ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Key Financial Results Millions of dollars, except per-share amounts 2025 2024 2023 Net Income (Loss) Attributable to Chevron Corporation $ 12,299 $ 17,661 $ 21,369 Per Share Amounts: Net Income (Loss) Attributable to Chevron Corporation – Basic $ 6.65 $ 9.76 $ 11.41 – Diluted $ 6.63 $ 9.72 $ 11.36 Dividends $ 6.84 $ 6.52 $ 6.04 Sales and Other Operating Revenues $ 184,432 $ 193,414 $ 196,913 Return on: Capital Employed 6.6   % 10.1  % 11.9  % Stockholders’ Equity 7.3   % 11.3  % 13.3  % Earnings by Major Operating Area Millions of dollars 2025 2024 2023 Upstream United States $ 5,815 $ 7,602 $ 4,148 International 7,007 11,000 13,290 Total Upstream 12,822 18,602 17,438 Downstream United States 1,375 531 3,904 International 1,647 1,196 2,233 Total Downstream 3,022 1,727 6,137 All Other (3,545) (2,668) (2,206) Net Income (Loss) Attributable to Chevron Corporation 1,2 $ 12,299 $ 17,661 $ 21,369 1 Includes foreign currency effects: $ (469) $ 520  $ (224) 2 Income net of tax, also referred to as “earnings” in the discussions that follow. Refer to the Results of Operations section for a discussion of financial results by major operating area for the three years ended December 31, 2025. Throughout the document, certain totals and percentages may not sum to their component parts due to rounding. Business Environment and Outlook Chevron Corporation is a global energy company with direct and indirect subsidiaries and affiliates that conduct substantial business activities in the following countries: Angola, Argentina, Australia, Bangladesh, Brazil, Canada, China, Egypt, Equatorial Guinea, Guyana, Israel, Kazakhstan, Malaysia, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Singapore, South Korea, Thailand, the United Kingdom, the United States and Venezuela. The company’s objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business environment. Earnings of the company depend mostly on the profitability of its upstream business segment. The most significant factor affecting the results of operations for the upstream segment is the price of crude oil, which is determined in global markets outside of the company’s control. In the company’s downstream business, crude oil is the largest cost component of refined products. Periods of sustained lower commodity prices could result in the impairment or write-off of specific assets in future periods and cause the company to adjust operating expenses, including employee reductions, and capital expenditures, along with other measures intended to improve financial performance. Some governments, companies, communities and other stakeholders are supporting efforts to address climate change. International initiatives and national, regional and state legislation and regulations that aim to directly or indirectly reduce GHG emissions are in various stages of design, adoption and implementation. Some of these policies and programs include renewable and low carbon fuel standards; programs that price GHG emissions; performance standards; and measures that provide various incentives for lower carbon activities, including carbon capture and storage and the production of hydrogen and sustainable aviation fuel. Requirements for these and other similar policies and programs are complex, ever changing, program specific and encompass: (1) the blending of renewable fuels into transportation fuels; (2) the purchasing, selling, utilizing and retiring of allowances and carbon credits; and (3) other emissions reduction measures including efficiency improvements and capturing GHG emissions. These compliance policies and programs have had and may continue to have negative impacts on the company now and in the future including, but not limited to, the displacement of hydrocarbon and other products and/or the impairment of assets. These policies have the potential to enable opportunities for Chevron in its oil and gas and lower carbon business lines. Although we expect the company’s costs to comply with these policies and 35 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents programs to continue to increase, these costs currently do not have a material impact on the company’s financial condition or results of operations. Significant uncertainty remains as to the pace and extent to which a lower carbon future progresses, which is dependent, in part, on substantial advancements and changes in policy, technology, and customer and consumer preferences. The level of expenditure required to comply with new or potential climate change-related laws and regulations and the amount of additional investments needed in new or existing technology or facilities, such as carbon capture and storage, is difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted, available technology options, customer and consumer preferences, the company’s activities and market conditions. Although the future is uncertain, many published outlooks conclude that fossil fuels will remain a significant part of an energy system that increasingly incorporates lower carbon sources of supply for many years to come. Chevron supports a global approach to governments addressing climate change and continues to take actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy. Chevron believes that broad, market-based mechanisms are the most efficient approach to addressing GHG emission reductions. Chevron integrates climate change-related issues and the regulatory and other responses to these issues into its strategy and planning, capital investment reviews and risk management tools and processes, where it believes they are applicable. They are also factored into the company’s long-range supply, demand and energy price forecasts. These forecasts reflect estimates of long-range effects from climate change-related policy actions, such as electric vehicle and renewable fuel penetration, energy efficiency standards and demand response to oil and natural gas prices. The company will continue to develop oil and gas resources to meet customers’ and consumers’ demand for energy. At the same time, Chevron believes that the future of energy is lower carbon. The company will continue to maintain flexibility in its portfolio to be responsive to changes in policy, technology, and customer and consumer preferences. Chevron aims to grow its oil and gas business, lower the carbon intensity of operations and grow new energies businesses. To grow new energies businesses, Chevron plans to leverage the company’s capabilities, assets, partnerships and customer relationships. The company’s oil and gas business may increase or decrease depending upon market, economic, legislative and regulatory forces, among other factors. In 2021, Chevron announced aspirations and targets that align with its strategy. Chevron uses emissions intensity targets, which enable the company to assess, quantify and transparently communicate its own carbon performance in a standardized way. Chevron regularly evaluates its aspirations, targets and goals. The company has changed and/or eliminated some of these aspirations, targets and goals 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. For its aspiration to achieve net zero for upstream production Scope 1 and 2 GHG emissions on an equity basis by 2050, many of the necessary advancements in technology, policy and collective action have not occurred. 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. The company’s ability to achieve any aspiration, target or goal is subject to numerous risks and contingencies, many of which are outside of Chevron’s control and persist. Examples of such risks and contingencies include: (1) sufficient and substantial advances in technology, including 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) successful generation, acquisition, retirement and accounting of cost-effective, verifiable carbon offsets from nature-based solutions or carbon capture and storage; (4) the availability of suppliers that can meet sustainability-related standards; (5) evolving regulatory requirements 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; and (8) actions taken by the company’s competitors. Please refer to “Risk Factors” in Part I, Item 1A, on pages 25 through 27 for further discussion of GHG regulation and climate change and the associated risks to Chevron’s business, including the risks impacting Chevron’s strategy, aspirations, targets and disclosures related to environmental, social, and governance matters. 2028 Upstream Production GHG Intensity Targets These metrics include Scope 1 (direct emissions) and Scope 2 (indirect emissions associated with imported electricity and steam) and are net of emissions from exported electricity and steam. The 2028 GHG emissions intensity targets on an equity ownership basis include: 36 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents • Oil production GHG intensity of 24 kilograms (kg) carbon dioxide equivalent per barrel of oil-equivalent (CO 2 e/boe), • Gas production GHG intensity of 24 kg CO 2 e/boe, • Methane intensity of 2 kg CO 2 e/boe, and • Flaring GHG intensity of 3 kg CO 2 e/boe. The company also targets zero routine flaring by 2030 as outlined in the World Bank’s “Zero Routine Flaring by 2030” initiative. 2028 Portfolio Carbon Intensity Target The company also introduced a portfolio carbon intensity (PCI) metric, which is a measure of the carbon intensity across the full value chain of Chevron’s entire business. This metric encompasses the company’s upstream and downstream business and includes Scope 1 (direct emissions), Scope 2 (indirect emissions from imported electricity and steam), and certain Scope 3 (primarily emissions from use of sold products) emissions. The company’s PCI target is 71 grams (g) carbon dioxide equivalent (CO 2 e) per megajoule (MJ) by 2028. Income Taxes The effective tax rate for the company can change substantially during periods of significant earnings volatility. This is due to the mix effects that are impacted by both the absolute level of earnings or losses and whether they arise in higher or lower tax rate jurisdictions. As a result, a decline or increase in the effective income tax rate in one period may not be indicative of expected results in future periods. Additional information related to the company’s effective income tax rate is included in Note 17 Taxes to the Consolidated Financial Statements. Supply Chain and Inflation Impacts The company is actively managing its contracting, procurement and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company’s operational goals. Third party costs for capital and operating expenses can be subject to external factors beyond the company’s control including, but not limited to: severe weather or civil unrest, delays in construction, global and local supply chain distribution issues, inflation, tariffs or other taxes imposed on goods or services, and market-based prices charged by the industry’s material and service providers. Chevron utilizes contracts with various pricing mechanisms, which may result in a lag before the company’s costs reflect changes in market trends. Trends in the costs of goods and services vary by spend category. Chevron has applied inflation mitigation strategies to temper cost increases, including fixed price and index-based contracts. Lead times for key capital equipment remain long due to strong demand levels. Chevron has addressed equipment cost increases and long lead times by partnering with suppliers on demand planning, volume commitments, standardization, and scope optimization. The offshore market remains competitive for vessels and subsea equipment. In the United States, cost pressures for onshore drilling and completion equipment continue to ease. In 2025, the U.S. announced the imposition of various changing tariffs on imports from our trade partners. 