Chevron Corp.

Tengizchevroil (TCO) affiliate — Chevron 50% interest — operating the Tengiz and Korolev crude oil fields in western Kazakhstan under a concession expiring in 2033. In 2025, TCO completed the Future Growth Project (FGP) at Tengiz, increasing crude oil production by 260,000 b/d to total gross output of one million oil-equivalent barrels per day. Most 2025 crude exports moved through the Caspian Pipeline Consortium (Chevron 15% interest in CPC; CPC transported an average 1.5 MMbbl/d in 2025).

Wheatstone project — 80.2% interest in the offshore licenses and 64.1%-owned and operated interest in the LNG facilities: development of the Wheatstone and Iago fields, a two-train 8.9 Mt/yr LNG facility and a domestic gas plant at Ashburton North. Marked its 1,000th LNG shipment in 2025 since 2017 start-up. A pending asset swap with Woodside (NWS interests for Woodside's 13% Wheatstone and 65% Julimar-Brunello interests) is expected to close in 2026. Estimated remaining economic life exceeds 14 years.

62.9%-owned and operated unit areas in the Green Canyon area. First full year of production completed in 2025 using industry-leading 20k high-pressure subsea technology; an additional well of the initial seven-well Stage 1 subsea development came online and a debottlenecking project was sanctioned to increase capacity. Estimated remaining production life of more than 25 years.

60%-owned and operated field in the Mississippi Canyon area, developed as a three-well subsea tieback to the upgraded 75%-owned and operated Blind Faith facility. First oil April 2025; design capacity reached ahead of schedule. Estimated remaining production life of 20 years.

60%-owned and operated field in the deepwater Walker Ridge area; platform supports an onboard full-capacity drilling rig; production wells use electric submersible pumps. First oil from two additional development wells in 2025; further development planned in 2026. Estimated remaining life of more than 20 years.

58%-owned and operated deepwater field in the Green Canyon area. In 2025, a development well workover delivered first oil from a shallower reservoir while water injection continued. Estimated remaining production life of more than 15 years.

50%-owned (Jack) and 51%-owned (St. Malo) operated fields in the Walker Ridge area with a 40.6%-owned production host facility. In 2025, two Jack development wells delivered first oil, St. Malo Stage 4 water injection continued, and the Jack/St. Malo Stage 5 project achieved first oil in December 2025. Estimated remaining life of more than 20 years.

50%-owned and operated field in the Green Canyon area; interest increased by 25% and operatorship assumed with the Hess acquisition. Black Pearl development well achieved first oil in July 2025. Estimated remaining production life of more than 25 years.

47.3%-owned and operated Gorgon project on Barrow Island — development of the Gorgon and Jansz-Io fields, a three-train 15.6 Mt/yr LNG facility, a carbon capture and underground storage facility, and a domestic gas plant. Jansz-Io Compression progressed in 2025 with first gas expected 2028. FID reached in 2025 on Gorgon Stage 3 (Geryon and Eurytion backfill, first gas expected 2029; WA-22-R farmdown to 47.3% aligned partner interests); proved reserves recognized for both projects. Estimated remaining economic life exceeds 40 years.

41.5% nonoperated working interest in the Alaminos Canyon area; 15-well subsea development with floating production unit. First production January 2025, nameplate capacity reached in September with eight wells online during the year. Estimated remaining life of more than 25 years.

39.7%-owned and operated deepwater gas field under a concession expiring in 2044. A third gathering pipeline under construction is expected to increase gas production capacity from ~1.2 to 1.4 bcf/d (completion early 2026). In early 2026, FID was reached on the Leviathan Expansion Phase 1 Project, expected to increase upstream production capacity to 2.1 bcf/d.

37.5% nonoperated interest in the Perdido Regional Host in the Alaminos Canyon area, accommodating Great White (33.3% WI), Silvertip and Tobago production. In 2025, four development wells and one water injector were brought online at Great White; Silvertip Expansion (60% nonoperated WI) development continued with first oil expected in 2026. Estimated remaining life of more than 15 years.

25%-owned and operated gas field under a concession expiring in 2038. Tamar Optimization Project Phase 1 installed a new pipeline raising platform delivery capacity from ~1.0 to 1.2 bcf/d, with first gas in early 2026; Phase 2 (approved February 2024) is expected to further increase capacity to ~1.6 bcf/d.

18% nonoperated working interest in the Karachaganak field in northwest Kazakhstan, operated under a PSA expiring in 2038. In 2025, the Karachaganak Expansion Project Stage 1A facility scope was fully completed; Stage 1B is expected to complete in H2 2026 — both designed to increase gas re-injection capacity and extend stable field production; proved reserves recognized for both. Majority of exported liquids move via the CPC pipeline. Kazakhstan consolidated net production (2025): 28 MBD crude, 106 MMcf/d gas.

16.7% nonoperated working interest in the North West Shelf Venture, Western Australia. In 2024 Chevron agreed to swap its 16.7% NWS Project / NWS Oil Project interests and 20% Angel CCS interest for Woodside's 13% nonoperated Wheatstone interest and 65% operated Julimar-Brunello interest; closing expected in 2026 subject to customary conditions.

15.6% nonoperated working interest in the Green Canyon area; Spar A and Argos production facilities. Spar A eleventh producing well completed in 2025; Mad Dog 2 development at Argos has completed 12 producers and 5 water injectors to date; the three-well Argos Southwest Extension (ASWX) commenced production in 2025. Estimated remaining life of more than 40 years.

Consolidated European upstream operations — United Kingdom North Sea.

Producing operations offshore Angola; Chevron's share of Angola LNG production is held through an affiliate. 2025 net production of 58 kboe/d (64 in 2024).

Vaca Muerta shale operations: 50% nonoperated interest in the Loma Campana and Narambuena concessions (30 horizontal wells drilled at Loma Campana in 2025, including Argentina's longest unconventional well at ~27,480 ft TD with a record 16,778-ft lateral; 42 wells put on production; Loma Campana expires 2048, Narambuena extended to 2060 under a 35-year unconventional license) and a 100%-owned and operated El Trapial Field (unconventional concession to 2057, conventional waterflood to 2032). 14% interest in the Oldelval crude export pipeline; joined the Vaca Muerta Sur pipeline project (437 km to Punta Colorada terminal, operational 2027).

Approximately 469,000 net acres in the Bakken shale play of the Williston Basin, acquired with Hess Corporation in July 2025. During 2025, 121 wells were drilled and 127 new wells brought online, bringing total operated production wells to 1,967. Supported by Hess Midstream's fee-based gathering, processing and export infrastructure.

Producing natural gas operations in Bangladesh. 2025 net production of 85 kboe/d (99 in 2024).

Six owned-and-operated fields in California — Kern River, Cymric/McKittrick, Midway Sunset, San Ardo, Coalinga and Lost Hills — with interests between 87% and 100%. 2025 average net daily oil-equivalent production of 63,000 barrels. Following Kern County's reinstatement of drilling permit approvals, limited development drilling is planned for 2026.

Producing operations in China. 2025 net production of 23 kboe/d (29 in 2024).

Largest oil and natural gas producer in Colorado, with development focused across ~580,000 net acres in the Denver-Julesburg Basin (plus operations in the Piceance Basin). Factory development strategy using multi-well pads with horizontal wells completed by hydraulic fracture stimulation.

Largest acreage holder in the Gulf of America following the Hess acquisition; operated and nonoperated exploration, development and production in the deepwater plus nonoperated shelf interests. 2025 net daily production averaged 235,000 bbl crude, 19,000 bbl NGLs and 150 MMcf/d gas (Hess legacy assets contributed 29/4/48 in H2). Apparent high bidder on 24 exploration blocks in the Big Beautiful Gulf 1 Lease Sale. Far South oil discovery announced at Green Canyon Block 584 (42.5% nonoperated).

Producing operations in Nigeria, including the Escravos gas projects; ~137 MMboe of proved undeveloped reserves held more than five years relate to facility constraints at various fields and Escravos infrastructure. 2025 net production of 134 kboe/d (129 in 2024).

Concession to operate the Kingdom of Saudi Arabia's 50% interest in hydrocarbon resources of the onshore and nearshore Partitioned Zone between Saudi Arabia and Kuwait, expiring 2046. In 2025, the NWWB-2 appraisal well was drilled and completed, further assessing resources discovered in 2024 and making a new oil discovery north of the Wafra Field.

Advantaged portfolio of more than 1,750,000 net acres in the Delaware and Midland basins of West Texas and Southeast New Mexico. Production reached one million barrels of net oil-equivalent per day in 2025. Stacked formations allow production of multiple geologic zones from single surface locations; factory development uses multi-well pads with horizontal wells completed by hydraulic fracture stimulation. Acreage transactions enabling longer laterals and diversified land assets via non-operated JVs and royalty positions contribute to higher returns. 2025 extensions and discoveries in shale and tight were among the year's largest reserve additions.

Operated interests in the Pattani Basin, Gulf of Thailand, with ownership 35-71.2%; concessions for producing areas expire 2030-2038. Pailin Field (35%, Block B12/27) received a 10-year extension to 2038 in December 2025; Benchamas/Maliwan (51.7%, Block B8/32); 16% nonoperated in Arthit (Malay Basin, concessions 2036-2040); 70% operated E&P license for Block G2/65 (2.6 million net acres) after a 2025 farmdown.

50%-owned and operated interests in Blocks PM302 and PM325 in the North Malay Basin and 50% in Block PM301 (unitized within the nonoperated Malaysia/Thailand JDA), acquired with Hess in July 2025. The JDA Block A-18 was sold immediately following the acquisition.

Chevron sold 70% of its working interest in the Haynesville shale of East Texas in 2025, retaining a 30% non-operated working interest and an ~12.5% overriding royalty interest in the newly formed joint venture. Chevron holds approximately 70,000 net acres and obtained a $450 million capital carry for development of the area through the sale.

30% nonoperated interest in the ~6.6-million-acre Stabroek Block offshore Guyana, acquired with Hess in July 2025. The One Guyana FPSO (~250,000 gross bbl/d capacity) achieved first production in August 2025 — the fourth producing FPSO alongside Liza Destiny, Liza Unity and Prosperity. By 2030, eight FPSOs are expected in production with aggregate capacity of ~1.7 million gross barrels of oil per day.

Consolidated U.S. upstream operations in Texas, New Mexico, Colorado, North Dakota, California and the Gulf of America. 2025 net production of 1,858 kboe/d (up from 1,599 in 2024 and 1,349 in 2023), lifted by record Permian output, the July 2025 Hess acquisition (Bakken, Gulf of America) and deepwater ramp-ups (Anchor, Ballymore, Whale). 43% of YE2025 worldwide net proved oil-equivalent reserves are in the U.S. Sold 70% of Haynesville working interest in 2025. First power project for data centers advanced in West Texas, to be supplied with Permian gas.

Consolidated Australian upstream operations concentrated offshore Western Australia — operated Gorgon and Wheatstone LNG projects, nonoperated North West Shelf Venture and Carnarvon Basin exploration. Largest LNG producer in Australia; 15% of YE2025 worldwide net proved reserves. ~205 MMboe of PUDs held >5 years relate to Gorgon/Wheatstone scheduling. Gorgon Stage 3 FID and Jansz-Io Compression progress added proved reserves (715 bcf extensions in 2025).

Consolidated Asia upstream operations — Kazakhstan (Karachaganak; TCO held as affiliate), Israel (Leviathan, Tamar), Thailand (Pattani Basin), Bangladesh, China, Partitioned Zone, and Malaysia (Hess acquisition). Exited the Kurdistan Region of Iraq in 2025; JDA Block A-18 sold immediately after Hess close.

Consolidated African upstream operations — Nigeria, Angola and Equatorial Guinea. Withdrew from the Republic of Congo in 2025 (asset sale). Nigerian Escravos gas-project facility constraints account for ~137 MMboe of PUDs held more than five years. Angola LNG participation held through affiliate.

Consolidated Other Americas upstream operations — Argentina (Vaca Muerta shale), Canada, Guyana (Stabroek, via Hess acquisition July 2025) and Venezuela. Canada Duvernay shale and AOSP (synthetic oil) assets were sold in December 2024 — the 2024 synthetic-oil reserve sale of 593 mmbbl reflects that divestiture. 2025 reserve purchases (473 mmbbl crude) driven by Hess Guyana assets.

Producing operations in Equatorial Guinea. 2025 net production of 37 kboe/d (46 in 2024).

Yeosu Refinery (GS Caltex) with operable capacity of 400 kbd at YE2025. Held through the GS Caltex affiliate.

Pascagoula Refinery with operable capacity of 369 kbd at YE2025.

El Segundo Refinery with operable capacity of 290 kbd at YE2025.

Richmond Refinery with operable capacity of 257 kbd at YE2025.

Map Ta Phut Refinery with operable capacity of 175 kbd at YE2025.

Pulau Merlimau Refinery (SRC) with operable capacity of 145 kbd at YE2025. Held through the Singapore Refining Company affiliate.

Pasadena Refinery with operable capacity of 125 kbd at YE2025. 2025 expansion fully operational, increasing light crude throughput capacity to 125,000 b/d — enabling more equity Permian crude processing, greater U.S. Gulf Coast product supply, and synergies with Pascagoula.

Salt Lake City Refinery with operable capacity of 58 kbd at YE2025.

Renewable diesel plant in Geismar, Louisiana. In 2025 the company began production and continued ramp-up following an expansion that increased plant capacity from 7,000 to 22,000 barrels per day. One of 11 owned-and-operated biofuel refineries in the U.S. and Germany (eight producing biodiesel, one renewable diesel, two idle in 2025).