Chevron

energy
in
progress
2022 annual report
Photo: The hull for our Anchor project’s semisubmersible
floating production unit arrives in Texas for topsides installation.
The unit will sail away in 2023 for installation in the deepwater
U.S. Gulf of Mexico. First oil is anticipated in 2024.
our
strategy
chevron’s strategy is to leverage our strengths to safely deliver lower
carbon energy to a growing world
Our objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business
environment. We are building on our capabilities, 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 traditional oil and gas business, lower the carbon
intensity of our operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon
capture, offsets and other emerging technologies.
asset class: deepwater

We are a leader in applying new technologies to tap into the oil that lies deep beneath the ocean floor,
and doing so in a lower carbon way. Our deepwater assets include fields offshore of Angola, Australia,
Equatorial Guinea, Indonesia, Israel, Nigeria and Republic of Congo and in the U.S. Gulf of Mexico, with
deepwater exploration activities ongoing offshore 12 countries. Our U.S. Gulf of Mexico facilities are some
of the lowest carbon intensity‑producing assets in the world.
872 mboe/d billion
$4.3
produced from our
deepwater asset class in
2022
of our 2023 capital budget
focused on deepwater
resources
~ kilograms
6 CO2e/boe carbon intensity in

the deepwater U.S. Gulf of
Mexico
Chevron Corporation 2022 Annual Report

i
table of
contents
to our stockholders ............................................................................................... IV
higher returns, lower carbon ...............................................................................

X
board of directors ................................................................................................. XI

I
director: one‑on‑one .......................................................................................... XIV
corporate officers ............................................................................................... XVI
chevron at a glance ............................................................................................ XI

X
chevron stock performance .............................................................................. XX
financial and operating highlights ................................................................ XXI

I
process safety, reliability and integrity ..................................................... X
XIV financials
.................................................................................................................. 31
glossary of energy and financial terms .......................................................... 1

12
stockholder and investor information ........................................................... 114

ii
energy in
progress
The events of the past year have
defined the energy challenge facing
the world: meeting the energy
demands of today while building the
lower carbon energy system of
tomorrow. This will require advancing
technologies, accelerating solutions,
harnessing the power of markets and
unleashing human ingenuity. Progress
depends on scalable solutions that
deliver affordable, reliable and
ever‑cleaner energy.
That’s Energy in Progress
Photo: Our Geismar biorefinery in Louisiana uses a wide

variety of lower‑carbon feedstocks to produce high‑
quality renewable diesel. Renewable fuels are
important products that can help reduce the lifecycle
carbon intensity of transportation fuels.
to our
stockholders
The events of 2022 demonstrated the vital 2022 marked the 35th consecutive year of higher
role that affordable and reliable energy plays per‑share annual dividends, with the company
in the world economy. paying out $11 billion to stockholders. And we
raised the per‑share dividend another 6% in early
The past year’s volatility illustrates the need for 2023. We also returned an additional $11.25 billion
an energy system that balances economic to stockholders by repurchasing nearly 70 million
prosperity, energy security and environmental shares.
protection. Through disciplined investment in high‑quality
Affordable energy is vital for economies to assets, Chevron achieved a return on capital
flourish. Reliable energy is essential for national employed of more than 20%, the highest since
security. 2011. We strengthened our industry‑leading
executing
And our strategy;
we all share a stake in a lower carbon balance sheet, reducing our debt ratio to 12.8%
future.
delivering results and net debt ratio to 3.3%. Our efficient
Chevron’s strategy has remained clear: Leverage deployment of capital is expected to drive the
our strengths to safely deliver lower carbon growth of both traditional and new energy
energy to a growing world. businesses while continuing to deliver strong
returns to investors.
In 2022, we increased investment by more than Our financial priorities have remained consistent
75% versus 2021, helping us deliver the highest for decades. We reward stockholders with
U.S. production in our history, at 1.2 million predictable dividend growth, invest for long‑term
barrels of oil‑equivalent per day. returns, maintain a strong balance sheet to
mitigate commodity price risk and buy back
Execution of our strategy also enabled delivery shares through the cycle.
on our financial priorities:
• Grow the dividend consistently

• Invest capital efficiently
• Maintain a strong balance sheet,
and
• Repurchase shares steadily

IV
the energy landscape
Post‑pandemic demand recovery, coupled with
supply uncertainty, created energy market volatility
during the past year. Geopolitical events
threatened to disrupt energy supply, OPEC spare
capacity declined and inventories were at low
levels relative to demand. At the same time, in
much of the world, strong consumer spending
and increased travel drove an oil demand increase
estimated at 2.3 million barrels per day. In 2023
demand is projected to grow to greater than 101
million barrels per day, an all‑time high.
Natural gas demand declined slightly last year, as

higher prices related to supply disruptions
resulting from the Russia‑Ukraine conflict
prompted fuel substitution and demand
destruction, especially in Europe. Global trade
flows of liquefied natural gas (LNG) pivoted to
Europe, keeping LNG capacity tight. Global
natural gas demand is projected to grow in
2023.
As growth in the global economy drives greater

overall energy demand, investment in lower
carbon energy technologies will also continue to
grow.
“we aim to lead in lower carbon
intensity oil, products and
natural gas”
advancing energy progress

Our capabilities, assets and customer relationships In 2022, our upstream operations produced 3
are distinct advantages. We’re building on these million oil‑equivalent barrels per day, and we
strengths as we aim to lead in lower carbon increased upstream capital expenditures by over
intensity oil, products and natural gas and at the 40% relative to the prior year. We added 1.1
same time advance new products and solutions billion barrels of net oil‑equivalent proved
that reduce the carbon intensity of major reserves, which equates to approximately 97% of
industries. net oil‑equivalent production for the year.
Photo: The NYSE welcomed Chevron in celebration

of over 100 years of listing CVX.

vi
In the Permian Basin, unconventional As a result of the acquisition of Renewable Energy
production averaged 707,000 barrels of Group, Chevron is now the second largest U.S.
oil‑equivalent bio‑ based diesel producer. We are steadily
per day, a 16% increase from 2021 and all‑time advancing toward our guidance of renewable
high. We expect Permian production to grow fuels production capacity of 100,000 barrels per
nearly 10% in 2023. Additional U.S. production day by 2030.
increases are expected as deepwater projects We’re using existing distribution channels to place
in the U.S. Gulf of Mexico come online, these products in markets where we believe we
including Mad Dog 2 in 2023, Anchor and can capture the highest margin. And we have a
Whale in 2024 and Ballymore in 2025. By renewable diesel expansion project underway at
2026, Chevron’s the Geismar biorefinery, which is expected to
Gulf of Mexico production is expected to come online next year and is projected to
increase ~50% – to around 300,000 barrels increase our overall capacity by 30%.
We continue
of oil to reduce
‑equivalent upstream greenhouse
per day. Our Chevron Phillips Chemical Company
gas intensity, which is down 30% from 2016 affiliate, along with Qatar Energy, announced
as final investment decision on construction of a
teams around the world advance projects $6 billion integrated polymers complex in Ras
focused on energy efficiency, flaring reduction Laffan
and methane management. Our U.S. Gulf of Industrial City, Qatar, and an $8.5 billion
Mexico facilities are some of the lowest carbon integrated polymers complex in Orange, Texas.
Chevron New Energies remains focused on
intensity producing assets in the world, and our
helping customers meet their lower carbon
Permian Basin operations are among the lowest
ambitions and reducing the carbon intensity of
methane emissions per site of any operator. We
our operations.
plan to continue making progress through We’re taking actions to advance the
technology development and partnerships. development of larger‑scale carbon capture,
Our refining system continues to evolve. We utilization and storage projects.
received permits for a project at our Pasadena
Refinery that is expected to increase light crude
oil throughput capacity to 125,000 barrels per
day in 2024, allowing the refinery to run more
equity crude from the Permian Basin. And we’re
doing capital‑efficient unit conversions to
process renewable feedstocks at our El
Segundo and Pascagoula refineries.

vii
“chevron is exploring opportunities to commercialize
and scale the next generation of emerging
technologies”
And we’re making strategic investments to lower looking to the future

costs, using our own assets to pilot new
technologies. Investments and partnerships with We believe Chevron is well positioned to lead
companies like Svante and Carbon Clean are in both traditional and new energy while
helping advance
innovation the to reduce the cost of CO
required safely
2
capture
at different types of industrial facilities. delivering higher returns, lower carbon and
We have superior shareholder value.
We’re at the center of one of the world’s greatest
acquired pore space on the U.S. Gulf Coast that
challenges – meeting the energy needs of a
we believe can store over 1 billion tons of CO2,
growing world and doing so in lower carbon
and are evaluating other potential storage hubs,
ways. We are confident that by harnessing our
including three assessment permits offshore
We are leveraging our experience with carbon human energy, we will continue to advance
Australia.
offsets through our partnership with Restore energy progress.
Thank you for your support and the continued
the Earth Foundation. We have collaborated to
trust you place in us.
plant approximately 3.7 million trees in
Louisiana, reforestation work that is expected Sincerely,
to deliver nature‑based carbon reductions.
Chevron has been investing in hydrogen research

and development for decades, and we continue
to lay the foundation for a high‑growth, Michael K. Wirth
competitive business. We are working on multiple Chairman of the Board
projects across California and the U.S. Gulf Coast and Chief Executive
to support future demand. In the Asia‑Pacific Officer
region, we’re continuing to work with JERA, a
long‑time partner and customer, to explore
codeveloping lower carbon intensity fuels in
Australia.
In addition, Chevron is exploring opportunities
to commercialize and scale the next
generation of emerging technologies,
including geothermal energy, to grow lower
carbon solutions.

viii
Photo: More than 90% of our automated oil and
natural gas facilities in the DJ Basin are monitored
and controlled remotely, in real time, 24 hours a day,
seven days a week from our Integrated Operations
Center in Greeley, Colorado.

ix
higher
returns
lower carbon
our objective is to safely deliver higher returns, lower
carbon and superior shareholder value in any business
environment
growing reinvesting to strengthening

the grow future the balance
dividend cash flows sheet
Increased quarterly Invested with discipline Lowered net debt
dividend per share 6% in oil, natural gas and ratio to 3.3% in
in 2022 new energy 2022*
opportunities
returning excess lowering growing lower

cash to carbon carbon
stockholders intensity businesses
Repurchased $11.25 Prioritizing projects expected to Seeking to grow lower carbon
billion in shares in 2022 return the largest reduction in businesses in renewable fuels,
carbon emissions for every dollar hydrogen, carbon capture,
invested, and holding ourselves offsets and other emerging
accountable with transparent technologies
targets
* See pages 48–49 for additional

information

x
Photo: A worker checks instrumentation at our
facility near Pecos, Texas. We’re digitizing the way we
work with advanced data analytics to help develop
more productive wells.

xi
board of
directors
The 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 track record of success across a broad range of
experiences at the policymaking level.
Michael K. (Mike) Wirth, 62