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. Acquisition and Disposition of Assets The company continually evaluates opportunities to dispose of assets that are not expected to provide sufficient long-term value and to acquire assets or operations complementary to its asset base to help augment the company’s financial performance and value growth. The company was targeting $10-15 billion of asset sales over the five-year period ending in 2028. From 2024 through January 2026, the company has generated approximately $9 billion of asset sales proceeds. Looking ahead, the company expects $1-2 billion in annual asset sale proceeds through 2030. Asset dispositions and restructurings may result in significant gains or losses in future periods. In addition, some assets are divested along with their related liabilities, such as decommissioning obligations. In certain instances, such transferred obligations have returned and may continue to return to the company and result in losses that could be significant. For example, in fourth quarter 2023, the company recognized charges for decommissioning obligations from certain previously divested assets in the Gulf of America. In 2025, the company spent $297 million related to these obligations and anticipates spending an additional $200-300 million annually through 2033. To the extent the current owners of the company’s previously divested assets default on their decommissioning obligations, regulators 37 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents may require that Chevron assume such obligations. The company could have additional significant obligations revert, primarily in the United States. The company is not currently aware of any such obligations that are reasonably possible to be material. Refer to Note 24. Other Contingencies and Commitments for additional information. In July 2025, the company completed its acquisition of Hess Corporation (Hess). Refer to Note 29. Acquisition of Hess Corporation for additional information. Other Impacts The company closely monitors developments in the financial and credit markets, the level of worldwide economic activity, and the implications for the company of movements in prices for crude oil, natural gas and natural gas liquids (NGLs). Management takes these developments into account in the conduct of daily operations and for business planning. The company has announced plans to achieve $3-4 billion in structural cost reductions by the end of 2026. These cost savings will largely come from optimizing the portfolio, leveraging technology to enhance productivity, and changing how and where work is performed, including expanded use of global capability centers. In 2025, the company delivered $1.5 billion in structural cost savings, with $2 billion achieved in the annual run rate. Comments related to earnings trends for the company’s major business areas are as follows: Upstream Earnings for the upstream segment are closely aligned with industry prices for crude oil, natural gas and NGLs. These prices are subject to external factors over which the company has no control, including product demand connected with global economic conditions, industry production and inventory levels, technology advancements, production quotas or other actions imposed by OPEC+ countries, actions of regulators, weather-related damage and disruptions, competing fuel prices, natural and human causes beyond the company’s control, and regional supply interruptions or fears thereof that may be caused by military conflicts, civil unrest or political uncertainty. Any of these factors could also inhibit the company’s production capacity in an affected region. The company closely monitors developments in the countries in which it operates and holds investments and seeks to manage risks in operating its facilities and businesses. The longer-term trend in earnings for the upstream segment is also a function of other factors, including the company’s ability to efficiently find, acquire and produce crude oil, natural gas and NGLs, changes in fiscal terms of contracts, the pace of energy transition, and changes in tax, environmental and other applicable laws and regulations. Chevron has interests in Venezuelan assets operated by independent affiliates. Chevron has been conducting limited activities in Venezuela consistent with authorizations issued by the United States government. The financial results for Chevron’s business in Venezuela have been recorded as non-equity investments since 2020, where income is only recognized when cash is received, and production and reserves are not included in the company’s results. 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. Chevron maintains an equity interest in the Caspian Pipeline Consortium (CPC) which provides a primary export route for Tengiz field production in Kazakhstan. An adverse event or incident affecting CPC operations, which CPC has experienced from time to time, such as recent drone attacks, could have a negative impact on the Tengiz field and the company’s future results of operations and financial position. The financial impacts of such risks remain uncertain. Governments (including Russia) have imposed and may impose additional sanctions and other trade laws, restrictions and regulations that could lead to disruption in our ability to produce, transport and/or export crude in the region around Russia. Chevron holds a 39.7 percent interest in the Leviathan field and a 25 percent interest in the Tamar field in Israel. The conflict between Israel and various regional adversaries has not significantly impacted the company’s operations, with the company continuing to maintain safe and reliable operations while meeting its contractual commitments. The company continues to monitor the potential for further conflict in the region, and any future impacts on the company’s results of operations and financial condition remain uncertain. Commodity Prices The following chart shows the trend in benchmark prices for Brent crude oil, West Texas Intermediate (WTI) crude oil, and U.S. Henry Hub natural gas. The Brent price averaged $69 per barrel for the full-year 2025, compared 38 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents to $81 in 2024. As of mid-February 2026, the Brent price was $70 per barrel. The WTI price averaged $65 per barrel for the full-year 2025, compared to $76 in 2024. As of mid-February 2026, the WTI price was $63 per barrel. The majority of the company’s equity crude production is priced based on the Brent benchmark. 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) The U.S. Henry Hub natural gas price averaged $3.53 per thousand cubic feet (MCF) for the full-year 2025, compared to $2.25 in 2024. As of mid-February 2026, the Henry Hub price was $3.43 per MCF. In the U.S., higher Henry Hub prices were driven by higher weather-driven demand in the U.S. and increasing liquefied natural gas (LNG) export demand. Outside the United States, prices for natural gas also depend on regional supply and demand, regulatory circumstances and infrastructure conditions in local markets. The company’s long-term contract prices for LNG are typically linked to crude oil prices. Most of the equity LNG offtake from the operated Australian LNG projects is committed under binding long-term contracts, with some sold in the Asian spot LNG market. See page 46 for the company’s U.S. and international average realizations for each of the past three years. Production The company’s worldwide net oil-equivalent production in 2025 was 3.7 million barrels per day, 12 percent higher than in 2024 primarily due to the acquisition of Hess and growth in TCO, the Permian Basin and the Gulf of America, which were partly offset by the impacts of asset sales. About 21 percent of the company’s net oil-equivalent production in 2025 occurred in OPEC+ member countries of Equatorial Guinea, Kazakhstan, Malaysia, Nigeria and the Partitioned Zone between Saudi Arabia and Kuwait. The company estimates its net oil-equivalent production in 2026 to increase 7 to 10 percent over 2025, assuming a Brent crude oil price of $60 per barrel and excluding expected asset sales. This includes a full year contribution from Hess assets. This estimate is subject to many factors and uncertainties, including quotas or other actions that may be imposed by OPEC+; price effects on entitlement volumes; changes in fiscal terms or restrictions on the scope of company operations; delays in construction; reservoir performance; greater-than-expected declines in production from mature fields; start-up or ramp-up of projects; acquisition and divestment of assets; fluctuations in demand for crude oil and natural gas in various markets; weather conditions that may shut in production; civil unrest; changing geopolitics; delays in completion of maintenance turnarounds; storage constraints or economic conditions that could lead to shut-in production; or other disruptions to operations. The outlook for future production levels is also affected by the size and number of economic investment opportunities and the time lag between initial exploration and the beginning of production. 39 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Net crude oil production Thousands of barrels per day Affiliates Europe Australia Asia Africa Other Americas United States Net natural gas liquids production Thousands of barrels per day Affiliates Europe Australia Asia Africa Other Americas United States Net natural gas production Millions of cubic feet per day Affiliates Europe Australia Asia Africa Other Americas United States Net proved reserves by geographic area Billions of BOE* Affiliates Europe Australia Asia Africa Other Americas United States barrels of oil-equivalent Net proved reserves by product Billions of BOE Natural gas Natural gas liquids Crude oil barrels of oil-equivalent Proved Reserves Net proved reserves for consolidated companies and affiliated companies totaled 10.6 billion barrels of oil-equivalent at year-end 2025, an increase from year-end 2024. The reserve replacement ratio in 2025 was 158 percent. The 5 and 10 year reserve replacement ratios were 91 percent and 95 percent, respectively. Refer to Table V for a tabulation of the company’s proved net oil and gas reserves by geographic area, at the beginning of 2023 and each year-end from 2023 through 2025, and an accompanying discussion of major changes to proved reserves by geographic area for the three-year period ending December 31, 2025. Refer to the “Results of Operations” section on pages 42 through 43 for additional discussion of the company’s upstream business. Downstream Earnings for the downstream segment are closely tied to margins on the refining, manufacturing and marketing of products that include gasoline, diesel, jet fuel, lubricants, fuel oil, fuel and lubricant additives, petrochemicals and renewable fuels. Industry margins are sometimes volatile and can be affected by the global and regional supply-and-demand balance for refined products and petrochemicals, and by changes in the price of crude oil, other refinery and petrochemical feedstocks, and natural gas. Industry margins can also be influenced by inventory levels, geopolitical events, costs of materials and services, refinery or chemical plant capacity utilization, maintenance programs, and disruptions at refineries or chemical plants resulting from unplanned outages due to severe weather, fires or other operational events. Other factors affecting profitability for downstream operations include the reliability and efficiency of the company’s refining, marketing and petrochemical assets, the effectiveness of its crude oil and product supply functions, and the volatility of tanker-charter