Financial Analysis

Acquisition of Hess Corporation On July 18, 2025, the company acquired Hess Corporation (Hess), an independent oil and gas exploration and production company. Hesss principal upstream operations are in the United States, Guyana and Malaysia. Hesss operations also include an approximately 38 percent ownership interest in Hess Midstream LP (HESM), with operations primarily in the Bakken shale in the Williston Basin area of North Dakota. The aggregate purchase price of Hess was approximately $48 billion, including 15.38 million shares of Hess common stock purchased in open market transactions in the first quarter of 2025 and 301.25 million shares of Chevron common stock issued as closing consideration in July. As part of the transaction, the company assumed debt with an aggregate outstanding principal value of $8.8 billion. The shares issued represented approximately 15 percent of the shares of Chevron common stock outstanding immediately after the transaction closed on July 18, 2025. The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as information necessary to complete the analysis is obtained. Oil and gas properties were valued using a discounted ca …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Other Contingencies and Commitments Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Refer to Note 17 Taxes for a discussion of the periods for which tax returns have been audited for the companys major tax jurisdictions and a discussion for all tax jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount taken or expected to be taken in a tax return. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provisions have been made for all years under examination or subject to future examination. Guarantees The company has provided certain guarantees in the ordinary course of business, including financial and performance guarantees related to equity affiliates. Chevron has no material guarantees outstanding. Indemnifications The company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors in the ordinary course of business, the terms of which range in duration and sometimes are not limited. The company m …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Stock Options and Other Share-Based Compensation Compensation expense for stock options for 2025, 2024 and 2023 was $73 ($56 after tax), $90 ($68 after tax) and $85 ($65 after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance shares and restricted stock units for 2025, 2024 and 2023 was $399 ($303 after tax), $510 ($388 after tax) and $(100) ($(76) after tax), respectively. No significant stock-based compensation cost was capitalized at December 31, 2025, or December 31, 2024. Cash received in payment for option exercises under all share-based payment arrangements for 2025, 2024 and 2023 was $374, $356 and $263, respectively. Actual tax benefits realized for the tax deductions from option exercises were $29, $24 and $20 for 2025, 2024 and 2023, respectively. Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $405, $395 and $566 for 2025, 2024 and 2023, respectively. On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP). Awards under the 2022 LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares and non-stock grants. From May 2022 through May 2032, no more than 104 million shares may be issued under the 2022 LTIP. For awards issued on or after May 25, 2022, no more than 48 million of those shares may be issued in the form of full v …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for identical assets. The fair values reflect the cash that would have been received if the instruments were sold at December 31, 2025. Derivatives The company records most of its derivative instruments other than any commodity derivative contracts that are accounted for as normal purchase and normal sale on the Consolidated Balance Sheet at fair value, with the offsetting amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow hedges, if applicable. Derivatives classified as Level 1 include futures, swaps and options contracts valued using quoted prices from active markets such as the New York Mercantile Exchange. Derivatives classified as Level 2 include swaps, options and forward contracts, the fair values of which are obtained from third-party broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been very consistent. The company does not materially adjust this information. Properties, Plant and Equipment The company did not have any individually material impairments of long lived assets measured at fair value on a nonrecurring basis in 2025 or 2024. Investments and Advances The company did not h …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Taxes Income Taxes Year ended December 31 2025 2024 2023 Income tax expense (benefit) U.S. federal Current $ 444 $ 854 $ 895 Deferred 885 748 666 State and local Current 309 275 211 Deferred (88) 10 1 Total United States 1,550 1,887 1,773 International Current 5,520 7,388 6,745 Deferred 188 482 (345) Total International 5,708 7,870 6,400 Total income tax expense (benefit) $ 7,258 $ 9,757 $ 8,173 For 2025, ASU 2023-09 requires an expanded view of the rate reconciliation as well as a summary of income taxes paid for material jurisdictions. Chevron has elected a