CHEVRON CORP

Some inherent risks could materially impact the company’s results of operations or financial condition. Information about risk factors for the nine months ended September 30, 2026, does not differ materially from that set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, other than as reflected in the risk factor below.

Delays in, or the failure to complete, the transaction with Hess Midstream LP could prevent the company from realizing all or part of the anticipated benefits of the transaction. On October 6, 2026, the company entered into agreements with Hess Midstream LP (Hess Midstream) to transfer its ownership interests in Hess Midstream and contribute DJ Basin crude midstream assets to Hess Midstream, in exchange for the restructuring and amendment of certain long-term commercial arrangements. This transaction is subject to customary closing conditions and regulatory approvals and is expected to close by year-end 2026. Any delay in closing, or failure to close, could prevent the company from realizing some or all of the anticipated benefits on the projected timeline, or at all, including the expected reduction of approximately 50 percent in Bakken unit midstream costs, as well as improved earnings and return on capital employed.