Second Quarter 2026 Compared with Second Quarter 2025 Key Financial Results Earnings by Business Segment Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) (Millions of dollars) Upstream United States $ 3,541 $ 1,418 $ 5,653 $ 3,276 International 4,641 1,309 6,438 3,209 Total Upstream 8,182 2,727 12,091 6,485 Downstream United States 2,411 404 2,607 507 International 2,457 333 1,444 555 Total Downstream 4,868 737 4,051 1,062 Total Segment Earnings 13,050 3,464 16,142 7,547 All Other (978) (974) (1,860) (1,557) Net Income (Loss) Attributable to Chevron Corporation (1) (2) $ 12,072 $ 2,490 $ 14,282 $ 5,990 (1) Includes foreign currency effects. $ (49) $ (348) $ (272) $ (486) (2) Income (loss) net of tax; also referred to as “earnings” in the discussions that follow. Net income attributable to Chevron Corporation for second quarter 2026 was $12.1 billion ($6.11 per share — diluted), compared with $2.5 billion ($1.45 per share — diluted) in second quarter 2025. The net income attributable to Chevron Corporation for the first six months of 2026 was $14.3 billion ($7.21 per share —diluted), compared with $6.0 billion ($3.45 per share — diluted) in the first six months of 2025. Upstream earnings in second quarter 2026 were $8.2 billion compared with $2.7 billion in the corresponding 2025 period. The increase was mainly due to higher realizations and higher sales volumes, partially offset by higher depreciation, depletion and amortization expense. Earnings for the first six months of 2026 were $12.1 billion compared with $6.5 billion a year earlier. The increase was mainly due to higher sales volumes and realizations, partially offset by higher depreciation, depletion and amortization expense. Downstream earnings in second quarter 2026 were $4.9 billion compared with $737 million in the corresponding 2025 period. The increase was mainly due to higher margins on refined product sales. Earnings for the first six months of 2026 were $4.1 billion compared with $1.1 billion a year earlier. The increase was mainly due to higher margins on refined product sales. Refer to “Results of Operations” for additional discussion of results by business segment and “All Other” activities for the second quarter and first six months of 2026 versus the same period in 2025. Business Environment and Outlook Chevron Corporation3 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, 3 Incorporated in Delaware in 1926 as Standard Oil Company of California, the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001. In 2005, ChevronTexaco Corporation changed its name to Chevron Corporation. As used in this report, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole, but unless stated otherwise they do not include “affiliates” of Chevron — i.e., those companies generally owned 50 percent or less. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. 26 Table of Contents 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. These policies and programs can change the amount of energy consumed, the rate of energy-demand growth, the energy mix, and the relative economics of one fuel versus another. Implementation of jurisdiction-specific policies and programs can be dependent on, and can affect the pace of, technological advancements; the granting of necessary permits by governing authorities; the availability and acceptability of cost-effective, verifiable carbon credits; the availability of suppliers that can meet sustainability-related standards; evolving regulatory requirements affecting ESG standards or disclosures; and evolving standards and regulations for tracking, reporting, disclosing, marketing, and advertising relating to emissions and emissions reductions and removals. 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 emissions 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. Chevron’s previously disclosed GHG intensity targets through 2028 can be found on pages 36 through 37 of the company’s 2025 Annual Report on Form 10-K. 27 Table of Contents 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. 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 the risk factors regarding the company’s strategy, aspirations, targets, and disclosures related to environmental, social, and governance matters included on pages 25 through 27 of the company’s 2025 Annual Report on Form 10-K. 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 10 Income Taxes to the Consolidated Financial Statements. Supply Chain and Inflation Impacts The company actively manages contracting, procurement and supply chain activities to help ensure operational reliability and effective management of third party costs. Third party costs for capital and operating expenses may be subject to external factors beyond the company’s control including, but not limited to: geopolitical events, severe weather, 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. In the United States, cost pressures for services and select equipment remain elevated, reflecting cross-industry demand and supplier capital discipline. The company addresses cost and supply assurance by partnering with suppliers on demand planning, volume commitments, standardization and scope optimization. The company continues to use a range of appropriately structured contracting and commercial terms, including fixed, indexed and performance-based contracts. 