Chairman 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 & Development 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 Supply and Trading from 20 03 to 20 0 6.
Wirth serves on the board of directors of Catalyst, is Chairman of the American Petroleum
Institute and is a member of the National Petroleum Council, the Business Roundtable, the
World Economic Forum International Business Council and the American Society of Corporate
Executives. Wirth joined Chevron in 1982 as a design engineer. He earned a bachelor’s
degree in chemical engineering from the University of Colorado.
Wanda M. Austin, 68 Alice P. Gast, 64

Lead Director since 2022 and a Director Director since 2012. She was
since 2016. She holds an adjunct President of Imperial College
Research Professor appointment at the London, a public
University of Southern California’s Viterbi research university specializing in
School’s Department of Industrial and science, engineering, medicine and
Systems Engineering. She is a retired business.
President and Chief Executive Officer of Previously, she was President of Lehigh
The Aerospace Corporation, a leading University in Pennsylvania. Prior to that,
architect for the United States’ national she was Vice President for Research,
security space programs. She is also a Associate Provost and Robert T. Haslam
Director of Amgen Inc. and Virgin Chair in Chemical Engineering at the
Galactic Holdings, Inc. (2,3) Massachusetts Institute of Technology.
(2,4)
John B. Frank, 66 Enrique Hernandez, Jr., 67
Director since 2017. He is Vice Chairman Director since 2008. He is Executive
of Oaktree Capital Group LLC, a global Chairman of Inter‑Con Security Systems
investment management company with Inc., a global provider of security and
expertise in credit strategies. He is one facility support services to governments,
of four members of Oaktree’s Executive utilities and industrial customers. He is also
Committee and was previously the Chairman of the Board of McDonald’s
firm’s Principal Executive Officer. He is Corporation and a Director of The Macerich
also a Company. (3,4)
Director of Daily Journal Corporation and
Oaktree Capital Group LLC and its
subsidiary, Oaktree Specialty Lending
Corporation. (1)

xii
Marillyn A . Hewson, 69 Debra Reed‑Klages, 66
Director since 2021. She was Executive Director since 2018. She is a retired
Chairman, Chairman, President and Chief Chairman, Chief Executive Officer and
Executive Officer of Lockheed Martin President of Sempra Energy, an energy
Corporation, a security and aerospace services holding company. Previously, she
company. She is also a Director of was Executive Vice President of Sempra
Johnson & Johnson. (1) Energy and President and Chief Executive
Officer of San Diego Gas & Electric and
Southern California Gas Co.
She is also a Director of Caterpillar Inc.
and Lockheed Martin Corporation. (1)
Jon M. Huntsman Jr., 63 D. James Umpleby III, 65

Director since 2020 and from 2014 to Director since 2018. He is Chairman and
2017 when he resigned to serve as the Chief Executive Officer of Caterpillar Inc., a
U.S. Ambassador to Russia. He served as leading manufacturer of construction and
Vice mining equipment, diesel and natural gas
Chair of Policy at Ford Motor Company from engines, industrial gas turbines and diesel‑
May 2021 to January 2023. Previously, he electric locomotives. Previously, he was
served as U.S. Ambassador to China and Group President of Caterpillar’s Energy
was Governor of Utah for two consecutive and Transportation business segment.
terms. He is also a Director of Ford Motor (2,4)
Company and Mobileye. (3,4)
Charles W. Moorman, 71 Cynthia J. Warner, 64

Director since 2012. He is a retired Director since 2022. She was President
Chairman of the Board, Chief Executive and Chief Executive Officer of Renewable
Officer and President of Norfolk Southern Energy Group, Inc. (REG) and a member
Corporation, a freight and transportation of
company. He REG’s board of directors. Previously, she
is a Senior Advisor to Amtrak, a was Executive Vice President, Operations
passenger rail service provider, having for Andeavor. She is also a Director of
previously served as Amtrak’s President Sempra Energy, a Trustee of the
and Chief Executive Officer. He is also a Committee for Economic Development and
Director of Oracle Corporation. (2,3) a member of the National Petroleum
Council. (4)
Dambisa F. Moyo, 54
Director since 2016. She is Co‑Principal of
Versaca Investments, a family office
committees of the board
focused on growth investing globally. She
sits as a member of the House of Lords in 1 Audit: Debra Reed‑Klages, Chair
Britain, as Baroness Moyo of Knightsbridge. 2Board Nominating and Governance: Wanda M. Austin, Chair
3 Management Compensation: Charles W. Moorman, Chair
Previously, she served as Chief Executive 4 Public Policy and Sustainability: Enrique Hernandez, Jr.,
Officer of Mildstorm LLC, focusing on the Chair
global economy and international affairs.
Prior to that, she worked at Goldman Sachs
in various roles and at the World Bank in
Washington, retiring
D.C. She is also a Director of 3M director
Company (retiring May 9, 2023). (1)
Ronald D. Sugar, 74
Lead Director from 2015 to 2022 and a
Director since 2005. He is a retired
Chairman and Chief Executive Officer of
Northrop Grumman Corporation, an
aerospace and defense company. He is a
Senior Advisor to Ares Management LLC;
Bain & Company; Temasek Americas
Advisory Panel, Singapore; G100 Network;
and World 50. He is a Director of Amgen
Inc., Apple Inc. and Uber Technologies,
Inc.

xiii
director: one-on-one
lead independent director wanda m. austin
offers insights on her first year in her new role
Dr. Wanda M. Austin was appointed

Lead Director in 2022 after six years
on the Board. In 2018–2019, Dr.
Austin served
as interim president for the University of
Southern California. She was president
and CEO of The Aerospace Corporation
from 2008 to 2016. She is the first
woman and the first African American to
hold all of these positions.
Dr. Austin is recognized for her work in

aeronautics and systems engineering
and is a member of the National
Academy
of Engineering and an honorary fellow
of the American Institute of
Aeronautics and Astronautics. Dr.
Austin embodies the leadership skills,
business acumen,
broad experience and technical
expertise required to guide our
company as Lead Independent
Director.
how does the board what progress is being
approach made on
governance? transparency?
The Board of Directors takes seriously our oversight Chevron has long been committed to increasing
obligations to ensure that we have the right leadership transparency on climate‑related matters. Additional
in place and the right strategy moving forward. We transparency on methane emissions reporting is a
also ensure the company is operating at a prudent natural extension of that commitment. In 2022,
level of business risk. We represent Chevron Chevron received a stockholder proposal to report on
stockholders as independent, accomplished and the reliability of methane emissions disclosures. While
diverse Directors with experience in global business, we do not agree with certain statements made by the
public policy, finance, technology and environmental proponents, there was no need to oppose last year’s
Our approach to governance and oversight is informed
matters. stockholders proposal where we had fundamental
by feedback from our stakeholders. We continue to
alignment with the intent and approach on these
engage stakeholders year‑round to discuss concerns Addressing methane emissions is a key part of being a
issues.
like climate change and describe our approach to the responsible producer of oil, products and natural gas.
energy transition. In 2022, those engagements Methane detection and measurement are evolving,
included meeting with stakeholders and employees at which presents challenges and opportunities, including
our the need for reliable measurement protocols. As I said
operations in the Eastern Mediterranean. The viewpoints in the methane report, published in November,
we hear on energy markets, geopolitics and Chevron’s role is to help develop and implement best
technology trends enable us to effectively deploy our practices and share what’s working to prevent methane
capital and human talent to achieve our higher return emissions associated with the production of oil,
and lower carbon objectives. products and natural gas. This report highlights our
what accomplishments efforts to advance the deployment of methane
detection technology and actions to improve our
stand out in your first performance.
year? Through our voluntary reports, including the upcoming
There are many. Representing stockholders, the annual Corporate Sustainability Report, we continue to
Board is proud of achieving 36 years of consecutive strive to improve consistency and transparency in our
dividend increases along with recently authorizing reporting.
$75 billion of stock buybacks. Providing oversight what does the right
for the acquisition of Renewable Energy Group leadership look
(REG) is also a highlight. Looking at leadership, the
like?
simplified organizational structure and senior
leadership changes announced in We are fortunate to have a Board with great
May should strengthen execution and the pace to depth and breadth of expertise and experience.
Endorsing and overseeing Chevron’s climate Former REG president and CEO Cynthia “CJ”
deliver on the company’s objectives.
strategy is paramount, though. That begins with the Warner is our latest addition. She serves on the
right Public Policy and Sustainability Committee that
composition on the Board itself, the right experience oversees an evolving
and talent. I’m confident we’re charting the right landscape of social, political, environmental, human
course with rights and public policy issues for us. With 40 years of
$8 billion in lower carbon investments and $2 billion business leadership across both the traditional and
in carbon reduction projects over five years. renewable energy sectors, CJ is invaluable in helping us
Lowering the carbon intensity of Chevron’s execute Chevron’s strategy to safely deliver lower
operations is central to meeting the energy needs of Chevron’s bylaws call for a strong Lead Director to
carbon energy to a growing world.
today as we help build the energy system of ensure the independent Directors exercise rigorous
tomorrow. oversight. I’m dedicated to that mandate as I succeed
Dr. Ronald D. Sugar. I thank him for a sure‑handed
transition and his 18 years of strong leadership.

xv
corporate
officers
Paul R. Antebi, 51 Mary A . Francis, 58
Vice President and General Tax Corporate Secretary and Chief
Counsel Governance Officer since 2015.
since 2021. Responsible for directing Responsible for providing advice and
Chevron’s worldwide tax activities. counsel to the Board of Directors and
Previously, the company’s Deputy General senior management on
Tax Counsel. Joined the company in corporate governance matters, managing
1998. the company’s corporate governance
function, and serving on the Law Function
Executive Committee. Previously, Chief
Corporate Counsel. Joined the company in
20 02.
Marissa Badenhorst, 47 Jeff B. Gustavson, 50

Vice President, Health, Safety and Vice President, Lower Carbon Energies
Environment (HSE) since 2022. since 2021. Responsible for lower carbon
Responsible business solutions that have the potential to
for leading the company’s HSE efforts, scale, including commercialization
including audit and assurance and opportunities
emergency response. Previously, in hydrogen, carbon capture and offsets
General Manager of Enterprise Process and support of ongoing growth in
Safety. biofuels. Previously, Vice President,
Prior to that, Technical Manager, Mid‑Continent Business Unit; and
Chevron President, Chevron
Australia. Joined the company in 20 0 0. Canada Limited. Joined the company in
1999.
Eimear P. Bonner, 49 A . Nigel Hearne, 55

Vice President, President Chevron Executive Vice President, Oil, Products
Technical Center and Chief Technology and Gas since 2022. Responsible for the
Officer since entire value chain, ensuring a more
2021. Responsible for leading the Chevron integrated approach to capital allocation,
Technical Center, which provides expertise to asset class excellence and value chain
support Chevron’s global operations and optimization.
new energy businesses, and develops and Previously, President of Chevron Eurasia‑
applies innovative technologies and digital Pacific Exploration and Production
solutions to support the current and future Company. Prior to that, President of
energy system. Previously, General Director Chevron Asia Pacific Exploration and
of Tengizchevroil. Joined the company in Production Company. Joined the company
1998. in 1989.
Pierre R. Breber, 58 Alana K. Knowles, 58

Vice President and Chief Financial Vice President and Controller since
Officer 2023. Responsible for corporatewide
since 2019. Responsible for audit, controller, accounting, financial reporting and analysis,
investor relations, procurement, tax and internal controls, accounting policy, and
treasury activities worldwide. Previously, digital finance. Previously, Vice President,
Executive Vice President of Downstream Finance, Downstream & Chemicals and
and Chemicals. Joined the company in Midstream; and Assistant Treasurer,
1989. Operating Company Financing. Joined the
company in 1988.

xvi
Balaji Krishnamurthy, 46 Colin E. Parfitt, 59
Vice President, Strategy and Sustainability Vice President, Midstream since 2019.
since 2022. Responsible for guiding Responsible for Chevron’s Midstream
development of the company’s key business, including shipping, pipeline and
strategies, including capital allocation and power, value chain optimization, and
sustainability efforts. Previously, President supply and trading operating units.
of Chevron Canada Limited; General Previously, President, Supply and
Manager of the Corporate Transformation Trading; and Vice President, Sales and
and Integration Management Office; and Marketing, Chevron Oronite Company
Deputy Managing Director, Eurasia LLC. Joined the company in 1995.
Business Unit.
Joined the company in 20 02.
Navin K. Mahajan, 56 R. Hewitt Pate, 60

Vice President and Treasurer since Vice President and General
2019. Responsible for Chevron’s Counsel since 20 0 9. Responsible for
banking, financing, cash management, directing the company’s worldwide
insurance, pension investments, and legal affairs. Previously, Chair,
credits and receivables activities. Competition Practice,
Previously, Vice Hunton & Williams LLP, Washington, D.C.;
President of Finance for Downstream and and Assistant Attorney General, Antitrust
Chemicals; Assistant Treasurer of Division, U.S. Department of Justice.
Operating Company Financing; and Chief Joined the company in 20 0 9.
Compliance Officer. Joined the company
in 1996.
Albert J. Williams, 54
Rhonda J. Morris, 57 Vice President, Corporate Affairs
Vice President since 2016 and Chief since 2021. Responsible for overseeing
Human Resources Officer since 2019. government affairs, public affairs, social
Responsible for human resources, diversity investment and performance, and the
and inclusion, ombuds, and employee company’s worldwide efforts to protect and
assistance/work life services. Previously, enhance its reputation. Previously,
Vice President, Human Resources, Managing Director of Chevron Australia
Downstream and Chemicals. and head of the Australasia Business Unit.
Joined the company in 1991. Joined the company in 1991.
Mark A . Nelson, 59
Vice Chairman and Executive Vice
President, executive committee
Strategy, Policy and Development
since 2023. Responsible for Strategy
and Sustainability, Corporate Affairs, Michael K. Wirth, Eimear P. Bonner, Pierre R. Breber, Jeff B.
and Gustavson, A. Nigel Hearne, Rhonda J. Morris, Mark A.
Corporate Business Development. Nelson, and R. Hewitt Pate.
Previously, Executive Vice President,
Downstream and Chemicals. Joined the
company in 1985.
departing officers
David A. Inchausti, Vice President and Controller since

2019. Previously, Deputy Comptroller and Upstream
Comptroller. Joined the company in 1988.
James W. Johnson, Executive Vice President, Senior
Advisor since 2022. Previously, Executive Vice President,
Upstream. Joined the company in 1981.
Jay R. Pryor, Vice President, Business Development since
2006.
Previously, Managing Director, Chevron Nigeria Ltd.
Joined the company in 1979.

xvii
Photo: Chevron holds a 50% interest in Tengizchevroil,
which operates the Tengiz Field in Kazakhstan,
the world’s deepest producing supergiant oil field.
Our third‑generation
expansion project is nearing completion as part
of a 20‑year process that has steadily increased
production from the field.

xviii
chevron at a
glance
Chevron is one of the world’s leading integrated Our success is driven by a dedicated, diverse
energy companies. We believe affordable, and highly skilled global workforce united by The
reliable and ever‑cleaner energy is essential to Chevron Way, our enduring statement of culture,
enabling human progress. Chevron produces and our focus on delivering industry‑leading
crude oil and natural gas; manufactures results and superior stockholder value.
transportation fuels, lubricants, petrochemicals
and additives; and develops technologies that We aim to lead our industry in health, safety
enhance our business and the industry. We aim and environmental performance. The
to grow our traditional oil and gas business, protection of people, assets, communities
lower the carbon intensity and the environment is our highest priority.
of our operations and grow new lower carbon
businesses in renewable fuels, hydrogen, carbon
capture, offsets and other emerging
technologies.
3.0 million
$257. billion
barrels net oil‑equivalent daily production1
7 total assets2
11. billion
$235.7 billion
2
barrels net oil‑equivalent proved reserves2, 3 sales and other operating revenues1
1
Year ended December 31, 2022
2
At December 31, 2022
3
For definition of “reserves,” see glossary of
energy and financial terms, page 112

xix
chevron stock performance
Indexed dividend
growth
Basis 2007 = 100
$300
$250
6.3%
CVX compound annual
growth rate
$200
$150
$100
$50
2007 2022
Chevron S&P 50 0 Peer 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 12/31/2022)
1- 5- 10-
90% year 15
%
year 15
%
year S&P @
12.2%
58.1 12.6%
60%
% 10% S&P @ 10% 9.6%
9.4%
30%
5% 5%
0%
S&P @ -
18.1%
-30% 0%
Chevron 0%
Peer group: BP p.l.c. (ADS), ExxonMobil, Shell p.l.c. (ADS), TotalEnergies SE

* Annualized total stockholder(ADR)
return (TSR) as of 12/31/2022. Includes stock price
appreciation and reinvested 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.

xx
2022 marked the 35th consecutive year
we increased the annual per-share dividend payout
Five-year cumulative total

returns
(calendar years ended December
31)
$250
$225
$200
$17
$17
8
5
$15
$150 7
$14
2
$125
$100
$75
$50
2017 2018 2019 2020 2021 2022
Chevron S&P 50 0 Peer group: BP p.l.c. (ADS), ExxonMobil, Shell p.l.c. (ADS), TotalEnergies SE
(ADR)
Performance graph
The stock performance graph above shows how an initial investment of $100 in Chevron stock would have
compared with an equal investment in the S&P 500 Index or the Competitor Peer Group. The comparison
covers a five‑year period beginning December 31, 2017, and ending December 31, 2022, and for the peer group
is weighted by market capitalization as of the beginning of each year. It includes the reinvestment of all
dividends that an investor would be entitled to receive and is adjusted for stock splits. The interim
measurement points show the value of $100 invested on December 31, 2017, as of the end of each year
between 2018 and 2022.

xxi
financial and operating
highlights
financial highlights1 2022 2021 2020
Net income (loss) attributable to Chevron Corporation $ 35,465 $ 15,625 $ (5,543)
Sales and other operating revenues $ 235,717 $ 155,606 $ 94,471
Cash flow from operating activities $ 49,602 $ 29,187 $ 10,577
Capital expenditures (Capex) $ 11,974 $ 8,056 $ 8,922
Capital and exploratory expenditures (C&E) $ 12,296 $ 8,553 $ 9,517
Acquisitions of businesses, net of cash received $ 2,862 $ ‑ $ (373)
C&E plus acquisitions (Company investment) $ 15,158 $ 8,553 $ 9,144
Affiliate C&E $ 3,366 $ 3,167 $ 3,982
Total assets at year‑end $ 257,709 $ 239,535 $ 239,790
Total debt and finance lease obligations at year‑end $ 23,339 $ 31,369 $ 44,315
Chevron Corporation stockholders’ equity at year‑end $ 159,282 $ 139,067 $ 131,688
Common shares outstanding at year‑end (Thousands)2 1,901,048 1,915,638 1,911,018
Per‑share data
Net income (loss) attributable

to Chevron Corporation – $ 18.28 $ 8.14 $ (2.96)
diluted
Cash dividends $ 5.68 $ 5.31 $ 5.16
Chevron Corporation stockholders’ equity $ 83.79 $ 72.60 $ 68.91
Debt ratio 3 12.8% 18.4% 25.2%
Net debt ratio3 3.3% 15.6% 22.7%
Return on stockholders’ equity 3 23.8% 11.5% (4.0)%
Return on average capital employed3 20.3% 9.4% (2.8)%

1
Millions of dollars, except per‑share amounts
2
Net of Chevron Benefit Plan Trust shares, see page 64 for more
information
3
See pages 48–49 for additional information

xxii
Debt ratio and net debt Return on capital
ratio employed
(Percent)
30% (Percent)
25%
20% 15
%
10% 5%
0% -5%
2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021
2022
Debt Ratio – Total debt as a percentage of total debt Return on Average Capital Employed (ROCE) – Net income
plus Chevron Corporation Stockholders’ Equity, attributable to Chevron (adjusted for after‑tax interest expense
which indicates the company’s leverage. and noncontrolling interest) divided by average capital
employed.
Net Debt Ratio – Total debt less cash and cash
equivalents and marketable securities as a percentage of
total debt less cash and cash equivalents and marketable
securities, plus Chevron Corporation Stockholders’ Equity,
which indicates the company’s leverage, net of its cash
balances.
operating highlights1 2022 2021 2020
Net production of crude oil, condensate and synthetic oil 1,440 1,553 1,635
(Thousands of barrels per day)
Net production of natural gas liquids

279 261 233
Net production of natural gas

7,677 7,709 7,290
(Millions of cubic feet per day)
Total net oil‑equivalent production

2,999 3,099 3,083
(Thousands of oil‑equivalent barrels per day)
Net proved reserves of crude oil, condensate and synthetic oil2

4,997 5,075 5,319
(Millions of barrels)
Net proved reserves of natural gas liquids2

1,088 1,038 828
Net proved reserves of natural gas2

30,864 30,908 29,922
(Billions of cubic feet)
Net proved oil‑equivalent reserves2

11,229 11,264 11,134
Refinery crude oil input

1,504 1,479 1,377
Refined products sales volumes

2,614 2,454 2,224
Number of employees at year‑end3 38,258 37,498 42,628
1
Includes equity in affiliates, except number of employees
2
At year‑end
3
2022 excludes 5,588 service station employees

xxiii
process safety, reliability and
integrity
Launched in 2004, our Operational Excellence Management System (OEMS) is a comprehensive

approach to systematically manage workforce safety and health, process safety, reliability and integrity,
environment, efficiency, security, and stakeholders in order to meet our operational excellence (OE)
objectives. The OEMS
outlines our expectations for identifying and prioritizing risks, and designing, managing and assuring the
presence and effectiveness of safeguards used to manage those risks.
well control, asset integrity, procedures and

reliability and equipment reliability operational
integrity and maintenance readiness
Manage well activity risks by Prioritize, plan and complete Develop, maintain and reinforce
developing, maintaining and using maintenance to maintain the integrity consistent use of written
wells standards to plan and execute of equipment, structures and procedures to safely start up,
work. Verify that the requirements protection devices for preventing operate and shut down processes
for WellSafe®* certification are and mitigating potential incidents. and/or equipment in an
effective. Maintain the integrity and Analyze failure modes and effects, incident‑free manner. Conduct
reliability of wells by determining and complete inspection and testing reviews prior to startup for all new
well failure mechanisms and actions programs. Identify and resolve and modified facilities.
to prevent or mitigate their facility and equipment reliability
occurrence and performing gaps and repetitive or recurring
standardized operation, data failures to improve reliability and
acquisition, surveillance, condition optimize life cycle costs.
monitoring, maintenance and well
intervention activities.
* WellSafe is a federally registered

service mark of Chevron
Intellectual Property LLC.

xxiv
Our OE culture is fundamental to our business As this illustration depicts, for process safety,
success. To build and maintain a strong OE culture reliability and integrity, we manage the integrity of
across the workforce, our leaders foster open operating systems through design principles and
communication engineering and operating practices to prevent and
to learn and improve from our work while mitigate process safety incidents. We apply
expecting consistent, disciplined execution of technical and operational discipline to identify and
safeguards. mitigate the hazards associated with physical and
Leaders are expected to encourage the chemical properties of materials being processed.
workforce to report and learn from incidents We execute reliability programs so that
and near misses by positively responding to equipment, components and systems perform
feedback and fostering reliability across their required functions across the full asset life
business functions. Creating cycle.
consistent open engagements with the workforce
and addressing their concerns is paramount.
materials manageme codes, standards life cycle
and nt of and process investment
equipment change safety analysis
management Manage proposed changes information Assess life
Manage OE risks to to design, equipment, Apply company and cycle risks and
Chevron related to operations, products and Chevron‑adopted trade‑offs
materials and equipment organizations prior to industry codes and considering
that we procure for use implementation. Evaluate standards for the safety, the
in our facilities. OE risks associated with design, environment, reliability,
changes, notify and construction, efficiency and security
train affected workforce modification, operation, in capital investment
of the change and maintenance, and expense decisions.
update documentation. decommissioning and
restoration of facilities.
Develop, maintain and
use process safety
information and asset
data, including
information on hazards
of materials, process
technology and
equipment.
Learn more about our commitment to

workforce safety at www.chevron.com/saf
ety

xxv
financial
s
Photo: Offshore Nigeria, remotely operated vehicles are used to

service the deepwater Agbami Field at a water depth of
approximately
4,800 feet. Agbami’s subsea wells are tied back to a floating
production, storage and offloading vessel. Chevron has a 67.3%
operating interest
in the field. Chevron has interests ranging from 20% to 100% in three
operated and six nonoperated deepwater blocks in Nigeria.

xxvi
Management’s Discussion and Analysis of
Financial Condition and Results of Notes to the Consolidated Financial Statements
Operations Note 1 Summary of Significant Accounting Policies ..................... 65
Key Financial Note 2 Changes in Accumulated Other
Results ............................................................................... 32 Comprehensive Losses ...................................................... 68
Earnings by Major Operating Note 3 Information Relating to the Consolidated
Area ........................................................... 32 Statement of Cash Flows ................................................... 69
Business Environment and Outlook ......................................................... Note 4 New Accounting Standards ................................................ 70
32 Note 5 Lease Commitments .......................................................... 70
Noteworthy Note 6 Summarized Financial Data - Chevron U.S.A. Inc. ............ 71
Developments ....................................................................... 38 Note 7 Summarized Financial Data - Tengizchevroil LLP ............ 72
Results of Operations ............................................................................... Note 8 Summarized Financial Data - Chevron Phillips
39 Chemical Company LLC .................................................... 72
Consolidated Statement of Income .......................................................... Note 9 Fair Value Measurements .................................................. 72
41 Note 10 Financial and Derivative Instruments ................................ 74
Selected Operating Data .......................................................................... Note 11 Assets Held for Sale ........................................................... 75
43
Note 12 Equity .................................................................................. 75
Liquidity and Capital Resources .............................................................
Note 13 Earnings Per Share ............................................................ 75
44
Note 14 Operating Segments and Geographic Data ...................... 76
Financial Ratios and
Metrics .................................................................... 48 Note 15 Investments and Advances ................................................ 79
Financial and Derivative Instrument Statements
Market Note 16 Litigation ............................................................................. 80
Consolidated Financial
Risk .................................... 49 Note 17 Taxes ................................................................................... 81
Reports of Management ........................................................................... 57 Note 18 Properties, Plant and Equipment ....................................... 84
Transactions With Related Parties ...........................................................
Report of Independent Registered Public Accounting Firm
50 Note 19 Short-Term Debt ................................................................. 85
(PCAOB ID: 238) ...................................................................................... 58
Litigation and Other Note 20 Long-Term Debt .................................................................. 86
Consolidated Statement
Contingencies of Income ..........................................................
......................................................... 50 60
Note 21 Accounting for Suspended Exploratory Wells ................... 86
Consolidated Statement of Comprehensive Income ............................... 61
Environmental Note 22 Stock Options and Other Share-Based Compensation..... 87
Consolidated
Matters Balance Sheet ....................................................................
............................................................................. 51 62
Note 23 Employee Benefit Plans ..................................................... 89
Consolidated
Critical Statement
Accounting of Cash
Estimates andFlows ................................................... 63 Note 24 Other Contingencies and Commitments ........................... 94
Assumptions
Consolidated ..................................... 52
Statement of Equity ........................................................... 64 Note 25 Asset Retirement Obligations ............................................ 95
New Accounting Standards ......................................................................
Note 26 Revenue .............................................................................. 96
55
Note 27 Other Financial Information ................................................ 96
Quarterly
Results ...................................................................................... 56 Note 28 Financial Instruments - Credit Losses ............................... 97
Supplemental Information on Oil and Gas Producing Activities ............. 99 Note 29 Acquisition of Renewable Energy Group, Inc. ................... 97
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF

“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Annual Report of Chevron Corporation contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s
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,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,”
“can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,”
“ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and other factors, many of which are beyond the company’s 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 speak 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 those in the forward-looking statements are: changing crude oil and natural gas prices and
demand for the company’s 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 other producing countries; technological advancements; changes to government policies in the countries in which the
company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in
the company’s global supply chain, including supply chain constraints 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 and political conditions, including the military conflict between Russia and
Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and
financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-
venture partners to fund their share of operations and development activities; the 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 company’s operations
due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential
liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or
required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or
reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s 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, recapitalizations, 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; the receipt of required Board
authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under
generally accepted accounting principles promulgated by rule- setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the
global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 in the Annual Report on Form 10-K. Other unpredictable or unknown
factors not discussed in this report could also have material adverse effects on forward-looking statements.

31
Management's Discussion and Analysis of Financial Condition and Results of Operations
Key Financial Results

Millions of dollars, except per-share amounts 2021 2020
2022
Net Income (Loss) Attributable to Chevron Corporation $ 35,465 $ 15,625 $ (5,543)
Per Share Amounts:
Net Income (Loss) Attributable to Chevron Corporation
– Basic $ $ 8.15 $ (2.96)
18.36
– Diluted $ $ 8.14 $ (2.96)
18.28
Dividends $ $ 5.31 $ 5.16
5.68
Sales and Other Operating Revenues $ $ 155,606 $ 94,471
235,717
Upstream
Return on:
United
CapitalStates
Employed $ 12,621
20.3 % $ 7,319
9.4 % $ (1,608)
(2.8)%
International
Stockholders’ Equity 17,663
23.8 % 8,499
11.5 % (825)
(4.0)%
Total Upstream 30,284 15,818 (2,433)
Earnings by Major Operating Area
Downstream
United of
Millions States
dollars 5,394
2022 2,389
2021 (571)
2020
International 2,761 525 618
Total Downstream 8,155 2,914 47
All Other (2,974) (3,107) (3,157)
Net Income (Loss) Attributable to Chevron Corporation1,2 $ 35,465 $ 15,625 $ (5,543)
1
Includes foreign currency effects: $ 669 $ 306 $ (645)
2
Income net of tax, also 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, 2022. Throughout the document, certain totals and percentages may not sum to their component parts
due to rounding.
Business Environment and Outlook

Chevron Corporation is a global energy company with substantial business activities in the following countries: Angola,
Argentina, Australia, Bangladesh, Brazil, Canada, China, Egypt, Equatorial Guinea, Israel, Kazakhstan, Mexico, Nigeria,
the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Republic of Congo, Singapore, South Korea,
Thailand, the United Kingdom, the United States, and Venezuela.
The company’s objective is to safely deliver higher returns, lower carbon and superior shareholder value in any business
environment. Earnings of the company depend mostly on the profitability of its upstream business segment. The most
significant factor affecting the results of operations for the upstream segment is the price of crude oil, which is determined
in global markets outside of the company’s control. In the company’s downstream business, crude oil is the largest cost
component of refined products. Periods of sustained lower commodity prices could result in the impairment or write-off of
specific assets in future periods and cause the company to adjust operating expenses, including employee reductions, and
capital expenditures, along with other measures intended to improve financial performance.
Governments, companies, communities, and other stakeholders are increasingly supporting efforts to address climate
change. International initiatives and national, regional and state legislation and regulations that aim to directly or indirectly
reduce GHG emissions are in various stages of design, adoption, and implementation. These policies and programs, 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, 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 of cost-effective,
verifiable carbon credits, the availability of suppliers that can meet sustainability and other standards, evolving regulatory
or other requirements affecting ESG standards or other disclosures, and evolving standards for tracking and reporting on
emissions 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 California’s Low Carbon Fuel Standard; programs that price GHG emissions, including

32
California’s Cap-and-Trade Program; performance standards, including methane-specific regulation such as the U.S.
EPA’s forthcoming New Source Performance Standard 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. Requirements 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 measures including efficiency improvements and capturing GHG emissions. While these compliance
policies and programs may have negative impacts on the company now and in the future including, but not limited to, the
displacement of hydrocarbon and other products, these policies have also enabled opportunities for Chevron as it grows
and aims to further grow its lower carbon businesses. For example, the acquisition of Renewable Energy Group, Inc.
(REG) in 2022 grew the company’s renewable fuels production capacity and increased the company’s carbon credit
generation activities. Although we expect the company’s costs to comply with these policies and programs to continue to
increase, these costs currently do not have a material impact on the company’s financial condition or results of operations.
Significant uncertainty remains as to the pace in which the transition to a lower carbon future 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 new or existing technology or facilities, such as carbon capture and storage, is
difficult to predict with certainty and is expected to vary depending on the actual laws and regulations enacted, available
technology options, customer and consumer preferences, the company’s activities, and market conditions. 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 incorporates lower carbon sources of supply for many years to come.
Chevron supports the Paris Agreement’s global approach to governments addressing climate change and continues to take
actions to help lower the carbon intensity of its operations while continuing to meet the demand for energy. Chevron
believes that broad, market-based mechanisms are the most efficient approach to addressing GHG 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 processes, where it believes they are applicable. They
are also factored into the company’s long-range supply, demand, and energy price forecasts. These forecasts reflect
estimates of long-range effects from climate change-related policy actions, such as electric vehicle and renewable fuel
penetration, energy efficiency standards, and demand response to oil and natural gas prices.
The company will continue to develop oil and gas resources to meet customers’ and consumers’ demand for energy. At the
same time, Chevron believes that the future of energy is lower carbon. The company will continue to maintain flexibility in
its portfolio to be responsive to changes in policy, technology, and customer and consumer preferences. Chevron aims to
grow its traditional oil and gas business, lower the carbon intensity of its operations and grow lower carbon businesses in
renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies. To grow its lower carbon businesses,
Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified,
while leveraging the company’s capabilities, assets and customer relationships. The company’s traditional oil and gas
business may increase or decrease depending upon regulatory or market forces, among other factors.
In 2021, Chevron announced the following aspiration and targets that are aligned with its lower carbon strategy:
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 aspiration depends on, among other
things, partnerships with multiple stakeholders including customers, continuing progress on commercially viable
technology, government policy, successful negotiations for carbon capture and storage and nature-based projects,
availability and acceptability of cost-effective, verifiable offsets in the global market, and granting of necessary permits by
governing authorities.
2028 Upstream Production GHG Intensity Targets These metrics include Scope 1, direct emissions, and Scope 2, indirect
emissions from imported electricity and steam, and are net of emissions from exported electricity and steam. The targeted
2028 reductions from 2016 on an equity ownership basis include a:
• 40 percent reduction in oil production GHG intensity to 24 kilograms (kg) carbon dioxide equivalent per barrel of
oil-equivalent (CO2e/boe),
• 26 percent reduction in gas production GHG intensity to 24 kg CO2e/boe,

33
• 53 percent reduction in methane intensity to 2 kg CO2e/boe, and

• 66 percent reduction in flaring GHG intensity to 3 kg CO2e/boe.
The company also targets no routine flaring by 2030. We have set 2016 as our baseline to align with the year the Paris
Agreement entered into force, and the company plans to update the metrics every five years in line with the Paris
Agreement stocktakes. We believe these updates will provide additional transparency on the company’s progress toward its
net zero aspiration.
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 Chevron’s entire business. This metric encompasses the
company’s 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
company’s PCI target is 71 grams (g) carbon dioxide equivalent (CO2e) per megajoule (MJ) by 2028, a greater than five
percent reduction from 2016.
Planned Lower-Carbon Capital Spend through 2028 In 2021, the company established planned capital spend of
approximately $10 billion through 2028 to advance its lower carbon strategy, which includes approximately $2 billion to
lower the carbon intensity of its traditional oil and gas operations, and approximately $8 billion for lower carbon
investments in renewable fuels, hydrogen and carbon capture and offsets. We anticipate setting additional capital spending
targets as the company progresses toward its 2050 upstream production Scope 1 and 2 net zero aspiration and further grows
its lower carbon business lines.
During 2021 and 2022, the company spent $4.8 billion in lower carbon investments, including $2.9 billion associated with
the acquisition of REG.
Refer to “Risk Factors” in Part I, Item 1A, on pages 20 through 26 of the company's Annual Report on Form 10-K for
further discussion of GHG regulation and climate change and the associated risks to Chevron’s business, including the
risks impacting Chevron’s lower carbon strategy and its aspirations, targets and plans.
Income Taxes The effective tax rate for the company can change substantially during periods of significant earnings
volatility. This is due to the mix effects that are impacted by both the absolute level of earnings or losses and whether they
arise in higher or lower tax rate jurisdictions. As a result, a decline or increase in the effective income tax rate in one period
may not be indicative of expected results in future periods. Additional information related to the company’s
effective income tax rate is included in Note 17 Taxes to the Consolidated Financial Statements.
The Inflation Reduction Act (IRA), enacted in the United States on August 16, 2022, imposes several new taxes that will
be effective in 2023, including a 15 percent minimum tax on book income and a 1 percent excise tax on stock repurchases.
The IRA also implements various incentives for lower carbon activities, including carbon capture and storage and the
production of hydrogen and sustainable aviation fuel, and extends the federal biodiesel mixture excise tax credit through
December 31, 2024. We do not currently expect the IRA to have a material impact on our results of operations.
Supply Chain and Inflation Impacts The company is actively managing its contracting, procurement, and supply chain
activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company’s
operational goals. Third party costs for capital, exploration, and operating expenses can be subject to external factors
beyond the company’s control including, but not limited to: 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 industry’s material and service providers. Chevron utilizes contracts with various pricing
mechanisms, which may result in a lag before the company’s costs reflect changes in market trends.
Inflation continued to be a key factor impacting the economy over the last year. For key oil and gas industry inputs (e.g.
rigs, well services, etc.), markets are likely to remain tight with any upward pressure tied directly to possible increases in
activity. In contrast, inflationary pressures have started to reduce for non-oil and gas specific goods and services as a result
of reduced supply chain disruptions and a slowdown in economic activity. Chevron’s 2023 capital expenditure budget
assumes cost inflation that averages in the mid-single digits with certain areas higher, such as in the Permian Basin that
assumes low double-digit cost inflation. Chevron believes it is well positioned to manage its costs for 2023, in large part
due to indexed contracts and secured supplies for critical inputs.

34
Refer to the “Cautionary Statements Relevant to Forward-Looking Information” on page 2 and to “Risk Factors” in Part I,
Item 1A, on pages 20 through 26 of the company's Annual Report on Form 10-K for a discussion of some of the inherent
risks that could materially impact the company’s results of operations or financial condition.
Other Impacts The company continually evaluates opportunities to dispose of assets that are not expected to provide
sufficient long-term value and to acquire assets or operations complementary to its asset base to help augment the
company’s financial performance and value growth. Asset dispositions and restructurings may result in significant gains or
losses in future periods.
The company closely monitors developments in the financial and credit markets, the level of worldwide economic activity,
and the implications for the company of movements in prices for crude oil and natural gas. Management takes these
developments into account in the conduct of daily operations and for business planning.
The COVID-19 pandemic caused a significant decrease in demand for our products and created disruptions and volatility in
the global marketplace beginning late in first quarter 2020. Demand has largely recovered as of year-end 2022; however,
there continues to be uncertainty around the extent to which the COVID-19 pandemic may impact our future results, which
could be material.
Earnings trends for the company’s major business areas are described as follows:
Upstream Earnings for the upstream segment are closely aligned with industry prices for crude oil and natural gas. Crude
oil and natural gas prices are subject to external factors over which the company has no control, including product demand
connected with global economic conditions, industry production and inventory levels, technology advancements,
production quotas or other actions imposed by OPEC+ countries, actions of regulators, weather-related damage and
disruptions, competing fuel prices, natural and human causes beyond the company’s control such as the COVID-19
pandemic, and regional supply interruptions or fears thereof that may be caused by military conflicts, civil unrest or
political uncertainty. Any of these factors could also inhibit the company’s production capacity in an affected region. The
company closely monitors developments in the countries in which it operates and holds investments and seeks to manage
risks in operating its facilities and businesses.
The longer-term trend in earnings for the upstream segment is also a function of other factors, including the company’s
ability to find or acquire and efficiently produce crude oil and natural gas, changes in fiscal terms of contracts, the pace of
energy transition, and changes in tax, environmental and other applicable laws and regulations.
Chevron has interests in Venezuelan assets operated by independent affiliates. Chevron has been conducting limited
activities in Venezuela consistent with the authorization provided pursuant to general licenses issued by the United States
government. In fourth quarter 2022, Chevron received License 41 from the United States government, enabling the
company to resume activity in Venezuela subject to certain limitations. The financial results for Chevron’s business in
Venezuela are being recorded as non-equity investments since 2020, where income is only recognized when cash is
received and production and reserves are not included in the company's results. Crude oil liftings in Venezuela commenced
in first quarter 2023, which are expected to positively impact the company’s results going forward.
Caspian Pipeline Consortium (CPC), an equity affiliate, operates a 935-mile crude oil export pipeline from the Tengiz Field
in Kazakhstan to tanker-loading facilities at Novorossiysk on the Russian coast of the Black Sea, providing the main export
route for crude oil production from TCO, Karachaganak and other producing fields in Kazakhstan. The tanker loading
facilities at Novorossiysk consist of three single point mooring facilities, with availability of two or more required to
operate at full capacity. CPC is capable of operating at approximately 70 percent of capacity with one single point mooring
facility in service. Two of the three offshore loading moorings at the CPC marine terminal were taken out of service during
August 2022 for equipment repairs identified during normal maintenance. Repairs were completed in fourth quarter 2022.
Production at TCO was not impacted by this CPC outage given turnaround activity at TCO and at other regional producers
that ship through CPC. However, there is a risk that production from TCO could be curtailed in the future should
availability of export facilities be constrained.
Governments (including Russia) have imposed and may impose additional sanctions and other trade laws, restrictions and
regulations that could lead to disruption in our ability to produce, transport and/or export crude in the region around Russia
and could have an adverse effect on CPC operations and/or the company’s financial position. The financial impacts of such
risks, including presently imposed sanctions, are not currently material for the company; however, it remains uncertain how
long these conditions may last or how severe they may become.