rates for the company’s shipping operations, which are driven by the industry’s demand for crude oil and product tankers. Other factors beyond the company’s control include the general level of inflation and energy costs to operate the company’s refining, marketing and petrochemical assets, and changes in tax, environmental, and other applicable laws and regulations. The company’s most significant marketing areas are the West Coast and Gulf Coast of the United States and Asia Pacific. Chevron operates or has significant ownership interests in refineries in each of these areas. Refer to the “Results of Operations” section on page 43 for additional discussion of the company’s downstream operations. All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies. 40 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Noteworthy Developments Key noteworthy developments and other events during 2025 and early 2026 included the following: 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. Australia Reached final investment decision (FID) on the Gorgon backfill development to connect the Geryon and Eurytion fields to existing infrastructure, enabling long-term supply of domestic gas in Western Australia and LNG in Asia. Brazil Secured nine offshore blocks in the Foz do Amazonas Basin. Guinea-Bissau Secured two frontier exploration blocks (Blocks 5B and 6B). Guyana Achieved first oil at Yellowtail, the fourth development in the offshore Stabroek Block, and reached FID on the Hammerhead project, the seventh development. Israel Reached FID on the Leviathan Gas Expansion project, which is expected to increase production capacity to 2.1 billion cubic feet per day and support increased exports to Egypt. Kazakhstan Started production at the Future Growth Project and ramped up total production to approximately 1 million barrels of oil-equivalent per day at Tengiz. Malaysia/Thailand JDA Completed the sale of the company’s interest in the Malaysia-Thailand Joint Development Area. Namibia Secured exploration blocks in Petroleum Exploration License 82 (Blocks 2112B and 2212A) in Walvis Basin. Nigeria Discovered hydrocarbons in two exploration and appraisal wells in the Delta South-AA in Petroleum Mining Lease 46 and the Awodi-07 in Petroleum Prospecting License 263 in shallow offshore water. Peru Secured three offshore exploration blocks (Blocks Z-61, Z-62, and Z-63) in the Trujillo Basin. Republic of Congo Completed the sale of the company’s interest in the Republic of Congo. Suriname Secured two shallow water blocks (Blocks 9 and 10). United States Completed the acquisition of Hess, creating a combined company with a premier upstream portfolio and achieving the initial run-rate synergy target of $1 billion. United States Started and ramped up production at the Anchor, Ballymore, Stampede, and Whale fields in the deepwater Gulf of America. United States Grew production in the Permian Basin by more than 10 percent with lower Capex compared to the prior year, reaching one million barrels of oil equivalent per day. United States Discovered oil at the non-operated Far South well in the deepwater Gulf of America and secured additional exploration blocks in the Gulf of America. United States Completed the sale of a portion of its interest in certain gas assets in East Texas and the sale of certain non-operated midstream pipelines and facilities. United States Started production from the Geismar renewable diesel plant in Louisiana after completing an expansion that increased capacity from 7,000 to 22,000 barrels per day. United States Entered the U.S. lithium sector and acquired approximately 135,000 net acres in the Smackover Formation in Northeast Texas and Southwest Arkansas for direct lithium extraction. United States Announced plans to provide power solutions to support U.S. data center growth, with the first project under development in West Texas. United States Achieved the highest U.S. refinery throughput in 20 years through recent expansion projects and efficiency improvements. 41 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Common Stock Dividends The 2025 annual dividend was $6.84 per share, making 2025 the 38th consecutive year that the company increased its annual per share dividend payout. In January 2026, the company’s Board of Directors increased its quarterly dividend by $0.07 per share, approximately four percent, to $1.78 per share payable in March 2026. Common Stock Repurchase Program The company repurchased $12.1 billion of its common stock in 2025 under its stock repurchase program. For more information on the common stock repurchase program, see Liquidity and Capital Resources . Results of Operations The following section presents the results of operations and variances on an after-tax basis for the company’s business segments – Upstream and Downstream – as well as for “All Other.” Earnings are also presented for the U.S. and international geographic areas of the Upstream and Downstream business segments. Refer to Note 14 Operating Segments and Geographic Data for a discussion of the company’s “reportable segments.” This section should also be read in conjunction with the discussion in Business Environment and Outlook . Refer to the Selected Operating Data for a three-year comparison of production volumes, refined product sales volumes and refinery inputs. A discussion of variances between 2024 and 2023 can be found in the “Results of Operations” section on pages 43 through 44 of the company’s 2024 Annual Report on Form 10-K filed with the SEC on February 21, 2025. Worldwide Upstream earnings Billions of Dollars United States International Worldwide Downstream earnings Billions of dollars United States International U.S. refined product sales Thousands of barrels per day Other Fuel oil Diesel/Gas oil Jet fuel Gasoline International refined product sales Thousands of barrels per day Other Fuel oil Diesel/Gas oil Jet fuel Gasoline *includes equity share in affiliates U.S. Upstream Unit * 2025 2024 2023 Earnings $MM $ 5,815   $ 7,602  $ 4,148 Net Oil-Equivalent Production MBOED 1,858   1,599 1,349 Liquids Production MBD 1,341 1,152 997 Natural Gas Production MMCFD 3,099 2,684 2,112 Liquids Realization $/BBL $ 48.13   $ 56.24  $ 59.19 Natural Gas Realization $/MCF $ 2.05   $ 1.04  $ 1.67

•  MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day. U.S. upstream earnings decreased by $1.8 billion, primarily due to lower liquids realizations of $2.4 billion, higher operating expenses of $2.0 billion, and higher depreciation, depletion and amortization of $1.4 billion, partly offset by higher sales volumes of $2.8 billion, and higher natural gas realizations of $800 million. All figures are inclusive of Hess. Net oil-equivalent production was up 259,000 barrels per day, or 16 percent, primarily due to the acquisition of Hess and higher production in the Permian Basin and the Gulf of America. 42 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents International Upstream Unit 2 2025 2024 2023 Earnings 1 $MM $ 7,007   $ 11,000  $ 13,290 Net Oil-Equivalent Production MBOED 1,865   1,739 1,771 Liquids Production MBD 962 823 833 Natural Gas Production MMCFD 5,416 5,494 5,632 Liquids Realization $/BBL $ 61.58   $ 71.38  $ 71.70 Natural Gas Realization $/MCF $ 7.04   $ 7.32  $ 7.69 1 Includes foreign currency effects: $ (408) $ 395  $ 376 2   MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; MBOED — thousands of barrels of oil-equivalent per day. International upstream earnings decreased by $4.0 billion, primarily due to higher DD&A of $2.8 billion, lower realizations of $2.0 billion, an unfavorable foreign currency effect of $803 million between periods, and the absence of prior year favorable asset sales impacts of $260 million, partly offset by higher liftings of $2.2 billion, and lower operating expenses of $470 million. All figures are inclusive of Hess. Net oil-equivalent production was up 126,000 barrels per day, or 7 percent. The increase was primarily due to the acquisition of Hess and higher production at TCO in Kazakhstan, partly offset by impacts from asset sales in Canada and the Republic of Congo. U.S. Downstream Unit * 2025 2024 2023 Earnings $MM $ 1,375   $ 531  $ 3,904 Refinery Crude Unit Inputs MBD 1,038 917 962 Refined Product Sales MBD 1,317 1,286 1,287 *  MBD — thousands of barrels per day. U.S. downstream earnings increased by $844 million, primarily due to lower operating expenses of $730 million and higher margins on refined product sales of $580 million, partly offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company of $440 million. Refinery crude unit inputs were up 121,000 barrels per day, or 13 percent, primarily due to increased capacity at the Pasadena, Texas refinery upon completion of the Light Tight Oil project. Refined product sales were up 31,000 barrels per day, or 2 percent, compared to the year-ago period. International Downstream Unit 2 2025 2024 2023 Earnings 1 $MM $ 1,647   $ 1,196  $ 2,233 Refinery Crude Unit Inputs MBD 652 646 636 Refined Product Sales MBD 1,484 1,495 1,445 1 Includes foreign currency effects: $ (48) $ 126  $ (12) 2  MBD — thousands of barrels per day. International downstream earnings increased by $451 million, primarily due to higher margins on refined product sales of $440 million and the absence of prior year impairments of $185 million, partly offset by foreign currency effects, which had an unfavorable impact on earnings of $174 million between periods. Refinery crude unit inputs were up 6,000 barrels per day, or 1 percent from the year-ago period. Refined product sales were down 11,000 barrels per day, or 1 percent from the year-ago period. All Other Unit 2025 2024 2023 Net charges * $MM $ (3,545) $ (2,668) $ (2,206)
• Includes foreign currency effects: $ (13) $ (1) $ (588) All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies. 43 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Net charges increased by $877 million, primarily due to higher interest expense, and higher pension settlement and curtailment costs. Consolidated Statement of Income Comparative amounts for certain income statement categories are shown below. A discussion of variances between 2024 and 2023 can be found in the “Consolidated Statement of Income” section on pages 45 and 46 of the company’s 2024 Annual Report on Form 10-K. Millions of dollars 2025 2024 2023 Sales and other operating revenues $ 184,432   $ 193,414  $ 196,913 Sales and other operat ing revenues decreased in 2025 mainly due to lower crude oil and refined product prices, partially offset by higher crude oil and refined product sales volumes and higher natural gas prices and volumes. Millions of dollars 2025 2024 2023 Income (loss) from equity affiliates $ 3,000   $ 4,596  $ 5,131 Income from equity affiliates decreased in 2025 mainly due to lower upstream-related earnings from Tengizchevroil LLP (TCO) in Kazakhstan as higher liftings from the FGP project were more than offset by higher depreciation, depletion and amortization and lower realizations, and lower downstream-related earnings from CPChem primarily due to lower chemicals margins. These decreases were partially offset by higher downstream-related earnings from GS Caltex in South Korea. Refer to Note 15 Investments and Advances for a discussion of Chevron’s investments in affiliated companies. Millions of dollars 2025 2024 2023 Other income (loss) $ 1,599   $ 4,782  $ (1,095) Other income decreased in 2025 mainly due to the absence of before tax gains on asset sales in Canada, an unfavorable swing in foreign currency effects, and lower income from Venezuela. Millions of dollars 2025 2024 2023 Purchased crude oil and products $ 108,214   $ 119,206  $ 119,196 Purchased crude oil and products decreased in 2025 due to lower crude oil and refined product