prospective presentation. The tables below represent the new standard for 2025 and revert to prior guidance for comparable years. The reconciliation between the U.S. statutory federal income tax rate and the companys effective income tax rate for the year ended December 31, 2025, in accordance with ASU 2023-09 guidance, is detailed in the following table: Taxes On Income Year ended December 31 2025 $ % Income (loss) before income taxes United States $ 5,979 International 13,764 Total income (loss) before income taxes 19,743 U.S. Federal statutory income tax 4,146 21.0 % State and local income tax, net of federal income tax effect 1 142 0.7 % Foreign tax effects Australia Statutory tax rate difference 334 1.7 % Additional non-U.S. income taxes 2 287 1.5 % Foreign exchange 356 1.8 % Other 14 0.1 % Kazakhstan Additional non-U.S. income taxes 2 624 3.2 % Equity affiliate accounting effect 3 (353) (1.8) % Other 128 0.6 % Nige …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Litigation Climate Change Governmental and other plaintiffs in various jurisdictions across the United States have brought lawsuits against fossil fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged impacts of climate change. Chevron entities are or were among the codefendants in 34 separate lawsuits filed by various U.S. cities and counties, seven U.S. states, the District of Columbia, the Commonwealth of Puerto Rico, two Native American tribes, and a trade group in both federal and state courts. 3 The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer and environmental protection statutes, violations of unfair competition statutes, violations of a federal antitrust statute, and violations of federal and state RICO statutes, based upon, among other things, the companys production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. Further such lawsuits are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state court and th …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Lease Commitments The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels and office buildings. Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows: At December 31, 2025 At December 31, 2024 Operating Leases Finance Leases Operating Leases Finance Leases Deferred charges and other assets $ 6,054 $ $ 5,315 $ Properties, plant and equipment, net 1,413 570 Right-of-use assets* $ 6,054 $ 1,413 $ 5,315 $ 570 Accrued liabilities $ 1,831 $ $ 1,519 $ Short-term debt 786 58 Current lease liabilities 1,831 786 1,519 58 Deferred credits and other noncurrent obligations 4,154 3,551 Long-term debt 659 546 Noncurrent lease liabilities 4,154 659 3,551 546 Total lease liabilities $ 5,985 $ 1,445 $ 5,070 $ 604 Weighted-average remaining lease term (in years) 6.6 6.5 6.3 13.2 Weighted-average discount rate 4.0 % 4.9 % 3.7 % 4.6 % * Includes non-cash additions of $2,845 and $971 in 2025, and $2,205 and $40 in 2024 for right-of-use assets obtained in exchange for new and modified lease liabilities for operating and finance leases, respectively. Total lease costs consist of both amounts recognized in …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-Term Debt Total long-term debt including finance lease liabilities at December 31, 2025, was $39,781. The companys long-term debt outstanding at year-end 2025 and 2024 was as follows: At December 31 2025 2024 Weighted Average Interest Rate (%) 1 Range of Interest Rates (%) 2 Principal Principal Notes due 2026 2.954 2,250 2,250 Notes due 2027 3.594 1.018 - 8.000 5,000 2,000 Notes due 2028 4.762 3.850 - 5.875 4,700 600 Notes due 2029 5.872 3.250 - 7.875 1,567 500 Notes due 2030 3.955 2.236 - 5.500 5,350 1,500 Notes and Debentures due 2031 7.484 7.300 - 8.625 734 102 Notes and Debentures due 2032 4.944 4.500 - 8.625 2,083 183 Notes due 2033 7.125 540 Notes due 2035 4.909 4.850 - 4.980 1,650 Notes due 2040 5.152 2.978 - 6.000 1,043 293 Notes due 2041 5.696 5.600 - 6.000 1,646 397 Notes due 2043 5.250 330 330 Notes due 2044 5.050 222 222 Notes due 2047 5.569 4.950 - 5.800 687 187 Notes due 2049 4.200 237 237 Notes due 2050 2.763 2.343 - 3.078 1,750 1,750 Notes due 2075 3.722 154 Debentures due 2097 7.250 60 60 Bank loans due 2026 to 2028 5.460 2.448 - 8.040 532 193 Term loans and credit facility borrowings 7.320 7.250 - 8.136 367 Medium-term notes, maturing from 2033 to 2038 5.786 3.688 - 7.840 20 20 Notes due 2025 4,012 Total including debt due within one year $ 30,922 14,836 Debt due within one year (2,345) (4,012) Fair market value adjustment for debt acquired in the Noble and Hess acquisitions 649 529 Reclassified from short-term debt 9,941 8,250 Unamortized discounts and …

LongTermDebtTextBlock · excerpt; the full note is in the filing

