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1、UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2024OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934For the t

2、ransition period from _ to _Commission File Number 001-00368Chevron Corporation(Exact name of registrant as specified in its charter)1400 Smith StreetDelaware94-0890210Houston,TX 77002-7327(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification No.)(Address of pr

3、incipal executive offices)(Zip Code)Registrants telephone number,including area code(832)854-1000Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading SymbolName of each exchange on which registeredCommon stock,par value$.75 per shareCVXNew York Stock ExchangeIndicate

4、by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of the Act.Yes No Indicate by check mark whether the registrant(1)has fi

5、led all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by

6、 check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 ofthis chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).Yes No I

7、ndicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company or an emerging growth company.Seethe definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”

8、in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or re

9、vised financialaccounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness of its internal controls over financial reportingunder Section 404(b)of the

10、 Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether the financial statements of the registrant included in the filing reflect the correcti

11、on ofan error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrantsexecutive officers during the relevant recovery period pursuant t

12、o 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Act).Yes No The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold,or thea

13、verage bid and asked price of such common equity,as of the last business day of the registrants most recently completed second fiscal quarter$286.1 billion(As of June 28,2024)Number of Shares of Common Stock outstanding as of February 7,2025 1,760,598,537DOCUMENTS INCORPORATED BY REFERENCE(To The Ex

14、tent Indicated Herein)Notice of the 2025 Annual Meeting and 2025 Proxy Statement,to be filed pursuant to Rule 14a-6(b)under the Securities Exchange Act of 1934,in connection with the companys2025 Annual Meeting of Stockholders(in Part III)TABLE OF CONTENTSITEMPAGEPART I1.Business3General Development

15、 of Business3Description of Business and Properties6Upstream6Downstream17Other Businesses191A.Risk Factors201B.Unresolved Staff Comments271C.Cybersecurity272.Properties283.Legal Proceedings294.Mine Safety Disclosures29PART II5.Market for the Registrants Common Equity,Related Stockholder Matters and

16、Issuer Purchases of Equity Securities306.Reserved307.Managements Discussion and Analysis of Financial Condition and Results of Operations307A.Quantitative and Qualitative Disclosures About Market Risk308.Financial Statements and Supplementary Data309.Changes in and Disagreements With Accountants on

17、Accounting and Financial Disclosure309A.Controls and Procedures309B.Other Information319C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections31PART III10.Directors,Executive Officers and Corporate Governance3211.Executive Compensation3212.Security Ownership of Certain Beneficial Owne

18、rs and Management and Related Stockholder Matters3313.Certain Relationships and Related Transactions,and Director Independence3314.Principal Accountant Fees and Services33PART IV15.Exhibit and Financial Statement Schedules117Schedule II Valuation and Qualifying Accounts11716.Form 10-K Summary117Sign

19、atures1211CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF“SAFE HARBOR”PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995This Annual Report on Form 10-K of Chevron Corporation contains forward-looking statements relating to Chevrons operations,assets,a

20、nd strategy that arebased on managements current expectations,estimates and projections about the petroleum,chemicals and other energy-related industries.Words or phrasessuch as“anticipates,”“expects,”“intends,”“plans,”“targets,”“advances,”“commits,”“drives,”“aims,”“forecasts,”“projects,”“believes,”

21、“approaches,”“seeks,”“schedules,”“estimates,”“positions,”“pursues,”“progress,”“may,”“can,”“could,”“should,”“will,”“budgets,”“outlook,”“trends,”“guidance,”“focus,”“on track,”“goals,”“objectives,”“strategies,”“opportunities,”“poised,”“potential,”“ambitions,”“future,”“aspires”and similar expressions,an

22、dvariations or negatives of these words,are intended to identify such forward-looking statements,but not all forward-looking statements include such words.These statements are not guarantees of future performance and are subject to numerous risks,uncertainties and other factors,many of which are bey

23、ond thecompanys control and are difficult to predict.Therefore,actual outcomes and results may differ materially from what is expressed or forecasted in suchforward-looking statements.The reader should not place undue reliance on these forward-looking statements,which speak only as of the date of th

24、is report.Unless legally required,Chevron undertakes no obligation to update publicly any forward-looking statements,whether as a result of new information,futureevents or otherwise.Among the important factors that could cause actual results to differ materially from those in the forward-looking sta

25、tements are:changing crude oil and naturalgas prices and demand for the companys products,and production curtailments due to market conditions;crude oil production quotas or other actions thatmight be imposed by the Organization of Petroleum Exporting Countries and other producing countries;technolo

26、gical advancements;changes to governmentpolicies in the countries in which the company operates;public health crises,such as pandemics and epidemics,and any related government policies andactions;disruptions in the companys global supply chain,including supply chain constraints and escalation of the

27、 cost of goods and services;changingeconomic,regulatory and political environments in the various countries in which the company operates;general domestic and international economic,marketand political conditions,including the military conflict between Russia and Ukraine,the conflict in the Middle E

28、ast and the global response to these hostilities;changing refining,marketing and chemicals margins;the companys ability to realize anticipated cost savings and efficiencies associated with enterprisestructural cost reduction initiatives;actions of competitors or regulators;timing of exploration expe

29、nses;changes in projected future cash flows;timing of crudeoil liftings;uncertainties about the estimated quantities of crude oil,natural gas liquids and natural gas reserves;the competitiveness of alternate-energy sourcesor product substitutes;pace and scale of the development of large carbon captu

30、re and offset markets;the results of operations and financial condition of thecompanys suppliers,vendors,partners and equity affiliates;the inability or failure of the companys joint-venture partners to fund their share of operations anddevelopment activities;the potential failure to achieve expecte

31、d net production from existing and future crude oil and natural gas development projects;potential delays in the development,construction or start-up of planned projects;the potential disruption or interruption of the companys operations due to war,accidents,political events,civil unrest,severe weat

32、her,cyber threats,terrorist acts,or other natural or human causes beyond the companys control;the potentialliability for remedial actions or assessments under existing or future environmental regulations and litigation;significant operational,investment or productchanges undertaken or required by ex

33、isting or future environmental statutes and regulations,including international agreements and national or regionallegislation and regulatory measures related to greenhouse gas emissions and climate change;the potential liability resulting from pending or future litigation;therisk that regulatory ap

34、provals and clearances related to the Hess Corporation(Hess)transaction are not obtained or are not obtained in a timely manner or areobtained subject to conditions that are not anticipated by the company and Hess;potential delays in consummating the Hess transaction,including as a result ofthe ongo

35、ing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement;risks that such ongoing arbitration is notsatisfactorily resolved and the potential transaction fails to be consummated;uncertainties as to whether the potential transaction,if consummated,will ac

36、hieveits anticipated economic benefits,including as a result of risks associated with third party contracts containing material consent,anti-assignment,transfer orother provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved;the companys a

37、bility to integrate Hessoperations in a successful manner and in the expected time period;the possibility that any of the anticipated benefits and projected synergies of the potentialtransaction will not be realized or will not be realized within the expected time period;the companys future acquisit

38、ions or dispositions of assets or shares orthe delay or failure of such transactions to close based on required closing conditions;the potential for gains and losses from asset dispositions or impairments;government mandated sales,divestitures,recapitalizations,taxes and tax audits,tariffs,sanctions

39、,changes in fiscal terms or restrictions on scope of companyoperations;foreign currency movements compared with the U.S.dollar;higher inflation and related impacts;material reductions in corporate liquidity andaccess to debt markets;changes to the companys capital allocation strategies;the effects o

40、f changed accounting rules under generally accepted accountingprinciples promulgated by rule-setting bodies;the companys ability to identify and mitigate the risks and hazards inherent in operating in the global energyindustry;and the factors set forth under the heading“Risk Factors”on pages 20 thro

41、ugh 27 in this report,and as updated in the future.Other unpredictable orunknown factors not discussed in this report could also have material adverse effects on forward-looking statements.2Table of ContentsPART IItem 1.BusinessGeneral Development of BusinessSummary Description of ChevronChevron Cor

42、poration,a Delaware corporation,manages its investments in subsidiaries and affiliates and provides administrative,financial,managementand technology support to U.S.and international subsidiaries that engage in integrated energy and chemicals operations.Upstream operations consistprimarily of explor

43、ing for,developing,producing and transporting crude oil and natural gas;processing,liquefaction,transportation and regasificationassociated with liquefied natural gas;transporting crude oil by major international oil export pipelines;transporting,storage and marketing of natural gas;carbon capture a

44、nd storage;and a gas-to-liquids plant.Downstream operations consist primarily of refining crude oil into petroleum products;marketing ofcrude oil,refined products and lubricants;manufacturing and marketing of renewable fuels;transporting crude oil and refined products by pipeline,marinevessel,motor

45、equipment and rail car;and manufacturing and marketing of commodity petrochemicals,plastics for industrial uses and fuel and lubricantadditives.A list of the companys significant subsidiaries is presented in Exhibit 21.1.Overview of Petroleum IndustryPetroleum industry operations and profitability a

46、re influenced by many factors.Prices for crude oil,natural gas,liquefied natural gas(LNG),petroleumproducts and petrochemicals are generally determined by supply and demand.Production levels from the members of Organization of Petroleum ExportingCountries(OPEC),Russia and the United States are the m

47、ajor factors in determining worldwide supply.Demand for crude oil and its products and fornatural gas is largely driven by the conditions of local,national and global economies,although weather patterns,the pace of energy transition and taxationrelative to other energy sources also play a significan

48、t part.Laws and governmental policies,particularly in the areas of taxation,energy and theenvironment,affect where and how companies invest,conduct their operations,select feedstocks,and formulate their products and,in some cases,limittheir profits directly.Strong competition exists in all sectors o

49、f the petroleum and petrochemical industries in supplying the energy,fuel and chemical needs of industry andindividual consumers.In the upstream business,Chevron competes with fully integrated,major global petroleum companies,as well as independent andnational petroleum companies,for the acquisition

50、 of crude oil and natural gas leases and other properties and for the equipment and labor required todevelop and operate those properties.In its downstream business,Chevron competes with fully integrated,major petroleum companies,as well asindependent refining and marketing,transportation and chemic

51、als entities and national petroleum companies in the refining,manufacturing,sale andmarketing of fuels,lubricants,additives and petrochemicals.Operating EnvironmentRefer to Business Environment and Outlook of this Form 10-K in Managements Discussion and Analysis of Financial Condition and Results of

52、 Operationsfor a discussion of the companys current business environment and outlook.Chevrons Strategic DirectionChevrons strategy is to leverage our strengths to safely deliver lower carbon energy to a growing world.Our objective is to safely deliver higher returns,lower carbon and superior shareho