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 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. During the second quarter of 2026, the company completed the sale of its Hong Kong downstream fuels and lubricants businesses, generating proceeds of approximately $290 million. The company also signed an agreement to sell the company’s 50 percent interest in the Singapore Refining Company Private Limited (Singapore Refining Company) and other downstream assets in Singapore, Australia, Indonesia, Malaysia, the Philippines and Vietnam. This transaction is expected to close in 2027. 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. The company has historically recognized losses and could have additional significant obligations revert, primarily in the United States, but is not currently aware of any such 28 Table of Contents obligations that are reasonably possible to be material. Refer to Note 12 Other Contingencies and Commitments for additional information. In July 2025, the company completed its acquisition of Hess Corporation (Hess). Refer to Note 18. Acquisition of Hess Corporation for additional information. Timing Effects The company uses financial derivatives as economic hedges to manage certain price risks related to physical hydrocarbon shipments. At the end of the quarter, as per the ASC 815 requirement, these derivatives are marked-to-market and reflected in current period earnings; however, earnings impacts on the associated physical shipments are not recognized until delivery is completed. This creates a timing difference in earnings recognition that is expected to unwind in future periods. In addition, the company’s use of LIFO accounting can result in non-cash earnings effects. Together, these are referred to as timing effects. In a rising commodity price environment, timing effects are generally negative and in a declining commodity price environment, timing effects are generally positive. In first quarter 2026, earnings were adversely affected by $2.9 billion due to timing effects related to higher commodity prices in March 2026. Second quarter 2026 results included $1.5 billion of favorable timing effects as commodity prices declined in June 2026. 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 previously announced plans to achieve $3-4 billion in structural cost reductions by the end of 2026. These cost savings were expected to 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. During the second quarter of 2026, the company achieved its structural cost reduction target six months early by capturing $3 billion in annual run-rate savings. The company plans to continue to look for ways to further lower costs in the future 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 authorizations that align with current U.S. sanctions policy for Venezuela, Chevron expects to continue delivery of crude oil produced from its Venezuelan assets to the U.S. and to the international market. Current geopolitical developments relating to 29 Table of Contents 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) that 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 drone attacks on CPC and third-party infrastructure and vessels, could have a negative impact on 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. Recent geopolitical conditions in the Middle East have impacted, and may continue to impact, the company’s business. Chevron has exposure to the Middle East through its upstream, downstream, chemicals and trading businesses, as well as through logistics activities, with operations in Israel, the Partitioned Zone between Saudi Arabia and Kuwait, and the surrounding region. The conflict has resulted in production curtailments in the Partitioned Zone between Saudi Arabia and Kuwait and from CPChem assets in Saudi Arabia and Qatar, and increased risks associated with lifting and transporting physical cargoes. While the company’s physical operations have not been materially impacted to date, the situation throughout the region remains volatile with the potential for escalation, which could result in additional operational restrictions, supply disruptions, and logistics challenges. In addition, the conflict in the Middle East has increased potential physical and other risks to the company’s operations and assets. The company also faces growing threats from sophisticated cyberattacks that leverage artificial intelligence and similar tools. The company continues to actively monitor regional developments and maintain contingency plans for its operations, supply chains, and logistics activities. Any further impacts on the company’s results of operations and financial condition remain uncertain. Sources: Platts (crude) & Energy Intelligence (natural gas) 30 Table of Contents The chart above 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 $92 per barrel