prices and volumes, partially offset by higher natural gas prices and volumes. Millions of dollars 2025 2024 2023 Operating, selling, general and administrative expenses $ 33,131   $ 32,298  $ 29,028 Operating, selling, general and administrative expenses increased compared to last year primarily due to the acquisition of Hess and higher professional service costs, partially offset by lower severance accruals. Millions of dollars 2025 2024 2023 Exploration expense $ 1,051   $ 995  $ 914 Exploration expenses in 2025 were relatively flat compared to last year. Millions of dollars 2025 2024 2023 Depreciation, depletion and amortization $ 20,132   $ 17,282  $ 17,326 Depreciation, depletion and amortization expenses increased in 2025 primarily due to higher production and higher rates. Millions of dollars 2025 2024 2023 Taxes other than on income $ 5,230   $ 4,716  $ 4,220 Taxes other than on income increased in 2025 primarily due to higher excise taxes related to downstream activities. Millions of dollars 2025 2024 2023 Interest and debt expense $ 1,217   $ 594  $ 469 Interest and debt expenses increased in 2025 mainly due to higher debt balances, including debt assumed from the acquisition of Hess. 44 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Millions of dollars 2025 2024 2023 Other components of net periodic benefit costs $ 313   $ 195  $ 212 Other components of net periodic benefit costs increased in 2025 primarily due to higher settlement and curtailment losses, partially offset by higher expected return on plan assets. Millions of dollars 2025 2024 2023 Income tax expense (benefit) $ 7,258   $ 9,757  $ 8,173 The decrease in income tax expense in 2025 of $2.5 billion was primarily due to the decrease in total income before tax for the company of $7.8 billion, along with the absence of the tax impacts of the asset sales in Canada. The decrease in income before taxes for the company was primarily the result of higher upstream depreciation, depletion and amortization, lower upstream realizations, unfavorable foreign exchange impacts, and higher operating costs, partially offset by higher upstream sales volumes and higher downstream margins. U.S. income before tax decreased from $8.1 billion in 2024 to $6.0 billion in 2025. This $2.1 billion decrease in income was primarily driven by lower upstream realizations, higher upstream depreciation, depletion and amortization and higher operating expenses, partially offset by higher upstream sales volumes and higher downstream margins. The decrease of $337 million in U.S. income tax expense between year-over-year periods, from $1.9 billion in 2024 to $1.6 billion in 2025, was primarily driven by the decrease in income before tax, partially offset by current period unfavorable tax items. International income before tax decreased from $19.5 billion in 2024 to $13.8 billion in 2025. This $5.7 billion decrease in income was primarily driven by higher upstream depreciation, depletion and amortization, lower upstream realizations, unfavorable foreign exchange impacts and the absence of impacts related to the asset sales in Canada, partially offset by higher upstream sales volumes. The decrease of $2.2 billion in international income tax expense between year-over-year periods, from $7.9 billion in 2024 to $5.7 billion in 2025, was primarily driven by the decrease in income before tax, along with the absence of tax impacts of the asset sales in Canada. Refer also to the discussion of the effective income tax rate in Note 17 Taxes . 45 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Selected Operating Data 1,2 Unit 2025 2024 2023 U.S. Upstream Net Crude Oil and Natural Gas Liquids (NGLs) Production MBD 1,341 1,152 997 Net Natural Gas Production 3 MMCFD 3,099 2,684 2,112 Net Oil-Equivalent Production MBOED 1,858 1,599 1,349 Sales of Natural Gas 4 MMCFD 5,717 5,172 4,637 Sales of Natural Gas Liquids MBD 536 490 354 Revenues from Net Production Crude $/BBL $ 62.22   $ 73.47  $ 75.04 NGLs $/BBL $ 18.80   $ 19.88  $ 20.04 Liquids (weighted average of Crude and NGLs) $/BBL $ 48.13   $ 56.24  $ 59.19 Natural Gas $/MCF $ 2.05   $ 1.04  $ 1.67 International Upstream Net Crude Oil and NGLs Production 5 MBD 962 823 833 Net Natural Gas Production 3 MMCFD 5,416 5,494 5,632 Net Oil-Equivalent Production 5 MBOED 1,865 1,739 1,771 Sales of Natural Gas MMCFD 5,535 5,678 6,025 Sales of Natural Gas Liquids MBD 126 132 94 Revenues from Liftings Crude $/BBL $ 63.25   $ 73.72  $ 74.29 NGLs $/BBL $ 21.19   $ 26.49  $ 24.01 Liquids (weighted average of Crude and NGLs) $/BBL $ 61.58   $ 71.38  $ 71.7 Natural Gas $/MCF $ 7.04   $ 7.32  $ 7.69 Worldwide Upstream Net Oil-Equivalent Production 5 United States MBOED 1,858 1,599 1,349 International MBOED 1,865 1,739 1,771 Total MBOED 3,723 3,338 3,120 U.S. Downstream Gasoline Sales 6 MBD 685 667 642 Other Refined Product Sales MBD 632 619 645 Total Refined Product Sales MBD 1,317 1,286 1,287 Sales of Natural Gas 4 MMCFD 28 28 32 Sales of Natural Gas Liquids MBD 26 21 22 Refinery Crude Unit Inputs 8 MBD 1,038 917 962 International Downstream Gasoline Sales 6 MBD 388 382 353 Other Refined Product Sales MBD 1,096 1,113 1,092 Total Refined Product Sales 7 MBD 1,484 1,495 1,445 Sales of Natural Gas 4 MMCFD 1 — 1 Sales of Natural Gas Liquids MBD 123 136 153 Refinery Crude Unit Inputs 8 MBD 652 646 636 1 Includes company share of equity affiliates. 2 MBD – thousands of barrels per day; MMCFD – millions of cubic feet per day; MBOED – thousands of barrels of oil-equivalents per day; Bbl – barrel; MCF – thousands of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil; MBOED - thousands of barrels of oil-equivalent per day. 3 Includes natural gas consumed in operations: United States MMCFD 64   60  64 International MMCFD 582   549  532 4 Downstream sales of Natural Gas separately identified from Upstream. 5 Includes net production of synthetic oil: Canada MBD —   46  51 6 Includes branded and unbranded gasoline. 7 Includes sales of affiliates: MBD 384   386  389 8 Includes crude oil and other inputs. 46 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Liquidity and Capital Resources Sources and Uses of Cash The strength of the company’s balance sheet enables it to fund any timing differences throughout the year between cash inflows and outflows. Cash, Cash Equivalents and Marketable Securities Total balances were $6.3 billion and $6.8 billion at December 31, 2025 and 2024, respectively. The company holds its cash with a diverse group of major financial institutions and has processes and safeguards in place designed to manage its cash balances and mitigate the risk of loss. Cash provided by operating activities in 2025 was $33.9 billion, compared to $31.5 billion in 2024, primarily as higher cash distributions from TCO and contributions from legacy Hess assets more than offset the impact of lower commodity prices. Between January and March 2025, Chevron purchased 15.38 million shares of Hess common stock in open market transactions for approximately $2.2 billion. Cash provided by operating activities was net of contributions to employee pension plans of approximately $588 million in 2025 and $844 million in 2024. Capital expenditures totaled $17.3 billion in 2025 compared to $16.4 billion in 2024. Proceeds and deposits related to asset sales and return of investments totaled $1.8 billion in 2025 compared to $7.7 billion in 2024. Net repayment (borrowing) of loans by equity affiliates included an inflow of $778 million in 2025 mainly due to a loan repayment from TCO, compared with an outflow of $233 million in the year ago period. Restricted cash of $1.0 billion and $1.5 billion at December 31, 2025 and 2024, respectively, was held in cash and short-term marketable securities and recorded as “Deferred charges and other assets” and “Prepaid expenses and other current assets” on the Consolidated Balance Sheet. These amounts are generally associated with upstream decommissioning activities and tax payments. The decrease of restricted cash in 2025 is mainly due to the release of funds for tax-deferred exchanges. Dividends Dividends paid to common stockholders were $12.8 billion in 2025 and $11.8 billion in 2024. Debt and Finance Lease Liabilities Total debt, including finance lease liabilities, was $40.8 billion at December 31, 2025, up from $24.5 billion at year-end 2024. In 2025, the company issued $11.2 billion of public bonds, retired $4.0 billion of public bonds at maturity and reduced commercial paper balances. In third quarter 2025, the company also assumed $10.0 billion of debt and finance lease liabilities as part of the acquisition of Hess, including approximately $3.7 billion related to Hess Midstream Operations LP that is non-recourse to Chevron Corporation. The company’s total debt due within one year, consisting primarily of the current portion of long-term debt and redeemable long-term obligations, totaled $10.9 billion at December 31, 2025, compared with $12.7 billion at year-end 2024. Of these amounts, $9.9 billion and $8.25 billion were reclassified to long-term debt at the end of 2025 and 2024, respectively, since settlement of these obligations was not expected to require the use of working capital within one year, as the company had the intent and the ability, as evidenced by committed credit facilities, to continue refinancing them. The company has access to a commercial paper program as a financing source for working capital or other short-term needs. The company had $4.6 billion of commercial paper outstanding as of December 31, 2025, compared with $5.4 billion at December 31, 2024. The company has an automatic shelf registration statement that expires in November 2027 for an unspecified amount of nonconvertible debt securities issued by Chevron Corporation or Chevron U.S.A. Inc. (CUSA). 47 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Cash from operating activities compared with capital expenditures and cash returned to shareholders Billions of dollars Hess stock purchase Stock repurchases Capital expenditures Dividends Cash from operating activities Capital expenditures by segment Billions of dollars All Other Downstream Upstream Affiliate capital expenditures Billions of dollars Downstream Upstream Debt at year-end Billions of dollars Total debt Net debt* Refer to page 52 for calculations of debt and debt ratios Debt coverage ratios Debt-to-CFFO Net debt-to-CFFO* *Refer to page 52 for calculations of debt and debt ratios The major debt rating agencies routinely evaluate the company’s debt, and the company’s cost of borrowing can increase or decrease depending on these debt ratings. The company has outstanding public bonds issued by Chevron Corporation, CUSA, Noble Energy, Inc. (Noble), Texaco Capital Inc., and Hess Corporation. The securities that are the obligation of, or guaranteed by, Chevron Corporation carry an AA- rating by Standard and Poor’s Corporation and an Aa2 rating by Moody’s Investors Service. The company’s U.S. commercial paper is rated A-1+ by Standard and Poor’s and P-1 by Moody’s. All of these ratings denote high-quality, investment-grade securities. The company’s future debt level is dependent primarily on results of operations, cash that may be generated from asset dispositions, the capital program, acquisitions, investments, lending commitments to affiliates and cash returned to shareholders. Based on its high-quality debt ratings, the company believes that it has substantial borrowing capacity to meet unanticipated cash requirements. During extended periods of low prices for crude oil and natural gas and narrow margins for refined products and commodity chemicals, the company has the ability to modify its capital spending plans and discontinue or curtail the stock repurchase program. This provides the flexibility to