New Accounting Standards Income Taxes (Topic 740) Improvements to Income Tax Disclosures The company has adopted the Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) 2023-09 which is effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The adoption of this ASU did not have an impact on the companys consolidated financial position or results of operations. For additional information, refer to Note 17 Taxes . Income Statement (Topic 220) Reporting Comprehensive Income - Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, which becomes effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The standard requires companies to disclose disaggregated information about certain income statement expense line items. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA) minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the companys other investment alternatives. The company also sponsors other post-employment benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees share the costs. For the companys main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company. The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an asset or liability on the Consolidated Balance Sheet. The funded status of the companys pension and OPEB plans for 2025 and 2024 follows: Pension Benefits 2025 2024 Other Benefits U.S. Intl. U.S. Intl. 2025 2024 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring and Reorganization Costs The following table summarizes the accrued severance liability on the Consolidated Balance Sheet. The balance is expected to be substantially settled by the end of 2026. Amounts Before Tax Balance at January 1, 2025 $ 990 Accruals/Adjustments 191 Payments (498) Balance at December 31, 2025 $ 683

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Revenue Revenue from contracts with customers is presented in Sales and other operating revenues along with some activity that is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which is not material to this line, on the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported in Purchased crude oil and products on the Consolidated Statement of Income. Refer to Note 14 Operating Segments and Geographic Data for additional information on the companys segmentation of revenue. Receivables related to revenue from contracts with customers are included in Accounts and notes receivable on the Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $12,314 and $14,227 at December 31, 2025 and 2024, respectively. Other items included in Accounts and notes receivable represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for outside the scope of ASC 606 . Contract assets and related costs are reflected in Prepaid expenses and other current assets and contract liabilities are reflected in Accrued liabilities and Deferred credits and other noncurrent …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Operating Segments and Geographic Data Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream, representing the companys reportable segments and operating segments. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. All Other activities of the company include worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology activities. The companys segments are managed by segment managers who report to the chief operating decision maker (CODM), which is comprised of th …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies General The companys Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America. These require the use of estimates and assumptions that affect the assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and judgments, actual results could differ from these estimates as circumstances change and additional information becomes known. Prior years data have been reclassified in certain cases to conform to the 2025 presentation basis. Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary. Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis. Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately 20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are accounted for by the equity method. Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Equity Retained earnings at December 31, 2025 and 2024, included $32,062 and $35,349, respectively, for the companys share of undistributed earnings of equity affiliates. At December 31, 2025, about 93 million shares of Chevrons common stock remained available for issuance from the 104 million shares that were reserved for issuance under the 2022 Chevron Long-Term Incentive Plan. In addition, 537,174 shares remain available for issuance from the 1,600,000 shares of the companys common stock that were reserved for awards under the Chevron Corporation Non-Employee Directors Equity Compensation and Deferral Plan. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisition of Hess Corporation On July 18, 2025, the company acquired Hess Corporation (Hess), an independent oil and gas exploration and production company. Hesss principal upstream operations are in the United States, Guyana and Malaysia. Hesss operations also include an approximate 38 percent ownership interest in Hess Midstream LP, with operations primarily in the Bakken shale in the Williston Basin area of North Dakota. The aggregate purchase price of Hess was approximately $48 billion, including 15.38 million shares of Hess common stock purchased in open market transactions in the first quarter of 2025 and 301.25 million shares of Chevron common stock issued as closing consideration in July. As part of the transaction, the company assumed debt with an aggregate outstanding principal value of $8.8 billion. The shares issued represented approximately 15 percent of the shares of Chevron common stock outstanding immediately after the transaction closed on July 18, 2025. The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as information necessary to complete the analysis is obtained. Oil and gas properties were valued using a discounted cash flow a …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Other Contingencies and Commitments Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are subject to audit and are not finalized with the individual taxing authorities until several years after the end of the annual period for which income taxes have been calculated. Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of management, adequate provision has been made for income taxes for all years under examination or subject to future examination. Guarantees The company has provided certain guarantees in the ordinary course of business, including financial and performance guarantees related to equity affiliates. Chevron has no material guarantees outstanding. Indemnifications The company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors in the ordinary course of business, the terms of which range in duration and sometimes are not limited. The company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service or other claims made against such parties. Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements The company and its subsidiaries have certain conti …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value of an asset or liability are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the company, Level 1 inputs include exchange-traded futures contracts for which the parties are willing to transact at the exchange-quoted price and marketable securities that are actively traded. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly. For the company, Level 2 inputs include quoted prices for similar assets or liabilities, prices obtained through third-party broker quotes and prices that can be corroborated with other observable inputs for substantially the complete term of a contract. Level 3: Unobservable inputs. The company does not use Level 3 inputs for any of its recurring fair value measurements. Level 3 inputs may be required for the determination of fair value associated with certain nonrecurring measurements of nonfinancial assets and liabilities. The fair value hierarchy for assets and liabilities measured at fair value at June 30, 2026, and December 31, 2025, is shown in the table below. Refer to Note 14. Financial and Derivative Instruments for the gross amounts of derivative assets and liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis At June 30, 2026 At December 31, 2025 (Millions of dollars) Total Level 1 Level 2 Level …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The income tax expense increased $2.8 billion between quarterly periods from $1.6 billion in 2025 to $4.5 billion in 2026. The companys income before income tax expense increased $12.5 billion from $4.1 billion in 2025 to $16.7 billion in 2026, primarily due to higher upstream liquids realizations, higher upstream sales volumes, higher downstream margins on refined product sales and favorable timing effects partly offset by higher depreciation, depletion and amortization. The companys effective tax rate decreased between quarterly periods from 39 percent in 2025 to 27 percent in 2026. The change in effective tax rate was primarily due to mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions, and the decrease in current period unfavorable tax items relative to the companys income before tax. The income tax expense increased between six-month periods from $3.7 billion in 2025 to $6.1 billion in 2026. The companys income before income tax expense increased $10.9 billion, from $9.7 billion in 2025 to $20.6 billion in 2026, primarily due to higher upstream sales volumes and liquids realizations, and higher downstream margins on refined product sales partly offset by higher depreciation, depletion and amortization. The companys effective tax rate decreased between six-month periods from 38 percent in 2025 to 30 percent in 2026. The change in effective tax rate was primarily due to mix effec …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Litigation Climate Change Governmental and other plaintiffs in various jurisdictions across the United States have brought lawsuits against fossil fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged impacts of climate change. Chevron entities are or were among the codefendants in 34 separate lawsuits filed by various U.S. cities and counties, seven U.S. states, the District of Columbia, the Commonwealth of Puerto Rico, two Native American tribes, and a trade group in both federal and state courts. 1 The lawsuits have asserted various causes of action, including public nuisance, private nuisance, failure to warn, fraud, conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, equitable relief for pollution, impairment and destruction of natural resources, unjust enrichment, violations of consumer and environmental protection statutes, violations of unfair competition statutes, violations of federal and state antitrust statutes, and violations of federal and state RICO statutes, based upon, among other things, the companys production of oil and gas products and alleged misrepresentations or omissions relating to climate change risks associated with those products. Further such lawsuits are likely to be brought by other parties. While defendants have sought to remove cases filed in state court to federal court, most of those cases have been remanded to state cou …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