for the first six months of 2026, compared with $72 per barrel during the first six months of 2025, and ended July at about $97 per barrel. For every dollar change in Brent crude oil prices, the company’s annual after-tax earnings and cash flow sensitivity is approximately $600 million. The WTI price averaged $83 per barrel for the first six months of 2026, compared to $68 per barrel in the first six months of 2025, and ended July at about $85 per barrel. Crude oil prices were volatile during the second quarter of 2026. Prices increased sharply following the escalation of conflict in the Middle East and concerns regarding potential disruptions to global crude oil supplies. As market concerns regarding supply disruptions eased, prices declined and ended the quarter near levels prevailing prior to the conflict. Prices subsequently increased in July as continued conflict in the Middle East contributed to market volatility. The U.S. Henry Hub natural gas price averaged $3.77 per thousand cubic feet (MCF) for the first six months of 2026, compared with $3.71 per MCF during the first six months of 2025, and ended July at about $2.64 per MCF. Henry Hub natural gas prices declined modestly during the second quarter as additional pipeline capacity improved natural gas flows from the Permian Basin and maintenance activities at Gulf Coast LNG facilities reduced exports. 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 assets is committed under binding long-term contracts, with some sold in the Asian spot LNG market. See page 39 for the company’s U.S. and international average realizations for the first six months of 2026 and the same period last year. Production The company’s worldwide net oil-equivalent production in the first six months of 2026 averaged 3.97 million barrels per day, up 18 percent from a year ago due to the acquisition of Hess and growth in the Permian Basin and the Gulf of America. About 17 percent of the company’s net oil-equivalent production in the first six months of 2026 occurred in the OPEC+ member countries of Equatorial Guinea, Kazakhstan, Malaysia, Nigeria, and the Partitioned Zone between Saudi Arabia and Kuwait. Refer to the “Results of Operations” section on page 33 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. 31 Table of Contents Refer to the “Results of Operations” section on page 34 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. Refer to “Cautionary Statements Relevant to Forward-Looking Information” on page 2 and to “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K for a discussion of some of the inherent risks that could materially impact the company’s results of operations or financial condition. Noteworthy Developments Certain noteworthy developments in recent months included the following: •China - Completed the sale of the company’s Hong Kong downstream fuels and lubricants businesses. •Iraq - Signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline in one of the world's largest hydrocarbon resource basins. •United States - Signed an agreement to develop a power facility in West Texas designed to provide approximately 2.67 gigawatts of behind-the-meter dedicated electricity capacity to Microsoft under a 20-year power purchase agreement. •United States - Announced a technology licensing agreement to commercialize and expand deployment of Chevron-developed chemical surfactant technology, reflecting Chevron’s technology leadership in advanced chemicals to improve recovery from unconventional reservoirs. •International Downstream - Signed an agreement to sell the company’s 50 percent interest in Singapore Refining Company and other downstream assets in Singapore, Australia, Indonesia, Malaysia, the Philippines, and Vietnam. This transaction is expected to close in 2027. 32 Table of Contents Results of Operations Business Segments 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.” (Refer to Note 7 Operating Segments and Geographic Data for a discussion of the company’s “reportable segments,” as defined under the accounting standards for segment reporting.) Upstream Three Months Ended June 30 Six Months Ended June 30 Unit * 2026 2025 2026 2025 U.S. Upstream Earnings $MM $ 3,541 $ 1,418 $ 5,653 $ 3,276 Net Oil-Equivalent Production MBOED 2,077 1,695 2,051 1,666 Liquids Production MBD 1,491 1,218 1,476 1,189 Natural Gas Production MMCFD 3,520 2,864 3,450 2,861 Liquids Realization $/BBL $ 70.80 $ 47.77 $ 61.52 $ 51.40 Natural Gas Realization $/MCF $ 0.91 $ 1.75 $ 1.67 $ 2.12 * 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. Three Month Periods Ended June 30, 2026 and 2025 U.S. upstream earnings increased by $2.1 billion primarily due to higher liquids realizations of $2.1 billion and increased sales volumes of $1.1 billion, partly offset by higher depreciation, depletion and amortization of $590 million, lower natural gas realizations of $200 million and the absence of a prior year asset sale gain of $115 million. Net oil-equivalent production was up 382,000 barrels per day, or 23 percent, achieving a new quarterly production record. The increase was primarily due