continue paying the common stock dividend and remain committed to retaining the company’s high-quality debt ratings. Committed Credit Facilities Information related to committed credit facilities is included in Note 19 Short-Term Debt . Summarized Financial Information for Guarantee of Securities of Subsidiaries CUSA issued bonds that are fully and unconditionally guaranteed on an unsecured basis by Chevron Corporation (together, the “Obligor Group”). The tables below contain summary financial information for Chevron Corporation, as Guarantor, excluding its consolidated subsidiaries, and CUSA, as the issuer, excluding its consolidated subsidiaries. The summary financial information of the Obligor Group is presented on a combined basis, and transactions between the combined entities have been eliminated. Financial information for non-guarantor entities has been excluded. Year ended December 31, 2025 2024 (Millions of dollars) (unaudited) Sales and other operating revenues $ 92,272   $ 96,035 Sales and other operating revenues - related party 36,700   43,562 Total costs and other deductions 92,316   102,116 Total costs and other deductions - related party 33,229   35,454 Net income (loss) $ 40,967   $ 73,119 48 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents At December 31, 2025 2024 (Millions of dollars) (unaudited) Current assets $ 17,315   $ 16,918 Current assets - related party 2,266   2,626 Other assets 58,530   57,921 Current liabilities 26,388   30,563 Current liabilities - related party 18,033   22,997 Other liabilities 29,539   23,719 Total net equity (deficit) $ 4,151   $ 186 Common Stock Repurchase Program On January 25, 2023, the Board of Directors authorized the repurchase of the company’s shares of common stock in an aggregate amount of $75 billion (the “2023 Program”). The 2023 Program took effect on April 1, 2023, and does not have a fixed expiration date. During 2025, the company purchased a total of 79.9 million shares for $12.1 billion and paid an additional $146 million in excise taxes related to 2024 buybacks. As of December 31, 2025, the company had purchased a total of 250.8 million shares for $38.5 billion excluding excise taxes, resulting in $36.5 billion remaining under the 2023 Program. Chevron expects share repurchases in the first quarter of 2026 to be between $2.5-$3.0 billion. Repurchases of shares of the company’s common stock may be made from time to time in the open market, by block purchases, in privately negotiated transactions or in such other manner as determined by the company. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the company’s shares, general market and economic conditions, and other factors. The stock repurchase program does not obligate the company to acquire any particular amount of common stock and may be suspended or discontinued at any time. Capital Expenditures Capital expenditures (Capex) primarily includes additions to fixed asset or investment accounts for the company’s consolidated subsidiaries and is disclosed in the Consolidated Statement of Cash Flows. Capex by business segment for 2025, 2024, and 2023 is as follows: Year ended December 31 Capex 2025 2024 2023 Millions of dollars U.S. Int’l. Total U.S. Int’l. Total U.S. Int’l. Total Upstream $ 9,777   $ 6,113   $ 15,890   $ 9,481  $ 4,850  $ 14,331  $ 9,842  $ 3,836  $ 13,678 Downstream 676   252   928   1,443  251  1,694  1,536  237  1,773 All Other 476   53   529   406  17  423  351  27  378 Capex $ 10,929   $ 6,418   $ 17,347   $ 11,330  $ 5,118  $ 16,448  $ 11,729  $ 4,100  $ 15,829 Capex for 2025 was $17.3 billion, 5 percent higher than 2024 as spend on legacy Hess assets post-acquisition and increased investments in U.S. data center power solutions more than offset lower spend in the downstream segment. The company estimates that 2026 organic capex will range from $18 to $19 billion. Upstream Capex is projected at $17 billion, including nearly $6 billion for U.S. shale and tight assets in the Permian, DJ and Bakken basins, and about $7 billion for global offshore developments, primarily supporting growth in Guyana, Eastern Mediterranean and Gulf of America. Downstream Capex is expected to be around $1 billion, with nearly three-fourths allocated to the U.S. operations. About $1 billion of total Capex, which is included within upstream and downstream budgets, is dedicated to lowering the carbon intensity of our operations and growing new energies businesses. Corporate and other Capex is projected to be about $0.6 billion. Affiliate Capital Expenditures Equity affiliate capital expenditures (Affiliate Capex) primarily includes additions to fixed asset and investment accounts in the equity affiliate companies’ financial statements and does not require cash outlays by the company. Affiliate Capex by business segment for 2025, 2024 and 2023 is as follows: 49 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Year ended December 31 Affiliate Capex 2025 2024 2023 Millions of dollars U.S. Int’l. Total U.S. Int’l. Total U.S. Int’l. Total Upstream $ —   $ 797   $ 797   $ —  $ 1,451  $ 1,451  $ —  $ 2,310  $ 2,310 Downstream 795   208   1,003   802  196  998  983  241  1,224 All Other —   —   —   —  —  —  —  —  — Affiliate Capex $ 795   $ 1,005   $ 1,800   $ 802  $ 1,647  $ 2,449  $ 983  $ 2,551  $ 3,534 Affiliate Capex for 2025 was $1.8 billion, 27 percent lower than 2024 mainly due to lower spend at TCO’s Wellhead Pressure Management Project (WPMP) and Future Growth Project (FGP). Affiliate Capex is expected to range between $1.3 to $1.7 billion in 2026. Nearly half of this amount is allocated to CPChem’s two major integrated polymer projects, while TCO’s budget accounts for roughly one-fourth. The company monitors market conditions and can adjust future capital outlays should conditions change. Noncontrolling Interests The company had noncontrolling interests of $5.7 billion at December 31, 2025, including non-controlling interest in Hess Midstream LP (HESM), and $839 million at December 31, 2024. Distributions to noncontrolling interests net of contributions totaled $323 million and $195 million in 2025 and 2024, respectively. Pension Obligations Information related to pension plan contributions is included in Note 23 Employee Benefit Plans , under the heading “Cash Contributions and Benefit Payments.” Contractual Obligations Information related to the company’s significant contractual obligations is included in Note 19 Short-Term Debt , in Note 20 Long-Term Debt and in Note 5 Lease Commitments . The aggregate amount of interest due on these obligations, excluding leases, is: 2026 – $1.6 billion; 2027 – $1.4 billion; 2028 – $1.2 billion; 2029 – $1.1 billion; 2030 – $915 million; after 2030 – $6.0 billion. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements Information related to these off-balance sheet matters is included in Note 24 Other Contingencies and Commitments , under the heading “Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements.” Direct Guarantees Information related to guarantees is included in Note 24 Other Contingencies and Commitments under the heading “Guarantees.” Indemnifications Information related to indemnifications is included in Note 24 Other Contingencies and Commitments under the heading “Indemnifications.” 50 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Financial Ratios and Metrics The following represent several metrics the company believes are useful measures to monitor the financial health of the company and its performance over time: Current Ratio Current assets divided by current liabilities, which indicates the company’s ability to repay its short-term liabilities with short-term assets. The current ratio in all periods is adversely affected by the fact that Chevron’s inventories are valued on a last-in, first-out basis. At year-end 2025, the book value of inventory was lower than replacement costs, based on average acquisition costs during the year, by approximately $4.8 billion. At December 31 Millions of dollars 2025 2024 2023 Current assets $ 38,552   $ 40,911  $ 41,128 Current liabilities 33,387   38,558  32,258 Current Ratio 1.2 1.1 1.3 Interest Coverage Ratio Income before income tax expense, plus interest and debt expense and amortization of capitalized interest, less net income attributable to noncontrolling interests, divided by before-tax interest costs. This ratio indicates the company’s ability to pay interest on outstanding debt. Year ended December 31 Millions of dollars 2025 2024 2023 Income (Loss) Before Income Tax Expense $ 19,743   $ 27,506  $ 29,584 Plus: Interest and debt expense 1,217   594  469 Plus: Before-tax amortization of capitalized interest 226   214  223 Less: Net income attributable to noncontrolling interests 186   88  42 Subtotal for calculation 21,000   28,226  30,234 Total financing interest and debt costs $ 1,392   $ 773  $ 617 Interest Coverage Ratio 15.1   36.5  49.0 Free Cash Flow The cash provided by operating activities less capital expenditures, which represents the cash from operations available to creditors and investors after investing in the business. Year ended December 31 Millions of dollars 2025 2024 2023 Net cash provided by operating activities $ 33,939   $ 31,492  $ 35,609 Less: Capital expenditures 17,347   16,448  15,829 Free Cash Flow $ 16,592   $ 15,044  $ 19,780 Adjusted Free Cash Flow Free cash flow excluding operating working capital impacts, plus proceeds and deposits related to asset sales and returns of investments, plus net repayments (borrowings) of loans by equity affiliates, which represents the total cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes the preceding free cash flow measures are useful to monitor the financial health of the company and its performance over time. Year ended December 31 Millions of dollars 2025 2024 2023 Net cash provided by operating activities $ 33,939   $ 31,492  $ 35,609 Less: Capital expenditures 17,347   16,448  15,829 Free Cash Flow $ 16,592   $ 15,044  $ 19,780 Less: Net decrease (increase) in operating working capital (1,008) 1,211  (3,185) Plus: Proceeds and deposits related to asset sales and returns of investment 1,826   7,704  669 Plus: Net repayment (borrowing) of loans by equity affiliates 778   (233) (302) Adjusted Free Cash Flow $ 20,204   $ 21,304  $ 23,332 51 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Debt Ratio Total debt as a percentage of total debt plus Chevron Corporation Stockholders’ Equity, which indicates the company’s leverage. At December 31 Millions of dollars 2025 2024 2023 Short-term debt $ 977   $ 4,406  $ 529 Long-term debt 39,781   20,135  20,307 Total debt 40,758   24,541  20,836 Total Chevron Corporation Stockholders’ Equity 186,450   152,318  160,957 Total debt plus total Chevron Corporation Stockholders’ Equity $ 227,208   $ 176,859  $ 181,793 Debt Ratio 17.9   % 13.9  % 11.5  % Net Debt Ratio Total debt less cash and cash equivalents, time deposits and marketable securities as a percentage of total debt less cash and cash equivalents, time deposits and marketable securities, plus Chevron Corporation Stockholders’ Equity, which indicates the company’s leverage, net of its cash balances. At December 31 Millions of dollars 2025 2024 2023 Short-term debt $ 977   $ 4,406  $ 529 Long-term debt 39,781   20,135  20,307 Total debt 40,758   24,541  20,836 Less: Cash and cash equivalents 6,293   6,781  8,178 Less: Time deposits 4   4  — Less: Marketable securities —   —  45 Total net debt 34,461   17,756  12,613 Total Chevron Corporation Stockholders’ Equity 186,450   152,318  160,957 Total net debt plus total Chevron Corporation Stockholders’ Equity $ 220,911   $ 170,074  $ 173,570 Net Debt Ratio 15.6   % 10.4  % 7.3  % Debt-to-CFFO The sum of total debt divided by CFFO, which measures the company’s ability to cover its debt using the cash it generates from operations. At December 31 Millions of dollars 2025 2024 2023 Short-term debt $ 977   $ 4,406  $ 529 Long-term debt 39,781   20,135  20,307 Total debt 40,758   24,541  20,836 Net cash provided by operating activities (CFFO) 33,939   31,492  35,609 Debt-to-CFFO 1.2x 0.8x 0.6x Net Debt-to-CFFO The sum of total debt less cash and cash equivalents, time deposits and marketable securities, divided by CFFO, which measures the company’s ability to cover its net debt using the cash it generates from operations. The company believes the preceding debt measures are useful to monitor the strength of the company’s balance sheet. At December 31 Millions of dollars 2025 2024 2023 Short-term debt $ 977   $ 4,406  $ 529 Long-term debt 39,781   20,135  20,307 Total debt 40,758   24,541  20,836 Less: Cash and cash equivalents 6,293   6,781  8,178 Less: Time deposits 4   4  — Less: Marketable securities —   —  45 Total net debt 34,461   17,756  12,613 Net cash provided by operating activities (CFFO) 33,939   31,492  35,609 Net Debt-to-CFFO 1.0x 0.6x 0.4x 52 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Capital Employed The sum of Chevron Corporation Stockholders’ Equity, total debt and noncontrolling interests, which represents the net investment in the business. At December 31 Millions of dollars 2025 2024 2023 Chevron Corporation Stockholders’ Equity $ 186,450   $ 152,318  $ 160,957 Plus: Short-term debt 977   4,406  529 Plus: Long-term debt 39,781   20,135  20,307 Plus: Noncontrolling interest 5,726   839  972 Capital Employed at December 31 $ 232,934   $ 177,698  $ 182,765 Return on Average Capital Employed (ROCE) Net income attributable to Chevron (adjusted for after-tax interest expense and noncontrolling interest) divided by average capital employed. Average capital employed is computed by averaging the sum of capital employed at the beginning and end of the year. ROCE is a ratio intended to measure annual earnings as a percentage of historical investments in the business. Year ended December 31 Millions of dollars 2025 2024 2023 Net income attributable to Chevron $ 12,299   $ 17,661  $ 21,369 Plus: After-tax interest and debt expense 1,096   539  432 Plus: Noncontrolling interest 186   88  42 Net income after adjustments 13,581   18,288  21,843 Average capital employed $ 205,316   $ 180,232  $ 183,173 Return on Average Capital Employed 6.6   % 10.1  % 11.9  % Return on Stockholders ’ Equity (ROSE) Net income attributable to Chevron divided by average Chevron Corporation Stockholders’ Equity. Average stockholders’ equity is computed by averaging the sum of stockholders’ equity at the beginning and end of the year. ROSE is a ratio intended to measure earnings as a percentage of shareholder investments. Year ended December 31 Millions of dollars 2025 2024 2023 Net income attributable to Chevron $ 12,299   $ 17,661  $ 21,369 Chevron Corporation Stockholders’ Equity at December 31 186,450   152,318  160,957 Average Chevron Corporation Stockholders’ Equity 169,384   156,638  160,120 Return on Average Stockholders’ Equity 7.3   % 11.3  % 13.3  % Financial and Derivative Instrument Market Risk The market risk associated with the company’s portfolio of financial and derivative instruments is discussed below. The estimates of financial exposure to market risk do not represent the company’s projection of future market changes. The actual impact of future market changes could differ materially due to factors discussed elsewhere in this report, including those set forth under the heading Item 1A. Risk Factors . Derivative Commodity Instruments Chevron is exposed to market risks related to the price volatility of crude oil, refined products, NGLs, natural gas, LNG and refinery feedstocks. The company uses derivative commodity instruments to manage these exposures on a portion of its activity, including firm commitments and anticipated transactions for the purchase, sale and storage of crude oil, refined products, NGLs, natural gas, LNG and feedstock for company refineries. The company also uses derivative commodity instruments for limited trading purposes. The results of these activities were not material to the company’s financial position, results of operations or cash flows in 2025. The company’s market exposure positions are monitored on a daily basis by an internal Risk Control group in accordance with the company’s risk management policies. The company’s risk management practices and its compliance with policies are reviewed by the Audit Committee of the company’s Board of Directors. Derivatives beyond those designated as normal purchase and normal sale contracts are recorded at fair value on the Consolidated Balance Sheet with resulting gains and losses reflected in income. Fair values are derived principally from published market quotes and other independent third-party quotes. The change in fair value of Chevron’s derivative commodity instruments in 2025 was not material to the company’s results of operations. 53 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents The company uses the Monte Carlo simulation method as its Value-at-Risk (VaR) model to estimate the maximum potential loss in fair value, at the 95 percent confidence level with a one-day holding period, from the effect of adverse changes in market conditions on derivative commodity instruments held or issued. Based on these inputs, the VaR for the company’s primary risk exposures in the area of derivative commodity instruments at December 31, 2025 and 2024 was not material to the company’s cash flows or results of operations. Foreign Currency The company may enter into foreign currency derivative contracts to manage some of its foreign currency exposures. These exposures include revenue and anticipated purchase transactions, including foreign currency capital expenditures and lease commitments. The foreign currency derivative contracts, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. There were no open foreign currency derivative contracts at December 31, 2025. Interest Rates The company may enter into interest rate swaps from time to time as part of its overall strategy to manage the interest rate risk on its debt. Interest rate swaps, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. At year-end 2025, the company had no interest rate swaps. Transactions With Related Parties Chevron enters into a number of business arrangements with related parties, principally its equity affiliates. These arrangements include long-term supply or offtake agreements and long-term purchase agreements. Refer to “Other Information” in Note 15 Investments and Advances for further discussion. Management believes these agreements have been negotiated on terms consistent with those that would have been negotiated with an unrelated party. Litigation and Other Contingencies Climate Change Information related to climate change-related matters is included in Note 16 Litigation under the heading “Climate Change.” Louisiana Information related to Louisiana coastal matters is included in Note 16 Litigation under the heading “Louisiana.” Environmental The following table displays the annual changes to the company’s before-tax environmental remediation reserves, including those for U.S. federal Superfund sites and analogous sites under state laws. Millions of dollars 2025 2024 2023 Balance at January 1 $ 945   $ 936  $ 868 Net additions 395   264  327 Expenditures (281) (255) (259) Balance at December 31 $ 1,059   $ 945  $ 936 The company records asset retirement obligations when there is a legal obligation associated with the retirement of long-lived assets and the liability can be reasonably estimated. These asset retirement obligations include costs related to environmental issues. The liability balance of approximately $15.0 billion for asset retirement obligations at year-end 2025 is related primarily to upstream properties. For the company’s other ongoing operating assets, such as refineries and chemicals facilities, no provisions are made for exit or cleanup costs that may be required when such assets reach the end of their useful lives unless a decision to sell or otherwise decommission the facility has been made, as the indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the asset retirement obligation. The company records decommissioning obligations for previously divested assets when it is probable that the decommissioning obligations would revert to the Company and costs can be reasonably estimated. At the end of 2025, the liability balance was $2.2 billion. Refer to Note 24 Other Contingencies and Commitments for additional discussion of decommissioning obligations for previously divested assets. Refer to the discussion below for additional information on environmental matters and their impact on Chevron, and on the company’s 2025 environmental expenditures. Refer to Note 24 Other Contingencies and Commitments for additional discussion of environmental remediation provisions. Refer also to Note 25 Asset Retirement Obligations for additional discussion of the company’s asset retirement obligations. 54 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Suspended Wells Information related to suspended wells is included in Note 21 Accounting for Suspended Exploratory Wells . Income Taxes Information related to income tax contingencies is included in Note 17 Taxes and in Note 24 Other Contingencies and Commitments under the heading “Income Taxes.” Other Contingencies Information related to other contingencies is included in Note 24 Other Contingencies and Commitments under the heading “Other Contingencies.” Environmental Matters The company is subject to various international and U.S. federal, state and local environmental, health and safety laws, regulations and market-based programs. These laws, regulations and programs continue to evolve and are expected to increase in both number and complexity over time and govern not only the manner in which the company conducts its operations, but also the products it sells. Consideration of environmental issues and the responses to those issues through international agreements and national, regional or state legislation or regulations are integrated into the company’s strategy and planning, capital investment reviews and risk management tools and processes, where applicable. They are also factored into the company’s long-range supply, demand and energy price forecasts. These forecasts reflect long-range effects from electric vehicle and renewable fuel penetration, energy efficiency standards, climate-related policy actions, and demand response to oil and natural gas prices. In addition, legislation and regulations intended to address hydraulic fracturing also continue to evolve in many jurisdictions where we operate. Refer to Item 1A. Risk Factors for a discussion of some of the inherent risks of increasingly restrictive environmental and other regulation that could materially impact the company’s results of operations or financial condition. Refer to Business Environment and Outlook on pages 35 through 37 for a discussion of legislative and regulatory efforts to address climate change. Most of the costs of complying with existing laws and regulations pertaining to company operations and products are embedded in the normal costs of doing business. However, it is not possible to predict with certainty the amount of additional investments in new or existing technology or facilities or the amounts of increased operating costs to be incurred in the future to prevent, control, reduce or eliminate releases of hazardous materials or other pollutants into the environment; remediate and restore areas damaged by prior releases of hazardous materials; or comply with new environmental laws or regulations. Although