu Refinery in South Korea remains one of the world’s largest refineries with a total crude capacity of 800,000 barrels per day. The company’s 60.6 percent-owned refinery in Thailand, Star Petroleum Refining Public Company Limited (SPRC), continues to supply high-quality petroleum products into regional markets.

Renewable Fuels

The company develops and produces renewable fuels, including but not limited to renewable diesel, renewable gasoline, biodiesel, sustainable aviation fuel and renewable natural gas (RNG).

Chevron owns and operates 11 biofuel refineries located in the U.S. and Germany, eight biofuel refineries producing biodiesel and one producing renewable diesel, with two refineries idled in 2024. Expansion work at the Geismar renewable diesel plant in Louisiana to increase production capacity from 7,000 to 22,000 barrels per day is in final commissioning stage, with startup expected in first quarter 2025.

Chevron holds a 50 percent working interest in Bunge Chevron Ag Renewables LLC, which produces soybean oil from processing facilities in Destrehan, Louisiana, and Cairo, Illinois. Soybean oil can be used as a renewable feedstock to make renewable diesel, biodiesel and sustainable aviation fuel. In 2024, FID was taken to build a new oilseed processing plant in Louisiana.

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The company continues to advance its dairy biomethane activities through Brightmark RNG Holdings LLC (Brightmark), CalBioGas LLC, and CalBioGas Hilmar LLC. In 2024, Brightmark announced the inauguration of its Eloy Renewable Natural Gas center in Arizona and also achieved commercial operations at ten additional projects across Iowa, Michigan, Ohio, South Dakota and Wisconsin. These facilities utilize anaerobic digesters to capture methane from dairy farms and transform manure into pipeline quality fuel, fertilizer and water. In California, commercial operations began in 2024 at the central gas processing facility for CalBioGas Hilmar LLC, the company’s newest partnership with California Bioenergy LLC, which includes seven new anaerobic digestion dairy farm projects.

Chevron markets RNG through its nationwide network of 66 compressed natural gas (CNG) stations under the Chevron and Beyond6 brands. In 2024, Chevron opened six CNG stations across California, Florida, Georgia and Texas.

Marketing Operations

The company markets petroleum products under the principal brands of “Chevron,” “Texaco” and “Caltex” throughout many parts of the world. The following table identifies the company’s and its affiliates’ refined products sales volumes, excluding intercompany sales, for the three years ended December 31, 2024.

In the United States, the company markets primarily under the principal brands of “Chevron” and “Texaco.” At year-end 2024, the company supplied directly or through retailers and marketers approximately 8,500 Chevron- and Texaco-branded service stations, primarily in the southern and western states. Approximately 370 of these outlets are company-owned or -leased stations.

Outside the United States, Chevron supplied directly or through retailers and marketers approximately 5,200 branded service stations, including affiliates. The company markets using the Chevron and Texaco brands in Latin America and the Caltex brand in the Asia-Pacific region. In South Korea, the company operates through its 50 percent-owned affiliate, GSC. The rebranding project to transition service stations in Australia from Puma to the Caltex brand is expected to complete in 2025.

Chevron markets commercial aviation fuel to 64 airports worldwide. The company markets base oil globally under the Chevron and Nexbase brands and markets lubricant and coolant products under the Chevron, Texaco and Caltex brands.

Chemicals Operations

Chevron Oronite Company develops, manufactures and markets performance additives for lubricating oils and fuels and conducts research and development for additive component and blended packages. At the end of 2024, the company manufactured, blended or conducted research at 11 locations around the world.

Chevron owns a 50 percent interest in Chevron Phillips Chemical Company LLC (CPChem). CPChem produces olefins, polyolefins and alpha olefins and is a supplier of aromatics and polyethylene pipe, in addition to participating in the

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specialty chemical and specialty plastics markets. At the end of 2024, CPChem owned or had joint-venture interests in 30 manufacturing facilities and two research and development centers around the world.

CPChem has two major integrated polymer projects under construction, the Golden Triangle Polymers Project in Orange, Texas, for which CPChem holds a 51 percent-owned and operated interest and the Ras Laffan Petrochemical Project in Ras Laffan, Qatar, for which CPChem holds a 30 percent nonoperated working interest. Start-up for both projects is targeted for 2026. CPChem is expected to complete the Low Viscosity Poly Alpha Olefin Expansion Project at the CPChem Beringen, Belgium site in first-half 2025.

Chevron is also involved in the petrochemical business through the operations of GSC, the company’s 50 percent-owned affiliate in South Korea. GSC manufactures aromatics, including benzene, toluene and xylene. These base chemicals are used to produce a range of products, including adhesives, plastics and textile fibers. GSC also produces olefins, which are used to make automotive and home appliance parts, food packaging, laboratory equipment, building materials, adhesives, paint and textiles.

Transportation

Pipelines Chevron owns and operates a network of crude oil, natural gas and product pipelines and other infrastructure assets in the United States. In addition, Chevron operates pipelines for its 50 percent-owned CPChem affiliate. The company also has direct and indirect interests in other U.S. and international pipelines.

Refer to Nigeria and Kazakhstan/Russia in the Upstream section for information on the West African Gas Pipeline and the Caspian Pipeline Consortium.

Shipping The company’s marine fleet includes both U.S. and foreign flagged vessels. The operated fleet consists of conventional crude tankers, product carriers and LNG vessels. These vessels transport crude oil, LNG, refined products and feedstock in support of the company’s global upstream and downstream businesses. In 2024, Chevron announced plans to install a hard-sail wind-assisted propulsion system on a new time-chartered LNG carrier to reduce carbon intensity, with an expected delivery in 2026.