to the acquisition of Hess and growth in the Permian Basin and Gulf of America. Six Month Periods Ended June 30, 2026 and 2025 U.S. upstream earnings increased by $2.4 billion primarily due to increased sales volumes of $2.3 billion and higher liquids realizations of $2.0 billion, partly offset by higher depreciation, depletion and amortization of $1.1 billion, higher operating expenses and other costs of $470 million, lower natural gas realizations of $200 million and the absence of a prior year asset sale gain of $115 million. Net oil-equivalent production was up 385,000 barrels per day, or 23 percent. The increase was primarily due to the acquisition of Hess, higher production in the Gulf of America following project start‑ups, and growth in the Permian Basin. Three Months Ended June 30 Six Months Ended June 30 Unit (2) 2026 2025 2026 2025 International Upstream Earnings (1) $MM $ 4,641 $ 1,309 $ 6,438 $ 3,209 Net Oil-Equivalent Production MBOED 1,993 1,701 1,914 1,708 Liquids Production MBD 1,094 850 1,034 836 Natural Gas Production MMCFD 5,390 5,099 5,277 5,235 Liquids Realization $/BBL $ 96.41 $ 58.88 $ 87.38 $ 63.12 Natural Gas Realization $/MCF $ 7.84 $ 7.20 $ 7.43 $ 7.16 (1) Includes foreign currency effects $MM $ (77) $ (236) $ (310) $ (372) (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. 33 Table of Contents Three Month Periods Ended June 30, 2026 and 2025 International upstream earnings increased by $3.3 billion primarily due to increased sales volumes of $2.0 billion, higher liquids realizations of $1.7 billion, and favorable timing effects of $570 million partly offset by higher depreciation, depletion and amortization of $650 million. Net oil-equivalent production was up 292,000 barrels per day, or 17 percent. The increase was primarily due to the acquisition of Hess, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict. Six Month Periods Ended June 30, 2026 and 2025 International upstream earnings increased by $3.2 billion primarily due to increased sales volumes of $3.4 billion and higher liquids realizations of $1.9 billion, partly offset by higher depreciation, depletion and amortization of $1.3 billion and unfavorable timing effects of $650 million. Net oil-equivalent production was up 206,000 barrels per day, or 12 percent. The increase was primarily due to the acquisition of Hess, partly offset by lower production at TCO and curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict. Downstream Three Months Ended June 30 Six Months Ended June 30 Unit * 2026 2025 2026 2025 U.S. Downstream Earnings $MM $ 2,411 $ 404 $ 2,607 $ 507 Refinery Crude Unit Inputs MBD 1,070 1,051 1,063 1,034 Refined Product Sales MBD 1,320 1,381 1,293 1,337 * MBD — thousands of barrels per day. Three Month Periods Ended June 30, 2026 and 2025 U.S. downstream earnings increased by $2.0 billion primarily due to higher margins on refined product sales of $1.7 billion and higher earnings from the 50 percent-owned affiliate, CPChem, of $290 million. Refinery crude unit inputs were up 19,000 barrels per day, or 2 percent, compared to the year-ago period as refineries operated reliably at record levels near capacity. Refined product sales were down 61,000 barrels per day, or 4 percent, compared to the year-ago period due to a lower demand for gasoline. Six Month Periods Ended June 30, 2026 and 2025 U.S. downstream earnings increased by $2.1 billion primarily due to higher margins on refined product sales of $2.0 billion and higher earnings from the 50 percent-owned affiliate, CPChem, of $290 million, partly offset by a litigation reserve of $190 million. Refinery crude unit inputs were up 29,000 barrels per day, or 3 percent, compared to the year-ago period as refineries operated reliably at near capacity levels. Refined product sales were down 44,000 barrels per day, or 3 percent, compared to the year-ago period primarily due to lower demand for gasoline. 34 Table of Contents Three Months Ended June 30 Six Months Ended June 30 Unit (2) 2026 2025 2026 2025 International Downstream Earnings (1) $MM $ 2,457 $ 333 $ 1,444 $ 555 Refinery Crude Unit Inputs MBD 598 661 608 640 Refined Product Sales MBD 1,287 1,473 1,389 1,436 (1) Includes foreign currency effects $MM $ 31 $ (102) $ 39 $ (99) (2) MBD — thousands of barrels per day. Three Month Periods Ended June 30, 2026 and 2025 International downstream earnings increased by $2.1 billion primarily due to higher margins on refined product sales of $1.7 billion, including favorable timing effects, an asset sale gain of $230 million, and a favorable swing in foreign currency effects of $133 million. Refinery crude unit inputs were down 63,000 barrels per day, or 10 percent, compared to the year-ago period due to supply disruptions from the Middle East conflict. Refined product sales were down 186,000 barrels per day, or 13 percent, compared to the year-ago period due to supply disruption from the Middle East conflict and lower demand for gasoline and diesel fuel. Six Month Periods Ended June 30, 2026 and 2025 International downstream earnings increased by $889 million primarily due to higher margins on refined product sales of $610 million and an asset sale gain of $230 million. Refinery crude unit inputs were down 32,000 barrels per day, or 5 percent, compared to the year-ago period primarily due to a turnaround at the Star Petroleum Refining Public Company Limited refinery in Thailand. Refined product sales were down 47,000 barrels per day, or 3 percent, compared to the year-ago period due to supply disruption from the Middle East conflict. All Other Three Months Ended June 30 Six Months Ended June 30 Unit 2026 2025 2026 2025 All Other Earnings/(Charges)* $MM $ (978) $ (974) $ (1,860) $ (1,557) * Includes foreign currency effects $ (3) $ (10) $ (1) $ (15) Three Month Periods Ended June 30, 2026 and 2025 Net charges were relatively flat compared to the year-ago period as higher employee benefit costs and higher interest expense were offset by the absence of prior-year unfavorable fair value adjustment for Hess shares. Six Month Periods Ended June 30, 2026 and 2025 Net charges increased by $303 million primarily due to higher interest expense. 35 Table of Contents Consolidated Statement of Income Explanations of variations between periods for selected income statement categories are provided below: Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Sales and other operating revenues $ 67,199 $ 44,375 $ 114,755 $ 90,476 Sales and other operating revenues increased $22.8 billion for the second quarter mainly due to higher refined product and crude oil prices and higher crude oil sales volumes, partially offset by lower refined product volumes. Sales and other operating revenues for the six-month periods increased $24.3 billion primarily due to higher refined product and crude oil prices and higher crude oil sales volumes. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Income from equity affiliates $ 2,125 $ 536 $ 2,870 $ 1,356 Income from equity affiliates in second quarter and for the six-month periods increased mainly due to higher upstream-related earnings from TCO in Kazakhstan and higher downstream-related earnings primarily due to higher chemicals margins at CPChem and higher refining margins at GS Caltex in South Korea. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Other income (loss) $ 731 $ (89) $ 1,037 $ 600 Other income for second quarter and for the six-month periods increased primarily due to the absence of a prior year unfavorable fair value adjustment for Hess shares and foreign currency effects. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Purchased crude oil and products $ 36,607 $ 26,858 $ 64,872 $ 55,468 Purchased crude oil and products increased $9.7 billion for the second quarter and $9.4 billion for the six-month periods, primarily reflecting the impact of higher crude oil and refined product prices. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Operating, selling, general and administrative expenses $ 8,765 $ 7,563 $ 17,507 $ 15,192 Operating, selling, general and administrative expenses for second quarter and for the six-month periods increased primarily due to the acquisition of Hess and higher transportation costs, partially offset by lower employee expenses. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Exploration expenses $ 256 $ 252 $ 461 $ 439 Exploration expenses in the second quarter increased primarily due to higher geological and geophysical engineering costs. Exploration expenses for the six-month periods increased primarily due to higher geological and geophysical engineering costs, partially offset by lower dry hole expenses. 36 Table of Contents Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Depreciation, depletion and amortization $ 6,082 $ 4,344 $ 11,890 $ 8,467 Depreciation, depletion and amortization expenses in second quarter and for the six-month periods increased primarily due to higher production, including from legacy Hess assets, and higher rates. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Taxes other than on income $ 1,213 $ 1,301 $ 2,527 $ 2,556 Taxes other than on income for second quarter and for the six-month periods decreased primarily due to lower excise taxes related to downstream activities. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Interest and debt expense $ 352 $ 274 $ 697 $ 486 Interest and debt expenses in second quarter and for the six-month periods increased mainly due to higher debt balances compared to last year, including the debt assumed from the Hess acquisition. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Other components of net periodic benefit costs $ 96 $ 83 $ 78 $ 94 Other components of net periodic benefit costs for the second quarter increased mainly due to pension settlement losses, partially offset by higher expected returns on plan assets. Other components of net periodic benefit costs for the six-month periods were lower mainly due to higher expected return on plan assets, partially offset by pension settlement losses. Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (Millions of dollars) Income tax expense/(benefit) $ 4,470 $ 1,632 $ 6,123 $ 3,703 The company’s increase in income tax expense for second quarter 2026 of $2.8 billion was primarily due to the increase in total income before tax of $12.5 billion. U.S. income before tax increased from $1.1 billion in second quarter 2025 to $6.4 billion in second quarter 2026. This was driven by higher upstream liquids realizations, higher upstream sales volumes and higher downstream margins on refined product sales partly offset by higher depreciation, depletion and amortization. The company’s U.S. income tax increased $1.1 billion between year-over-year periods, from $300 million in 2025 to $1.4 billion in 2026 primarily due to the increase in income. International income before tax increased from $3.0 billion in second quarter 2025 to $10.3 billion in second quarter 2026. This $7.3 billion increase in income was primarily driven by increased upstream sales volumes, higher upstream liquids realizations, higher margins on refined product sales and favorable timing effects partly offset by higher depreciation, depletion and amortization. The company’s international income tax expense increased $1.7 billion between year-over-year periods, from $1.3 billion in 2025 to $3.1 billion in 2026, primarily due to the increase in income partially offset by mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions. 37 Table of Contents The company’s increase in income tax expense for the first six-months of 2026 of $2.4 billion was primarily due to the increase in the total before-tax income in 2026 of $10.9 billion. U.S. income before tax increased between the six-month periods, from $3.0 billion in 2025 to $8.2 billion in 2026. This increase in income was primarily driven by increased upstream sales volumes, higher upstream liquids realizations, and higher margins on refined product sales partly offset by higher depreciation, depletion and amortization. The increase in income had a direct impact on the company’s U.S. income tax, resulting in an increase in tax expense of $1.1 billion between the six-month periods, from $801 million in 2025 to $1.9 billion in 2026. International income before tax increased for the six-month periods from $6.7 billion in 2025 to $12.4 billion in 2026. This increase in income was primarily driven by increased upstream sales volumes, higher upstream liquids realizations, and higher margins on refined product sales, partly offset by higher depreciation, depletion and amortization and unfavorable timing effects. The increase in income partly offset by mix effects, resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate jurisdictions, primarily drove the $1.3 billion increase in international income tax expense between year-over-year periods, from $2.9 billion in 2025 to $4.2 billion in 2026. Additional information related to the company’s effective income tax rate is included in Note 10 Income Taxes to the Consolidated Financial Statements. 38 Table of Contents Selected Operating Data The following table presents a comparison of selected operating data: Selected Operating Data (1) (2) Three Months Ended June 30 Six Months Ended June 30 Unit 2026 2025 2026 2025 U.S. Upstream Net crude oil and natural gas liquids production MBD 1,491 1,218 1,476 1,189 Net natural gas production(3) MMCFD 3,520 2,864 3,450 2,861 Net oil-equivalent production MBOED 2,077 1,695 2,051 1,666 Sales of natural gas MMCFD 5,794 5,594 5,934 5,506 Sales of natural gas liquids MBD 583 514 577 511 Revenue from net production Crude $/BBL $ 95.66 $ 61.49 $ 82.43 $ 65.52 NGLs $/BBL $ 21.56 $ 18.39 $ 19.90 $ 20.75 Liquids (weighted average of Crude and NGLs) $/BBL $ 70.80 $ 47.77 $ 61.52 $ 51.40 Natural gas $/MCF $ 0.91 $ 1.75 $ 1.67 $ 2.12 International Upstream Net crude oil and natural gas liquids production MBD 1,094 850 1,034 836 Net natural gas production(3) MMCFD 5,390 5,099 5,277 5,235 Net oil-equivalent production MBOED 1,993 1,701 1,914 1,708 Sales of natural gas MMCFD 5,556 5,507 5,481 5,443 Sales of natural gas liquids MBD 152 110 141 122 Revenue from liftings Crude $/BBL $ 99.38 $ 60.61 $ 90.22 $ 65.04 NGLs $/BBL $ 27.00 $ 22.27 $ 26.05 $ 23.83 Liquids (weighted average of Crude and NGLs) $/BBL $ 96.41 $ 58.88 $ 87.38 $ 63.12 Natural gas $/MCF $ 7.84 $ 7.20 $ 7.43 $ 7.16 U.S. and International Upstream Total net oil-equivalent production MBOED 4,070 3,396 3,965 3,374 U.S. Downstream Gasoline sales(4) MBD 660 712 648 694 Other refined product sales MBD 660 669 645 643 Total refined product sales MBD 1,320 1,381 1,293 1,337 Sales of natural gas MMCFD 24 34 28 34 Sales of natural gas liquids MBD 42 30 34 24 Refinery crude unit inputs MBD 1,070 1,051 1,063 1,034 International Downstream Gasoline sales(4) MBD 270 361 281 358 Other refined product sales MBD 698 722 747 706 Share of affiliate sales MBD 319 390 361 372 Total refined product sales MBD 1,287 1,473 1,389 1,436 Sales of natural gas MMCFD — — — 2 Sales of natural gas liquids MBD 108 124 109 124 Refinery crude unit inputs MBD 598 661 608 640 (1) Includes company share of equity affiliates. (2) MBD — thousands of barrels per day; MMCFD — millions of cubic feet per day; BBL — Barrel; MCF — thousands of cubic feet; oil-equivalent gas 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 (MMCFD): United States 74 57 72 54 International 595 560 579 567 (4) Includes branded and unbranded gasoline. 39 Table of Contents Liquidity and Capital Resources Cash, cash equivalents and marketable securities totaled $8.5 billion at June 30, 2026, and $6.3 billion at year-end 2025. The company holds its cash with a diverse group of major financial institutions and has processes and safeguards in place to manage its cash balances and mitigate the risk of loss. Cash provided by operating activities in the first six months of 2026 was $25.1 billion, compared with $13.8 billion in the year-ago period, primarily reflecting higher commodity prices and increased cash distributions from TCO. Capital expenditures totaled $8.6 billion in the first six months of 2026, compared with $7.6 billion in the year-ago period. Proceeds and deposits related to asset sales and returns of investment totaled $355 million in the first six months of 2026, compared to $990 million in the year-ago period. Net repayment (borrowing) of loans by equity affiliates included a net inflow of $979 million in the first six months of 2026 mainly due to a loan repayment from TCO, compared with an outflow of $176 million in the year-ago period. Dividends The company paid dividends of $7.0 billion to common stockholders during the first six months of 2026. In July 2026, the company declared a quarterly dividend of $1.78 per common share, payable in September 2026. Debt and Finance Lease Liabilities Chevron’s total debt and finance lease liabilities were $37.1 billion at June 30, 2026, down from $40.8 billion at December 31, 2025. The decrease was primarily due to maturing long-term notes, a finance lease repayment, and lower commercial paper balances. The company’s primary source for working capital needs is its commercial paper program. The outstanding balance for the company’s commercial paper program at June 30, 2026, was $4.1 billion, compared with $4.6 billion at December 31, 2025. The company’s debt and finance lease liabilities due within one year, consisting primarily of commercial paper, the current portion of long-term debt and redeemable long-term obligations, totaled $11.3 billion at June 30, 2026, and $10.9 billion at December 31, 2025. Of these amounts, $10.9 billion at June 30, 2026, and $9.9 billion at December 31, 2025, were reclassified to long-term debt. At June 30, 2026, 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 continually refinance them. At June 30, 2026, the company had $11.4 billion in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations. The credit facilities allow the company the option to convert outstanding short-term obligations into a term loan for a period of up to one year from the facilities termination date. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facilities would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at June 30, 2026. In addition, 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 CUSA. 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 bonds issued by Chevron Corporation, CUSA, Texaco Capital Inc., Noble Energy, Inc., and Hess Corporation. The securities that are the obligations of, or guaranteed by, Chevron Corporation carry an AA- rating by Standard and Poor’s Corporation (S&P) and an Aa2 rating by Moody’s Investors Service (Moody’s). The company’s U.S. commercial paper is rated A-1+ by S&P 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, lending commitments to affiliates, loan repayments from affiliates, and shareholder distributions. 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 flexibility to modify capital spending plans, discontinue or curtail the stock repurchase 40 Table of Contents program, sell assets, and increase borrowings to continue paying the common stock dividend. The company remains committed to retaining high-quality debt ratings. 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. Six Months Ended June 30, 2026 Year Ended December 31, 2025 (Millions of dollars) (unaudited) Sales and other operating revenues $ 57,171 $ 92,272 Sales and other operating revenues - related party 28,303 36,700 Total costs and other deductions 52,311 92,316 Total costs and other deductions - related party 29,048 33,229 Net income (loss) $ 13,275 $ 40,967 At June 30, 2026 At December 31, 2025 (Millions of dollars) (unaudited) Current assets $ 23,654 $ 17,315 Current assets - related party 6,876 2,266 Other assets 58,432 58,530 Current liabilities 29,682 26,388 Current liabilities - related party 20,748 18,033 Other liabilities 27,021 29,539 Total net equity (deficit) $ 11,511 $ 4,151 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. In the aggregate, the company has repurchased 281 million shares for $44.0 billion under the 2023 Program, including 16.2 million shares repurchased for $3.0 billion in second quarter 2026. Chevron expects share repurchases in third quarter 2026 to be between $2.5-$3.0 billion. Repurchases 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 and any forward guidance as to expected repurchases do not obligate the company to acquire any particular amount of common stock, and the program may be discontinued or resumed at any time. Noncontrolling Interests The company had noncontrolling interests of $5.7 billion at both June 30, 2026, and December 31, 2025, including non-controlling interest in Hess Midstream LP. 41 Table of Contents Financial Ratios and Metrics At June 30, 2026 At December 31, 2025 Current Ratio (1) 1.3 1.2 Debt Ratio 16.3 % 17.9 % Net Debt Ratio (2) 13.1 % 15.6 % Debt-to-CFFO 0.8x 1.2x Net debt-to-CFFO (3) 0.6x 1.0x (1) At June 30, 2026, the book value of inventory was lower than replacement cost. (2) Net Debt Ratio for June 30, 2026, is calculated as short-term debt of $0.4 billion plus long-term debt of $36.7 billion (together, “total debt”) less cash and cash equivalents, time deposits, and marketable securities of $8.5 billion as a percentage of total debt less cash and cash equivalents, time deposits, and marketable securities, plus Chevron Corporation Stockholders’ Equity of $189.9 billion. For the December 31, 2025, calculation, please refer to page 52 of Chevron’s 2025 Annual Report on Form 10-K. (3) Net debt-to-CFFO for June 30, 2026, is calculated as short-term debt of $0.4 billion plus long-term debt of $36.7 billion (together, “total debt”) less cash and cash equivalents, time deposits, and marketable securities of $8.5 billion as a percentage of net cash provided by operating activities (CFFO) for the trailing 12 months of $45.3 billion. For the December 31, 2025, calculation, please refer to page 52 of Chevron’s 2025 Annual Report on Form 10-K. Six Months Ended June 30 2026 2025 (Millions of dollars) Net cash provided by operating activities $ 25,147 $ 13,765 Less: Capital expenditures (8,601) (7,639) Free Cash Flow $ 16,546 $ 6,126 Pension Obligations Information related to pension plan contributions is included in Note 8 Employee Benefits to the Consolidated Financial Statements. Capital Expenditures The company’s capital expenditures (capex) primarily includes additions to fixed assets or investments for the company’s consolidated subsidiaries and is disclosed in the Consolidated Statement of Cash Flows. Capex in the first six months of 2026 was $962 million higher than the prior year primarily due to spend associated with legacy Hess assets, partially offset by lower spend in the Permian Basin. Affiliate Capital Expenditures The company’s affiliate capital expenditures (affiliate capex) primarily includes additions to fixed assets or investments in the equity affiliate’s financial statements and does not require cash outlays by the company. Affiliate capex in the first six months of 2026 was $372 million lower than the prior year primarily due to lower spend at CPChem and TCO. 42 Table of Contents Capex and Affiliate Capex by Business Segment Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Capex (Millions of dollars) United States Upstream $ 2,189 $ 2,281 $ 4,379 $ 4,826 Downstream 149 154 240 309 All Other 96 111 149 174 Total United States 2,434 2,546 4,768 5,309 International Upstream 2,037 1,112 3,712 2,235 Downstream 52 40 99 67 All Other 15 14 22 28 Total International 2,104 1,166 3,833 2,330 Capex $ 4,538 $ 3,712 $ 8,601 $ 7,639 Affiliate Capex Upstream $ 116 $ 173 $ 226 $ 379 Downstream 156 269 332 551 Affiliate Capex $ 272 $ 442 $ 558 $ 930 Contingencies and Significant Litigation Climate Change Information related to climate change-related matters is included in Note 11 Litigation under the heading “Climate Change.” Louisiana Information related to Louisiana coastal matters is included in Note 11 Litigation under the heading “Louisiana.” Income Taxes Information related to income tax contingencies is included in Note 10 Income Taxes and in Note 12 Other Contingencies and Commitments under the heading “Income Taxes.” Guarantees Information related to the company’s guarantees is included in Note 12 Other Contingencies and Commitments under the heading “Guarantees.” Indemnification Information related to indemnification is included in Note 12 Other Contingencies and Commitments under the heading “Indemnification.” Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements Information related to the company’s long-term unconditional purchase obligations and commitments is included in Note 12 Other Contingencies and Commitments under the heading “Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay Agreements.” Environmental Information related to environmental matters is included in Note 12 Other Contingencies and Commitments under the heading “Environmental.” Acquisition and Disposition of Assets Information related to the company’s acquisition and disposition of assets is included in Note 12 Other Contingencies and Commitments under the headings “Decommissioning Obligations for Previously Sold Assets” and “Other Contingencies.” Other Contingencies Information related to the company’s other contingencies is included in Note 12 Other Contingencies and Commitments under the heading “Other Contingencies.” 43 Table of Contents