these costs may be significant to the results of operations in any single period, the company does not presently expect them to have a material adverse effect on the company’s liquidity or financial position. Accidental leaks and spills requiring cleanup may occur in the ordinary course of business. The company may incur expenses for corrective actions at various owned and previously owned facilities and at third-party-owned waste disposal sites used by the company. An obligation may arise when operations are closed or sold or at non-Chevron sites where company products have been handled or disposed of. Most of the expenditures to fulfill these obligations relate to facilities and sites where past operations followed practices and procedures that were considered acceptable at the time but now require investigative or remedial work or both to meet current standards. Using definitions and guidelines established by the American Petroleum Institute, Chevron estimated its worldwide environmental spending in 2025 at approximately $2.8 billion for its consolidated companies. Included in these expenditures were approximately $0.8 billion of environmental capital expenditures and $2.0 billion of costs associated with the prevention, control, abatement or elimination of hazardous substances and pollutants from operating, closed or divested sites, and the decommissioning and restoration of sites. For 2026, total worldwide environmental capital expenditures are estimated at $0.7 billion. These capital costs are in addition to the ongoing costs of complying with environmental regulations and the costs to remediate previously contaminated sites. Critical Accounting Estimates and Assumptions Management makes many estimates and assumptions in the application of accounting principles generally accepted in the United States of America (GAAP) that may have a material impact on the company’s consolidated financial statements and related disclosures and on the comparability of such information over different reporting periods. Such estimates and assumptions affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets and liabilities. Estimates and assumptions are based on management’s experience and other information available prior to 55 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents the issuance of the financial statements. Materially different results can occur as circumstances change and additional information becomes known. The discussion in this section of “critical” accounting estimates and assumptions is according to the disclosure guidelines of the SEC, wherein:

1. the nature of the estimates and assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters, or the susceptibility of such matters to change; and
2. the impact of the estimates and assumptions on the company’s financial condition or operating performance is material. The development and selection of accounting estimates and assumptions, including those deemed “critical,” and the associated disclosures in this discussion have been discussed with the Audit Committee of the Board of Directors. The areas of accounting and the associated “critical” estimates and assumptions made by the company are as follows: Oil and Gas Reserves Crude oil, NGLs and natural gas reserves are estimates of future production that impact certain asset and expense accounts included in the Consolidated Financial Statements. Proved reserves are the estimated quantities of oil and gas that geoscience and engineering data demonstrate with reasonable certainty to be economically producible in the future under existing economic conditions, operating methods and government regulations. Proved reserves include both developed and undeveloped volumes. Proved developed reserves represent volumes expected to be recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves are volumes expected to be recovered from new wells on undrilled proved acreage, or from existing wells where a relatively major expenditure is required for recompletion. Variables impacting Chevron’s estimated volumes of crude oil, NGLs and natural gas reserves include field performance, available technology, commodity prices, and development, production and carbon costs. The estimates of crude oil, NGLs and natural gas reserves are important to the timing of expense recognition for costs incurred and to the valuation of certain oil and gas producing assets. Impacts of oil and gas reserves on Chevron’s Consolidated Financial Statements, using the successful efforts method of accounting, include the following:
3. Depreciation, Depletion and Amortization (DD&A) - Capitalized exploratory drilling and development costs are depreciated on a unit-of-production (UOP) basis using proved developed reserves. Acquisition costs of proved properties are amortized on a UOP basis using total proved reserves. During 2025, Chevron’s UOP DD&A for oil and gas properties was $16.2 billion, and proved developed reserves at the beginning of 2025 were 6 billion barrels for consolidated companies. If the estimates of proved reserves used in the UOP calculations for consolidated operations had been lower by five percent across all oil and gas properties, UOP DD&A in 2025 would have increased by approximately $900 million.
4. Impairment - Oil and gas reserves are used in assessing oil and gas producing properties for impairment. A significant reduction in the estimated reserves of a property would trigger an impairment review. Proved reserves (and, in some cases, a portion of unproved resources) are used to estimate future production volumes in the cash flow model. For a further discussion of estimates and assumptions used in impairment assessments, see Impairment of Properties, Plant and Equipment and Investments in Affiliates below. Refer to Table V , “Proved Reserve Quantity Information,” for the changes in proved reserve estimates for each of the three years ended December 31, 2023, 2024 and 2025, and to Table VII , “Changes in the Standardized Measure of Discounted Future Net Cash Flows From Proved Reserves” for estimates of proved reserve values for each of the three years ended December 31, 2023, 2024 and 2025. This Oil and Gas Reserves commentary should be read in conjunction with the Properties, Plant and Equipment section of Note 1 Summary of Significant Accounting Policies , which includes a description of the “successful efforts” method of accounting for oil and gas exploration and production activities. Impairment of Properties, Plant and Equipment and Investments in Affiliates The company assesses its properties, plant and equipment (PP&E) for possible impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If the carrying value of an asset exceeds the future undiscounted cash flows expected from the asset, an impairment charge is recorded for the excess of the carrying value of the asset over its estimated fair value. Determination as to whether and how much an asset is impaired involves management estimates on highly uncertain matters, such as future commodity prices, operating expenses, carbon costs, production profiles, the pace of the energy transition, and the outlook for global or regional market supply-and-demand conditions for crude oil, NGLs, natural gas, 56 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents commodity chemicals and refined products. However, the impairment reviews and calculations are based on assumptions that are generally consistent with the company’s business plans and long-term investment decisions. Refer also to the discussion of impairments of properties, plant and equipment in Note 18 Properties, Plant and Equipment and to the section on Properties, Plant and Equipment in Note 1 Summary of Significant Accounting Policies . The company performs impairment assessments when triggering events arise to determine whether any write-down in the carrying value of an asset or asset group is required. For example, when significant downward revisions to crude oil, NGLs and natural gas reserves are made for any single field or concession, an impairment review is performed to determine if the carrying value of the asset remains recoverable. Similarly, a significant downward revision in the company’s crude oil, NGLs or natural gas price outlook would trigger impairment reviews for impacted upstream assets. In addition, impairments could occur due to 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. Also, if the expectation of sale of a particular asset or asset group in any period has been deemed more likely than not, an impairment review is performed, and if the estimated future undiscounted cash flows exceed the carrying value of the asset or asset group, no impairment charge is required. Such calculations are reviewed each period until the asset or asset group is disposed. Assets that are not impaired on a held-and-used basis could possibly become impaired if a decision is made to sell such assets. That is, the assets would be impaired if they are classified as held-for-sale and the estimated proceeds from the sale, less costs to sell, are less than the assets’ associated carrying values. Investments in common stock of affiliates that are accounted for under the equity method, as well as investments in other securities of these equity investees, are reviewed for impairment when the fair value of the investment falls below the company’s carrying value. When this occurs, a determination must be made as to whether this loss is other-than-temporary, in which case the investment is impaired. Because of the number of differing assumptions potentially affecting whether an investment is impaired in any period or the amount of the impairment, a sensitivity analysis is not practicable. A sensitivity analysis of the impact on earnings for these periods if other assumptions had been used in impairment reviews and impairment calculations is not practicable, given the broad range of the company’s PP&E and the number of assumptions involved in the estimates. That is, favorable changes to some assumptions might have avoided the need to impair any assets in these periods, whereas unfavorable changes might have caused an additional unknown number of other assets to become impaired, or resulted in larger impacts on impaired assets. Asset Retirement Obligations In the determination of fair value for an asset retirement obligation (ARO), the company uses various assumptions and judgments, including such factors as the existence of a legal obligation, estimated amounts and timing of settlements, discount and inflation rates, and the expected impact of advances in technology and process improvements. A sensitivity analysis of the ARO impact on earnings for 2025 is not practicable, given the broad range of the company’s long-lived assets and the number of assumptions involved in the estimates. That is, favorable changes to some assumptions would have reduced estimated future obligations, thereby lowering accretion expense and amortization costs, whereas unfavorable changes would have the opposite effect. Refer to Note 25 Asset Retirement Obligations for additional discussions on asset retirement obligations. Pension and Other Post-Employment Benefit Plans Note 23 Employee Benefit Plans includes information on the funded status of the company’s pension and other post-employment benefit (OPEB) plans reflected on the Consolidated Balance Sheet; the components of pension and OPEB expense reflected on the Consolidated Statement of Income; and the related underlying assumptions. The determination of pension plan expense and obligations is based on a number of actuarial assumptions. Two critical assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan obligations. Critical assumptions in determining expense and obligations for OPEB plans, which