53、lder value in any business environment.We are leveraging our capabilities,assets and customer relationships as we aimto lead in lower carbon intensity oil,products and natural gas,as well as advance new products and solutions that reduce the carbon emissions of majorindustries.We aim to grow our oil

54、 and gas business,lower the carbon intensity of our operations and grow new businesses in renewable fuels,carboncapture and offsets,hydrogen,power generation for data centers,and emerging technologies.Information about the company is available on the companys website at .Information contained on the

55、 companys website is not part ofthis Annual Report on Form 10-K.The companys Annual Reports on Form 10-K,Quarterly Reports on Form 10-Q,Current Reports on Form 8-K,andany amendments to these reports filed or furnished pursuant to Incorporated in Delaware in 1926 as Standard Oil Company of California

56、,the company adopted the name Chevron Corporation in 1984 and ChevronTexaco Corporation in 2001.In 2005,ChevronTexaco Corporationchanged 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 Chevro

57、n Corporation,one or more of itsconsolidated subsidiaries,or all of them taken as a whole,but unless stated otherwise they do not include“affiliates”of Chevron i.e.,those companies accounted for by the equity method(generally owned 50 percent orless)or non-equity method investments.All of these term

58、s 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.113Table of ContentsSection 13(a)or 15(d)of the Securities Exchange Act of 1934 are available free of charge on the companys website soon after such re

59、ports are filed withor furnished to the U.S.Securities and Exchange Commission(SEC).The reports are also available on the SECs website at www.sec.gov.Human Capital ManagementThe Chevron Way explains the companys beliefs,vision,purpose and values.It guides how the companys employees work and establis

60、hes a commonunderstanding of culture and aspirations.Chevron leadership is accountable for investing in the companys people and culture with the objective of engaging employees to develop their fullpotential to help deliver energy solutions and enable human progress.This includes reviews of metrics

61、addressing critical function hiring,leadershipdevelopment,retention,diversity and inclusion,and employee engagement.The following table summarizes the number of Chevron employees by sex,where data is available,and by region as of December 31,2024.At December 31,2024FemaleMaleData not available*Total

62、 EmployeesNumber ofEmployeesPercentageNumber ofEmployeesPercentageNumber ofEmployeesPercentageNumber ofEmployeesPercentageNon-Service Station EmployeesU.S.5,556 26%15,751 74%19%21,326 47%Other Americas1,175 30%2,689 69%10%3,874 9%Africa623 16%3,189 84%4%3,816 8%Asia2,577 36%4,476 63%13%7,066 16%Aust

63、ralia542 26%1,550 74%3%2,095 5%Europe434 28%1,107 71%24 2%1,565 3%Total Non-Service StationEmployees10,907 27%28,762 72%73%39,742 88%Service Station Employees2,545 46%2,372 43%639 12%5,556 12%Total Employees13,452 30%31,134 69%712 2%45,298 100%*Includes employees where data was not collected or empl

64、oyee chose not to disclose.Hiring,Development and RetentionThe companys approach to attracting,developing and retaining a global,diverse workforce of high-performing talent is anchored by an environment ofpersonal growth and engagement.The companys philosophy is to offer compelling career opportunit

65、ies and a competitive total compensation and benefitspackage linked to individual and enterprise performance.The company recruits new employees in a variety of ways,including through partnerships withuniversities and diversity associations.In addition,the company recruits experienced hires to provid

66、e specialized skills.Chevrons learning and development programs are designed to help employees build technical,operating and leadership capabilities.The companysleadership reviews metrics on employee training and development programs,which are refined on an ongoing basis to meet the needs of the bus

67、iness.Thecompany invests in developing leadership at every level,including coaching programs for frontline supervisors,managers and individual contributors.Chevron invests in developing and upskilling employees,including things such as tailored generative AI training for leaders,practitioners and th

68、e broaderworkforce.In addition,the company offers the Digital Scholar Program,preparing employees with advanced technology skills through one-year Master ofScience degrees in Engineering and Management.In addition,leadership reviews the talent pipeline,identifies and develops succession candidates,a

69、nd builds succession plans for key positions.The Boardof Directors provides oversight of CEO and executive succession planning.Management routinely reviews the retention of its professional population,executives,all levels of management,and the majority of its regular employeepopulation.The voluntar

70、y attrition for this population in 2024 was 3.1 percent,in line with historical rates.The voluntary attrition rate generally excludesemployee departures under restructuring programs.Chevron believes its low voluntary attrition rate is in part a result of the companys commitment toemployee developmen

71、t,competitive pay and benefits,and culture.4Table of ContentsDiversity and InclusionChevron believes human ingenuity is best able to solve difficult problems when people with different ideas,experiences and backgrounds work together inan inclusive environment.The company has 11 employee networks(vol

72、untary groups open to all employees with shared interests).The Chairmans Inclusion Council providesemployee network presidents with a direct line of communication to the Chairman and Chief Executive Officer,the Chief Human Resources Officer,theChief Diversity and Inclusion Officer,and the executive

73、leadership team to discuss how employee networks can help reinforce the companys values andachieve its business objectives.Diversity and inclusion at Chevron means zero tolerance for discrimination based on race,sex or other protected characteristics,and a deep respect for thecultures in which we op

74、erate.Chevron rejects the use of quotas and focuses on removing barriers to equal opportunity,fostering diversity,and ensuring thatselection decisions are based on merit.Employee EngagementEmployee engagement is an indicator of employee well-being and commitment to the companys values,purpose and st

75、rategies.The company regularlyconducts employee surveys to assess the health of the companys culture.Our surveys indicate high levels of employee engagement compared to ourindustry.Chevron prioritizes the health,safety and well-being of its employees.The companys safety culture empowers every member

76、 of its workforce to exercisestop-work authority without repercussion to address any potential unsafe work conditions.The company has set clear expectations for leaders to deliveroperational excellence by prioritizing the safety and health of its workforce,and the protection of communities,the envir

77、onment and the companys assets.Additionally,the company offers long-standing employee support programs such as Ombuds,an independent resource designed to equip employees withoptions to address and resolve workplace issues;a company hotline,where employees can report concerns to the Corporate Complia

78、nce department;and anEmployee Assistance Program,a confidential consulting service that can help employees resolve a broad range of personal,family and work-relatedconcerns.5Table of ContentsDescription of Business and PropertiesThe upstream and downstream activities of the company and its equity af

79、filiates are widely dispersed geographically,with operations and projects in NorthAmerica,South America,Europe,Africa,Asia and Australia.These activities are managed by the Oil,Products and Gas organization.Tabulations ofsegment income statements for the three years ended December 31,2024,and assets

80、 as of the end of 2024 and 2023 for the United States and thecompanys international geographic areas are in Note 14 Operating Segments and Geographic Data to the Consolidated Financial Statements.Similarcomparative data for the companys investments in and income from equity affiliates and property,p

81、lant and equipment are in Note 15 Investments andAdvances and Note 18 Property,Plant and Equipment.Refer to Managements Discussion and Analysis of Financial Condition and Results of Operationsfor a discussion of the companys Capital Expenditures.UpstreamReservesRefer to Table V for a tabulation of t

82、he companys proved reserves by geographic area for each year-end from 2022 through 2024.Reserves governance,technologies used in establishing proved reserves additions,and major changes to proved reserves by geographic area for the three-year period endedDecember 31,2024,are summarized in the discus

83、sion for Table V.Discussion is also provided regarding the nature of,status of,and planned futureactivities associated with the development of proved undeveloped reserves.The company recognizes reserves for projects with various developmentperiods,sometimes exceeding five years.The external factors

84、that impact the duration of a project include scope and complexity,remoteness or adverseoperating conditions,infrastructure constraints,and contractual limitations.The companys proved reserves at year-end 2024 were approximately 9.8 billion barrels of oil-equivalent(BOE).The largest reductions from

85、year-end2023 were from record production and the sale of assets in Canada,and the largest additions were from extensions and discoveries in the Permian and DJBasins.At December 31,2024,41 percent of the companys net proved oil-equivalent reserves were located in the United States,16 percent were loc

86、ated inAustralia and 13 percent were located in Kazakhstan.The net proved reserve balances at the end of each of the three years 2022 through 2024 are shown in the following table:At December 31202420232022Crude Oil,Condensate and Synthetic Oil Millions of barrelsConsolidated Companies3,027 3,770 3,

87、868 Affiliated Companies889 1,007 1,129 Total Crude Oil,Condensate and Synthetic Oil3,916 4,777 4,997 Natural Gas Liquids Millions of barrelsConsolidated Companies1,075 1,138 1,002 Affiliated Companies84 91 86 Total Natural Gas Liquids1,159 1,229 1,088 Natural Gas Billions of cubic feetConsolidated

88、Companies26,526 28,318 28,765 Affiliated Companies1,849 2,063 2,099 Total Natural Gas28,375 30,381 30,864 Oil-Equivalent Millions of barrelsConsolidated Companies8,523 9,628 9,664 Affiliated Companies1,281 1,441 1,565 Total Oil-Equivalent9,804 11,069 11,229 Oil-equivalent conversion ratio is 6,000 c

89、ubic feet of natural gas=1 barrel of crude oil.As used in this report,the term“project”may describe certain new upstream development activity,individual phases in a multiphase development,maintenance activities,existing assets,new investments in downstreamand chemicals capacity,investments in emergi

90、ng and lower carbon activities,and other activities.All of these terms are used for convenience only and are not intended as a precise description of the term“project”as itrelates to any specific governmental law or regulation.2*26Table of ContentsAverage Sales Prices and Production Costs per Unit o

91、f ProductionRefer to Table IV for the companys average sales price per barrel of crude(including crude oil and condensate)and natural gas liquids(NGLs)and perthousand cubic feet of natural gas produced,and the average production cost per oil-equivalent barrel for 2024,2023 and 2022.Gross and Net Pro

92、ductive WellsThe following table summarizes gross and net productive wells at year-end 2024 for the company and its affiliates:At December 31,2024Productive Oil WellsProductive Gas WellsGrossNetGrossNetUnited States35,135 24,099 2,110 1,758 Other Americas1,277 752 Africa1,679 653 48 18 Asia1,699 807

93、 1,309 405 Australia532 299 118 33 Europe27 5 Total Consolidated Companies40,349 26,615 3,585 2,214 Affiliates1,510 595 Total Including Affiliates41,859 27,210 3,585 2,214 Multiple completion wells included above659 355 147 115 Gross wells represent the total number of wells in which Chevron has an

94、ownership interest.Net wells represent the sum of Chevrons ownership interest in gross wells.Includes gross 1,381 and net 466 productive oil wells for interests accounted for by the non-equity method.Production OutlookThe company estimates its average worldwide oil-equivalent production in 2025 to i

95、ncrease six to eight percent over 2024,assuming a Brent crude oil priceof$70 per barrel and excluding the impact of asset sales.This estimate is subject to many factors and uncertainties,as described beginning on page 40.Refer to the Review of Ongoing Exploration and Production Activities in Key Are

96、as for a discussion of the companys major crude oil and natural gasdevelopment projects.AcreageAt December 31,2024,the company owned or had under lease or similar agreements undeveloped and developed crude oil and natural gas propertiesthroughout the world.The geographical distribution of the compan

97、ys acreage is shown in the following table:UndevelopedDevelopedDeveloped and UndevelopedThousands of acresGrossNetGrossNetGrossNetUnited States4,294 3,700 4,273 2,856 8,567 6,556 Other Americas16,503 11,078 920 232 17,423 11,310 Africa13,433 7,098 1,320 530 14,753 7,628 Asia13,373 7,440 934 363 14,3

98、07 7,803 Australia3,384 2,628 2,246 899 5,630 3,527 Europe106 21 12 2 118 23 Total Consolidated Companies51,093 31,965 9,705 4,882 60,798 36,847 Affiliates693 287 111 51 804 338 Total Including Affiliates51,786 32,252 9,816 4,933 61,602 37,185 Gross acres represent the total number of acres in which

99、 Chevron has an ownership interest.Net acres represent the sum of Chevrons ownership interest in gross acres.The gross undeveloped acres that will expire in 2025,2026 and 2027 if production is not established by certain required dates are 2,951,1,149,and 733,respectively.Includes gross 405 and net 1

100、43 undeveloped and gross 19 and net 5 developed acreage for interests accounted for by the non-equity method.11212 2131 2 3 7Table of ContentsNet Production of Crude Oil,Natural Gas Liquids and Natural GasThe following table summarizes the net production of crude oil,NGLs and natural gas for 2024 an

101、d 2023 by the company and its affiliates.Worldwide oil-equivalent production of 3.3 million barrels per day in 2024 was up approximately seven percent from 2023,mainly due to the full-year of legacy PDCEnergy,Inc.(PDC)production and growth in the Permian Basin.Refer to the Results of Operations sect

102、ion for a detailed discussion of the factorsexplaining the changes in production for liquids(including crude oil,condensate,NGLs and synthetic oil)and natural gas,and refer to Table V forinformation on annual production by geographical region.Components of Oil-EquivalentOil-EquivalentCrude OilNatura

103、l GasLiquidsNatural GasThousands of barrels per day(MBD)(MBD)(MBD)(MBD)(MMCFD)Millions of cubic feet per day(MMCFD)20242023202420232024202320242023United States1,599 1,349 782 710 370 287 2,684 2,112 Other AmericasArgentina51 43 43 37 47 36 Canada132 132 104 109 6 5 131 110 Total Other Americas183 1

104、75 147 146 6 5 178 146 AfricaAngola64 67 52 55 4 4 48 48 Equatorial Guinea46 49 9 11 5 5 191 198 Nigeria129 147 96 104 3 5 183 227 Republic of Congo28 30 26 28 10 9 Total Africa267 293 183 198 12 14 432 482 AsiaBangladesh99 104 3 3 577 610 China29 30 7 9 132 126 Indonesia 3 1 11 Israel100 95 1 1 592

105、 566 Kazakhstan45 45 26 26 113 114 Myanmar4 15 22 87 Partitioned Zone61 61 60 60 5 6 Thailand47 42 14 10 200 192 Total Asia385 395 111 110 1,641 1,712 Australia Australia479 488 40 40 2 2 2,625 2,678 Total Australia479 488 40 40 2 2 2,625 2,678 EuropeUnited Kingdom12 14 11 12 7 11 Total Europe12 14

106、11 12 7 11 Total Consolidated Companies2,925 2,714 1,274 1,216 390 308 7,567 7,141 Affiliates413 406 286 281 25 25 611 603 Total Including Affiliates3,338 3,120 1,560 1,497 415 333 8,178 7,744 Oil-equivalent conversion ratio is 6,000 cubic feet of natural gas=1 barrel of crude oil.Includes crude oil

107、,condensate and synthetic oil.Includes synthetic oil:46 5146 51 Canada Duvernay shale and AOSP assets were sold in December 2024.Indonesia Deepwater assets were sold in 2023.Chevron withdrew from Myanmar in April 2024.Volumes represent Chevrons share of production by affiliates,including Tengizchevr

108、oil in Kazakhstan and Angola LNG inAngola.Volumes include natural gas consumed in operations of 609 million and 596million cubic feet per day in 2024 and 2023,respectively.Total“as sold”natural gas volumes were 7,569 million and 7,148 million cubic feet per day for 2024 and 2023,respectively.Deliver

109、y CommitmentsThe company sells crude oil,natural gas,and NGLs from its producing operations under a variety of contractual obligations.Most contracts generallycommit the company to sell quantities based on production from specified properties,but some NGLs and natural gas sales contracts specify del

110、ivery offixed and determinable quantities.123,456781 23456 7 8 8Table of ContentsIn the United States,the company is contractually committed to deliver approximately 25 million barrels of NGLs and 813 billion cubic feet of natural gasto third parties and affiliates from 2025 through 2027.The company

111、 believes it can satisfy these contracts through a combination of equity production fromthe companys proved developed U.S.reserves and third-party purchases.These commitments are primarily based on contracts with indexed pricing terms.Outside the United States,the company is contractually committed

112、to deliver a total of 3.2 trillion cubic feet of natural gas to third parties and affiliatesfrom 2025 through 2027 mainly from operations in Australia and Israel.The Australia sales contracts contain variable pricing formulas that generallyreference the prevailing market price for crude oil,natural

113、gas or other petroleum products at the time of delivery.The sales contracts for Israel containformulas that generally reflect an initial base price subject to price indexation,Brent-linked or other,over the life of the contract.The company believes itcan satisfy these contracts from quantities avail

114、able from production of the companys proved developed reserves in these countries.Development ActivitiesRefer to Table I for details associated with the companys development expenditures and costs of proved property acquisitions for 2024,2023 and 2022.The following table summarizes the companys net

115、interest in productive and dry development wells completed in each of the past three years,and thestatus of the companys development wells drilling at December 31,2024.A“development well”is a well drilled within the known area of a crude oil ornatural gas reservoir to the depth of a stratigraphic ho

116、rizon known to be productive.Wells Drilling*Net Wells Completedat 12/31/24202420232022GrossNetProd.DryProd.DryProd.DryUnited States451 355 630 3 697 2 454 2 Other Americas9 8 64 39 35 Africa4 2 6 7 6 Asia24 9 72 1 58 2 32 1 Australia 2 3 1 Europe1 1 Total Consolidated Companies489 374 774 4 804 4 52

117、9 3 Affiliates3 1 3 4 6 Total Including Affiliates492 375 777 4 808 4 535 3*Gross wells represent the total number of wells in which Chevron has an ownership interest.Net wells represent the sum of Chevrons ownership interest in gross wells.Exploration ActivitiesRefer to Table I for detail on the co

118、mpanys exploration expenditures and costs of unproved property acquisitions for 2024,2023 and 2022.The following table summarizes the companys net interests in productive and dry exploratory wells completed in each of the past three years,and thenumber of exploratory wells drilling at December 31,20

119、24.“Exploratory wells”are wells drilled to find and produce crude oil or natural gas in unknownareas and include delineation and appraisal wells,which are wells drilled to find a new reservoir in a field previously found to be productive of crude oil ornatural gas in another reservoir or to extend a

120、 known reservoir.Wells Drilling*Net Wells Completedat 12/31/24202420232022GrossNetProd.DryProd.DryProd.DryUnited States2 1 5 2 2 3 2 Other Americas 1 1 1 Africa1 1 1 1 Asia 3 2 1 2 Australia Europe Total Consolidated Companies3 1 10 5 1 2 7 3 Affiliates Total Including Affiliates3 1 10 5 1 2 7 3*Gro

121、ss wells represent the total number of wells in which Chevron has an ownership interest.Net wells represent the sum of Chevrons ownership interest in gross wells.9Table of ContentsReview of Ongoing Activities in Key AreasChevron has exploration and production activities in many of the worlds major h

122、ydrocarbon basins.Chevrons 2024 key upstream activities,some ofwhich are also discussed in the section Managements Discussion and Analysis of Financial Condition and Results of Operations,are presented below.Thecomments include references to“total production”and“net production,”which are defined und

123、er“Production”in Exhibit 99.1.The discussion that follows references the status of proved reserves recognition for significant long lead time projects not on production as well as forprojects recently placed on production.Reserves are not discussed for exploration activities or recent discoveries th

124、at have not advanced to a project stage,or for mature areas of production that do not have individual projects requiring significant levels of capital or exploratory investment.Projected start-uptiming for nonoperated projects are per operators estimate.United StatesUpstream activities in the United

125、 States are primarily located in Texas,New Mexico,Colorado,California and the Gulf of America.Acreage for the UnitedStates can be found in the Acreage table.Net daily oil-equivalent production in the United States can be found in the Net Production of Crude Oil,NaturalGas Liquids and Natural Gas tab

126、le.As one of the largest producers in the Permian Basin,Chevron continues to develop its advantaged portfolio of 1,780,000 net acres in the Delaware andMidland basins in west Texas and southeast New Mexico and is expected to achieve one million barrels of net oil-equivalent production per day in 202

127、5.The asset is comprised of stacked formations enabling production from multiple geologic zones from single surface locations,staging the development foroptimized capacity utilization of facilities and infrastructure.The company has implemented a factory development strategy utilizing multi-well pad

128、s todrill a series of horizontal wells that are subsequently completed using hydraulic fracture stimulation.This manufacturing-style process,combined withadvantaged acreage holdings and technological advancements,have enabled productivity improvements across unique geological locations throughout th

129、ebasin.Acreage transactions enabling longer laterals and the companys diversified land assets via non-operated joint ventures and royalty positions havealso contributed to higher returns.The company continued to progress water handling initiatives and ongoing emission reductions,including the partia

130、l orfull electrification of drilling and hydraulic fracturing fleets,and the expansion of electricity sources with two new solar projects reaching final investmentdecision in 2024.Chevrons 2024 net daily production in the Permian Basin averaged 405,000 barrels of crude oil,251,000 barrels of NGLs an

131、d 1.6 billioncubic feet of natural gas.Chevron also holds approximately 72,000 net acres in the Haynesville Shale in east Texas.The company continues to pursue strategic opportunities forthese assets.Chevron is the largest oil and natural gas producer in Colorado,where development is focused across

132、approximately 580,000 net acres in the Denver-Julesburg(DJ)Basin.Chevron follows a factory development strategy utilizing multi-well pads to drill a series of horizontal wells that are subsequentlycompleted using hydraulic fracture stimulation.It has also implemented facility design and electrificat

133、ion improvements to consolidate assets and removefacilities,reducing surface footprint and greenhouse gas emissions.In 2024,Chevrons net daily production in Colorado averaged 132,000 barrels of crudeoil,107,000 barrels of NGLs and 930 million cubic feet of natural gas.Chevron also has operations in

134、Colorados Piceance Basin,as well as an acreageposition in Wyoming.In 2024,Chevrons California average net daily oil-equivalent production was 71,000 barrels.Chevron owns and operates between 87 and 100 percentinterests in six fields including Kern River,Cymric/McKittrick,Midway Sunset,San Ardo,Coali

135、nga and Lost Hills.The company announced its first solar-to-hydrogen production project in Kern County,which will create lower carbon hydrogen through electrolysis,utilizing solar power,land and non-potableproduced water from Chevrons existing assets.During 2024,net daily production in the Gulf of A

136、merica averaged 168,000 barrels of crude oil,10,000 barrels of NGLs and 86 million cubic feet ofnatural gas.Chevron is engaged in various operated and nonoperated exploration,development and production activities in the deepwater Gulf of America.Chevron also holds nonoperated interests in several sh

137、elf fields.Chevron has a 62.9 percent-owned and operated interest in the unit areas containing the Anchor Field,located in the Green Canyon area.Stage 1 of theAnchor development that consists of a seven-well subsea development and a semi-submersible floating production unit achieved first oil in Aug

138、ust 2024utilizing an industry-first 20,000 pounds per square inch10Table of Contentsdeepwater technology.Two producing wells were brought online and development drilling is progressing on subsequent wells.The field has an estimatedremaining production life of 30 years.Chevron has a 60 percent-owned

139、and operated interest in the Ballymore Field located in the Mississippi Canyon area,which is being developed as a subseatieback to the existing Chevron 75 percent-owned and operated Blind Faith facility.The development includes three production wells,with first oilexpected in 2025.Proved reserves ha

140、ve been recognized for this project.Chevron has a 60 percent-owned and operated interest in the Big Foot Field,located in the deepwater Walker Ridge area.First oil from furtherdevelopment is expected in 2025 and 2026.The field has an estimated remaining production life of 25 years.Chevron has a 50 p

141、ercent-owned and operated interest in the Jack Field,a 51 percent-owned and operated interest in the St.Malo Field and a 40.6 percent-owned and operated interest in the production host facility used for the joint development of both fields,all located in the Walker Ridge area.In 2024,theSt.Malo Stag

142、e 4 waterflood project delivered first water injection and completed the installation of a second multi-phase subsea pump module within theSt.Malo Field.An additional St.Malo well delivered first oil and further development drilling commenced in the Jack Field.The Jack/St.Malo Stage 5project reached

143、 final investment decision(FID),with first oil expected in 2026.The Jack and St.Malo fields have an estimated remaining production life of20 years.The company has a 58 percent-owned and operated interest in the deepwater Tahiti Field,located in the Green Canyon area.In 2024,the companys firstdeepwat

144、er Gulf of America producer-to-injector conversion well started water injection and an additional water injector well reached FID.The Tahiti Fieldsurpassed 500 million barrels of oil-equivalent cumulative production in 2024 and has an estimated remaining production life of 20 years.The company has a

145、 15.6 percent nonoperated working interest in the deepwater Mad Dog Field,located in the Green Canyon area.In 2024,first waterinjection was achieved from the Mad Dog 2 project and additional producing wells were brought online.The field has an estimated remaining productionlife of more than 30 years

146、.Chevron has a 37.5 percent nonoperated working interest in the Perdido Regional Host,which accommodates production from the Great White,Silvertipand Tobago fields in the Alaminos Canyon area.In 2024,the Silvertip Expansion Project,in which Chevron has a 60 percent nonoperated working interest,reach

147、ed FID,with first oil expected in 2026.Additional development drilling in the Great White Field is currently ongoing,with first oil expected in 2025.The Perdido asset has an estimated remaining production life of more than 15 years.Chevron has a 25 percent nonoperated working interest in the Stamped

148、e Field,which is located in the Green Canyon area.In 2024,development drilling ona new well with tie back to the host facility commenced and first oil is expected in 2025.The Stampede Field has an estimated remaining production life ofmore than 20 years.The company has a 40 percent nonoperated worki

149、ng interest in the Whale discovery located in the Alaminos Canyon area.Whale consists of a fifteen-wellsubsea development and floating production unit.In January 2025,first production was achieved with two producing wells brought online anddevelopment drilling in progress on subsequent wells.The fie

150、ld has an estimated remaining production life of more than 25 years.During 2024,Chevron was formally awarded 26 exploration blocks as a result of Gulf of America lease sale 261.Chevron has a 50 percent interest in Bayou Bend,a carbon dioxide transportation and sequestration affiliate that holds appr

151、oximately 140,000 acres forcarbon dioxide storage.In 2024,onshore and offshore stratigraphic wells were drilled to delineate carbon dioxide storage potential.Chevron owns a majority interest in ACES Delta,LLC,a joint venture developing the Advanced Clean Energy Storage Project in Delta,Utah.The proj

152、ect,currently under construction,is designed to produce hydrogen made from renewable energy,store that hydrogen in two salt caverns,and deliver it asneeded to hydrogen-capable gas turbines to generate power.The project is expected to be commercially operational in 2025.Other Americas“Other Americas”

153、includes Argentina,Brazil,Canada,Colombia,Mexico,Suriname,Uruguay and Venezuela.Acreage for“Other Americas”can be foundin the Acreage table.Net daily oil-equivalent production from these countries can be found in the Net Production of Crude Oil,Natural Gas Liquids andNatural Gas table.11Table of Con

154、tentsArgentina Chevron has a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions in the Vaca Muerta shale.At LomaCompana,48 horizontal wells were drilled in 2024,with 46 wells in total put on production.This concession expires in 2048,and the Narambuenaconcession expires i

155、n 2027.Chevron owns and operates a 100 percent interest in the El Trapial Field with conventional waterflood.The conventional field concession expires in 2032.Chevron also owns and operates a 100 percent interest in the east area of the El Trapial Field in the Vaca Muerta shale formation for unconve

156、ntionaldevelopment.In 2024,Chevron continued development on its unconventional resources with one drilling rig.The unconventional concession expires in2057.Chevron has a 14 percent interest in a pipeline system that provides an important export route for Argentinas crude oil.During 2024,a majority o

157、f thecompanys exported crude oil was transported through this pipeline system.Chevron is currently evaluating other strategic alternatives to increase itsexport capacity in the country.Brazil Chevron holds 35 percent nonoperated interests in two blocks in the Campos Basin,following the relinquishmen

158、t of two blocks in 2024.Chevronsecured 15 additional exploration blocks in the South Santos and Pelotas basins in 2024.Canada Upstream interests in Canada are concentrated in the offshore Atlantic region of Newfoundland and Labrador.The company also has interests inthe Northeast British Columbia and

159、 the Beaufort Sea region of the Northwest Territories.Chevron has a 26.9 percent nonoperated working interest in the Hibernia Field and a 24.1 percent nonoperated working interest in the unitized HiberniaSouthern Extension areas offshore Atlantic Canada.The company has a 29.6 percent nonoperated wor

160、king interest in the Hebron Field,also offshoreAtlantic Canada.In December 2024,the company sold its 20 percent nonoperated working interest in the Athabasca Oil Sands Project and associated Quest carbon captureand storage project in Alberta,as well as its operated assets in the Duvernay shale.Colom

161、bia Chevron has a 40 percent-owned and operated interest in the offshore Colombia-3 Block.Mexico All blocks in which Chevron has a participating interest are in the process of being relinquished to the government.Suriname Chevron has a 40 percent-owned and operated working interest in Block 5 and an

162、 80 percent-owned and operated interest in the shallow waterBlock 7.Chevron also holds a 33.3 percent nonoperated working interest in deepwater Block 42.Uruguay In 2024,Chevron acquired a 60 percent-owned and operated interest in offshore exploration Block OFF-1 with plans to initiate a 3D seismicca

163、mpaign in 2025.Venezuela Chevrons interests in Venezuela are located in western Venezuela,the Orinoco Belt and offshore Venezuela.As of December 31,2024,noproved reserves are recognized for these interests.In 2024,the company conducted activities in Venezuela consistent with the authorization provid

164、edpursuant to licenses issued by the United States government.Chevron has a 39.2 percent interest in Petroboscan,which operates the Boscan Field in western Venezuela,as well as a 25.2 percent interest inPetroindependiente,which operates the LL-652 Field in Lake Maracaibo with licenses that expire in

165、 2041.Chevron has a 30 percent interest in Petropiar,which operates the heavy oil Huyapari Field under an agreement expiring in 2047,and a 35.8 percent interest in Petroindependencia,which includes theCarabobo 3 heavy oil project located in three blocks in the Orinoco Belt under a contract expiring

166、in 2050.Chevron also operates and holds a 60 percent interest in the Loran gas field offshore Venezuela.This is part of a cross-border field that includes theManatee Field in Trinidad and Tobago.This license expires in 2039.AfricaIn Africa,the company is engaged in upstream activities in Angola,Came

167、roon,Egypt,Equatorial Guinea,Namibia and Nigeria.Acreage for Africa can befound in the Acreage table.Net daily oil-equivalent production from these countries can be found in the Net Production of Crude Oil,Natural Gas Liquidsand Natural Gas table.Angola The company operates and holds a 39.2 percent

168、interest in Block 0,a concession adjacent to the Cabinda coastline that expires in 2050.The Block0 Sanha Lean Gas Connection Project(SLGC)was completed in 2024 and added a new platform that ties the existing complex to new connecting pipelinesfor gathering and exporting gas from Blocks 0 and 14 to A

169、ngola LNG.In 2024,construction continued at the South NDola project located in Area B of Block 0,with first oil expected in 2025.12Table of ContentsChevron also operates and holds a 31 percent interest in a production sharing contract(PSC)for deepwater Block 14 that expires in 2028.In 2024,Chevron a

170、dded frontier exploration acreage positions for Blocks 49 and 50 offshore Angola in the deepwater lower Congo Basin.Chevron has a 36.4 percent shareholding in Angola LNG Limited,which operates an onshore natural gas liquefaction plant in Soyo,Angola.The plant hasthe capacity to process 1.1 billion c

171、ubic feet of natural gas per day.This is the worlds first LNG plant supplied with associated gas,where the natural gas isa byproduct of crude oil production.Feedstock for the plant originates from multiple fields and operators.Chevron owns a 31 percent nonoperated working interest in the New Gas Con

172、sortium Project(NGC).NGC is an offshore gas concession in which theQuiluma and Maboqueiro(Q&M)fields will be the first to be developed,with first production expected in 2026.The Q&M development includes twowellhead platforms and an onshore gas treatment plant with connections to the Angola LNG plant

173、.Proved reserves were recognized for this project in2024.Angola-Democratic Republic of Congo(DRC)Joint Development Area Chevron has a 31 percent interest in a production sharing agreement(PSA)withthe Angola and DRC governments to explore Block 14/23 located in the Zone of Common Interest established

174、 between the Republic of Angola and DRCmaritime area.Angola-Republic of Congo(ROC)Joint Development Area Chevron operates and holds a 15.5 percent interest in the Lianzi Unitization Zone(Lianzi),which is located in an area shared equally by Angola and the ROC.This interest expires in 2031.In January

175、 2025,the company sold its interest in the ROCportion of Lianzi,while retaining the Angolan portion.Republic of Congo In January 2025,the company sold its 31.5 percent nonoperated interest in the offshore Haute Mer permit area.Cameroon Chevron has a 100 percent interest in the YoYo Block in the Doua

176、la Basin.Preliminary development plans include a possible joint developmentbetween YoYo and the Yolanda fields located in Equatorial Guinea Block I.Egypt Chevron has interests in Egypt blocks in both the Mediterranean and Red Sea.In the Mediterranean Sea,Chevron holds a 63 percent-owned andoperated

177、interest in North El Dabaa(Block 4),a 45 percent-owned and operated interest in the Nargis Block and a 27 percent non-operated working interestin North Cleopatra(Block 7).In 2024,Chevron relinquished its 63 percent-owned and operated interest in North Sidi Barrani(Block 2)and its 27 percentnonoperat

178、ed interest in North Marina(Block 6).In the Red Sea,the company holds a 45 percent-owned and operated interest in Block 1.Equatorial Guinea Chevron has a 38 percent-owned and operated interest in the Aseng Field and the Yolanda Field in Block I and a 45 percent-owned andoperated interest in the Alen

179、 Field in Block O.The Yolanda field is a discovered natural gas field that straddles the Equatorial Guinea and Cameroonmaritime border,for which development options are being reviewed with both governments.The company also holds a 32 percent nonoperated interest in the Alba natural gas and condensat

180、e field.Chevron holds interests in two processing facilities located in Punta Europa.These include a 28 percent nonoperated interest in the Alba LPG Plant and a45 percent nonoperated interest in the Atlantic Methanol Production Company.In 2024,Chevron added two exploration acreage positions for Bloc

181、ks EG-06 and EG-11,offshore Bioko Island.Namibia Chevron has an 80 percent-owned and operated interest in Petroleum Exploration License(PEL)90(Block 2813B)in the Orange Basin,offshoreNamibia.In early 2025,Chevron acquired an 80 percent-owned and operated interest in PEL82(Blocks 2112B and 2212A)in t

182、he Walvis Basin.Nigeria Chevron holds 40 percent interests in concessions across the onshore and shallow-offshore regions of the Niger Delta,most of which wereconverted in 2024 to the terms of the Petroleum Industry Act of 2021.The company also holds acreage positions in five operated and six nonope

183、rateddeepwater blocks,with working interests ranging from 20 to 100 percent.Chevron operates and holds a 67.3 percent working interest in the Agbami Field,which straddles deepwater Petroleum Mining Lease(PML)52(previouslyknown as Oil Mining License(OML)127)and OML 128.PML 52 expires in 2044,and OML

184、128 expires in 2042.Additionally,Chevron holds a 30percent nonoperated working interest in the Usan Field in OML 138 that expires in 2042.13Table of ContentsIn deepwater exploration,Chevron operates and holds a 55 percent working interest in the Nsiko discovery in OML 140 and a 100 percent working i

185、nterestin the Aparo discovery in OML 132.Chevron also holds a 27 percent nonoperated working interest in OML 139 and OML 154,and the company continuesto work with the operator to evaluate development options for the multiple deepwater discoveries in the Usan area,including the Owowo Field,whichstrad

186、dles OML 139 and OML 154.The development plan for the Owowo Field involves a subsea tie-back to the existing Usan floating,production,storageand offloading vessel.The field development plan for the Owowo Stage 1 development project was approved in August 2024.At the end of 2024,noproved reserves wer

187、e recognized for this project.Also,in the deepwater area,the third-party-operated Bonga South West Aparo Field in OML 118 straddles both OML 132 and OML 140.Chevron holds a16.6 percent nonoperated working interest in the unitized area.The development plan involves subsea wells tied back to a floatin

188、g production,storage andoffloading vessel.At the end of 2024,no proved reserves were recognized for this project.Chevron holds a 40 percent-owned and operated working interest in Oil Prospecting License(OPL)215 that covers 256,000 net acres.In 2024,Chevron discovered new oil in the Niger Delta at Pe

189、troleum Mining Lease 49(previously within OML 90).This Meji NW-1 discovery is expectedto increase Chevrons oil production in the joint venture asset in which it holds a 40 percent working interest.Chevron operates the Escravos Gas Plant,which has a total processing capacity of 680 million cubic feet

190、 per day of natural gas and liquefied petroleum gasand condensate export capacity of 58,000 barrels per day.The company operates the 33,000-barrel-per-day Escravos Gas to Liquids facility.In addition,thecompany holds a 36.9 percent interest in the West African Gas Pipeline Company Limited affiliate,

191、which supplies Nigerian natural gas to customers inBenin,Togo and Ghana.AsiaIn Asia,the company is engaged in upstream activities in Bangladesh,China,Cyprus,Indonesia,Israel,Kazakhstan,the Partitioned Zone between SaudiArabia and Kuwait,Russia and Thailand.Acreage for Asia can be found in the Acreag

192、e table.Net daily oil-equivalent production for these countries can befound in the Net Production of Crude Oil,Natural Gas Liquids and Natural Gas table.Bangladesh Chevron Bangladesh operates and holds 100 percent interest in Block 12(Bibiyana field)and Blocks 13 and 14(Jalalabad and Moulavi Bazarfi

193、elds)under two PSCs.The rights to produce from Bibiyana and Jalalabad expire in 2034 and from Moulavi Bazar in 2038.China Chevron has a 49 percent nonoperated working interest in the Chuandongbei project,including the Luojiazhai and Gunziping natural gas fieldslocated onshore in the Sichuan Basin wi

194、th the PSC expiring in 2038.The company also has a 32.7 percent nonoperated working interest in Block 16/19 inthe Pearl River Mouth Basin,with the PSC expiring in 2028.In the Bohai Bay,the company previously held a 24.5 percent nonoperated working interests in the Qinhuangdao(QHD)32-6 PSC,which expi

195、red inNovember 2024.Cyprus The company holds a 35 percent-owned and operated interest in the Aphrodite gas field in Block 12 under a PSC,with an exploitation license thatexpires in 2044.In February 2025,the government and the joint venture agreed to a development and production plan with revised PSC

196、 project milestones.Indonesia In 2024,Chevron commenced an exploration project managed by its joint venture at the Way Ratai geothermal working area in Lampung.Israel Chevron holds a 39.7 percent-owned and operated interest in the Leviathan Field,which operates under a concession that expires in 204

197、4.A thirdgathering pipeline is under construction and is expected to increase gas production capacity from approximately 1.2 to 1.4 billion cubic feet per day fromthe Leviathan reservoir.This pipeline is scheduled for completion in early 2026.Chevron is also undergoing front end engineering design(F

198、EED)and procurement for long lead items to further expand the installed capacity at theLeviathan Field from 1.4 to up to 2.1 billion cubic feet per day.This expansion aims to increase production and improve the monetization of the asset,including opportunities via existing and planned regional infra

199、structure as well as potential avenues for entry into the global LNG market.The FEED workis critical to reach FID and is contingent upon meeting certain commercial and regulatory conditions.14Table of ContentsThe company also holds a 25 percent-owned and operated interest in the Tamar gas field,whic

200、h operates under a concession that expires in 2038.Phase 1of the Tamar Optimization Project includes installation of a new pipeline to increase delivery capacity to the processing platform,allowing for productionat the platform to increase from approximately 1.0 billion to 1.2 billion cubic feet per

201、 day.This project is scheduled for completion in 2025.Chevron reached FID on Phase 2 of the Tamar Optimization Project in February 2024,which is expected to further increase capacity up to approximately1.6 billion cubic feet of gas per day and includes investment in additional midstream infrastructu

202、re.This project is scheduled for completion in 2026.Kazakhstan Chevron has a 50 percent interest in the Tengizchevroil(TCO)affiliate and an 18 percent nonoperated working interest in the Karachaganakfield.TCO is developing the Tengiz and Korolev crude oil fields in western Kazakhstan under a concess

203、ion agreement that expires in 2033.Most of TCOs 2024crude oil production was exported through the Caspian Pipeline Consortium(CPC)pipeline.TCO completed the Wellhead Pressure Management Project(WPMP)in 2024 while also completing two major train turnarounds.In early 2025,TCOstarted oil production at

204、the Future Growth Project(FGP).FGP is the third processing plant in operation at the Tengiz oil field,which is expected toincrease crude oil production by 260,000 barrels per day at full capacity and ramp-up total output to one million barrels of oil-equivalent per day.The Karachaganak field is loca

205、ted in northwest Kazakhstan,and operations are conducted under a PSA that expires in 2038.During 2024,a majority of theexported liquids were transported through the CPC pipeline.In 2024,the Karachaganak Expansion Project Stage 1A facility scope was completed withfinal associated injector well to be

206、completed in first-half 2025 and Stage 1B continued development expecting to complete second-half 2026.Bothprojects increase gas re-injection capacity and extend stable field production.Proved reserves have been recognized for both projects.Kazakhstan/Russia Chevron has a 15 percent interest in the

207、CPC.Through 2024,CPC transported an average of 1.4 million barrels of crude oil per day,composed of 1.2 million barrels per day from Kazakhstan and 0.2 million barrels per day from Russia.Kurdistan Region of Iraq After relinquishment of company interests in Sarta and Qara Dagh PSCs in 2023,Chevron c

208、ontinues to work with thegovernment and joint venture partner on final exit agreements,expected to be completed in early 2025.Myanmar Chevron withdrew from Myanmar,effective April 2024.Partitioned Zone Chevron holds a concession to operate the Kingdom of Saudi Arabias 50 percent interest in the hydr

209、ocarbon resources in the onshorearea of the Partitioned Zone between Saudi Arabia and Kuwait.The concession expires in 2046.In 2024,the NWWB-1 exploration well reached totaldepth and was placed on production.Current activities focus on optimizing base business,further exploration and development dri

210、lling and delivering newtechnology that enables production growth.Thailand Chevron holds operated interests in the Pattani Basin,located in the Gulf of Thailand,with ownership ranging from 35 percent to 71.2 percent.Concessions for producing areas within this basin expire between 2028 and 2035.Chevr

211、on has a 35 percent-owned and operated interest in the Pailin fieldin Block 12/27.Chevron also has a 16 percent nonoperated working interest in the Arthit field located in the Malay Basin.Concessions for the producingareas within this basin expire between 2036 and 2040.Chevron also has an exploratio

212、n and production license for Block G2/65,which covers 3.7 millionnet acres.Chevron holds between 30 to 80 percent operated and nonoperated working interests in the Thailand-Cambodia Overlapping Claims Area that are inactive,pending resolution of border issues between Thailand and Cambodia.AustraliaC

213、hevron is the largest producer of LNG in Australia.Acreage can be found in the Acreage table.Net daily oil-equivalent production can be found in theNet Production of Crude Oil,Natural Gas Liquids and Natural Gas table.Upstream activities in Australia are concentrated offshore Western Australia,where

214、 the company is the operator of two major LNG projects,Gorgon andWheatstone,and has a nonoperated working interest in the North West Shelf(NWS)Venture and exploration acreage in the Carnarvon Basin.15Table of ContentsChevron holds a 47.3 percent-owned and operated interest in Gorgon on Barrow Island

215、,which includes the development of the Gorgon and Jansz-Io fields,a three-train 15.6 million-metric-ton-per-year LNG facility,a carbon capture and underground storage facility and a domestic gas plant.Progress on theJansz-Io Compression project continued during 2024 with first gas expected in 2028.P

216、roved reserves have been recognized for this project.Gorgonsestimated remaining economic life exceeds 40 years.Chevron holds an 80.2 percent interest in the offshore licenses and a 64.1 percent-owned and operated interest in the LNG facilities associated withWheatstone.Wheatstone includes the develo

217、pment of the Wheatstone and Iago fields,a two-train,8.9 million-metric-ton-per-year LNG facility,and adomestic gas plant.The onshore facilities are located at Ashburton North on the coast of Western Australia.Wheatstones estimated remaining economiclife exceeds 16 years.Chevron has a 16.7 percent no

218、noperated working interest in the NWS Venture in Western Australia.In 2024,the company agreed to an asset swap of its16.7 percent interest in the NWS Project,NWS Oil Project and its 20 percent interest in Angel Carbon Capture and Storage Project with Woodsides 13percent nonoperated interest in the W

219、heatstone Project and 65 percent operated interest in the Julimar-Brunello fields and related infrastructure,which isexpected to close in 2026,subject to customary closing conditions and regulations.The company continues to evaluate exploration and appraisal activity across the Carnarvon Basin,in wh

220、ich it holds more than 2.6 million net acres.In2024,Chevron was awarded the WA-553-P exploration permit in the North Carnarvon Basin,which covers approximately 800,000 net acres.Chevronowns and operates the Clio,Acme and Acme West fields.The company is collaborating with other Carnarvon Basin partic

221、ipants to assess the possibility ofdeveloping Clio and Acme through shared utilization of existing infrastructure.Chevron holds operated and nonoperated working interests ranging from 20 to 70 percent,in five greenhouse gas assessment permits to evaluate thepotential of carbon dioxide storage.The bl

222、ocks,including four in the Carnarvon Basin off the northwestern coast of Western Australia and one in theBonaparte Basin offshore Northern Territory,total nearly 10.2 million gross acres.This acreage includes Block G-18-AP and Block G-20-AP,both awardedin 2024 and the Angel Carbon Capture and Storag

223、e Project,subject to the asset swap mentioned above.United KingdomAcreage can be found in the Acreage table.Net oil equivalent production for the United Kingdom can be found in the Net Production of Crude Oil,NaturalGas Liquids and Natural Gas table.Chevron holds a 19.4 percent nonoperated working i

224、nterest in the Clair Field,located west of the Shetland Islands.The Clair Field currently consists of twoplatform drilling centers:the original Clair Phase 1 and a later added Clair Ridge center.The company is assessing a third drilling center to develop furtherresources in the area.The Clair Field

225、has an estimated remaining production life extending beyond 2050.Sales of Natural Gas Liquids and Natural GasThe company sells NGLs and natural gas from its producing operations under a variety of contractual arrangements.In addition,the company also makesthird-party purchases and sales of NGLs and

226、natural gas in connection with its supply and trading activities.U.S.and international sales of NGLs averaged 511,000 and 268,000 barrels per day,respectively,in 2024.During 2024,U.S.and international sales of natural gas averaged 5.2 billion and 5.7 billion cubic feet per day,respectively,which inc

227、ludes the companysshare of equity affiliates sales.Outside the United States,substantially all of the natural gas sales from the companys producing interests are fromoperations in Angola,Australia,Bangladesh,Canada,Equatorial Guinea,Kazakhstan,Israel,Nigeria and Thailand.Refer to Selected Operating

228、Data in Managements Discussion and Analysis of Financial Condition and Results of Operations,for further information onthe companys sales volumes of NGLs and natural gas.Refer also to Delivery Commitments for information related to the companys deliverycommitments for the sale of crude oil and natur

229、al gas.16Table of ContentsDownstreamRefining OperationsAt the end of 2024,the company had a refining network capable of processing 1.8 million barrels per day.Operable capacity at December 31,2024,anddaily refinery inputs for the company and affiliate refineries for 2022 through 2024,are summarized

230、in the table below.Average crude unit distillationcapacity utilization was 87.9 percent in 2024 and 89.8 percent in 2023.At U.S.refineries,crude unit distillation capacity utilization,which includes all crude oil and other inputs,averaged 86.6 percent in 2024,compared with90.8 percent in 2023.Chevro

231、n processes both imported and domestic crude oil in its U.S.refining operations.Imported crude oil accounted forapproximately 60 percent of Chevrons U.S.refinery inputs in both 2024 and 2023.In the United States,the company continued work on projects aimed at improving refinery flexibility and relia

232、bility.In 2024,the company completed theupgrade of the Pasadena Refinery,which is expected to increase light crude oil throughput capacity to 125,000 barrels per day with a phased start-upthrough first-quarter 2025.This project should allow the company to process more equity crude from the Permian B

233、asin,supply more products tocustomers in the U.S.Gulf Coast and realize synergies with the companys Pascagoula Refinery.Outside the United States,the company has interests in three large refineries in Singapore,South Korea and Thailand.Singapore Refining Company(SRC),a 50 percent-owned joint venture

234、,has a total capacity of 290,000 barrels of crude per day and manufactures a wide range of petroleum products.The 50percent-owned GS Caltex(GSC)Yeosu Refinery in South Korea remains one of the worlds largest refineries with a total crude capacity of 800,000 barrelsper day.The companys 60.6 percent-o

235、wned refinery in Thailand,Star Petroleum Refining Public Company Limited(SPRC),continues to supply high-quality petroleum products into regional markets.Petroleum Refineries:Locations,Capacities and Crude Unit InputsCapacities and inputs in thousands of barrels per dayDecember 31,2024Refinery Crude

236、Unit Inputs*LocationsNumberOperable Capacity202420232022PascagoulaMississippi1 369 337 355 359 El SegundoCalifornia1 290 224 232 251 RichmondCalifornia1 257 242 236 183 PasadenaTexas1 85 65 84 78 Salt Lake CityUtah1 58 49 55 53 Total Consolidated Companies United States5 1,059 917 962924Map Ta PhutT

237、hailand1 175 160 153 156 Total Consolidated Companies International1 175 160 153 156YeosuSouth Korea1 400 369 367 375 Pulau MerlimauSingapore1 145 117 116 121 Total Affiliates1 545 486 483 496 Total Including Affiliates International3 720 646 636 652 Total Including Affiliates Worldwide8 1,779 1,563

238、 1,598 1,576 Renewable FuelsThe company develops and produces renewable fuels,including but not limited to renewable diesel,renewable gasoline,biodiesel,sustainable aviation fueland renewable natural gas(RNG).Chevron owns and operates 11 biofuel refineries located in the U.S.and Germany,eight biofue

239、l refineries producing biodiesel and one producingrenewable diesel,with two refineries idled in 2024.Expansion work at the Geismar renewable diesel plant in Louisiana to increase production capacityfrom 7,000 to 22,000 barrels per day is in final commissioning stage,with startup expected in first qu

240、arter 2025.Chevron holds a 50 percent working interest in Bunge Chevron Ag Renewables LLC,which produces soybean oil from processing facilities in Destrehan,Louisiana,and Cairo,Illinois.Soybean oil can be used as a renewable feedstock to make renewable diesel,biodiesel and sustainable aviation fuel.

241、In 2024,FID was taken to build a new oilseed processing plant in Louisiana.*Includes crude oil and all other feedstocks to the crude distillation units.17Table of ContentsThe company continues to advance its dairy biomethane activities through Brightmark RNG Holdings LLC(Brightmark),CalBioGas LLC,an

242、d CalBioGasHilmar LLC.In 2024,Brightmark announced the inauguration of its Eloy Renewable Natural Gas center in Arizona and also achieved commercialoperations at ten additional projects across Iowa,Michigan,Ohio,South Dakota and Wisconsin.These facilities utilize anaerobic digesters to capturemethan

243、e from dairy farms and transform manure into pipeline quality fuel,fertilizer and water.In California,commercial operations began in 2024 at thecentral gas processing facility for CalBioGas Hilmar LLC,the companys newest partnership with California Bioenergy LLC,which includes seven newanaerobic dig

244、estion dairy farm projects.Chevron markets RNG through its nationwide network of 66 compressed natural gas(CNG)stations under the Chevron and Beyond6 brands.In 2024,Chevron opened six CNG stations across California,Florida,Georgia and Texas.Marketing OperationsThe company markets petroleum products

245、under the principal brands of“Chevron,”“Texaco”and“Caltex”throughout many parts of the world.Thefollowing table identifies the companys and its affiliates refined products sales volumes,excluding intercompany sales,for the three years endedDecember 31,2024.Refined Products Sales VolumesThousands of

246、barrels per day202420232022United StatesGasoline667 642639Jet Fuel255 260212Diesel/Gas Oil213 227216Fuel Oil54 4456Other Petroleum Products97 114105Total United States1,286 1,287 1,228 InternationalGasoline382 353336Jet Fuel229 234196Diesel/Gas Oil479 472464Fuel Oil182 161168Other Petroleum Products

247、223 225222Total International1,495 1,445 1,386 Total Worldwide2,781 2,732 2,614 Includes renewable fuel sales:40 4424 Principally naphtha,lubricants,asphalt and coke.Includes share of affiliates sales:386 389389 In the United States,the company markets primarily under the principal brands of“Chevron

248、”and“Texaco.”At year-end 2024,the company supplieddirectly or through retailers and marketers approximately 8,500 Chevron-and Texaco-branded service stations,primarily in the southern and western states.Approximately 370 of these outlets are company-owned or-leased stations.Outside the United States

249、,Chevron supplied directly or through retailers and marketers approximately 5,200 branded service stations,including affiliates.The company markets using the Chevron and Texaco brands in Latin America and the Caltex brand in the Asia-Pacific region.In South Korea,thecompany operates through its 50 p

250、ercent-owned affiliate,GSC.The rebranding project to transition service stations in Australia from Puma to the Caltexbrand is expected to complete in 2025.Chevron markets commercial aviation fuel to 64 airports worldwide.The company markets base oil globally under the Chevron and Nexbase brands andm

251、arkets lubricant and coolant products under the Chevron,Texaco and Caltex brands.Chemicals OperationsChevron Oronite Company develops,manufactures and markets performance additives for lubricating oils and fuels and conducts research anddevelopment for additive component and blended packages.At the

252、end of 2024,the company manufactured,blended or conducted research at 11 locationsaround the world.Chevron owns a 50 percent interest in Chevron Phillips Chemical Company LLC(CPChem).CPChem produces olefins,polyolefins and alpha olefins andis a supplier of aromatics and polyethylene pipe,in addition

253、 to participating in the11231231 2318Table of Contentsspecialty chemical and specialty plastics markets.At the end of 2024,CPChem owned or had joint-venture interests in 30 manufacturing facilities and tworesearch and development centers around the world.CPChem has two major integrated polymer proje

254、cts under construction,the Golden Triangle Polymers Project in Orange,Texas,for which CPChem holdsa 51 percent-owned and operated interest and the Ras Laffan Petrochemical Project in Ras Laffan,Qatar,for which CPChem holds a 30 percentnonoperated working interest.Start-up for both projects is target

255、ed for 2026.CPChem is expected to complete the Low Viscosity Poly Alpha OlefinExpansion Project at the CPChem Beringen,Belgium site in first-half 2025.Chevron is also involved in the petrochemical business through the operations of GSC,the companys 50 percent-owned affiliate in South Korea.GSCmanufa

256、ctures aromatics,including benzene,toluene and xylene.These base chemicals are used to produce a range of products,including adhesives,plastics and textile fibers.GSC also produces olefins,which are used to make automotive and home appliance parts,food packaging,laboratory equipment,building materia

257、ls,adhesives,paint and textiles.TransportationPipelines Chevron owns and operates a network of crude oil,natural gas and product pipelines and other infrastructure assets in the United States.Inaddition,Chevron operates pipelines for its 50 percent-owned CPChem affiliate.The company also has direct

258、and indirect interests in other U.S.andinternational pipelines.Refer to Nigeria and Kazakhstan/Russia in the Upstream section for information on the West African Gas Pipeline and the Caspian Pipeline Consortium.Shipping The companys marine fleet includes both U.S.and foreign flagged vessels.The oper

259、ated fleet consists of conventional crude tankers,productcarriers and LNG vessels.These vessels transport crude oil,LNG,refined products and feedstock in support of the companys global upstream anddownstream businesses.In 2024,Chevron announced plans to install a hard-sail wind-assisted propulsion s

260、ystem on a new time-chartered LNG carrier toreduce carbon intensity,with an expected delivery in 2026.Other BusinessesChevron Technical Center The company aims to scale affordable,innovative technology solutions to support a sustainable,resilient energy system.Chevron Technical Center(CTC)conducts r

261、esearch,develops and qualifies technology and provides technical services and competency development insupport of business outcomes.Areas of expertise include earth sciences,reservoir and production engineering,facilities engineering,reserve governanceand reporting,capital projects,drilling and comp

262、letions,innovation,technology ventures,catalyst and process technology,technical computing and digitaland data science.In 2024,Chevron announced the establishment of an engineering and innovation center in India to provide technical and digital solutionsfor the enterprise.CTC includes the companys i

263、nformation technology organization,which integrates computing,data management and analytics,cybersecurity and otherkey infrastructure technologies to provide a digital foundation to enable Chevrons global operations,projects and business processes.The company is focused on technologies that are read

264、y to adopt and scale today,as well as breakthrough technologies in support of its oil,natural gas andproducts and new energies businesses,including shale and tight recovery,deepwater development,lowering the carbon intensity of heavy oil,advancingfacilities of the future,renewable fuels,carbon captu

265、re utilization and storage,hydrogen and geothermal energy.Chevron leverages its in-house expertise to undertake internal research and development to advance energy solutions.The company holds more than 4,000patents for new technologies,with nearly 3,400 additional patents pending,making Chevron one

266、of the leading U.S.patent holders in the industry.Collaboration is increasingly important to close innovation gaps and integrate emerging technologies into existing energy value chains.Chevron workswith startups,universities,national laboratories,joint ventures and service companies to explore,evalu

267、ate and scale solutions.Chevron is applying artificialintelligence(AI)to drive productivity,efficiency and value to its global operations.The company is building high-impact use cases leveraging its extensivedata and insights and collaborating with others to access AI solutions to help unlock value.

268、In an effort to ensure its AI systems are reliable and effective,the company is employing processes to assess its capabilities,limitations and readiness.Chevron is a member of the Responsible AI institute,a consortiumfocused on integrating AI responsibly while safeguarding human values.19Table of Co

269、ntentsThe Chevron Technology Ventures(CTV)unit identifies and invests in externally developed technologies and new business solutions with the potential toenhance the way Chevron produces and delivers affordable,reliable and lower carbon energy.CTV has more than 25 years of being the primary on-ramp

270、for early-stage,external innovation into Chevron,including venture investing,with ten funds that have supported more than 150 startups and worked withmore than 350 co-investors.In addition to the companys own managed funds,Chevron also makes investments indirectly through the following funds:the Oil

271、 and Gas ClimateInitiative(OGCI)Climate Investments Catalyst Fund I,which targets decarbonization within the oil and gas,industrial,built environments andcommercial transportation sectors;Emerald funds,one of which targets energy,water,food,mobility,industrial IT and advanced materials and another t

272、hatfocuses on sustainable packaging;Carbon Direct Capital,a growth equity investor in carbon management technologies;and the HX Venture Fund 1 thattargets Houston,Texas high-growth start-up companies.Some of the investments the company makes in the areas described above are in new or unproven techno

273、logies and business processes;therefore,theultimate technical or commercial successes of these investments are not certain.Refer to Note 27 Other Financial Information for quantification of thecompanys research and development expenses.Chevron New Energies The new energies organization is focused on

274、 developing new businesses with the aim to support the companys objectives to lowerthe carbon intensity of its operations and enable growth opportunities with the potential to generate competitive returns.These include additional fuelsolutions utilizing hydrogen and its derivatives such as ammonia,c

275、arbon emissions management through carbon capture and offsets,and power generationfor data centers.The company is also pursuing opportunities in other emerging areas,including enhanced geothermal to deliver non-intermittent lowercarbon power,and lithium extraction and production for battery and othe

276、r applications.Environmental Protection The company designs,operates and maintains its facilities to avoid potential spills or leaks and to minimize the impact of thosethat may occur.Chevron requires its facilities and operations to have operating standards and processes and emergency response plans

277、 that addresssignificant risks identified through site-specific risk and impact assessments.Chevron also requires that sufficient resources be available to execute theseplans.In the unlikely event that a major spill or leak occurs,Chevron also maintains a Worldwide Emergency Response Team comprised

278、of employees whoare trained in various aspects of emergency response,including post-incident remediation.To complement the companys capabilities,Chevron maintains active membership in international oil spill response cooperatives,including the MarineSpill Response Corporation,which operates in U.S.t

279、erritorial waters,and Oil Spill Response,Ltd.,which operates globally.The company is a foundingmember of the Marine Well Containment Company,whose primary mission is to expediently deploy containment equipment and systems to capture andcontain crude oil in the unlikely event of a future loss of cont

280、rol of a deepwater well in the Gulf of America.In addition,the company is a member of theSubsea Well Response Project,which has the objective to further develop the industrys capability to contain and shut in subsea well control incidents indifferent regions of the world.The company aims to lower th

281、e carbon intensity of its oil and gas operations and comply with the related laws and regulations to which it is subject.Referto Item 1A.Risk Factors for further discussion of government action with respect to greenhouse gas and climate change and the associated risks toChevrons business.Refer to Ma

282、nagements Discussion and Analysis of Financial Conditions and Results of Operations Business Environment andOutlook on pages 35 through 37 for further discussion of climate change related trends and uncertainties.Refer to Managements Discussion and Analysis of Financial Conditions and Results of Ope

283、rations on pages 55 through 56 for additional information onenvironmental matters and their impact on Chevron,and on the companys 2024 environmental expenditures.Refer to page 54 through 55 and Note 24Other Contingencies and Commitments for a discussion of environmental remediation provisions and ye

284、ar-end reserves.Item 1A.Risk FactorsAs a global energy company,Chevron is subject to a variety of risks that could materially impact the companys results of operations and financialcondition.BUSINESS AND OPERATIONAL RISK FACTORSChevron is exposed to the effects of changing commodity prices Chevron i

285、s primarily in a commodities business that has a history of price volatility.Themost significant factor that affects the companys results of operations are the prices of crude oil,natural gas,and natural gas liquids,which can beinfluenced by general economic conditions and level of economic20Table o

286、f Contentsgrowth,including low or negative growth;industry production and inventory levels;technology advancements,including those in pursuit of a lower carboneconomy;production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries or other producers;weat

287、her-related damage and disruptions due to other natural or human causes beyond our control;competing fuel prices;geopolitical risks;the pace of energytransition;customer and consumer preferences and the use of substitutes;and governmental regulations,policies and other actions regarding thedevelopme

288、nt of oil and gas reserves,as well as greenhouse gas emissions and climate change.Chevron evaluates the risk of changing commodity prices asa core part of its business planning process.An investment in the company carries significant exposure to fluctuations in global prices of crude oil,naturalgas,

289、and natural gas liquids.Extended periods of low prices for crude oil,natural gas,and natural gas liquids can have a material adverse impact on the companys results of operations,financial condition and liquidity.Among other things,the companys upstream earnings,cash flows,and capital expenditure pro

290、grams could be negativelyaffected,as could its production and proved reserves.Upstream assets may also become impaired.Downstream earnings could be negatively affectedbecause they depend upon the supply and demand for refined products and the associated margins on refined product sales.A significant

291、 or sustaineddecline in liquidity could adversely affect the companys credit ratings,potentially increase financing costs and reduce access to capital markets.Thecompany may be unable to realize anticipated cost savings,expenditure reductions and asset sales that are intended to compensate for such

292、downturns,andsuch downturns may also slow the pace and scale at which we are able to invest in our business,including our Chevron New Energies organization.Insome cases,transferred liabilities,including for decommissioning of previously divested assets,have returned and may continue to return to the

293、 companywhen an acquirer of those assets subsequently defaults on the assumed transferred liabilities(e.g.,bankruptcy).In addition,extended periods of lowcommodity prices can have a material adverse impact on the results of operations,financial condition and liquidity of the companys suppliers,vendo

294、rs,partners and equity affiliates upon which the companys own results of operations and financial condition depend.The scope of Chevrons business will decline if the company does not successfully develop resources The company is in an extractive business;therefore,if it is not successful in replacin

295、g the crude oil and natural gas it produces with good prospects for future organic opportunities or through acquisitions,exploration or technology,the companys business will decline.Creating and maintaining an inventory of economic projects depends on many factors,including obtaining and renewing ri

296、ghts to explore,develop and produce hydrocarbons;drilling success;reservoir optimization;technology advancements;ability to bring long-lead-time,capital-intensive projects to completion on budget and on schedule;partner alignment,including strategic support;andefficient and profitable operation of m

297、ature properties.The companys operations could be disrupted by natural or human causes beyond its control Chevron operates in both urban areas and remote andsometimes inhospitable regions.The companys operations are therefore subject to disruption from natural or human causes beyond its control,incl

298、udingrisks from hurricanes,severe storms,floods,heat waves,and other forms of severe weather;wildfires;ambient temperature increases;sea level rise;war orother military conflicts such as the conflict in the Middle East and the military conflict between Russia and Ukraine;accidents;civil unrest;polit

299、ical events;fires;earthquakes;system failures;cyber threats;terrorist acts;and epidemic or pandemic diseases,some of which may be impacted by climate change andany of which could result in suspension of operations or harm to people or the natural environment.Chevrons risk management systems are desi

300、gned to assess potential physical and other risks to its operations and assets and to plan for their resiliency.While capital investment reviews and decisions incorporate potential ranges of physical risks such as storm severity and frequency,sea level rise,air andwater temperature,precipitation,fre

301、sh water access,wind speed,and earthquake severity,among other factors,it is difficult to predict with certainty thetiming,frequency or severity of such events,any of which could have a material adverse effect on the companys results of operations or financialcondition.Cyberattacks and events affect

302、ing Chevrons operational technology networks or other digital infrastructure could have a material adverse impact onthe companys business and results of operations There are numerous and evolving risks to Chevrons cybersecurity and privacy from cyber threat actors,including criminal hackers,state-sp

303、onsored intrusions,industrial espionage and employee malfeasance.These cyber threat actors,whether internal orexternal to Chevron,are becoming more sophisticated and coordinated in their attempts to access the companys information technology(IT)systems anddata,including the IT systems of cloud provi

304、ders and other third parties with whom the company conducts business through,without limitation,malicioussoftware;data breaches by employees,insiders or others with authorized access;cyber or phishing-attacks;ransomware;attempts to gain unauthorizedaccess to our data and systems;and other electronic

305、 security breaches.The cyber risk landscape changes over time due to a variety of internal and externalfactors,21Table of Contentsincluding during organizational changes,relocating work to international geographies,or other corporate transactions;political tensions;war or othermilitary conflicts;or

306、civil unrest.Although Chevron devotes significant resources to prevent unwanted intrusions and to protect its systems and data,whether such data is housed internally or by external third parties,the company has experienced and will continue to experience cyber incidents of varyingdegrees in the cond

307、uct of its business.Cyber threat actors could compromise the companys operational technology networks or other critical systems andinfrastructure,resulting in disruptions to its business operations,injury to people,harm to the environment or its assets,disruptions in access to its financialreporting

308、 systems,or loss,misuse or corruption of its critical data and proprietary information,including without limitation its intellectual property andbusiness information and that of its employees,customers,partners and other third parties.Any of the foregoing can be exacerbated by a delay or failure tod

309、etect a cyber incident or the full extent of such incident.Further,the company is increasingly experiencing cyber incidents related to its third-partyvendors.Some third-party vendors house the companys critical data and proprietary information on their IT systems,including the cloud;others haveacces

310、s to Chevrons IT systems or provide software through which threat actors could gain access or introduce malware to Chevrons IT systems.Our useof third-party software,services and support may also result in unintentional,non-malicious events or outages that affect our ability to operate criticalbusin

311、ess systems.Regardless of the precise method or form,events affecting our networks or digital infrastructure could result in significant financiallosses,legal or regulatory violations,reputational harm,and legal liability and could ultimately have a material adverse effect on the companys businessan

312、d results of operations.The companys operations have inherent risks and hazards that require significant and continuous oversight Chevrons results depend on its ability toidentify and mitigate the risks and hazards inherent to operating in the energy industry.The company seeks to minimize these oper

313、ational risks by carefullydesigning and building its facilities and conducting its operations in a safe and reliable manner.However,failure to manage these risks effectively couldimpair our ability to operate and result in unexpected incidents,including releases,explosions or mechanical failures res

314、ulting in personal injury,loss oflife,environmental damage,loss of revenues,legal liability and/or disruption to operations.Chevron has implemented and maintains a system of corporatepolicies,standards,processes and systems,behaviors and compliance mechanisms to manage safety,health,environmental,re

315、liability and efficiency risks;to verify compliance with applicable laws and policies;and to respond to and learn from unexpected incidents.In certain situations where Chevron is notthe operator,the company may have limited influence and control over third parties,which may limit its ability to mana

316、ge and control such risks.The company does not insure against all potential losses,which could result in significant financial exposure The company does not have commercialinsurance or third-party indemnities to fully cover all operational risks or potential liability in the event of a significant i

317、ncident or series of incidentscausing catastrophic loss.As a result,the company is,to a substantial extent,self-insured for such events.The company relies on existing liquidity,financial resources and borrowing capacity to meet short-term obligations that would arise from such an event or series of

318、events.The occurrence of asignificant incident,series of events,or unforeseen liability for which the company is self-insured,not fully insured or for which insurance recovery issignificantly delayed could have a material adverse effect on the companys results of operations or financial condition.Ch

319、evron may not complete the acquisition of Hess Corporation within the time frame the company anticipates or at all,which could have adverseeffects on Chevron The completion of the acquisition of Hess Corporation(Hess)is subject to a number of conditions,including approval of any Guyanesegovernmental

320、 body,agency or authority that asserts its approval is required in connection with the transaction,which makes the completion and timing ofthe completion of the merger uncertain.Hess Guyana Exploration Limited(HGEL),a wholly owned subsidiary of Hess,is currently in arbitration with respect to the ri

321、ght of first refusal(StabroekROFR)contained in an operating agreement among HGEL,affiliates of Exxon Mobil Corporation(Exxon),and China National Offshore Oil Corporation(CNOOC)regarding the Stabroek Block offshore Guyana.The arbitration merits hearing about the applicability of the Stabroek ROFR to

322、the merger hasbeen scheduled for May 2025,with a decision expected in approximately the following three months.If the arbitration does not result in a confirmation thatthe Stabroek ROFR is inapplicable to the merger,and if Chevron,Hess,Exxon and/or CNOOC do not otherwise agree upon an acceptable res

323、olution,thenthere would be a failure of a closing condition under the merger agreement,in which case the merger would not close.On December 7,2023,Chevron and Hess each received a request for additional information and documentary materials(Second Request)from the FederalTrade Commission(FTC).Follow

324、ing the FTC review of the transaction,on September 30,2024,the FTC announced that a majority of the Commissionvoted to accept a consent agreement among the FTC,22Table of ContentsChevron and Hess,resolving the concerns the FTC identified during its review of the transaction.Chevron and Hess have tak

325、en and will continue to takeappropriate steps to maintain our ability under the Hart-Scott-Rodino Act of 1976,as amended,to close the merger following satisfactory resolution of theongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement.Additionall

326、y,if any Guyanese governmentalbody,agency or authority of competent jurisdiction asserts that its approval is required as a result of the consequences of the merger in Guyana on Hessassets in Guyana(which has not occurred as of the filing date of this report),approval of such governmental body,agenc

327、y or authority will become acondition to each partys obligation to complete the merger.The failure to satisfy all of the required conditions could delay the completion of the acquisition for a significant period of time or prevent it from occurringat all.A failure to complete the acquisition would m

328、ean that we will not realize the anticipated benefits of the transaction.In addition,the terms andconditions of the required regulatory authorizations and consents for the acquisition that are granted,if any,may impose requirements,limitations or costsor place restrictions on the conduct of the comp

329、anys business after the transaction or materially delay the completion of the acquisition.A delay incompleting the acquisition could cause the company to realize some or all of the benefits later than we otherwise expect to realize them if the acquisition issuccessfully completed within the anticipa

330、ted timeframe,which could result in additional transaction costs or in other negative effects associated withuncertainty about completion of the acquisition.Acquisitions may cause Chevrons financial results to differ from the companys expectations or the expectations of the investment community,thec

331、ompany may not achieve the anticipated benefits of the acquisition,and the acquisition may disrupt the companys current plans or operations Thesuccess of the pending acquisition of Hess will depend,in part,on Chevrons ability to successfully integrate the business of Hess and realize theanticipated

332、benefits,including synergies.Difficulties in integrating Hess may result in the failure to realize anticipated synergies in the expectedtimeframes,in operational challenges,and in the diversion of managements attention from ongoing business concerns,as well as in unforeseen expensesassociated with t

333、he acquisition,which may have an adverse impact on the companys financial results.LEGAL,REGULATORY AND ESG-RELATED RISK FACTORSChevrons business subjects the company to liability risks from litigation or government action The company produces,transports,refines and marketspotentially hazardous materials,and it purchases,handles and disposes of other potentially hazardous materials in the course of