New Accounting Standards Income Statement (Topic 220) Reporting Comprehensive Income - Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, which becomes effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The standard requires companies to disclose disaggregated information about certain income statement expense line items. The company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. Environmental Credits and Environmental Credit Obligations (Topic 818) In May 2026, the FASB issued ASU 2026-02, which becomes effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. The standard provides specific authoritative guidance on the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. The company is evaluating the effect of the standard on the companys consolidated financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefits Chevron has defined benefit pension plans for many employees. The company typically prefunds defined benefit plans as required by local regulations or in certain situations where prefunding provides economic advantages. In the United States, all qualified plans are subject to the Employee Retirement Income Security Act minimum funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding requirements under laws and regulations because contributions to these pension plans may be less economic and investment returns may be less attractive than the companys other investment alternatives. The company also sponsors other postretirement employee benefit (OPEB) plans that provide medical and dental benefits, as well as life insurance for qualifying retired employees. The plans are unfunded, and the company and the retirees share the costs. For the companys main U.S. medical plan, the increase to the pre-Medicare company contribution for retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the company. The components of net periodic benefit costs for 2026 and 2025 are as follows: Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) (Millions of dollars) Pension Benefits United States Service cost $ 86 $ 89 $ 172 $ 179 Interest cost 121 123 243 247 Expected return on plan assets (194) (173) (389) (347) Amorti …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring and Reorganization Costs The following table summarizes the accrued severance liability on the Consolidated Balance Sheet, which is expected to be substantially settled by the end of 2026. Amounts Before Tax (Millions of dollars) Balance at January 1, 2026 $ 683 Accruals/Adjustments (86) Payments (219) Balance at June 30, 2026 $ 378

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Revenue Sales and other operating revenues on the Consolidated Statement of Income primarily arise from contracts with customers. Related receivables are included in Accounts and notes receivable on the Consolidated Balance Sheet, net of the current expected credit losses. The net balance of these receivables was $16.4 billion and $12.3 billion at June 30, 2026, and December 31, 2025, respectively. Other items included in Accounts and notes receivable represent amounts due from partners for their share of joint venture operating and project costs and amounts due from others, primarily related to derivatives, leases, buy/sell arrangements, and product exchanges, which are accounted for outside the scope of Accounting Standard Codification (ASC) 606 . …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Operating Segments and Geographic Data Upstream Downstream Segment Total All Other Total Three months ended June 30, 2026 U.S. Intl. U.S. Intl. Sales and other operating revenues before elimination $ 15,969 $ 18,523 $ 28,503 $ 25,623 $ 88,618 $ 161 $ 88,779 Intersegment revenue elimination (10,309) (6,655) (3,780) (700) (21,444) (136) (21,580) Sales and Other Operating Revenues 5,660 11,868 24,723 24,923 67,174 25 67,199 Income (loss) from equity affiliates (33) 1,303 456 399 2,125 2,125 Other income (loss) (1) (20) 364 19 247 610 121 731 Total Revenues and Other Income 5,607 13,535 25,198 25,569 69,909 146 70,055 Intersegment product transfers (2) 9,017 3,111 (10,355) (2,023) (250) 250 Less expenses: Purchased crude oil and products 4,359 4,990 9,161 18,097 36,607 36,607 Operating and SG&A expenses 2,050 1,417 2,270 2,006 7,743 1,118 8,861 Depreciation, depletion and amortization 3,076 2,581 259 75 5,991 91 6,082 Other costs and deductions (3) 494 362 123 456 1,435 386 1,821 Total Costs and Other Deductions 9,979 9,350 11,813 20,634 51,776 1,595 53,371 Income Tax Expense (Benefit) 1,041 2,653 619 378 4,691 (221) 4,470 Less: Net income (loss) attributable to non-controlling interests 63 2 77 142 142 Net Income (Loss) Attributable to Chevron Corporation $ 3,541 $ 4,641 $ 2,411 $ 2,457 $ 13,050 $ (978) $ 12,072 Values have been adjusted for eliminations, unless otherwise specified. (1) Includes interest income of $71 in All Other. (2) Valuation of product transfers between …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing