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1、powering the future2024 annual reportour strategychevrons strategy is to leverage our strengths to safely deliver lower carbon energy to a growing worldOur objective is to safely deliver higher returns,lower carbon and superior shareholder value in any business environment.We are leveraging our capa

2、bilities,assets and customer relationships as we aim to lead in lower carbon intensity oil,products and natural gas,as well as advance new products and solutions that reduce the carbon emissions of major industries.We aim to grow our oil and gas business,lower the carbon intensity of our operations

3、and grow new businesses in renewable fuels,carbon capture and offsets,hydrogen,power generation for data centers,and emerging technologies.delivering results in the gulfWe believe affordable,reliable and ever-cleaner energy is essential to enabling human progress.Formorethan85 years,Chevron and our

4、legacy companies have been developing the oil and gas resourcesoftheGulf ofAmerica.In fact,Chevron is one of the leading producers in the Gulf of America,where we operate some of the worlds lowest carbon intensity oil and gas assets.Our deepwater platforms Anchor,Big Foot,Blind Faith,Petronius,Jack/

5、St.Malo,and Tahiti are marvels of engineering.Tahiti alone has produced more than 500 million barrels of oil-equivalent since it started production in 2009.In 2024,we achieved another groundbreaking milestone with first oil from Anchor,our newest platform in the gulf.This state-of-the-art facility m

6、arks the first delivery of deepwater high-pressure technology,capable of safely operating at up to 20,000 pounds per square inch,with reservoir depths some 34,000 feet below sea level.Our operated and nonoperated facilities in the Gulf of America are projected to reach a combined net productionof 30

7、0,000barrels of oil-equivalent per day in 2026,further solidifying Chevrons legacy as aleaderinenergyinnovation.1th92ousandnet barrels of oil-equivalent per day from our Gulf of America assets in 2024gros17s wellsadded to our gulf production in 2024milli2ongross acres of leases,making Chevron one of

8、 the gulfs largest leaseholdersAnchor FPU Gulf of America DeepwaterDesign capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet ofnatural gas per dayChevron Corporation 2024 Annual Report1table of contentsto our stockholders 4leveraging our strengths 8board of directors 10d

9、irector:one-on-one 12corporate officers 14chevron at a glance 16chevron stock performance 18financial and operating highlights 20process safety,reliability and integrity 22financials 24history 107glossary of energy and financial terms 108stockholder and investor information 110Tengiz Oil and Gas Pro

10、cessingPlant Kazakhstan ConventionalOver 730,000 net boepd production on a 100%TCO basis in 2024 and 260,000 bpd potential increase with FGP-WPMP projectnow completepowering the futureWe believe in the power of human ingenuity to solve any challenge and overcome any obstacle.Our work developing affo

11、rdable,reliable and ever-cleaner energy has made human progress a reality for people around the world.As customers,industries and nations strive to achieve economic prosperity,energy security and environmental protection,our capabilities,assets and relationships have a vital role toplay.This is a no

12、ble call to leadership weproudly embrace.We look to the future with optimism,confident in the potential of our people and the undeniable power of energy to advance even greater progress.Learn more at:chevron.co/powering to our stockholdersEvents of the past year affirmed the crucial role energy play

13、s in powering the world economy.Growing demand for all types of energy including oil and natural gas occurred amid continued instability in the Middle East and Europe,highlighting the link between energy andgeopolitics.As nations seek to strengthen their energy security and ensure the reliable suppl

14、ies needed to drive economic productivity,Chevron remains focused on our belief that affordable,reliable,ever-cleaner energy enables human progress.executing our strategyOur strategy remains consistent:leverage our strengths to safely deliver lower carbon energy toagrowing world.This begins with a p

15、ortfolio ofworld-class assets,which positions us for profitable growth,unlocked through the capabilitiesof our people,technologies and strongcustomerrelationships.Our strategy is underpinned by our long-standing financial priorities:Grow the dividend consistently:In January 2025,we raised the per-sh

16、are dividend 5%to$1.71 per quarter.2024 marked the 37th consecutive year ofhigher annual per-share dividend payout.Invest capital efficiently:We delivered growth with a disciplined capital investment of$16.4 billion.These investments allowed us to deliver record production in the Permian Basin,while

17、 bringing new projects on line in the United States,Kazakhstan and West Africa.Maintain a strong balance sheet:We finished the yearwith a debt ratio of 13.9%and a net debt ratio of 10.4%,both well below our historical average.Ourbalance sheet provides the financial strength and flexibility to naviga

18、te volatility,consistently reward stockholders and opportunistically capturevalue.Return excess cash to stockholders:In 2024,we returned a record$27.0 billion to stockholders,including$15.2 billion in share repurchases,extending our track record of repurchasing sharesto 17 of the past 21 years.the e

19、nergy landscapeIn 2024,global energy demand set record highs.Oilconsumption reached an estimated 103 million barrels per day and natural gas demand reached an estimated 4.2 trillion cubic meters.In 2025,global energy demand is projected to once again set records,with oil and natural gas remaining es

20、sential.Global energy investment topped an estimated$3 trillion for the first time in 2024,with just over one-third directed to traditional energy,including oil and gas.Continued investment across the energy system will be critical,with more than$3 trillion of annual investment expected through the

21、end of this decadeto meet projected growth in demand.Chevron Corporation 2024 Annual Report4delivering profitable growthOur upstream business achieved another record year of production,driven by the Permian andDenver-Julesburg(DJ)basins.Weproduced more than 3.3 million net barrels of oil-equivalent(

22、boe)per day in 2024,up 7%from 2023 and the highest inourhistory.Permian Basin production averaged an all-time high of 921,000 net boe per day,a nearly 18%increase from 2023,accounting for more than half of our total U.S.production of nearly 1.6million net boe per day.We expect Permian production tor

23、each 1million boe perdayin2025.Project milestones achieved in 2024 set Chevron on a trajectory to deliver profitable future growth.Technological and engineering innovation is enabling Chevrons Gulf of America operations,where our Anchor project achieved first oil.Thisbreakthrough was made possible b

24、y safely deploying technology that can handle pressures up to 20,000 pounds per square inch to unlock resources previouslydifficult to access.the sixth-largest asset in the gulf of america by total oilequivalentoutput to date,tahiti recently surpassed 500 million gross barrels of oil-equivalent cumu

25、lative productionIn August,we achieved first water injection at ourSt.Malo field,making it Chevrons first waterflood project in the deepwater Wilcox trend.The project is expected to add approximately 175million barrels of oil-equivalent to the St.Malo fieldsgrossultimaterecovery.We also expanded wat

26、erflood operations at our Tahiti facility.The sixth-largest asset in the Gulf of America by total oil-equivalent output to date,Tahiti recently surpassed 500 million gross barrels of oil-equivalent cumulative production.With incremental investment,Tahiti could continue producing beyond 2040.In Kazak

27、hstan,Tengizchevroil(TCO),Chevrons 50%-owned affiliate,completed the Wellhead Pressure Management Project(WPMP)designed to optimize the producing field.And in January 2025,TCO started oil production at the Future Growth Project(FGP),designed to add 260,000 barrels of oil per day to production and ra

28、mp up total output to 1million barrels of oil-equivalent per day.Over the past year,we continued to expand our exploration portfolio by adding new positions inAustralia,Angola,Brazil,Equatorial Guinea,Namibia and Uruguay.We marked the 70-year anniversary of our partnership with Angola by achieving f

29、irst gas on the Sanha Lean Gas Connection project,which will provide secure supply to the Angola Liquefied Natural Gas facility.Our transaction with Hess Corporation received approval from Hess stockholders and clearance by the Federal Trade Commission.We remain confidentongoing arbitration proceedi

30、ngs will confirm Hess position.In 2024,we took action to optimize our portfolio,selling the Athabasca Oil Sands and Duvernay shale assets in Canada,North Slope assets in Alaska,and we withdrew from Myanmar.We also sold ourassetsin Congo in early 2025.In downstream,we completed a retrofit of our refi

31、nery in Pasadena,Texas,allowing Chevron to process more equity crude from the Permian Basin,supply more products to our customers in the U.S.Gulf Coast and realize synergies with our Pascagoula,Mississippi,refinery.advancing lower carbon solutionsIn 2024,we completed projects and operational changes

32、 designed to abate over 700,000 tonnes of carbon dioxide-equivalent annually from ouroperations.Chevron continues to advance lower carbon-intensity fuel solutions,including the construction of an oilseed processing plant in Louisiana through our joint venture,Bunge ChevronAg Renewables LLC and an ex

33、pansion project at our Geismar,Louisiana,biorefinery.The Geismar expansion is expected to start up in 2025,increasing renewable diesel nameplate capacity from 7,000 to 22,000 barrelsper day.We drilled onshore and offshore test wells at Bayou Bend on the U.S.Gulf Coast and expanded our carbon dioxide

34、 storage portfolio by adding 2.6million acres offshore WesternAustralia.Our ACES Delta green hydrogen project in Utah is expected to begin commercial operation in 2025.This large-scale hydrogen project aims to convert water into hydrogen,using renewable energy and utilizing salt caverns for dispatch

35、able energy storage for powergeneration.In January 2025,we announced a partnership to develop scalable power solutions for U.S.data centers to run on U.S.natural gas to Chevron Corporation 2024 Annual Report6in 2024,we completed projects and operationalchangesdesignedto abate over 700,000 tonnes of

36、carbondioxideequivalent annually from our operationsprovide affordable,reliable energy to support AIadvancements.These projects are considering flexible designs to potentially incorporate CCUS,renewables or other lower carbon-intensity enhancements in the future.looking to the futureAt Chevron,were

37、proud of the role we play as a global leader in energy.Our capabilities,assets and relationships are helping customers,industries and nations achieve their goals for economic prosperity,energy security and environmental protection.As energy needs grow and geopolitical volatility continues,oil and na

38、tural gas will remain vital to people and markets around the world.We look ahead with optimism and are grateful forthe continued trust you place in us.Sincerely,Michael K.Wirth Chairman of the Board and Chief Executive OfficerChevron Corporation 2024 Annual Report7The Board of Directors visited Ango

39、la during Chevrons 70th anniversary of operations in the country.Pictured here,Chairman Mike Wirth and Lead Director Dr.Wanda Austin(center,in blue)visit the Malongo Camp workforce in Cabinda,a province of Angola.leveraging our strengths to safely deliver lowercarbon energy to a growing worldwe tap

40、the power of our portfolio through our people and technologyscaling solutionsChevrons technology strategy focuses on integrating digital solutions and innovative technologies to enhanceoperational efficiency,safety and GHG management.Were accelerating technology solutions to help safely deliver the

41、lower carbon energy the growing world demands today,while helping build the energy systemfortomorrow.power the coreTechnology is critical to safely delivering affordable,reliable and lower carbon energy today.As wecontinue toreduce the carbon intensity of our products,were applying advanced technolo

42、gies tohelp the energy system stay resilient as it seeks to deliver lowercarbon energy.build for tomorrowTechnology is essential to efficiently scale new energy businesses we believewill be a part of the future energy system.Chevrons leading experts,solution developers,energy innovators and problem

43、solvers are searching for the next technology breakthroughs.watch for the futureMultiple solutions are needed to meet growing energy demands in lower carbon ways.We seek out emerging technologies at the cutting edge of innovation.From ideas to pilot projects,we use our expertise,experience and partn

44、erships to evaluate and scale solutions.we aim to scale affordable,innovative technology solutions to support a resilient,lower carbon energy systemLearn more at:chevron.co/technologyChevron Corporation 2024 Annual Report8Gorgon Australia Liquefied natural gas15.6 million-metric-ton-per-year LNG fac

45、ility witha carbon capture and underground storage facility and domestic gasplantChevron Corporation 2024 Annual Report9board of directorsThe Board of Directors of Chevron directs the affairs of the corporation and is committed to sound principles of corporate governance.The Directors bring a proven

46、 track record of success across a broad range of experiences at the policymakinglevel.Michael K.(Mike)Wirth,64Chairman of the Board and Chief Executive Officer since February 2018.Prior to his current role,Wirth served as Vice Chairman of the Board in 2017 and Executive Vice President of Midstream&D

47、evelopment from 2016 to 2018.In that role,he was responsible for supply and trading,shipping,pipeline and power operating units;corporate strategy;business development;and corporate affairs.Wirth was Executive Vice President of Downstream&Chemicals from 2006 to 2015.He served as President of Global

48、Supply and Trading from 2003 to 2006.Wirth serves on the board of directors of the American Petroleum Institute,Catalyst and the National Football Foundation,and is a member of the National Petroleum Council,the Business Roundtable,the World Economic Forum International Business Council,the American

49、 Heart Association CEO Roundtable,The Business Council,and the American Society of Corporate Executives.Wirth joined Chevron in 1982 as a design engineer.He earned a bachelors degree in chemical engineering from the University of Colorado.Wanda M.Austin,70Lead Director since 2022 and a Director sinc

50、e 2016.She holds an adjunct Research Professor appointment at the University of Southern Californias Viterbi Schools Department of Industrial and Systems Engineering.She is a retired President and Chief Executive Officer of The Aerospace Corporation,a leading architect for the United States national

51、 security space programs.She is also a Director of Amgen Inc.and Apple Inc.2,3John B.Frank,68Director since 2017.He is Vice Chairman of Brookfield Oaktree Holdings,LLC(formerly Oaktree Capital Group,LLC),a global investment management company with expertise in credit strategies.He was previously the

52、 firms Principal Executive Officer.He is also a Director of Daily Journal Corporation and Brookfield Oaktree Holdings,LLC and its subsidiary,Oaktree Specialty Lending Corporation.1Alice P.Gast,66Director since 2012.She was President of Imperial College London,a public research university specializin

53、g in science,engineering,medicine and business.Previously,she was President of Lehigh University in Pennsylvania.Prior to that,shewas Vice President for Research,Associate Provost and Robert T.Haslam Chair in Chemical Engineering at the Massachusetts Institute of Technology.2,4Enrique Hernandez,Jr.,

54、69Director since 2008.He is Executive Chairman of Inter-Con Security Systems Inc.,a global provider of security and facilitysupport services to governments,utilities and industrial customers.He is also aDirector of The Macerich Company.3,4Chevron Corporation 2024 Annual Report10Marillyn A.Hewson,71D

55、irector since 2021.She was Executive Chairman,Chairman,President and Chief Executive Officer of Lockheed Martin Corporation,a security and aerospace company.She is also a Director of Johnson&Johnson.1Jon M.Huntsman Jr.,65Director since 2020 and from 2014 to 2017 when he resigned to serve as the U.S.

56、Ambassador to Russia.He is Vice Chairman and President,Strategic Growth,for Mastercard Incorporated.Previously,he served as Vice Chair of Policy at Ford Motor Company from 2021 to 2023,as U.S.Ambassador to China and was Governor ofUtah for two consecutive terms.He is alsoaDirector of Ford Motor Comp

57、any.3,4Charles W.Moorman,73Director since 2012.He is a retired Chairman of the Board,Chief Executive Officer and President of Norfolk Southern Corporation,a freight and transportation company.He served as a Senior Advisor to Amtrak from 2018 to 2023,having previously served as Amtraks President and

58、Chief Executive Officer.He is also a Director of OracleCorporation.2,3Dambisa F.Moyo,56Director since 2016.She is Co-Principal of Versaca Investments,a family office focused on growth investing globally.She sits as a member of the House of Lords in Britain,as Baroness Moyo of Knightsbridge.Previousl

59、y,she served as Chief Executive Officer of Mildstorm LLC,focusing on the global economy and international affairs.Prior to that,she worked at Goldman Sachs in various roles and at the World Bank in Washington,D.C.1Debra Reed-Klages,68Director since 2018.She is a retired Chairman,Chief Executive Offi

60、cer and President of Sempra,an energy services holding company.Previously,she was Executive Vice President of Sempra and President and Chief Executive Officer of SanDiego Gas&Electric and Southern CaliforniaGas Co.She is also a Director ofCaterpillar Inc.and Lockheed MartinCorporation.1D.James Umple

61、by III,67Director since 2018.He is Chairman and Chief Executive Officer of Caterpillar Inc.,a leading manufacturer of construction and mining equipment,diesel and natural gas engines,industrial gas turbines and diesel-electric locomotives.Previously,he was Group President of Caterpillars Energy andT

62、ransportation business segment.2,4Cynthia J.Warner,66Director since 2022.She was President and Chief Executive Officer of Renewable Energy Group,Inc.(REG)and a member of REGs board of directors.Previously,she wasExecutive Vice President,Operations for Andeavor.She is also a Director of Sempra and Bl

63、oom Energy,and a member ofthe National Petroleum Council.41 Audit:Debra Reed-Klages,Chair2 Board Nominating and Governance:Wanda M.Austin,Chair3 Management Compensation:Charles W.Moorman,Chair4 Public Policy and Sustainability:Enrique Hernandez,Jr.,Chaircommittees of the boardChevron Corporation 202

64、4 Annual Report11director:one-on-onedirector cynthia(c.j.)warner talks about her work on the boardofdirectorspublic policy and sustainability committeeC.J.Warner has served as a Chevron Director since 2022.With more than 45 years of experience in the traditional and renewable energy sectors,Warner h

65、as an extensive background in refining and its health,safety,security,environmental and operational issues.She led the groundbreaking cooperative effort with the U.S.Environmental Protection Agency to shape a framework for air quality improvements,which the entire U.S.refining industry eventually ad

66、opted.Warner was President and Chief Executive OfficerofRenewable Energy Group,Inc.(REG)and a member of REGs board of directors,positions she held when Chevron acquired REG.She is a Director of Sempra and Bloom Energy,a Trustee for Vanderbilt University and a member of both the Vanderbilt School of

67、Engineering Academy ofDistinguished Alumni and the NationalPetroleumCouncil.Chevron Corporation 2024 Annual Report12how does the public policy and sustainability committee assist the board in addressing stockholder concerns,particularly regarding sustainability and climate-related matters?The Commit

68、tee assists the Board of Directors withoverseeing alignment of Chevrons policies andpractices with stockholder interests,including thelong-term strength and resilience of our portfolio and infrastructure in light of sustainability-related matters.The Committee,together with theBoard Nominating and G

69、overnance Committee,oversees Chevrons stockholder engagement program.Thisinvolves receiving updates on Chevrons engagement plans and briefings on feedback from stockholders,and discussing how Chevron is addressing their concerns,including those related to sustainability and climate-relatedmatters.A

70、robust stockholder engagement program is essential to our companys corporate governance.Our program involves regular communication with stockholders throughout the year to understand their expectations regarding governance,community impact and environmental performance.Chevron held over 90 one-on-on

71、e meetings on these topics in 2024 with stockholders representing more than 40%of Chevrons outstanding commonstock.what steps does the committee take to address stakeholder concerns related toenvironmental and social issues?The Public Policy and Sustainability Committee identifies,monitors and evalu

72、ates environmental,social,political,human rights and public policy aspects of Chevrons business and the communities in which Chevron operates.We place a priority on the safety andhealth of the companys workforce and the protection of communities,the environment,andassets.The Committee reviews and ev

73、aluates stockholderproposals,including those that relate to environmental and social issues.We analyze the potential merits,alignment with stockholder expectations and interests,and alignment with Chevrons values and,together with the Board NominatingandGovernance Committee,provide informed counsel

74、to the Board of Directors on how torecommend that a stockholder vote ontheseproposals.We also oversee the development and implementation of Chevrons sustainability-related initiatives.This includes monitoring progress and execution of strategic plans and how these activities align with long-term sto

75、ckholder interests.The Committee reviews Chevrons voluntary sustainability and climate-related reports.We stay apprised of legal and regulatory trends andrequirements,as well as industry standards andbestpractices,to inform our oversight of managements performance in maintaining compliance with rele

76、vantenvironmental and social regulations.how does the board stay informed about changes in environmental regulations?which projects or achievements would youemphasize in this area?Your Board has the diverse skills,experience and expertise necessary to effectively oversee the companys strategic and b

77、usiness planning process and the effectiveness of its legal compliance program.Given the dynamic nature of this area,weemphasize continuous learning and prioritize board educational opportunities in our regular agenda.Wehave access to Chevrons internal subject matter experts and regularly receive br

78、iefings on company environmental performance and other environmental matters,including proposed regulations.Additionally,we meet with outside experts to hear their perspectives.One aspect to highlight is the companys efforts to reduce the carbon intensity of its operations by managing methane emissi

79、ons,flaring and energy consumption.Chevrons ambition isto remain top-quartile in methane emissions performance and to meet that aim with a simple goal keep methane in the pipe.Since 2022,the company has committed todesign,where possible,new upstream facilities without routine methane emissions.And w

80、e continue to trial technologies tobetter detect and measuremethane emissions.In 2024,Chevron continued to deploy advanced methane detection technologies,including ground sensors,airborne sensors and satellites,to monitor and inform opportunities to reduce emissions.Chevrons monitoring and detection

81、 program provides insights to improvehow its facilities are designed,operated and maintained to help remove,reduce or prevent methane emissions as part of normal operations.From 2016 to 2024,Chevrons upstream methane intensity was reduced by more than 60%.The Board believes the continued global dema

82、nd foroil and gas should be met by responsible producers.As Chevron pursues its objective tosafely deliver higher returns,lower carbon andsuperior shareholder value in any business environment,protecting people,assets,communities and the environment is a priority.Chevron Corporation 2024 Annual Repo

83、rt13corporate officersPaul R.Antebi,53Vice President and General Tax Counsel since 2021.Responsible for directing Chevrons worldwide tax activities.Previously,the companys Deputy General Tax Counsel.Joined the company in 1998.Marissa Badenhorst,49 Vice President,Health,Safety and Environment(HSE)sin

84、ce 2022.Responsiblefor leading the companys HSE management,including audit and assuranceand emergency response.Previously,General Manager of Enterprise Process Safety.Prior to that,Technical Manager,Chevron Australia.Joined the company in 2000.Eimear P.Bonner,51Vice President and Chief Financial Off

85、icer since 2024.Responsible for audit,controller,investor relations,tax and treasuryactivities worldwide.Previously President Chevron Technical Center and Chief Technology Officer.Joined the company in1998.Mary A.Francis,60Corporate Secretary and Chief GovernanceOfficer since 2015.Responsible for pr

86、oviding advice and counsel to the Board of Directors and senior management on corporate governance matters,managing the companys corporate governance function,and serving on the Law Function Executive Committee.Previously,Chief Corporate Counsel.Joined the company in2002.Michelle R.Green,53Vice Pres

87、ident and Chief Human Resources Officer since 2025.Responsible for the global HR organization,including all aspects of people management and advancing the companys efforts to attract world-class talent and support its workforce.Previously Vice President for Human Resources,Oil,Products&Gas.Joined th

88、e company in 1998.Jeff B.Gustavson,52Vice President,Lower Carbon Energies since 2021.Responsible for lower carbon solutions that have the potential to scale,including commercialization opportunities in lower carbon power,hydrogen,carbon capture,and support of ongoing growth in biofuels.Previously,Vi

89、ce President,Mid-Continent Business Unit;and President,Chevron Canada Limited.Joined the company in1999.Alana K.Knowles,60Vice President and Controller since 2023.Responsible for corporatewide accounting,financial reporting and analysis,internal controls,accounting policy,and finance technology solu

90、tions.Previously,Vice President,Finance,Downstream&Chemicals and Midstream;and Assistant Treasurer,Operating Company Financing.Joined the company in 1988.Molly T.Laegeler,47Vice President,Strategy&Sustainability since 2023.Responsible for guiding development of the companys key strategies,including

91、capital allocation and sustainability efforts.Previously,Vice President of Chevron North America Exploration&Production Companys San Joaquin Valley Business Unit.Joined the company in 2005.Chevron Corporation 2024 Annual Report14Laura J.Lane,58Vice President and Chief Corporate Affairs Officer since

92、 2025.Responsible for overseeing government and public affairs,social investment and performance,and the companys worldwide efforts to protect and enhance its reputation.Previously,Chief Corporate Affairs Officer for UPS and Managing Director and Head of International Government Affairs for Citigrou

93、p.Joined thecompany in 2025.Navin K.Mahajan,58 Vice President and Treasurer since 2019.Responsible for Chevrons banking,financing,cash management,insurance,pension investments,and creditsand receivables activities.Previously,Vice President of Finance for Downstream&Chemicals,Assistant Treasurer of O

94、perating Company Financing,and Chief Compliance Officer.Joined the company in1996.Frank W.Mount,55Vice President,Corporate Business Development since 2023.Responsible for identifying and developing new,large-scale business opportunities worldwide,including mergers and acquisitions.Previously,Preside

95、nt of M&A and Origination;and General Manager of Investor Relations.Joined the company in 1993.Mark A.Nelson,61Vice Chairman since 2023.Responsible for the oil,products,and gas value chains,advancing a more integrated approach to capital allocation,asset class excellence and value chain optimization

96、.Previously,Executive Vice President,Strategic Business Solutions.Joined the company in 1985.R.Hewitt Pate,62Vice President and General Counsel since 2009.Responsible for directing the companys worldwide legal affairs.Previously,Chair,Competition Practice,Hunton&Williams LLP,Washington,D.C.,and Assi

97、stant Attorney General,AntitrustDivision,U.S.Department of Justice.Joinedthe company in 2009.executive committeeMichael K.WirthEimear P.BonnerJeff B.GustavsonMark A.NelsonR.Hewitt Pateretiring officersA.Nigel Hearne retired February 2025.Executive Vice President,Senior Advisor.Previously Executive V

98、ice President,Oil,Products&Gas.Joined the company in 1989.Rhonda J.Morris retiring April 2025.Vice President and ChiefHuman Resources Officer.Previously,Vice President,Human Resources,Downstream&Chemicals.Joined the company in1991.Colin E.Parfitt retiring April 2025.Vice President,Midstream.Previous

99、ly,President,Supply and Trading.Joined the companyin 1995.Albert J.Williams retiring April 2025.Vice President,CorporateAffairs.Previously,Managing Director of Chevron Australia.Joined the company in 1991.Chevron Corporation 2024 Annual Report15chevron at a glanceChevron is one of the worlds leading

100、 integrated energy companies.We believe affordable,reliable and ever-cleaner energy is essential to enabling human progress.Chevron produces crude oil and natural gas;manufactures transportation fuels,lubricants,petrochemicals and additives;and develops technologies that enhance our business and the

101、 industry.We aim to grow our oil and gas business,lower the carbon intensity of our operations,and grow new businesses in renewable fuels,hydrogen,carbon capture and offsets,power generation for data centers,and emerging technologies.Our success is driven by a dedicated,diverse and highly skilled gl

102、obal workforce united by The Chevron Way,our enduring statement of culture,and our focus on delivering industry-leading results and superior stockholder value.We focus on strong performance in health,safety and the environment.The protection of people,assets,communities and the environment is a prio

103、rity.3.3millionbarrels net oil-equivalent daily production19.8billionbarrels net oil-equivalent proved reserves2,3$256.9billiontotal assets2$193.4billionsales and otheroperating revenues1Chevron Corporation 2024 Annual Report161 Year ended December 31,20242 At December 31,20243 For definition of“res

104、erves,”see glossary of energy and financial terms,page 109Our Culture Global Operational ExcellenceWorking hard to provide energy that helps improve the lives of people around the worldChevron Corporation 2024 Annual Report17chevron stock performanceIndexed dividend growthBasis 2009=1005010015020025

105、0300350202420096.2%CVX compound annual growth rateChevronS&P 500Peer group:BP p.l.c.(ADS),ExxonMobil,Shell p.l.c.(ADS),TotalEnergies SE(ADR).Dividends include both cash and scrip share distributions for European peers.Total stockholder returns*(As of 12/31/2024)1-year-10%-20%0%10%20%30%S&P 25.0%1.4%

106、5-year-5%-10%0%5%10%15%S&P 14.5%8.5%10-year-5%-10%0%5%10%15%7.0%S&P 13.1%Peer group:BP p.l.c.(ADS),ExxonMobil,Shell p.l.c.(ADS),TotalEnergies SE(ADR)ChevronChevron Corporation 2024 Annual Report18*Annualized total stockholder return(TSR)as of 12/31/2024.Includes stock price appreciation and reinvest

107、ed dividends when paid.For TSR comparison purposes,ADR/ADS prices and dividends are used for non-U.S.-based companies.Dividends include both cash and scrip share distributions.2024 marked the 37th consecutive year chevron increased the annual per-share dividend payoutFive-year cumulative total retur

108、ns(Calendar years ended December 31)$153$150$197$50$75$100$125$150$175$200$225$250202420232022202120202019ChevronS&P 500Peer group:BP p.l.c.(ADS),ExxonMobil,Shell p.l.c.(ADS),TotalEnergies SE(ADR)Performance graphThe stock performance graph above shows how an initial investment of$100 in Chevron sto

109、ck would have compared with an equal investment in the S&P 500 Index or the competitor peer group.The comparison covers afive-year period beginning December 31,2019,and ending December 31,2024,and the peer group is weighted by market capitalization as of the beginning of each year.It includes the re

110、investment of all dividends that an investor would be entitled to receive and is adjusted for stock splits.The interim measurement points show thevalue of$100 invested on December 31,2019,as of the end of each year between 2020 and 2024.Chevron Corporation 2024 Annual Report19financial and operating

111、 highlightsfinancial highlights1202420232022Net income attributable to Chevron Corporation$17,661$21,369$35,465 Sales and other operating revenues$193,414$196,913$235,717 Cash flow from operating activities$31,492$35,609$49,602Capital expenditures(CAPEX)$16,448$15,829$11,974Affiliate capital expendi

112、tures(affiliate CAPEX)$2,449$3,534$3,366Total assets at year-end$256,938$261,632$257,709Total debt and finance lease obligations at year-end$24,541$20,836$23,339Chevron Corporation stockholders equity at year-end$152,318$160,957$159,282Common shares outstanding at year-end(thousands)2 1,754,844 1,85

113、1,480 1,901,048Per-share dataNet income attributable to Chevron Corporation diluted$9.72$11.36$18.28Cash dividends$6.52$6.04$5.68Chevron Corporation stockholders equity$86.80$86.93$83.79Total debt to total debt-plus-equity ratio313.9%11.5%12.8%Net debt ratio310.4%7.3%3.3%Return on stockholders equit

114、y311.3%13.3%23.8%Return on average capital employed310.1%11.9%20.3%1 Millions of dollars,except per-share amounts2 Net of Chevron Benefit Plan Trust shares,see page 58 for more information3 See pages 4243 for additional informationChevron Corporation 2024 Annual Report20Cash returned to stockholders

115、(Billions of dollars)$0$10$20$30202420232022202120202019Cash returned to stockholders Total amount of cash returned to stockholders in the form of dividends and share repurchases.Return on average capital employed(Percent)-5%5%15%25%202420232022202120202019Return on Average Capital Employed Net inco

116、me attributable to Chevron(adjusted for after-tax interest expense and noncontrolling interest)divided by average capital employed.Chevron Corporation 2024 Annual Report21operating highlights1202420232022Net production of crude oil,condensate and synthetic oil(Thousands of barrels per day)1,560 1,49

117、7 1,440Net production of natural gas liquids(Thousands of barrels per day)415 333 279Net production of natural gas(Millions of cubic feet per day)8,178 7,744 7,677Net oil-equivalent production(Thousands of oil-equivalent barrels per day)3,338 3,120 2,999Net proved reserves of crude oil,condensate an

118、d synthetic oil2(Millions of barrels)3,916 4,777 4,997Net proved reserves of natural gas liquids2(Millions of barrels)1,159 1,229 1,088Net proved reserves of natural gas2(Billions of cubic feet)28,375 30,381 30,864Net proved oil-equivalent reserves2(Millions of barrels)9,804 11,069 11,229Refinery cr

119、ude oil input(Thousands of barrels per day)1,563 1,5981,576Sales of refined products(Thousands of barrels per day)2,781 2,732 2,614Number of employees at year-end3 39,742 40,21238,2581 Includes equity in affiliates,except number of employees2 At year-end3 Excludes service station employees(5,556 in

120、2024)process safety,reliability and integrityour approach:by maintaining rigorous standards and practices,we can protect the integrity of our operations,safeguard our employees and the environment,and ensure the consistent delivery of energy to our marketsstriving for consistent execution across our

121、 value chainConduct of Operations(COO)seeks to instill disciplined behavior and actions so that activities are conducted in a predetermined manner,provide the intended barrier to high-consequence process safety incidents,promote strong operational excellence performance and build resilience into our

122、 value chain.COO is the backbone of our business.Its our process safety culture to maintain the highest standards of safety and reliability at every step in our value chain.At its core,COO seeks to encourage consistent,disciplined actions for reliable performance.COO encompasses five key elements th

123、at strive to achieve clarity,consistency and repeatability in operating practices,reducing execution variability,and improving safe,reliable and consistent operational performance.Learn more about how we protect people and the environment at:chevron.co/processChevron Corporation 2024 Annual Report22

124、1structured operationsConduct of Operations defines standards and requirements to structure operational activities.The goal is todeliberately influence taskperformance and reduce outcome variability to enhance safety,reliability and consistency in operations.2operating proceduresRequirements for pro

125、viding operations personnel with current and accurate Operating Procedures to safely startup,operate and shutdown process and/or equipment in an incident-free manner.3operator routinedutiesRequirements for the periodic surveillance of equipment to verify fitness for service and correct defects to ma

126、intain safe and reliableoperations.4managing process boundariesRequirements to ensure that alarms achieve their goal of alerting Operations personnel to abnormal situations requiring their response tomaintain safety and reliable operations.5managing communicationsRequirements for verbal and written

127、practices to ensure Operations personnel communicate significant changes acrossshifts and rotationsto ensurethe continuity of safeand reliable operations.Chevron Corporation 2024 Annual Report23Managements Discussion and Analysis of Financial Condition and Results of OperationsNotes to the Consolida

128、ted Financial StatementsKey Financial Results.25Note 1 Summary of Significant Accounting Policies.59Earnings by Major Operating Area .25Note 2 Changes in Accumulated Other Comprehensive Losses.62Business Environment and Outlook .25Note 3 Information Relating to the Consolidated Statement of Cash Flo

129、ws.63Noteworthy Developments .32Note 4 New Accounting Standards.64Results of Operations .33Note 5 Lease Commitments.64Consolidated Statement of Income.35Note 6 Summarized Financial Data Chevron U.S.A.Inc.66Selected Operating Data.37Note 7 Summarized Financial Data Tengizchevroil LLP.66Liquidity and

130、Capital Resources.38Note 8 Restructuring and Reorganization Costs.66Financial Ratios and Metrics.42Note 9 Fair Value Measurements.67Financial and Derivative Instrument Market Risk.43Note 10 Financial and Derivative Instruments.68Transactions With Related Parties.44Note 11 Assets Held for Sale.69Liti

131、gation and Other Contingencies.44Note 12 Equity.69Environmental Matters.45Note 13 Earnings Per Share.70Critical Accounting Estimates and Assumptions.46Note 14 Operating Segments and Geographic Data.70New Accounting Standards.49Note 15 Investments and Advances.73Quarterly Results .50Note 16 Litigatio

132、n.75Note 17 Taxes.77Consolidated Financial StatementsNote 18 Properties,Plant and Equipment.80Reports of Management.51Note 19 Short-Term Debt.80Note 20 Long-Term Debt.Report of Independent Registered Public Accounting Firm 81(PCAOB ID:238).52Note 21 Accounting for Suspended Exploratory Wells.81Conso

133、lidated Statement of Income.54Note 22 Stock Options and Other Share-Based Compensation.82Consolidated Statement of Comprehensive Income.55Note 23 Employee Benefit Plans.84Consolidated Balance Sheet.56Note 24 Other Contingencies and Commitments.89Consolidated Statement of Cash Flows.57Note 25 Asset R

134、etirement Obligations.90Note 26 Revenue.Consolidated Statement of Equity .9158Note 27 Other Financial Information.91Note 28 Financial Instruments Credit Losses.92Note 29 Acquisition of PDC Energy,Inc.93Note 30 Agreement to Acquire Hess Corporation.93Supplemental Information on Oil and Gas Producing

135、Activities .94CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF“SAFE HARBOR”PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995This Annual Report of Chevron Corporation contains forward-looking statements relating to Chevrons operations,assets,and strate

136、gy that are based on managements current expectations,estimates and projections about the petroleum,chemicals and other energy-related industries.Words or phrases such as“anticipates,”“expects,”“intends,”“plans,”“targets,”“advances,”“commits,”“drives,”“aims,”“forecasts,”“projects,”“believes,”“approa

137、ches,”“seeks,”“schedules,”“estimates,”“positions,”“pursues,”“progress,”“design,”“enable,”“may,”“can,”“could,”“should,”“will,”“budgets,”“outlook,”“trends,”“guidance,”“focus,”“on track,”“trajectory,”“goals,”“objectives,”“strategies,”“opportunities,”“poised,”“potential,”“ambitions,”“future,”“aspires”an

138、d similar expressions,and variations 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 fact

139、ors,many of which are beyond the companys control and are difficult to predict.Therefore,actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.The reader should not place undue reliance on these forward-looking statements,which spea

140、k only as of the date of this report.Unless legally required,Chevron undertakes no obligation to update publicly any forward-looking statements,whether as a result of new information,future events or otherwise.Among the important factors that could cause actual results to differ materially from thos

141、e in the forward-looking statements are:changing crude oil and natural gas prices and demand for the companys products,and production curtailments due to market conditions;crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and othe

142、r producing countries;technological advancements;changes to government policies in the countries in which the company operates;public health crises,such as pandemics and epidemics,and any related government policies and actions;disruptions in the companys global supply chain,including supply chain c

143、onstraints and escalation of the cost of goods and services;changing economic,regulatory and political environments in the various countries in which the company operates;general domestic and international economic,market and political conditions,including the military conflict between Russia and Uk

144、raine,the conflict in the Middle East 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 enterprise structural cost reduction initiatives;actions of competitors or re

145、gulators;timing of exploration expenses;changes in projected future cash flows;timing of crude oil liftings;uncertainties about the estimated quantities of crude oil,natural gas liquids and natural gas reserves;the competitiveness of alternate-energy sources or product substitutes;pace and scale of

146、the development of large carbon capture and offset markets;the results of operations and financial condition of the companys suppliers,vendors,partners and equity affiliates;the inability or failure of the companys joint-venture partners to fund their share of operations and development activities;t

147、he potential failure to achieve expected 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,po

148、litical events,civil unrest,severe weather,cyber threats,terrorist acts,or other natural or human causes beyond the companys control;the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation;significant operational,investment or pro

149、duct changes undertaken or required by existing or future environmental statutes and regulations,including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change;the potential liability resulting from pending or fu

150、ture litigation;the risk that regulatory approvals and clearances related to the Hess Corporation(Hess)transaction are not obtained or are not obtained in a timely manner or are obtained subject to conditions that are not anticipated by the company and Hess;potential delays in consummating the Hess

151、transaction,including as a result of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement;risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated;uncertainties as to whether th

152、e potential transaction,if consummated,will achieve its anticipated economic benefits,including as a result of risks associated with third party contracts containing material consent,anti-assignment,transfer or other provisions that may be related to the potential transaction that are not waived or

153、otherwise satisfactorily resolved;the companys ability to integrate Hess operations in a successful manner and in the expected time period;the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the

154、 expected time period;the companys future acquisitions or dispositions of assets or shares or the 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,recap

155、italizations,taxes and tax audits,tariffs,sanctions,changes in fiscal terms or restrictions on scope of company operations;foreign currency movements compared with the U.S.dollar;higher inflation and related impacts;material reductions in corporate liquidity and access to debt markets;changes to the

156、 companys capital allocation strategies;the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies;the companys ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry;and the factors se

157、t forth under the heading“Risk Factors”on pages 20 through 27 in the Annual Report on Form 10-K,and as updated in the future.Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.Chevron Corporation 2024 Annual Repo

158、rt24 Key Financial Results Millions of dollars,except per-share amounts202420232022Net Income(Loss)Attributable to Chevron Corporation$17,661$21,369$35,465 Per Share Amounts:Net Income(Loss)Attributable to Chevron Corporation Basic$9.76$11.41$18.36 Diluted$9.72$11.36$18.28 Dividends$6.52$6.04$5.68 S

159、ales and Other Operating Revenues$193,414$196,913$235,717 Return on:Capital Employed 10.1%11.9%20.3%Stockholders Equity 11.3%13.3%23.8%Earnings by Major Operating Area Millions of dollars202420232022UpstreamUnited States$7,602$4,148$12,621 International 11,000 13,290 17,663 Total Upstream 18,602 17,

160、438 30,284 DownstreamUnited States 531 3,904 5,394 International 1,196 2,233 2,761 Total Downstream 1,727 6,137 8,155 All Other(2,668)(2,206)(2,974)Net Income(Loss)Attributable to Chevron Corporation1,2$17,661$21,369$35,465 1 Includes foreign currency effects:$520$(224)$669 2 Income net of tax,also

161、referred to as“earnings”in the discussions that follow.Refer to the Results of Operations section for a discussion of financial results by major operating area for the three years ended December 31,2024.Throughout the document,certain totals and percentages may not sum to their component parts due t

162、o rounding.Business Environment and Outlook Chevron Corporation is a global energy company with direct and indirect subsidiaries and affiliates that conduct substantial business activities in the following countries:Angola,Argentina,Australia,Bangladesh,Brazil,Canada,China,Egypt,Equatorial Guinea,Is

163、rael,Kazakhstan,Mexico,Nigeria,the Partitioned Zone between Saudi Arabia and Kuwait,the Philippines,Singapore,South Korea,Thailand,the United Kingdom,the United States and Venezuela.The companys objective is to safely deliver higher returns,lower carbon and superior shareholder value in any business

164、 environment.Earnings of the company depend mostly on the profitability of its upstream business segment.The most significant factor affecting the results of operations for the upstream segment is the price of crude oil,which is determined in global markets outside of the companys control.In the com

165、panys downstream business,crude oil is the largest cost component of refined products.Periods of sustained lower commodity prices could result in the impairment or write-off of specific assets in future periods and cause the company to adjust operating expenses,including employee reductions,and capi

166、tal expenditures,along with other measures intended to improve financial performance.Some governments,companies,communities and other stakeholders are supporting efforts to address climate change.International initiatives and national,regional and state legislation and regulations that aim to direct

