CHEVRON CORP

Noteworthy Developments

Key noteworthy developments and other events during 2024 and early 2025 included the following:

Angola Added frontier exploration acreage positions in the deepwater lower Congo Basin.

Angola Achieved first gas on the Sanha Lean Gas Connection project, securing incremental natural gas supply to the Angola Liquefied Natural Gas facility.

Australia Announced asset exchange of North West Shelf Assets for Wheatstone Assets and Julimar/Brunello fields.

Australia Received two offshore greenhouse gas assessment permits, covering an area of approximately 10,700 km 2, to assess future carbon dioxide storage.

Brazil Secured 15 exploration blocks in the South Santos and Pelotas Basins.

Canada Sold the company’s interest in the Athabasca Oil Sands Project and Duvernay shale for $6.5 billion.

Equatorial Guinea Signed agreements to acquire two exploration blocks offshore Bioko Island.

Israel Reached final investment decision to add midstream infrastructure that is expected to increase production capacity at the Tamar gas field in Israel to 1.6 billion cubic feet per day.

Kazakhstan Completed the Wellhead Pressure Management Project and, in January 2025, started production at the Future Growth Project, which is expected to ramp up total output to around one million barrels of oil equivalent per day at the company’s 50 percent-owned affiliate, Tengizchevroil LLP in Kazakhstan.

Myanmar Withdrew from Chevron’s nonoperated working interests effective April 1, 2024.

Namibia Signed agreements to acquire 80 percent working interest in Petroleum Exploration License 82 in the Walvis Basin.

Nigeria Extended the Meji field offshore Nigeria with a near-field discovery and renewed the Agbami deep-water concession through 2044.

Republic of Congo Sold the company’s 31.5 percent nonoperated working interest in the offshore Haute Mer permit area and its 15.75 percent interest in the Republic of Congo portion of Lianzi in January 2025.

United States Reached final investment decision to build an oilseed processing plant in Louisiana through the company’s joint venture Bunge Chevron Ag Renewables LLC.

United States Drilled onshore and offshore stratigraphic wells to delineate carbon dioxide storage potential through the company’s joint venture Bayou Bend CCS LLC.

United States Launched a $500 million Future Energy Fund III focused on venture investments in technology-based solutions that have the potential to enable affordable, reliable and lower carbon energy.

United States Progressed the company’s pending merger with Hess Corporation by securing Hess stockholder approval and clearing Federal Trade Commission antitrust review.

United States Started production at the industry-first 20,000 pounds per square inch deepwater Anchor project, began water injection to boost production from the St. Malo and Tahiti fields, and in January 2025 started production from the Whale semi-submersible platform in the Gulf of America.

United States Upgraded the Pasadena Refinery, which is expected to increase product flexibility and expand the processing capacity of lighter crude oil to 125,000 barrels per day.

United States Completed projects and operational changes designed to abate over 700,000 tonnes of carbon dioxide-equivalent from the company’s operations.

United States Announced plans to jointly develop scalable power solutions using natural gas-fired turbines with flexibility to integrate carbon capture and storage to support growing energy demand from U.S. data centers.

Uruguay Entered an agreement to assume a 60 percent operated interest in Uruguay’s AREA OFF-1 offshore exploration block.

Common Stock Dividends The 2024 annual dividend was $6.52 per share, making 2024 the 37th consecutive year that the company increased its annual per share dividend payout. In January 2025, the company’s Board of Directors increased its quarterly dividend by $0.08 per share, approximately five percent, to $1.71 per share payable in March 2025.

Common Stock Repurchase Program The company repurchased $15.2 billion of its common stock in 2024 under its stock repurchase program. For more information on the common stock repurchase program, see Liquidity and Capital Resources.