35
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 averaged $101 per barrel for the full-year 2022,
compared to $71 in 2021. As of mid-February 2023, the Brent price was $85 per barrel. The WTI price averaged $95 per
barrel for the full-year 2022, compared to $68 in 2021. As of mid-February 2023, the WTI price was $79 per barrel. The
majority of the company’s equity crude production is priced based on the Brent benchmark.
Oil WTI Crude Oil, Brent Crude Oil and Henry Hub Natural Gas Spot Prices - Quarterly Average Source: Platts HH
$/bbl $/mcf
120 Brent 20.00
WTI
Henry Hub
90 15.00
60 10.00
30 5.00
0 0.00
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2020 2021 2022
Crude prices increased in 2022 driven by geopolitical risk, supply decisions by OPEC+ and continued demand recovery
due to the further easing of COVID-19 restrictions. The company’s average realization for U.S. crude oil and natural gas
liquids in 2022 was $77 per barrel, up 37 percent from 2021. The company’s average realization for international crude oil
and natural gas liquids in 2022 was $91 per barrel, up 41 percent from 2021.
In contrast to price movements in the global market for crude oil, prices for natural gas are also impacted by regional
supply and demand and infrastructure conditions in local markets. In the United States, prices at Henry Hub averaged $6.36
per thousand cubic feet (MCF) during 2022, compared with $3.85 per MCF during 2021. As of mid-February 2023, the
Henry Hub spot price was $2.40 per MCF. (See page 43 for the company’s average natural gas realizations for the U.S.).
Outside the United States, prices for natural gas also depend on a wide range of supply, demand and regulatory
circumstances. The company’s long-term contract prices for liquefied natural gas (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 in the Asian spot LNG market. International natural gas realizations averaged $9.75 per MCF
during 2022, compared with $5.93 per MCF during 2021, mainly due to higher LNG prices.
Production The company’s worldwide net oil-equivalent production in 2022 was 3 million barrels per day. About 27
percent of the company’s net oil-equivalent production in 2022 occurred in OPEC+ member countries of Angola,
Equatorial Guinea, Kazakhstan, Nigeria, the Partitioned Zone between Saudi Arabia and Kuwait and Republic of Congo.
The company estimates its net oil-equivalent production in 2023, assuming a Brent crude oil price of $80 per barrel, to be
flat to up 3 percent compared to 2022. 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 company operations; delays in construction; reservoir performance; greater-than-expected declines in production
from mature fields; start-up or ramp-up of projects; fluctuations in demand for crude oil and natural gas in various markets;
weather conditions 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 production 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. The company has increased its
investment emphasis on short-cycle projects.

36
Proved Reserves Net proved reserves for consolidated companies and affiliated companies totaled 11.2 billion barrels of oil-
equivalent at year-end 2022, a slight decrease from year-end 2021. The reserve replacement ratio in 2022 was 97
percent. The 5 and 10 year reserve replacement ratios were 92 percent and 99 percent, respectively. Refer to Table V for a
tabulation of the company’s proved net oil and gas reserves by geographic area, at the beginning of 2020 and each year-
end from 2020 through 2022, and an accompanying discussion of major changes to proved reserves by geographic area for
the three-year period ending December 31, 2022.
Refer to the “Results of Operations” section on pages 39 and 40 for additional discussion of the company’s upstream
business.
Downstream Earnings for the downstream segment are closely tied to margins on the refining, manufacturing and
marketing of products that include gasoline, diesel, jet fuel, lubricants, fuel oil, fuel and lubricant additives, petrochemicals
and renewable fuels. Industry margins are sometimes volatile and can be affected by the global and regional supply-and-
demand balance for refined products and petrochemicals, and by changes in the price of crude oil, other refinery and
petrochemical feedstocks, and natural gas. Industry margins can also be influenced by inventory levels, geopolitical events,
costs of materials and services, refinery or chemical plant capacity utilization, maintenance programs, and disruptions at
refineries or chemical plants resulting from unplanned outages due to severe weather, fires or other operational events.
Other factors affecting profitability for downstream operations include the reliability and efficiency of the company’s
refining, marketing and petrochemical assets, the effectiveness of its crude oil and product supply functions, and the
volatility of tanker-charter rates for the company’s shipping operations, which are driven by the industry’s demand for
crude oil and product tankers. Other factors beyond the company’s control include the general level of inflation and energy
costs to operate the company’s refining, marketing and petrochemical assets, and changes in tax, environmental, and other
applicable laws and regulations.
Refining margins were higher in 2022 because of recovering demand for refined products, low product inventories, lower
industry refining capacity and lower product exports from Russia and China. Refining utilization was strong in 2022 to
keep pace with demand growth. Although refining margins were elevated and still remain above historical levels, they fell
considerably in late 2022. There are signs that higher refined product prices and concerns over macroeconomic conditions
are slowing demand.
The company’s most significant marketing areas are the West Coast and Gulf Coast of the United States and Asia Pacific.
Chevron operates or has significant ownership interests in refineries in each of these areas. Additionally, the company has a
growing presence in renewable fuels after acquiring REG.
Refer to the “Results of Operations” section on page 40 for additional discussion of the company’s downstream operations.
All Other consists of worldwide cash management and debt financing activities, corporate administrative functions,
insurance operations, real estate activities and technology companies.

37
Noteworthy Developments
Key noteworthy developments and other events during 2022 and early 2023 included the following:
Angola Announced final investment decision for gas development projects at the Quiluma and Maboqueiro (Q&M) fields.
Argentina Received a concession for the development of unconventional hydrocarbon resources in the east area of the El
Trapial field for a 35-year period.
Australia Received permits, as part of joint ventures, to assess carbon storage for three blocks totaling nearly 7.8 million
acres in offshore Australia.
Canada Invested in Aurora Hydrogen, a company developing emission-free hydrogen production technology.
Egypt Made a significant gas discovery at the Nargis block offshore Egypt in the eastern Mediterranean Sea.
Finland Acquired Neste Oyj’s Group III base oil business, including its related sales and marketing business, and
NEXBASETM brand.
Israel Approved a project to expand the company’s Tamar gas field in offshore Israel.
Namibia Entered Namibia by acquiring an 80 percent working interest in a deepwater oil and gas exploration lease.
Nigeria Extended Agbami and Usan leases to 2042.
Qatar Reached final investment decision with QatarEnergy on Ras Laffan Petrochemicals Complex through the company’s
50 percent owned affiliate, Chevron Phillips Chemical Company LLC (CPChem).
Republic of Congo Extended the Haute Mer production sharing contract to 2040.
United States Completed the sale of the company’s interest in the Eagle Ford Shale in Texas.
United States Approved the Ballymore project in the deepwater U.S. Gulf of Mexico. The field is planned to be produced
through an existing facility with an allocated capacity of 75,000 barrels of crude oil per day.
United States Completed Project Canary pilot to independently certify operational and environment performance and
earned highest certification rating for almost all participating Permian and DJ basins upstream assets, positioning the
company to market responsibly sourced natural gas from the certified assets.
United States Acquired a 50 percent stake in an expanded joint venture to develop the Bayou Bend Carbon Capture and
Sequestration (CCS) hub, with the goal of the hub becoming one of the first offshore CCS projects in the United States.
United States Formed a joint venture with Bunge North America, Inc. to develop renewable fuel feedstocks, leveraging
Bunge’s expertise in oilseed processing and farmer relationships and Chevron’s expertise in fuels manufacturing and
marketing.
United States Acquired REG, becoming the second largest producer of bio-based diesel in the United States.
United States Awarded 34 exploration leases in the Gulf of Mexico.
United States Announced investment in a new joint venture with California Bioenergy LLC to build infrastructure for the
company’s dairy biomethane projects in California.
United States Commenced a project expected to increase light crude oil processing capacity to 125,000 barrels per day at
the company’s Pasadena, Texas refinery.
United States Reached final investment decision on a major integrated polymer project (Golden Triangle Polymers) in the
U.S. Gulf Coast at its 50 percent owned affiliate, CPChem.
United States Completed construction of a joint venture solar energy project to generate renewable energy for the
company’s oil and gas operations in the Permian Basin.
United States Acquired full ownership of Beyond6, LLC and its nationwide network of 55 compressed natural gas stations
to grow Chevron’s renewable natural gas value chain.
United States Announced joint venture with Baseload Capital to develop geothermal projects.
United States Announced collaboration with Raven SR Inc. and Hyzon Motors to produce hydrogen from green waste.

38
United States Announced agreements or investments in companies to access and possibly develop lower carbon
technologies, including Iwatani Corporation (hydrogen fueling sites), Carbon Clean Solutions Limited (carbon capture),
TAE Technologies (nuclear fusion) and Svante Technology Inc. (carbon capture).
Common Stock Dividends The 2022 annual dividend was $5.68 per share, making 2022 the 35th consecutive year that the
company increased its annual per share dividend payout. In January 2023, the company’s Board of Directors increased its
quarterly dividend by $0.09 per share, approximately six percent, to $1.51 per share payable in March 2023.
Common Stock Repurchase Program The company repurchased $11.25 billion of its common stock in 2022 under
its stock repurchase program. For more information on the common stock repurchase program, see Liquidity and
Capital Resources.
Results of Operations
The following section presents the results of operations and variances on an after-tax basis for the company’s business
segments – Upstream and Downstream – as well as for “All Other.” Earnings 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 company’s “reportable segments.” This section should also
be read in conjunction with the discussion in 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 2021 and 2020 can be found in the “Results of Operations” section on pages 39 through
40 of the company’s 2021 Annual Report on Form 10-K filed with the SEC on February 24, 2022.
U.S. Upstream
Millions of dollars 2022 2021 2020
Earnings (Loss) $ 12,621 $ 7,319 $ (1,608)
U.S. upstream reported earnings of $12.6 billion in 2022, compared with $7.3 billion in 2021. The increase was due to
higher realizations of $6.6 billion and higher sales volumes of $380 million, partially offset by higher operating
expenses of $1.1 billion largely due to an early contract termination at Sabine Pass and lower asset sale gains of $670
million.
The company’s average realization for U.S. crude oil and natural gas liquids in 2022 was $76.71 per barrel compared with
$56.06 in 2021. The average natural gas realization was $5.55 per thousand cubic feet in 2022, compared with $3.11 in
2021.
Net oil-equivalent production in 2022 averaged 1.18 million barrels per day, up 4 percent from 2021. The increase was
primarily due to net production increases in the Permian Basin.
The net liquids component of oil-equivalent production for 2022 averaged 888,000 barrels per day, up 3 percent from 2021.
Net natural gas production averaged 1.76 billion cubic feet per day in 2022, an increase of 4 percent from 2021.

39
International Upstream
Earnings (Loss)* $ 17,663 $ 8,499 $ (825)
*
International upstream reported earnings of $17.7 billion in 2022, compared with $8.5 billion in 2021. The increase was
primarily due to higher realizations of $10.0 billion, lower operating expenses, lower depreciation, depletion and
amortization related to end of concessions in Indonesia and Thailand of $1.3 billion and asset sale gains of $220 million.
This was partially offset by lower sales volumes of $1.3 billion (also largely associated with the end of concessions in
Indonesia and Thailand) and write-off and impairment charges of $1.1 billion. Foreign currency effects had a favorable
impact on earnings of $514 million between periods.
The company’s average realization for international crude oil and natural gas liquids in 2022 was $90.71 per barrel
compared with $64.53 in 2021. The average natural gas realization was $9.75 per thousand cubic feet in 2022 compared
with $5.93 in 2021.
International net oil-equivalent production was 1.82 million barrels per day in 2022, down 7 percent from 2021. The
decrease was primarily due to lower production following expiration of the Erawan concession in Thailand and Rokan
concession in Indonesia.
The net liquids component of international oil-equivalent production was 831,000 barrels per day in 2022, a decrease of 13
percent from 2021. International net natural gas production of 5.92 billion cubic feet per day in 2022, a decrease of 2
percent from 2021.
U.S. Downstream
Earnings (Loss) $ 5,394 $ 2,389 $ (571)
U.S. downstream reported earnings of $5.4 billion in 2022, compared with $2.4 billion in 2021. The increase was primarily
due to higher margins on refined product sales of $4.4 billion, partially offset by lower earnings from the 50 percent-owned
CPChem of $790 million and higher operating expenses of $790 million, largely due to planned turnarounds.
Total refined product sales of 1.23 million barrels per day in 2022 increased 8 percent from 2021, mainly due to higher
renewable fuel sales following the REG acquisition and higher jet fuel demand.
International Downstream
Earnings* $ 2,761 $ 525 $ 618
*
International downstream earned $2.8 billion in 2022, compared with $525 million in 2021. The increase in earnings was
mainly due to higher margins on refined product sales of $2.7 billion and a favorable swing in foreign currency effects
of
$50 million between periods, partially offset by higher operating expenses of $650 million, largely due to transportation
costs.
Total refined product sales of 1.39 million barrels per day in 2022 were up 5 percent from 2021, mainly due to higher jet
fuel demand as travel restrictions associated with the COVID-19 pandemic continue to ease.
All Other
Net charges* $ (2,974) $ (3,107) $ (3,157)
*
Includes foreign currency effects: $ (382) $ (181) $ (208)
All Other consists of worldwide cash management and debt financing activities, corporate administrative functions,
insurance operations, real estate activities, and technology companies.
Net charges in 2022 decreased $133 million from 2021. The change between periods was mainly due to lower pension
settlement expense, loss on early debt retirement and lower interest expense, partially offset by the absence of 2021
favorable tax items and higher interest income. Foreign currency effects increased net charges by $201 million between
periods.

40
Consolidated Statement of Income

Comparative amounts for certain income statement categories are shown below. A discussion of variances between 2021
and 2020 can be found in the “Consolidated Statement of Income” section on pages 39 and 40 of the company’s 2021
Annual Report on Form 10-K.
Sales and other operating revenues increased in 2022 mainly due to higher refined product, crude oil, and natural gas prices
and higher refined product sales volumes.
Income (loss) from equity affiliates $ 8,585 $ 5,657 $ (472)
Income from equity affiliates improved in 2022 mainly due to higher upstream-related earnings from Tengizchevroil in
Kazakhstan and Angola LNG and higher downstream-related earnings from GS Caltex in Korea, partially offset by lower
earnings from CPChem. Refer to Note 15 Investments and Advances for a discussion of Chevron’s investments
in affiliated companies.
Other income $ 1,950 $ 1,202 $ 693
Other income increased in 2022 mainly due to a favorable swing in foreign currency effects, higher interest income and
lower charges associated with the early retirement of debt, partially offset by lower gains on asset sales.
Purchased crude oil and products $ 145,416 $ 92,249 $ 52,148
Crude oil and product purchases increased in 2022 primarily due to higher crude oil, natural gas, and refined product
prices.
Operating, selling, general and administrative expenses $ 29,026 $ 24,740 $ 24,536
Operating, selling, general and administrative expenses increased in 2022 primarily due to higher transportation expenses,
early contract termination charge at Sabine Pass and costs associated with planned refinery turnarounds.
Exploration expense $ 974 $ 549 $ 1,537
Exploration expenses in 2022 increased primarily due to higher charges for well write-offs.
Depreciation, depletion and amortization $ 16,319 $ 17,925 $ 19,508
Depreciation, depletion and amortization expenses decreased in 2022 primarily due to lower rates and lower production,
partially offset by higher impairment and write-off charges.
Taxes other than on income $ 4,032 $ 3,963 $ 2,839
Taxes other than on income increased in 2022 primarily due to higher taxes on production, partially offset by lower excise
taxes.
Interest and debt expense $ 516 $ 712 $ 697
Interest and debt expenses decreased in 2022 mainly due to lower debt balances.
Other components of net periodic benefit costs $ 295 $ 688 $ 880
Other components of net periodic benefit costs decreased in 2022 primarily due to lower pension settlement costs, as fewer
lump-sum pension distributions were made in the current year.
Income tax expense (benefit) $ 14,066 $ 5,950 $ (1,892)

41
The increase in income tax expense in 2022 of $8.1 billion is due to the increase in total income before tax for the company
of $28.0 billion. The increase in income before taxes for the company is primarily the result of higher upstream realizations
and downstream margins.
U.S. income before tax increased from $9.7 billion in 2021 to $21.0 billion in 2022. This $11.3 billion increase in income
was primarily driven by higher upstream realizations and downstream margins, partially offset by higher operating
expenses and lower asset sale gains. The increase in income had a direct impact on the company’s U.S. income tax
resulting in an increase to tax expense of $2.9 billion between year-over-year periods, from $1.6 billion in 2021 to $4.5
billion in 2022.
International income before tax increased from $12.0 billion in 2021 to $28.7 billion in 2022. This $16.7 billion increase in
income was primarily driven by higher upstream realizations and downstream margins. The increased income primarily
drove the $5.2 billion increase in international income tax expense between year-over-year periods, from $4.3 billion in
2021 to $9.6 billion in 2022.
Refer also to the discussion of the effective income tax rate in Note 17 Taxes.

42
Selected Operating Data1,2

2022 2021 2020
U.S. Upstream
Net Crude Oil and Natural Gas Liquids Production (MBPD) 888 858 789
Net Natural Gas Production (MMCFPD)3 1,758 1,689 1,607
Net Oil-Equivalent Production (MBOEPD) 1,181 1,139 1,058
Sales of Natural Gas (MMCFPD)4 4,354 3,986 3,873
Sales of Natural Gas Liquids (MBPD)
276 201 208
Revenues from Net Production
Liquids ($/Bbl)
$ 76.71 $ 56.06 $ 30.53
Natural Gas ($/MCF)
International $ 5.55 $ 3.11 $ 0.98
Upstream
Net Crude Oil and Natural Gas Liquids Production (MBPD)5 831 956 1,078
Net Natural Gas Production (MMCFPD)3 5,919 6,020 5,683
Net Oil-Equivalent Production (MBOEPD)4 1,818 1,960 2,025
Sales of Natural Gas (MMCFPD) 5,786 5,178 5,634
Sales of Natural Gas Liquids (MBPD) 107 84 46
Revenues from Liftings
Liquids ($/Bbl) $ 90.71 $ 64.53 $ 36.07
Natural Gas ($/MCF) $ 9.75 $ 5.93 $ 4.59
Worldwide Upstream
Net Oil-Equivalent Production (MBOEPD)5
United States 1,181 1,139 1,058
International 1,818 1,960 2,025
Total 2,999 3,099 3,083
U.S.
Downstream
Gasoline Sales 639 655 581
(MBPD)6 589 484 422
Other Refined
Product Sales
(MBPD)
International Downstream
Gasoline Sales (MBPD)5 336 321 264
Other Refined Product Sales (MBPD) 1,050 994 957
Total Refined Product Sales (MBPD)7 1,386 1,315 1,221
Sales of Natural Gas (MMCFPD)4 3 — —
Refinery Crude Oil Input (MBPD) 639 576 584
1
Includes company share of equity affiliates.
2
MBPD – thousands of barrels per day; MMCFPD – millions of cubic feet per day; MBOEPD – thousands of barrels of oil-equivalents per day; Bbl – barrel; MCF –
thousands of cubic feet. Oil-equivalent gas (OEG) conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil.
3
Includes natural gas consumed in operations (MMCFPD):
United States 53 44 37
International 517 548 566
4
Downstream
sales of Natural
Gas separately
Canada 45 55 54
6identified from
Includes branded and unbranded gasoline.
Upstream.
7 Includes sales of affiliates (MBPD): 389 357 348
5
Includes net
production of
synthetic oil:
Total Refined Product Sales (MBPD) 1,228 1,139 1,003

Sales of Natural Gas (MMCFPD)4 24 21 21
Refinery Crude Oil Input (MBPD) 866 903 793
43
Liquidity and Capital Resources

Sources and Uses of Cash The strength of the company’s balance sheet enables it to fund any timing differences
throughout the year between cash inflows and outflows.
Cash, Cash Equivalents and Marketable Securities Total balances were $17.9 billion and $5.7 billion at December 31,
2022 and 2021, respectively. Cash provided by operating activities in 2022 was $49.6 billion, compared to $29.2 billion in
2021, primarily due to higher upstream realizations and refining margins. Cash provided by operating activities was net of
contributions to employee pension plans of approximately $1.3 billion in 2022 and $1.8 billion in 2021. Proceeds and
deposits related to asset sales totaled $1.4 billion in each of the last two years. Returns of investment totaled $1.2 billion
and $439 million in 2022 and 2021, respectively. The returns of investment in 2022 were primarily from Angola LNG. As
of third quarter 2022, Angola LNG distributions were, and are expected to continue to be, largely reflected in cash
flow from operations. Cash flow from financing activities includes proceeds from shares issued for stock options of $5.8
billion in 2022, compared with $1.4 billion in 2021. Future cash proceeds from option exercises are expected to be lower
than in 2022.
Restricted cash of $1.4 billion and $1.2 billion at December 31, 2022 and 2021, respectively, was held in cash and short-
term marketable securities and recorded as “Deferred charges and other assets” and “Prepaid expenses and other current
assets” on the Consolidated Balance Sheet. These amounts are generally associated with upstream decommissioning
activities, tax payments and funds held in escrow for tax-deferred exchanges.
Dividends Dividends paid to common stockholders were $11.0 billion in 2022 and $10.2 billion in 2021.
Debt and Finance Lease Liabilities Total debt and finance lease liabilities were $23.3 billion at December 31, 2022, down
from $31.4 billion at year-end 2021.
The $8.1 billion decrease in total debt and finance lease liabilities during 2022 was primarily due to the repayment of long-
term notes that matured during the year and the early retirement of long-term notes. The company’s debt and finance lease
liabilities due within one year, consisting primarily of the current portion of long-term debt and redeemable long-term
obligations, totaled $6.0 billion at December 31, 2022, compared with $8.0 billion at year-end 2021. Of these amounts,
$4.1 billion and $7.8 billion were reclassified to long-term debt at the end of 2022 and 2021, respectively.
At year-end 2022, settlement of these obligations was not expected to require the use of working capital in 2023, as the
company had the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis.
The company has access to a commercial paper program as a financing source for working capital or other short-term
needs. The company had no commercial paper outstanding as of December 31, 2022.
The company has an automatic shelf registration statement that expires in August 2023 for an unspecified amount of
nonconvertible debt securities issued by Chevron Corporation or Chevron U.S.A. Inc. (CUSA).