provide for certain health care and life insurance benefits for qualifying retired employees and which are not funded, are the discount rate and the assumed health care cost-trend rates. Information related to the company’s processes to develop these assumptions is included in Note 23 Employee Benefit Plans under the relevant headings. Actual rates may vary significantly from estimates because of unanticipated changes beyond the company’s control. For 2025, the company used an expected long-term rate of return of 7.1 percent and a discount rate for service costs of 5.7 percent and a discount rate for interest cost of 5.1 percent for the primary U.S. pension plan. The actual return for 2025 was 11.1 percent. For the 10 years ended December 31, 2025, actual asset returns averaged 6.0 percent for this plan. Additionally, with the exception of three years within this 10-year period, actual asset returns for this plan equaled or exceeded 7.1 percent during each year. 57 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents Total pension expense for 2025 was $677 million. An increase in the expected long-term return on plan assets or the discount rate would reduce pension plan expense, and vice versa. As an indication of the sensitivity of pension expense to the long-term rate of return assumption, a one percent increase in this assumption for the company’s primary U.S. pension plan, which accounted for about 59 percent of companywide pension expense, would have reduced total pension plan expense for 2025 by approximately $93 million. A one percent increase in the discount rates for this same plan would have reduced pension expense for 2025 by approximately $175 million. The aggregate funded status recognized at December 31, 2025, was a net liability of approximately $70 million. An increase in the discount rate would decrease the pension obligation, thus changing the funded status of a plan. At December 31, 2025, the company used a discount rate of 5.5 percent to measure the obligations for the primary U.S. pension plan. As an indication of the sensitivity of pension liabilities to the discount rate assumption, a 0.25 percent increase in the discount rate applied to the company’s primary U.S. pension plan, which accounted for about 56 percent of the companywide pension obligation, would have reduced the plan obligation by approximately $247 million, and would have increased the plan’s surplus from $804 million to $1.1 billion. For the company’s OPEB plans, expense for 2025 was $88 million, and the total liability, all unfunded at the end of 2025, was $2.0 billion. For the primary U.S. OPEB plan, the company used a discount rate for service cost of 5.8 percent and a discount rate for interest cost of 5.2 percent to measure expense in 2025, and a 5.3 percent discount rate to measure the benefit obligations at December 31, 2025. Discount rate changes, similar to those used in the pension sensitivity analysis, resulted in an immaterial impact on 2025 OPEB expense and OPEB liabilities at the end of 2025. Differences between the various assumptions used to determine expense and the funded status of each plan and actual experience are included in actuarial gain/loss. Refer to page 98 in Note 23 Employee Benefit Plans for more information on the $3.1 billion of before-tax actuarial losses recorded by the company as of December 31, 2025. In addition, information related to company contributions is included on page 101 in Note 23 Employee Benefit Plans under the heading “Cash Contributions and Benefit Payments.” Business Combinations – Purchase-Price Allocation Accounting Accounting for business combinations requires the allocation of the company’s purchase price to the various assets and liabilities of the acquired business at their respective fair values. The company uses all available information to make these fair value determinations. Determining the fair value of assets acquired generally involves assumptions regarding the amounts and timing of future revenues and expenditures, as well as discount rates. For additional discussion of purchase price allocations, refer to Note 29 Acquisition of Hess Corporation . Contingent Losses Management also makes judgments and estimates in recording liabilities for claims, litigation, tax matters, transferred liabilities from previously divested assets, and environmental remediation. Actual costs can frequently vary from estimates for a variety of reasons. For example, the costs for settlement of claims and litigation can vary from estimates based on differing interpretations of laws, opinions on culpability and assessments on the amount of damages. The costs for decommissioning obligations for previously divested assets can also vary from estimates. Recording of liabilities for such costs typically requires judgment to assess the likelihood of decommissioning obligations reverting to the company, the timing of decommissioning activity, regulatory requirements and the scope of decommissioning activities. Similarly, liabilities for environmental remediation are subject to change because of changes in laws, regulations and their interpretation, the determination of additional information on the extent and nature of site contamination, and improvements in technology. Under the accounting rules, a liability is generally recorded for these types of contingencies if management determines the loss to be both probable and estimable. The company generally reports these losses as “Operating expenses,” “Selling, general and administrative expenses” or “Other income (loss)” on the Consolidated Statement of Income. An exception to this handling is for income tax matters, for which benefits are recognized only if management determines the tax position is more likely than not (i.e., likelihood greater than 50 percent) to be allowed by the tax jurisdiction. For additional discussion of income tax uncertainties, refer to Note 24 Other Contingencies and Commitments under the heading “Income Taxes.” Refer also to the business segment discussions elsewhere in this section for the effect on earnings from losses associated with certain litigation, environmental remediation and tax matters for the three years ended December 31, 2025. An estimate as to the sensitivity to earnings for these periods if other assumptions had been used in recording these liabilities is not practicable because of the number of contingencies that must be assessed, the number of underlying assumptions and the wide range of reasonably possible outcomes, both in terms of the probability of loss and the estimates of such loss. For further information, refer to “Changes in management’s estimates and assumptions may have a material 58 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Table of Contents impact on the company’s consolidated financial statements and financial or operational performance in any given period” in Item 1A. Risk Factors , on page 27. New Accounting Standards Refer to Note 4 New Accounting Standards for information regarding new accounting standards. 59 Financial Table of Contents Quarterly Results Unaudited 2025 2024 Millions of dollars, except per-share amounts 4th Q 3rd Q 2nd Q 1st Q 4th Q 3rd Q 2nd Q 1st Q Revenues and Other Income Sales and other operating revenues $ 45,787   $ 48,169   $ 44,375   $ 46,101   $ 48,334  $ 48,926  $ 49,574  $ 46,580 Income from equity affiliates 663   981   536   820   688  1,261  1,206  1,441 Other income (loss) 423   576   (89) 689   3,204  482  401  695 Total Revenues and Other Income 46,873   49,726   44,822   47,610   52,226  50,669  51,181  48,716 Costs and Other Deductions Purchased crude oil and products 25,348   27,398   26,858   28,610   30,148  30,450  30,867  27,741 Operating expenses 7,389   7,534   6,674   6,408   7,622  6,695  6,614  6,533 Selling, general and administrative expenses 1,492   1,524   889   1,221   1,585  1,191  1,048  1,010 Exploration expenses 324   288   252   187   449 154 263 129 Depreciation, depletion and amortization 5,884   5,781   4,344   4,123   4,973  4,214  4,004  4,091 Taxes other than on income 1,327   1,347   1,301   1,255   1,141  1,263  1,188  1,124 Interest and debt expense 361   370   274   212   199  164  113  118 Other components of net periodic benefit costs 149   70   83   11   50  49  48  48 Total Costs and Other Deductions 42,274   44,312   40,675   42,027   46,167  44,180  44,145  40,794 Income (Loss) Before Income Tax Expense 4,599   5,414   4,147   5,583   6,059  6,489  7,036  7,922 Income Tax Expense (Benefit) 1,754   1,801   1,632   2,071   2,800  1,993  2,593  2,371 Net Income (Loss) $ 2,845   $ 3,613   $ 2,515   $ 3,512   $ 3,259  $ 4,496  $ 4,443  $ 5,551 Less: Net income (loss) attributable to noncontrolling interests 75   74   25   12   20  9  9  50 Net Income (Loss) Attributable to Chevron Corporation $ 2,770   $ 3,539   $ 2,490   $ 3,500   $ 3,239  $ 4,487  $ 4,434  $ 5,501 Per Share of Common Stock Net Income (Loss) Attributable to Chevron Corporation – Basic $ 1.39   $ 1.83   $ 1.45   $ 2.01   $ 1.85  $ 2.49  $ 2.43  $ 2.99 – Diluted $ 1.39   $ 1.82   $ 1.45   $ 2.00   $ 1.84  $ 2.48  $ 2.43  $ 2.97 Dividends per share $ 1.71   $ 1.71   $ 1.71   $ 1.71   $ 1.63  $ 1.63  $ 1.63  $ 1.63 60 Financial Table of Contents Management’s Responsibility for Financial Statements To the Stockholders of Chevron Corporation Management of Chevron Corporation is responsible for preparing the accompanying consolidated financial statements and the related information appearing in this report. The statements were prepared in accordance with accounting principles generally accepted in the United States of America and fairly represent the transactions and financial position of the company. The financial statements include amounts that are based on management’s best estimates and judgments. As stated in its report included herein, the independent registered public accounting firm of PricewaterhouseCoopers LLP has audited the company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). The Board of Directors of Chevron has an Audit Committee composed of directors who are not officers or employees of the company. The Audit Committee meets regularly with members of management, the internal auditors and the independent registered public accounting firm to review accounting, internal control, auditing and financial reporting matters. Both the internal auditors and the independent registered public accounting firm have free and direct access to the Audit Committee without the presence of management. The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2025. Based on that evaluation, management concluded that the company’s disclosure controls are effective in ensuring that information required to be recorded, processed, summarized and reported are done within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms. Management’s Report on Internal Control Over Financial Reporting The company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f). The company’s management, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company’s internal control over financial reporting based on the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this evaluation, the company’s management concluded that internal control over financial reporting was effective as of December 31, 2025. 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, represent 24 percent and 3 percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2025. The effectiveness of the company’s internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report included herein. /s/ MICHAEL K. WIRTH /s/ EIMEAR P. BONNER /s/ ALANA K. KNOWLES Michael K. Wirth Eimear P. Bonner Alana K. Knowles Chairman of the Board Chief Financial Officer Controller and Chief Executive Officer February 24, 2026 61