167、ly or indirectly reduce GHG emissions are in various stages of design,adoption and implementation.These policies and programs,some of which support the global net zero emissions ambitions of the Paris Agreement,can change the amount of energy consumed,the rate of energy-demand growth,the energy mix

168、and the relative economics of one fuel versus another.Implementation of jurisdiction-specific policies and programs can be dependent on,and can affect the pace of,technological advancements;the granting of necessary permits by governing authorities;the availability and acceptability of cost-effectiv

169、e,verifiable carbon credits;the availability of suppliers that can meet our sustainability-related standards;evolving regulatory or other requirements affecting ESG standards or disclosures and evolving standards and regulations for tracking,reporting,marketing and advertising relating to emissions

170、and emission reductions and removals.Some of these policies and programs include renewable and low carbon fuel standards,such as the Renewable Fuel Standard program in the U.S.and Californias Low Carbon Fuel Standard;programs that price GHG emissions,including Managements Discussion and Analysis of

171、Financial Condition and Results of OperationsFinancial Table of ContentsChevron Corporation 2024 Annual Report25Californias Cap-and-Trade Program;performance standards,including methane-specific regulations such as the United States Environmental Protection Agency(U.S.EPA)Standards of Performance fo

172、r New,Reconstructed,and Modified Sources and Emissions Guidelines for Existing Sources;and measures that provide various incentives for lower carbon activities,including carbon capture and storage and the production of hydrogen and sustainable aviation fuel,such as the U.S.Inflation Reduction Act.Re

173、quirements for these and other similar policies and programs are complex,ever changing,program specific and encompass:(1)the blending of renewable fuels into transportation fuels;(2)the purchasing,selling,utilizing and retiring of allowances and carbon credits;and(3)other emissions reduction measure

174、s including efficiency improvements and capturing GHG emissions.These compliance policies and programs have had and may continue to have negative impacts on the company now and in the future including,but not limited to,the displacement of hydrocarbon and other products and/or the impairment of asse

175、ts.These policies have also enabled opportunities for Chevron in its lower carbon business lines.For example,Renewable Energy Group,Inc.(REG)produces most of Chevrons renewable fuels offering and generates a substantial amount of the companys carbon credit generation activities.Although we expect th

176、e companys costs to comply with these policies and programs to continue to increase,these costs currently do not have a material impact on the companys financial condition or results of operations.Significant uncertainty remains as to the pace and extent to which the transition to a lower carbon fut

177、ure will progress,which is dependent,in part,on further advancements and changes in policy,technology,and customer and consumer preferences.The level of expenditure required to comply with new or potential climate change-related laws and regulations and the amount of additional investments needed in

178、 new or existing technology or facilities,such as carbon capture and storage,is difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted,available technology options,customer and consumer preferences,the companys activities and market condition

179、s.As discussed below,in 2021,the company announced planned capital spend of approximately$10 billion through 2028 in lower carbon investments.Although the future is uncertain,many published outlooks conclude that fossil fuels will remain a significant part of an energy system that increasingly incor

180、porates lower carbon sources of supply for many years to come.Chevron supports the Paris Agreements global approach to governments addressing climate change and continues to take actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy.Chevron belie

181、ves that broad,market-based mechanisms are the most efficient approach to addressing GHG emission reductions.Chevron integrates climate change-related issues and the regulatory and other responses to these issues into its strategy and planning,capital investment reviews and risk management tools and

182、 processes,where it believes they are applicable.They are also factored into the companys long-range supply,demand and energy price forecasts.These forecasts reflect estimates of long-range effects from climate change-related policy actions,such as electric vehicle and renewable fuel penetration,ene

183、rgy efficiency standards and demand response to oil and natural gas prices.The company will continue to develop oil and gas resources to meet customers and consumers demand for energy.At the same time,Chevron believes that the future of energy is lower carbon.The company will continue to maintain fl

184、exibility in its portfolio to be responsive to changes in policy,technology,and customer and consumer preferences.Chevron aims to grow its oil and gas business,lower the carbon intensity of its operations and grow new businesses in renewable fuels,carbon capture and offsets,hydrogen,power generation

185、 for data centers,and emerging technologies.To grow its new businesses,Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified,while leveraging the companys capabilities,assets,partnerships and customer relationships.The companys oil an

186、d gas business may increase or decrease depending upon market,economic,legislative and regulatory forces,among other factors.In 2021,Chevron announced aspirations and targets that align with its strategy,as noted below.Chevron uses emissions intensity targets,which enable the company to assess,quant

187、ify and transparently communicate its own carbon performance in a standardized way.Chevron regularly evaluates its aspirations,targets and goals and expects to change or eliminate some of its aspirations,targets and goals for various reasons,including market conditions;its strategy or portfolio;and

188、financial,operational,policy,reputational,legal and other factors.The companys ability to achieve any aspiration,target or goal is subject to numerous risks and contingencies,many of which are outside of Chevrons control.Examples of such risks and contingencies include:(1)sufficient and substantial

189、advances in technology,including the continuing progress of commercially viable technologies and low-or non-carbon-based energy sources;(2)laws,governmental regulation,policies,and other enabling actions,including those regarding subsidies,tax and other incentives as well as the granting of necessar

190、y permits by governing authorities;(3)the availability and acceptability of cost-effective,verifiable carbon credits;(4)the availability of suppliers that can meet our Managements Discussion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents36Chevron Corporation

191、 2024 Annual Report26sustainability-related standards;(5)evolving regulatory requirements,including changes to IPCCs Global Warming Potentials and the U.S.EPA Greenhouse Gas Reporting Program,affecting ESG standards or disclosures;(6)evolving standards for tracking and reporting on emissions and emi

192、ssion reductions and removals;(7)customers and consumers preferences and use of the companys products or substitute products;(8)actions taken by the companys competitors in response to legislation and regulations;and(9)successful negotiations for carbon capture and storage and nature-based solutions

193、 with customers,suppliers,partners and governments.Please refer to“Risk Factors”in Part I,Item 1A,on pages 23 through 27 of the companys Annual Report on Form 10-K for further discussion of GHG regulation and climate change and the associated risks to Chevrons business,including the risks impacting

194、Chevrons strategy,aspirations,targets and disclosures related to environmental,social,and governance matters.2050 Net Zero Upstream Aspiration Chevron aspires to achieve net zero for upstream production Scope 1 and 2 GHG emissions on an equity basis by 2050.The company believes accomplishing this as

195、piration depends on,among other things,sufficient and substantial advances in technology,including the continuing progress of commercially viable technologies and low-or non-carbon-based energy sources;enabling policies and other actions by governing authorities,including those regarding subsidies,t

196、ax and other incentives as well as the granting of necessary permits;successful negotiations for carbon capture and storage and nature-based solutions with customers,suppliers,partners and governments;market conditions;and the availability and acceptability of cost-effective,verifiable carbon credit

197、s.2028 Upstream Production GHG Intensity Targets These metrics include Scope 1(direct emissions)and Scope 2(indirect emissions associated with imported electricity and steam)and are net of emissions from exported electricity and steam.The 2028 GHG emissions intensity targets on an equity ownership b

198、asis include:Oil production GHG intensity of 24 kilograms(kg)carbon dioxide equivalent per barrel of oil-equivalent(CO2e/boe),Gas production GHG intensity of 24 kg CO2e/boe,Methane intensity of 2 kg CO2e/boe,andFlaring GHG intensity of 3 kg CO2e/boe.The company also targets zero routine flaring by 2

199、030 as outlined in the World Banks“Zero Routine Flaring by 2030”initiative.2028 Portfolio Carbon Intensity Target The company also introduced a portfolio carbon intensity(PCI)metric,which is a measure of the carbon intensity across the full value chain of Chevrons entire business.This metric encompa

200、sses the companys upstream and downstream business and includes Scope 1(direct emissions),Scope 2(indirect emissions from imported electricity and steam),and certain Scope 3(primarily emissions from use of sold products)emissions.The companys PCI target is 71 grams(g)carbon dioxide equivalent(CO2e)p

201、er megajoule(MJ)by 2028.Planned Lower-Carbon Capital Spend through 2028 In 2021,the company guided to capital spend of approximately$10 billion through 2028 to advance its lower carbon ambitions,which includes approximately$2 billion to lower the carbon intensity of its oil and gas operations,and ap

202、proximately$8 billion for lower carbon investments including in renewable fuels,hydrogen and carbon capture and offsets.Beyond 2028,the company anticipates capital spending will be necessary to progress the companys 2050 upstream production Scope 1 and 2 net zero aspiration and building of its lower

203、 carbon business lines.Since 2021,the company has spent$7.7 billion in lower carbon investments,including$2.9 billion associated with the acquisition of REG in 2022.Income Taxes The effective tax rate for the company can change substantially during periods of significant earnings volatility.This is

204、due to the mix effects that are impacted by both the absolute level of earnings or losses and whether they arise in higher or lower tax rate jurisdictions.As a result,a decline or increase in the effective income tax rate in one period may not be indicative of expected results in future periods.Addi

205、tional information related to the companys effective income tax rate is included in Note 17 Taxes to the Consolidated Financial Statements.Managements Discussion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents37Chevron Corporation 2024 Annual Report27Manageme

206、nts Discussion and Analysis of Financial Condition and Results of OperationsIn December 2021,the Organization for Economic Co-operation and Development(OECD)issued model rules for a new 15 percent global minimum tax(Pillar Two),and various jurisdictions in which the company operates enacted or are i

207、n the process of enacting Pillar Two legislation.Certain aspects of the tax under the Pillar Two framework became effective in 2024 in some jurisdictions and will be effective in 2025(or later)in others.Pillar Two did not have a material impact on the companys results of operations in 2024.Although

208、we do not currently expect that Pillar Two will have a material impact on our future results of operations,we are continuing to evaluate the impact of pending legislative adoption by individual countries.Supply Chain and Inflation Impacts The company is actively managing its contracting,procurement

209、and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the companys operational goals.Third party costs for capital and operating expenses can be subject to external factors beyond the companys control including,but not limited to:

210、severe weather or civil unrest,delays in construction,global and local supply chain distribution issues,inflation,tariffs or other taxes imposed on goods or services,and market-based prices charged by the industrys material and service providers.Chevron utilizes contracts with various pricing mechan

211、isms,which may result in a lag before the companys costs reflect changes in market trends.Trends in the costs of goods and services vary by spend category.The labor market remains tight,and suppliers are passing along wage rate increases for labor intensive operations.Chevron has applied inflation m

212、itigation strategies in an effort to temper these cost increases,including fixed price and index-based contracts.Lead times for key capital equipment remain long and availability of offshore and specialized equipment is under pressure,with some experiencing upward pricing movements.In the United Sta

213、tes,cost pressures for materials and standard onshore drilling and completion equipment continue to ease.Chevron has addressed equipment cost increases and long lead times by partnering with suppliers on demand planning,volume commitments,standardization and scope optimization.In February 2025,the U

214、.S.announced the imposition of tariffs on imports from several U.S.trade partners and could announce additional tariffs in future periods.There is significant uncertainty as to the duration of these and any further tariffs,and the impacts these tariffs and any corresponding retaliatory tariffs will

215、have on the company and its suppliers.The financial impacts of the tariffs are currently not expected to be material;however,the ultimate impact on the companys results of operations and financial condition remains uncertain.Refer to the Cautionary Statement Relevant to Forward-Looking Information o

216、n page 24 and to Item 1A.Risk Factors on page 20 of the companys Annual Report on Form 10-K for a discussion of some of the inherent risks that could materially impact the companys results of operations or financial condition.Acquisition and Disposition of Assets The company continually evaluates op

217、portunities to dispose of assets that are not expected to provide sufficient long-term value and to acquire assets or operations complementary to its asset base to help augment the companys financial performance and value growth.The company is targeting$10-15 billion of asset sales over the five-yea

218、r period ending in 2028.From 2024 through January 2025,the company has generated approximately$8 billion of asset sales proceeds.Asset dispositions and restructurings may result in significant gains or losses in future periods.In addition,some assets are divested along with their related liabilities

219、,such as decommissioning obligations.In certain instances,such transferred obligations have returned and may continue to return to the company and result in losses that could be significant.For example,in fourth quarter 2023,the company recognized charges for decommissioning obligations from certain

220、 previously divested assets in the Gulf of America.In 2024,the company spent$235 million related to these obligations and anticipates spending an additional$200-300 million annually through 2033.To the extent the current owners of the companys previously divested assets default on their decommission

221、ing obligations,regulators may require that Chevron assume such obligations.The company could have additional significant obligations revert,primarily in the United States.The company is not currently aware of any such obligations that are reasonably possible to be material.Refer to Note 24.Other Co

222、ntingencies and Commitments for additional information.In December 2024,the company sold its 20 percent non-operated interest in the Athabasca Oil Sands Project and 70 percent operated interest in the Duvernay shale in Alberta,Canada,to Canadian Natural Resources Limited for$6.5 billion before taxes

223、,and expects to make tax payments totaling$1.5 billion in first quarter 2025.In 2024,these assets produced 86 thousand barrels of oil-equivalent per day and generated over$2.2 billion of sales and approximately$590 million of operational net income.As part of the sale,the buyer assumed decommissioni

224、ng obligations for the transferred assets.In October 2023,the company announced that it had entered into a definitive merger agreement with Hess Corporation.Refer to Note 30.Agreement to Acquire Hess Corporation for additional information.38Chevron Corporation 2024 Annual Report28Other Impacts The c

225、ompany closely monitors developments in the financial and credit markets,the level of worldwide economic activity,and the implications for the company of movements in prices for crude oil,natural gas and natural gas liquids(NGLs).Management takes these developments into account in the conduct of dai

226、ly operations and for business planning.In fourth quarter 2024,the company announced plans to achieve$2-3 billion in structural cost reductions by the end of 2026.These cost savings will largely come from optimizing the portfolio,leveraging technology to enhance productivity,and changing how and whe

227、re work is performed,including expanded use of global capability centers.In relation to these efforts,the company recognized a restructuring charge of$715 million after tax in fourth quarter 2024,with associated cash outflows anticipated over the next two years.The company continues to evaluate incr

228、emental cost reduction opportunities and could incur additional restructuring and reorganization charges in future periods.This will have an impact on the companys pension and Other Post-Employment Benefit(OPEB)plans;however,the impact is not yet estimable and any impacts will be recognized in futur

229、e periods.Earnings trends for the companys major business areas are described as follows:Upstream Earnings for the upstream segment are closely aligned with industry prices for crude oil,natural gas and NGLs.These prices are subject to external factors over which the company has no control,including

230、 product demand connected with global economic conditions,industry production and inventory levels,technology advancements,production quotas or other actions imposed by OPEC+countries,actions of regulators,weather-related damage and disruptions,competing fuel prices,natural and human causes beyond t

231、he companys control,and regional supply interruptions or fears thereof that may be caused by military conflicts,civil unrest or political uncertainty.Any of these factors could also inhibit the companys production capacity in an affected region.The company closely monitors developments in the countr

232、ies in which it operates and holds investments and seeks to manage risks in operating its facilities and businesses.The longer-term trend in earnings for the upstream segment is also a function of other factors,including the companys ability to efficiently find,acquire and produce crude oil,natural

233、gas and NGLs,changes in fiscal terms of contracts,the pace of energy transition,and changes in tax,environmental and other applicable laws and regulations.In April 2024,Tengizchevroil LLP(TCO)achieved start-up of the Wellhead Pressure Management Project(WPMP)and at year-end 2024,all four pressure bo

234、ost facility compressors are online and all metering stations have been converted to low pressure.In January 2025,TCO started oil production at its Future Growth Project,which is expected to contribute to higher free cash flow.Chevron has interests in Venezuelan assets operated by independent affili

235、ates.Chevron has been conducting limited activities in Venezuela consistent with the authorization provided pursuant to licenses issued by the United States government.In fourth quarter 2022,Chevron received General License 41 from the United States government,enabling the company to resume activity

236、 in Venezuela subject to certain limitations,and the company continues such activities under this General License.The financial results for Chevrons business in Venezuela are being recorded as non-equity investments since 2020,where income is only recognized when cash is received and production and

237、reserves are not included in the companys results.Crude oil liftings in Venezuela started in first quarter 2023,which have positively impacted the companys results.The companys independent affiliates have continued to maintain safe and reliable operations;however,future impact on results of operatio

238、ns and financial condition remain uncertain.Chevron maintains an equity interest in the Caspian Pipeline Consortium(CPC)which provides a primary export route for Tengiz field production in Kazakhstan.An adverse event or incident affecting CPC operations,which CPC has experienced from time to time,co

239、uld have a negative impact on the Tengiz field and the companys results of operations and financial position.The financial impacts of such risks,including presently imposed sanctions and the February 2025 drone attack on the CPC pumping station,remain uncertain.Other governments(including Russia)hav

240、e imposed and may impose additional sanctions and other trade laws,restrictions and regulations that could lead to disruption in our ability to produce,transport and/or export crude in the region around Russia.Chevron holds a 39.7 percent interest in the Leviathan field and a 25 percent interest in

241、the Tamar field in Israel.Despite the ongoing conflict between Israel and various regional adversaries,the company continues to maintain safe and reliable operations while meeting its contractual commitments.The company continues to monitor the ongoing conflict in the region and any future impacts o

242、n the companys results of operations and financial condition remain uncertain.Managements Discussion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents39Chevron Corporation 2024 Annual Report290.005.0010.0015.0020.0003060901201504Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q202220232

243、024Oil$/bblHH$/mcfWTI Crude Oil,Brent Crude Oil and Henry Hub Natural Gas Spot Prices-Quarterly Average BrentWTIHenry HubChevron operates and holds interests in the Bibiyana,Jalalabad and Moulavi Bazar fields in Bangladesh.Recent political unrest in the country has not impacted the companys operatio

244、ns to date;however,the future impacts,if any,on the companys results of operations and financial condition remain uncertain.Commodity Prices The following chart shows the trend in benchmark prices for Brent crude oil,West Texas Intermediate(WTI)crude oil and U.S.Henry Hub natural gas.The Brent price

245、 averaged$81 per barrel for the full-year 2024,compared to$83 in 2023.As of mid-February 2025,the Brent price was$75 per barrel.The WTI price averaged$76 per barrel for the full-year 2024,compared to$78 in 2023.As of mid-February 2025,the WTI price was$71 per barrel.The majority of the companys equi

246、ty crude production is priced based on the Brent benchmark.The U.S.Henry Hub natural gas price averaged$2.25 per thousand cubic feet(MCF)for the full-year 2024,compared to$2.56 in 2023.As of mid-February 2025,the Henry Hub price was$4.42 per MCF.See page 37 for the companys U.S.and international ave

247、rage realizations for each of the past three years.Crude prices in 2024 were influenced by geopolitical conflict and OPEC+supply restraint,which was offset by factors such as non-OPEC supply growth and slowing demand growth.In contrast to price movements in the global market for crude oil,prices for

248、 natural gas are also impacted by regional supply and demand and infrastructure conditions in local markets.In the United States,lower Henry Hub prices were driven by high storage levels,strong production,and delayed starts to liquefied natural gas(LNG)export projects.Outside the United States,price

249、s for natural gas also depend on a wide range of supply,demand and regulatory circumstances.The companys long-term contract prices for LNG are typically linked to crude oil prices.Most of the equity LNG offtake from the operated Australian LNG projects is committed under binding long-term contracts,

250、with some sold in the Asian spot LNG market.Production The companys worldwide net oil-equivalent production in 2024 was 3.3 million barrels per day,7 percent higher than in 2023 primarily due to the full-year of legacy PDC Energy,Inc.(PDC)production and growth in the Permian Basin.About 20 percent o

251、f the companys net oil-equivalent production in 2024 occurred in OPEC+member countries of Equatorial Guinea,Kazakhstan,Nigeria,the Partitioned Zone between Saudi Arabia and Kuwait and the Republic of Congo.The company estimates its net oil-equivalent production in 2025 to increase six to eight perce

252、nt over 2024,assuming a Brent crude oil price of$70 per barrel and excluding expected asset sales.This estimate is subject to many factors and uncertainties,including quotas or other actions that may be imposed by OPEC+;price effects on entitlement volumes;changes in fiscal terms or restrictions on

253、the scope of company operations;delays in construction;reservoir performance;greater-than-expected declines in production from mature fields;start-up or ramp-up of projects;acquisition and divestment of assets;fluctuations in demand for crude oil and natural gas in various markets;weather conditions

254、 that may shut in production;civil unrest;changing geopolitics;delays in completion of maintenance turnarounds;storage constraints or economic conditions that could lead to shut-in production;or other disruptions to operations.The outlook for future Managements Discussion and Analysis of Financial C

255、ondition and Results of Operations40Crude prices in 2024 were influenced by geopolitical conflict and OPEC+supply restraint,which was offset by factors such as non-OPEC supply growth and slowing demand growth.In contrast to price movements in the global market for crude oil,prices for natural gas ar

256、e also impacted by regional supply and demand and infrastructure conditions in local markets.In the United States,lower Henry Hub prices were driven by high storage levels,strong production,and delayed starts to liquefied natural gas(LNG)export projects.Outside the United States,prices for natural g

257、as also depend on a wide range of supply,demand and regulatory circumstances.The companys long-term contract prices for LNG are typically linked to crude oil prices.Most of the equity LNG offtake from the operated Australian LNG projects is committed under binding long-term contracts,with some sold

258、in the Asian spot LNG market.Production The companys worldwide net oil-equivalent production in 2024 was 3.3 million barrels per day,7 percent higher than in 2023 primarily due to the full-year of legacy PDC Energy,Inc.(PDC)production and growth in the Permian Basin.About 20 percent of the companys

259、net oil-equivalent production in 2024 occurred in OPEC+member countries of Equatorial Guinea,Kazakhstan,Nigeria,the Partitioned Zone between Saudi Arabia and Kuwait and the Republic of Congo.The company estimates its net oil-equivalent production in 2025 to increase six to eight percent over 2024,as

260、suming a Brent crude oil price of$70 per barrel and excluding expected asset sales.This estimate is subject to many factors and uncertainties,including quotas or other actions that may be imposed by OPEC+;price effects on entitlement volumes;changes in fiscal terms or restrictions on the scope of co

261、mpany operations;delays in construction;reservoir performance;greater-than-expected declines in production from mature fields;start-up or ramp-up of projects;acquisition and divestment of assets;fluctuations in demand for crude oil and natural gas in various markets;weather conditions that may shut

262、in production;civil unrest;changing geopolitics;delays in completion of maintenance turnarounds;storage constraints or economic conditions that could lead to shut-in production;or other disruptions to operations.The outlook for future Managements Discussion and Analysis of Financial Condition and Re

263、sults of Operations40Chevron Corporation 2024 Annual Report30production levels is also affected by the size and number of economic investment opportunities and the time lag between initial exploration and the beginning of production.Net crude oil productionThousands of barrels per day1,5602223240500

264、1,0001,5002,000AffiliatesEuropeAustraliaAsiaAfricaOther AmericasUnited StatesNet natural gas liquids productionThousands of barrels per day4152223240200400600800AffiliatesEuropeAustraliaAsiaAfricaOther AmericasUnited StatesNet natural gas productionMillions of cubic feet per day8,17822232403,0006,00

265、09,00012,000AffiliatesEuropeAustraliaAsiaAfricaOther AmericasUnited StatesNet proved reserves by geographic areaBillions of BOE*9.82223240.05.010.015.0AffiliatesEuropeAustraliaAsiaAfricaOther AmericasUnited States*barrels of oil-equivalentNet proved reserves by productBillions of BOE*9.82223240.05.0

266、10.015.0Natural gasNatural gas liquidsCrude oil*barrels of oil-equivalentProved Reserves Net proved reserves for consolidated companies and affiliated companies totaled 9.8 billion barrels of oil-equivalent at year-end 2024,a decrease from year-end 2023.The reserve replacement ratio in 2024 was nega

267、tive 4 percent.The 5 and 10 year reserve replacement ratios were 72 percent and 88 percent,respectively.Refer to Table V for a tabulation of the companys proved net oil and gas reserves by geographic area,at the beginning of 2022 and each year-end from 2022 through 2024,and an accompanying discussio

268、n of major changes to proved reserves by geographic area for the three-year period ending December 31,2024.Refer to the“Results of Operations”section on pages 33 for additional discussion of the companys upstream business.Downstream Earnings for the downstream segment are closely tied to margins on

269、the refining,manufacturing and marketing of products that include gasoline,diesel,jet fuel,lubricants,fuel oil,fuel and lubricant additives,petrochemicals and renewable fuels.Industry margins are sometimes volatile and can be affected by the global and regional supply-and-demand balance for refined

270、products and petrochemicals,and by changes in the price of crude oil,other refinery and petrochemical feedstocks,and natural gas.Industry margins can also be influenced by inventory levels,geopolitical events,costs of materials and services,refinery or chemical plant capacity utilization,maintenance

271、 programs,and disruptions at refineries or chemical plants resulting from unplanned outages due to severe weather,fires or other operational events.Other factors affecting profitability for downstream operations include the reliability and efficiency of the companys refining,marketing and petrochemi

272、cal assets,the effectiveness of its crude oil and product supply functions,and the volatility of tanker-charter rates for the companys shipping operations,which are driven by the industrys demand for crude oil and product tankers.Other factors beyond the companys control include the general level of

273、 inflation and energy costs to operate the companys refining,marketing and petrochemical assets,and changes in tax,environmental,and other applicable laws and regulations.The companys most significant marketing areas are the West Coast and Gulf Coast of the United States and Asia Pacific.Chevron ope

274、rates or has significant ownership interests in refineries in each of these areas.The company is also one of the largest renewable fuels producers in the United States.Refer to the“Results of Operations”section on page 34 for additional discussion of the companys downstream operations.All Other cons

275、ists of worldwide cash management and debt financing activities,corporate administrative functions,insurance operations,real estate activities and technology companies.Managements Discussion and Analysis of Financial Condition and Results of Operations41Chevron Corporation 2024 Annual Report31Notewo

276、rthy Developments Key noteworthy developments and other events during 2024 and early 2025 included the following:Angola Added frontier exploration acreage positions in the deepwater lower Congo Basin.Angola Achieved first gas on the Sanha Lean Gas Connection project,securing incremental natural gas

277、supply to the Angola Liquefied Natural Gas facility.Australia Announced asset exchange of North West Shelf Assets for Wheatstone Assets and Julimar/Brunello fields.Australia Received two offshore greenhouse gas assessment permits,covering an area of approximately 10,700 km2,to assess future carbon d

278、ioxide storage.Brazil Secured 15 exploration blocks in the South Santos and Pelotas Basins.Canada Sold the companys interest in the Athabasca Oil Sands Project and Duvernay shale for$6.5 billion.Equatorial Guinea Signed agreements to acquire two exploration blocks offshore Bioko Island.Israel Reache

279、d final investment decision to add midstream infrastructure that is expected to increase production capacity at the Tamar gas field in Israel to 1.6 billion cubic feet per day.Kazakhstan Completed the Wellhead Pressure Management Project and,in January 2025,started production at the Future Growth Pr

280、oject,which is expected to ramp up total output to around one million barrels of oil equivalent per day at the companys 50 percent-owned affiliate,Tengizchevroil LLP in Kazakhstan.Myanmar Withdrew from Chevrons nonoperated working interests effective April 1,2024.Namibia Signed agreements to acquire

281、 80 percent working interest in Petroleum Exploration License 82 in the Walvis Basin.Nigeria Extended the Meji field offshore Nigeria with a near-field discovery and renewed the Agbami deep-water concession through 2044.Republic of Congo Sold the companys 31.5 percent nonoperated working interest in

282、 the offshore Haute Mer permit area and its 15.75 percent interest in the Republic of Congo portion of Lianzi in January 2025.United States Reached final investment decision to build an oilseed processing plant in Louisiana through the companys joint venture Bunge Chevron Ag Renewables LLC.United St

283、ates Drilled onshore and offshore stratigraphic wells to delineate carbon dioxide storage potential through the companys joint venture Bayou Bend CCS LLC.United States Launched a$500 million Future Energy Fund III focused on venture investments in technology-based solutions that have the potential t

284、o enable affordable,reliable and lower carbon energy.United States Progressed the companys pending merger with Hess Corporation by securing Hess stockholder approval and clearing Federal Trade Commission antitrust review.United States Started production at the industry-first 20,000 pounds per square

285、 inch deepwater Anchor project,began water injection to boost production from the St.Malo and Tahiti fields,and in January 2025 started production from the Whale semi-submersible platform in the Gulf of America.United States Upgraded the Pasadena Refinery,which is expected to increase product flexib

286、ility and expand the processing capacity of lighter crude oil to 125,000 barrels per day.United States Completed projects and operational changes designed to abate over 700,000 tonnes of carbon dioxide-equivalent from the companys operations.United States Announced plans to jointly develop scalable

287、power solutions using natural gas-fired turbines with flexibility to integrate carbon capture and storage to support growing energy demand from U.S.data centers.Uruguay Entered an agreement to assume a 60 percent operated interest in Uruguays AREA OFF-1 offshore exploration block.Managements Discuss

288、ion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents42Chevron Corporation 2024 Annual Report32Common Stock Dividends The 2024 annual dividend was$6.52 per share,making 2024 the 37th consecutive year that the company increased its annual per share dividend payo

289、ut.In January 2025,the companys Board of Directors increased its quarterly dividend by$0.08 per share,approximately five percent,to$1.71 per share payable in March 2025.Common Stock Repurchase Program The company repurchased$15.2 billion of its common stock in 2024 under its stock repurchase program

290、.For more information on the common stock repurchase program,see Liquidity and Capital Resources.Results of OperationsThe following section presents the results of operations and variances on an after-tax basis for the companys business segments Upstream and Downstream as well as for“All Other.”Earn

291、ings are also presented for the U.S.and international geographic areas of the Upstream and Downstream business segments.Refer to Note 14 Operating Segments and Geographic Data for a discussion of the companys“reportable segments.”This section should also be read in conjunction with the discussion in

292、 Business Environment and Outlook.Refer to the Selected Operating Data for a three-year comparison of production volumes,refined product sales volumes and refinery inputs.A discussion of variances between 2023 and 2022 can be found in the“Results of Operations”section on pages 41 through 43 of the c

293、ompanys 2023 Annual Report on Form 10-K filed with the SEC on February 26,2024.Worldwide Upstream earningsBillions of Dollars$18.62223240.010.020.030.040.0United StatesInternationalWorldwide Downstream earningsBillions of dollars$1.72223240.010.020.0United StatesInternationalU.S.refined product sale

294、sThousands of barrels per day1,28622232405001,0001,5002,000OtherFuel oilDiesel/Gas oilJet fuelGasolineInternational refined product sales*Thousands of barrels per day1,49522232405001,0001,5002,000OtherFuel oilDiesel/Gas oilJet fuelGasoline*includes equity share in affiliatesU.S.Upstream Unit*2024202

295、32022Earnings$MM$7,602$4,148$12,621 Net Oil-Equivalent ProductionMBOED 1,599 1,3491,181Liquids ProductionMBD1,152997888Natural Gas ProductionMMCFD2,6842,1121,758Liquids Realization$/BBL$56.24$59.19$76.71 Natural Gas Realization$/MCF$1.04$1.67$5.55*MBD thousands of barrels per day;MMCFD millions of c

296、ubic feet per day;BBL Barrel;MCF thousands of cubic feet;MBOED thousands of barrels of oil-equivalent per day.U.S.upstream earnings increased by$3.5 billion primarily due to higher sales volumes of$2.2 billion,including from legacy PDC assets,and the absence of charges from decommissioning obligatio

297、ns for previously divested assets in the Gulf of America of$1.9 billion,partly offset by lower realizations of$790 million.Net oil-equivalent production was up 250,000 barrels per day,or 19 percent,primarily due to full-year of legacy PDC production and growth in the Permian Basin.Managements Discus

298、sion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents43Chevron Corporation 2024 Annual Report33International UpstreamUnit2202420232022Earnings1$MM$11,000$13,290$17,663 Net Oil-Equivalent ProductionMBOED 1,739 1,7711,818Liquids ProductionMBD823833831Natural Gas

299、 ProductionMMCFD5,4945,6325,919Liquids Realization$/BBL$71.38$71.70$90.71 Natural Gas Realization$/MCF$7.32$7.69$9.75 1 Includes foreign currency effects:$395$376$816 2 MBD thousands of barrels per day;MMCFD millions of cubic feet per day;BBL Barrel;MCF thousands of cubic feet;MBOED thousands of bar

300、rels of oil-equivalent per day.International upstream earnings decreased by$2.3 billion primarily due to lower realizations of$770 million,higher operating expenses of$580 million,lower sales volumes of$570 million and absence of favorable one-time tax benefit in Nigeria of$560 million.Foreign curre

301、ncy effects had a favorable impact on earnings of$19 million between periods.Net oil-equivalent production was down 32,000 barrels per day,or 2 percent.The decrease was primarily due to downtime at TCO and Nigeria,and withdrawal from Myanmar,partly offset by entitlement effects.U.S.Downstream Unit*2

302、02420232022Earnings$MM$531$3,904$5,394 Refinery Crude Unit InputsMBD917962924Refined Product SalesMBD1,2861,2871,228*MBD thousands of barrels per day.U.S.downstream earnings decreased by$3.4 billion primarily due to lower margins on refined product sales of$2.6 billion and higher operating expenses

303、of$810 million.Refinery crude unit inputs were down 45,000 barrels per day,or 5 percent,primarily due to the upgrade of the Pasadena,Texas refinery that was completed during the fourth quarter 2024 and downtime at the Pascagoula,Mississippi refinery.Refined product sales were down 1,000 barrels per

304、day.International Downstream Unit 2202420232022Earnings 1$MM$1,196$2,233$2,761 Refinery Crude Unit InputsMBD646636652Refined Product SalesMBD1,4951,4451,3861 Includes foreign currency effects:$126$(12)$235 2 MBD thousands of barrels per day.International downstream earnings decreased by$1.0 billion

305、primarily due to lower margins on refined product sales of$880 million and impairments of$190 million.Foreign currency effects had a favorable impact on earnings of$138 million between periods.Refinery crude unit inputs were up 10,000 barrels per day,or 2 percent.Refined product sales were up 50,000

306、 barrels per day,or 3 percent,primarily due to increased trading volumes.All Other Unit202420232022Net charges*$MM$(2,668)$(2,206)$(2,974)*Includes foreign currency effects:$(1)$(588)$(382)All Other consists of worldwide cash management and debt financing activities,corporate administrative function

307、s,insurance operations,real estate activities,and technology companies.Net charges increased by$462 million primarily due to higher employee benefit costs,severance charges,lower interest income and higher interest expense,partially offset by a favorable swing of$587 million in foreign currency effe

308、cts.Managements Discussion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents44Chevron Corporation 2024 Annual Report34Consolidated Statement of Income Comparative amounts for certain income statement categories are shown below.A discussion of variances between

309、2023 and 2022 can be found in the“Consolidated Statement of Income”section on pages 43 and 44 of the companys 2023 Annual Report on Form 10-K.Millions of dollars20242023 2022 Sales and other operating revenues$193,414$196,913$235,717 Sales and other operating revenues decreased in 2024 mainly due to

310、 lower commodity prices,partially offset by higher crude oil,natural gas and refined product sales volumes.Millions of dollars20242023 2022 Income(loss)from equity affiliates$4,596$5,131$8,585 Income from equity affiliates decreased in 2024 mainly due to lower downstream-related earnings from GS Cal

311、tex in South Korea and lower upstream-related earnings from Tengizchevroil in Kazakhstan,partially offset by an absence of certain U.S.upstream equity affiliate impairments and higher downstream-related earnings from Chevron Phillips Chemical Company LLC(CPChem).Refer to Note 15 Investments and Adva

312、nces for a discussion of Chevrons investments in affiliated companies.Millions of dollars20242023 2022 Other income(loss)$4,782$(1,095)$1,950 Other income increased in 2024 mainly due to the absence of charges related to decommissioning obligations from previously divested oil and gas production ass

313、ets in the Gulf of America,before tax gains on asset sales in Canada,a favorable swing in foreign currency effects and higher dividend income.Millions of dollars20242023 2022 Purchased crude oil and products$119,206$119,196$145,416 Crude oil and product purchases remained fairly flat in 2024 as lowe

314、r crude and refined product prices were partially offset by higher crude oil and refined product volumes.Millions of dollars20242023 2022 Operating,selling,general and administrative expenses$32,298$29,028$29,026 Operating,selling,general and administrative expenses increased compared to last year m

315、ainly due to higher employee-related expenses as a result of higher severance and employee benefit costs and higher downstream-related shutdown expenses.Millions of dollars20242023 2022 Exploration expense$995$914$974 Exploration expenses in 2024 were higher primarily due to higher geological and ge

316、ophysical engineering costs.Millions of dollars20242023 2022 Depreciation,depletion and amortization$17,282$17,326$16,319 Depreciation,depletion and amortization expenses decreased slightly in 2024 primarily due to lower impairment charges partially offset by higher production and higher rates.Milli

317、ons of dollars20242023 2022 Taxes other than on income$4,716$4,220$4,032 Taxes other than on income increased in 2024 primarily due to higher excise and property taxes.Millions of dollars20242023 2022 Interest and debt expense$594$469$516 Interest and debt expenses increased in 2024 mainly due to hi

318、gher debt balances.Millions of dollars20242023 2022 Other components of net periodic benefit costs$195$212$295 Other components of net periodic benefit costs decreased in 2024 primarily due to lower pension settlement costs.Managements Discussion and Analysis of Financial Condition and Results of Op

319、erationsFinancial Table of Contents45Chevron Corporation 2024 Annual Report35Millions of dollars20242023 2022 Income tax expense(benefit)$9,757$8,173$14,066 The increase in income tax expense in 2024 of$1.6 billion was primarily due to the tax impacts of the asset sales in Canada,partially offset by

320、 the decrease in total income before tax for the company of$2.1 billion.The decrease in income before taxes for the company was primarily the result of lower downstream margins,lower upstream realizations,higher operating expenses,in part due to severance charges,partially offset by the absence of c

321、harges from decommissioning obligations for previously divested assets,higher sales volumes and favorable foreign exchange impacts.U.S.income before tax decreased from$8.6 billion in 2023 to$8.1 billion in 2024.This$0.5 billion decrease in income was primarily driven by lower downstream margins,high

322、er operating expenses,in part due to severance charges,and lower upstream realizations,partially offset by the absence of charges related to decommissioning obligations for previously divested assets and higher sales volumes.The increase of$0.1 billion in U.S.income tax expense between year-over-yea

323、r periods,from$1.8 billion in 2023 to$1.9 billion in 2024,was primarily driven by current period unfavorable tax items.International income before tax decreased from$21.0 billion in 2023 to$19.5 billion in 2024.This$1.6 billion decrease in income was primarily driven by lower downstream margins,lowe

324、r upstream realizations,higher operating expenses and lower sales volumes,partially offset by favorable foreign exchange impacts.The increase of$1.5 billion in international income tax expense between year-over-year periods,from$6.4 billion in 2023 to$7.9 billion in 2024,was primarily driven by the

325、tax impacts of the asset sales in Canada,partially offset by the decrease in income before tax.Refer also to the discussion of the effective income tax rate in Note 17 Taxes.Managements Discussion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents46Chevron Corpo

326、ration 2024 Annual Report36Selected Operating Data1,2 Unit202420232022U.S.UpstreamNet Crude Oil and Natural Gas Liquids(NGLs)ProductionMBD1,152997888Net Natural Gas Production3MMCFD2,6842,1121,758Net Oil-Equivalent ProductionMBOED1,5991,3491,181Sales of Natural Gas4MMCFD5,1724,6374,354Sales of Natur

327、al Gas LiquidsMBD490354276Revenues from Net ProductionCrude$/BBL$73.47$75.04$92.41 NGLs$/BBL$19.88$20.04$33.80 Liquids(weighted average of Crude and NGLs)$/BBL$56.24$59.19$76.71 Natural Gas$/MCF$1.04$1.67$5.55 International UpstreamNet Crude Oil and NGLs Production5MBD823833831Net Natural Gas Produc

328、tion3MMCFD5,4945,6325,919Net Oil-Equivalent Production5MBOED1,7391,7711,818Sales of Natural GasMMCFD5,6786,0255,786Sales of Natural Gas LiquidsMBD13294107Revenues from LiftingsCrude$/BBL$73.72$74.29$93.73 NGLs$/BBL$26.49$24.01$37.56 Liquids(weighted average of Crude and NGLs)$/BBL$71.38$71.70$90.71

329、Natural Gas$/MCF$7.32$7.69$9.75 Worldwide UpstreamNet Oil-Equivalent Production5United StatesMBOED1,5991,3491,181InternationalMBOED1,7391,7711,818TotalMBOED3,3383,1202,999U.S.DownstreamGasoline Sales6MBD667642639Other Refined Product SalesMBD619645589Total Refined Product SalesMBD1,2861,2871,228Sale

330、s of Natural Gas4MMCFD283224Sales of Natural Gas LiquidsMBD212227Refinery Crude Unit Inputs8MBD917962924International DownstreamGasoline Sales6MBD382353336Other Refined Product SalesMBD1,1131,0921,050Total Refined Product Sales7MBD1,4951,4451,386Sales of Natural Gas4MMCFD13Sales of Natural Gas Liqui

331、dsMBD136153127Refinery Crude Unit Inputs8MBD6466366521 Includes company share of equity affiliates.2 MBD thousands of barrels per day;MMCFD millions of cubic feet per day;MBOED thousands of barrels of oil-equivalents per day;Bbl barrel;MCF thousands of cubic feet.Oil-equivalent gas(OEG)conversion ra

332、tio is 6,000 cubic feet of natural gas=1 barrel of crude oil;MBOED-thousands of barrels of oil-equivalent per day.3 Includes natural gas consumed in operations:United StatesMMCFD 60 64 53 InternationalMMCFD 549 532 517 4 Downstream sales of Natural Gas separately identified from Upstream.5 Includes

333、net production of synthetic oil:CanadaMBD 46 51 45 6 Includes branded and unbranded gasoline.7 Includes sales of affiliates:MBD 386 389 389 8 Includes crude oil and other inputs.Managements Discussion and Analysis of Financial Condition and Results of OperationsFinancial Table of Contents47Chevron Corporation 2024 Annual Report37Liquidity and Capital Resources Sources and Uses of Cash The strength