44
The major debt rating agencies routinely evaluate the company’s debt, and the company’s cost of borrowing can increase
or decrease depending on these debt ratings. The company has outstanding public bonds issued by Chevron Corporation,
CUSA, Noble Energy, Inc. (Noble), and Texaco Capital Inc. Most of these securities are the obligations of, or guaranteed
by, Chevron Corporation and are rated AA- by Standard and Poor’s Corporation and Aa2 by Moody’s Investors Service.
The company’s U.S. commercial paper is rated A-1+ by Standard and Poor’s and P-1 by Moody’s. All of these ratings
denote high-quality, investment-grade securities.
The company’s future debt level is dependent primarily on results of operations, cash that may be generated from asset
dispositions, the capital program, lending commitments to affiliates and shareholder distributions. Based on its high-quality
debt ratings, the company believes that it has substantial borrowing capacity to meet unanticipated cash requirements.
During extended periods of low prices for crude oil and natural gas and narrow margins for refined products and
commodity chemicals, the company has the ability to modify its capital spending plans and discontinue or curtail the stock
repurchase program. This provides the flexibility to continue paying the common stock dividend and remain committed to
retaining the company’s high-quality debt ratings.
Committed Credit Facilities Information related to committed credit facilities is included in Note 19 Short-Term Debt.
Summarized Financial Information for Guarantee of Securities of Subsidiaries CUSA issued bonds that are fully and
unconditionally guaranteed on an unsecured basis by Chevron Corporation (together, the “Obligor Group”). The tables
below contain summary financial information for Chevron Corporation, as Guarantor, excluding its consolidated
subsidiaries, and CUSA, as the issuer, excluding its consolidated subsidiaries. The summary financial information of the
Obligor Group is presented on a combined basis, and transactions between the combined entities have been eliminated.
Financial information for non-guarantor entities has been excluded.
Year Ended Year Ended

December 31, 2022 December 31, 2021
(Millions of dollars) (unaudited)
Sales and other operating revenues $ 126,911 $ 88,038
Sales and other operating revenues - related party 50,082 28,499
Total costs and other deductions 121,757 86,369
Total costs and other deductions - related party 43,042 28,277
Net income (loss) $ 15,043 $ 5,515
At December 31, At December 31,

2022 2021
(Millions of dollars) (unaudited)
Current assets $ 28,781 $ 15,567
Current assets - related party 12,326 12,227
Other assets 50,505 48,461
Current liabilities 22,663 22,554
Current liabilities - related party 118,277 79,778
Other liabilities 27,353 32,825
Total net equity (deficit) $ (76,681) $ (58,902)
Common Stock Repurchase Program The Board of Directors authorized a stock repurchase program in 2019, with a
maximum dollar limit of $25 billion and no set term limits (the “2019 Program”). During 2022, the company purchased
69.9 million shares for $11.25 billion under the 2019 Program. As of December 31, 2022, the company had purchased a
total of 131.4 million shares for $18.1 billion, resulting in $6.9 billion remaining under the 2019 Program. The company
currently expects to repurchase $3.75 billion of its common stock during the first quarter of 2023 under the 2019 Program
and will incur an additional one percent excise tax on such purchases as required by the IRA.
On January 25, 2023, the Board of Directors authorized the repurchase of the company’s shares of common stock in an
aggregate amount of $75 billion. The $75 billion authorization takes effect on April 1, 2023 and does not have a fixed
expiration date (the “2023 Program”). It replaces the Board’s previous repurchase authorization of $25 billion from January
2019, which will terminate on March 31, 2023, after the completion of the company’s repurchases in the first quarter of
2023.
Repurchases of shares of the company’s common stock may be made from time to time in the open market, by block
purchases, in privately negotiated transactions or in such other manner as determined by the company. The timing of the

45
repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the
company’s shares, general market and economic conditions, and other factors. The stock repurchase program does not
obligate the company to acquire any particular amount of common stock and may be suspended or discontinued at any
time.
Capital Expenditures Capital expenditures (Capex) primarily includes additions to fixed asset or investment accounts for
the company’s consolidated subsidiaries and is disclosed in the Consolidated Statement of Cash Flows. Capex by business
segment for 2022, 2021 and 2020 is as follows:
Year ended December 31

Capex 2022 2021 2020
Millions of dollars U.S. Int’l. Total U.S. Int’l. Total U.S. Int’l. Total
Upstream $ 6,847 $ 2,718 $ 9,565 $ 4,554 $ 2,221 $ 6,775 $ 4,933 $ 2,555 $ 7,488
Downstream 1,699 375 2,074 806 234 1,040 644 551 1,195
All Other 310 25 335 221 20 241 226 13 239
Capex $ 8,856 $ 3,118 $ 11,974 $ 5,581 $ 2,475 $ 8,056 $ 5,803 $ 3,119 $ 8,922
Capex for 2022 was $12.0 billion, 49 percent higher than 2021 due to increased upstream spend in the Permian Basin along
with higher spend in downstream, largely related to the formation of the Bunge North America, Inc. (Bunge) joint venture
and acquisition of the remaining interest in Beyond6, LLC (Beyond6).
The company estimates that 2023 Capex will be approximately $14 billion. In the upstream business, Capex is estimated to
be $11.5 billion and includes more than $4 billion for Permian Basin development and roughly $2 billion for other shale &
tight assets. More than 20 percent of upstream Capex is planned for projects in the Gulf of Mexico. Worldwide
downstream spending in 2023 is estimated to be $1.9 billion. Investments in technology businesses and other corporate
operations in 2023 are budgeted at $0.6 billion. Lower carbon Capex across all segments totals around $2 billion, including
approximately $0.5 billion to lower the carbon intensity of Chevron’s traditional operations and about $1 billion to increase
renewable fuels production capacity.
Affiliate capital expenditures (Affiliate Capex), which does not require cash outlays by the company, is expected to be $3
billion in 2023. Nearly half of Affiliate Capex is for Tengizchevroil’s FGP / WPMP Project in Kazakhstan and about a
third is for CPChem.
Capital and Exploratory Expenditures Capital and exploratory expenditures (C&E) is a key performance indicator and
provides the company’s investment level in its consolidated companies. This metric includes additions to fixed asset or
investment accounts along with exploration expense for its consolidated companies. Management uses this metric along
with Affiliate C&E (as defined below) to manage the allocation of capital across the company’s entire portfolio, funding
requirements and ultimately shareholder distributions.
The components of C&E are presented in the following table:
Capital expenditures $ 11,974 $ $
8,056 8,922
Expensed exploration expenditures 488 431 500
Assets acquired through finance leases and other obligations 3 64 53
Payments for other assets and liabilities, net (169) 2 42
Capital and exploratory expenditures (C&E) $ 12,296 $ $
8,553 9,517
Affiliate capital and exploratory expenditures (Affiliate C&E) $ 3,366 $ $
3,167 3,982
C&E by business segment for 2022, 2021 and 2020 is as follows:

. Year ended December 31
Upstream
C&E $ 6,980 $ 3,073 $ 10,053
2022 $ 4,696 $ 2,512 $ 7,208
2021 $ 5,130 $ 2,867 $ 7,997 2020
Downstream
Millions of dollars 1,702
U.S. 206
Int’l. 1,908
Total 870
U.S 234
Int’l. 1,104
Total 697
U.S. 584
Int’l. 1,281
Total
All Other 310 25 335 221 20 241 226 13 239
C&E $ 8,992 $ 3,304 $ 12,296 $ 5,787 $ 2,766 $ 8,553 $ 6,053 $ 3,464 $ 9,517

46
C&E for 2022 was $12.3 billion, 44 percent higher than 2021 due to increased upstream spend in the Permian Basin along
with higher spend in downstream, largely related to the formation of the Bunge joint venture and acquisition of the
remaining interest in Beyond6. The acquisitions of Renewable Energy Group Inc. and Noble are not included in the
company’s C&E or Capex.
Affiliate Capital and Exploratory Expenditures Equity affiliate capital and exploratory expenditures (Affiliate C&E) is
also a key performance indicator that provides the company’s share of investments in its significant equity affiliate
companies. This metric includes additions to fixed asset and investment accounts along with exploration expense in the
equity affiliate companies’ financial statements. Management uses this metric to assess possible funding needs and/or
shareholder distribution capacity of the company’s equity affiliate companies. Together with C&E, management also uses
Affiliate C&E to manage allocation of capital across the company’s entire portfolio, funding requirements and ultimately
shareholder distributions.
Affiliate C&E, which is the same as Affiliate Capex spend, by business segment for 2022, 2021 and 2020 is as follows:
Affiliate C&E 2022 2021 2020
Millions of dollars U.S. Int’l. Total U.S. Int’l. Total U.S. Int’l. Total
Upstream $ — $ 2,406 $ 2,406 $ 2 $ 2,404 $ 2,406 $ — $ 2,917 $ 2,917
Downstream 768 192 960 365 396 761 324 741 1,065
All Other — — — — — — — — —
Affiliate C&E $ $ $ 3,366 $ $ $ 3,167 $ $ $ 3,982
2,598 367 2,800 324 3,658
768
Affiliate C&E for 2022 was $3.4 billion, 6 percent higher than 2021.
The company monitors market conditions and can adjust future capital outlays should conditions change.
Noncontrolling Interests The company had noncontrolling interests of $960 million at December 31, 2022 and $873
million at December 31, 2021. Distributions to noncontrolling interests net of contributions totaled $114 million and $36
million in 2022 and 2021, respectively. Included within noncontrolling interests at December 31, 2022 is $142 million of
redeemable noncontrolling interest.
Pension Obligations Information related to pension plan contributions is included in Note 23 Employee Benefit
Plans, under the heading “Cash Contributions and Benefit Payments.”
Contractual Obligations Information related to the company’s significant contractual obligations is included in Note
19 Short-Term Debt, in Note 20 Long-Term Debt and in Note 5 Lease Commitments. The aggregate amount of interest due
on these obligations, excluding leases, is: 2023 – $595; 2024 – $536; 2025 – $476; 2026 – $395; 2027 – $340; after
2027 – $3,373.
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-
Pay Agreements Information related to these off-balance sheet matters is included in Note 24 Other Contingencies
and Commitments, under the heading “Long-Term Unconditional Purchase Obligations and Commitments,
Including Throughput and Take-or-Pay Agreements.”
Direct Guarantees Information related to guarantees is included in Note 24 Other Contingencies and Commitments
under the heading “Guarantees.”
Indemnifications Information related to indemnifications is included in Note 24 Other Contingencies and
Commitments under the heading “Indemnifications.”

47
Financial Ratios and Metrics

The following represent several metrics the company believes are useful measures to monitor the financial health of the
company and its performance over time:
Current Ratio Current assets divided by current liabilities, which indicates the company’s ability to repay its short-term
liabilities with short-term assets. The current ratio in all periods was adversely affected by the fact that Chevron’s
inventories are valued on a last-in, first-out basis. At year-end 2022, the book value of inventory was lower than
replacement costs, based on average acquisition costs during the year, by approximately $9.1 billion.
At December 31
Current assets $ 50,343 $ 33,738 $ 26,078
Current liabilities 34,208 26,791 22,183
Current Ratio 1.5 1.3
Interest Coverage Ratio Income before income tax expense, plus interest and debt expense and amortization 1.2 of capitalized
interest, less net income attributable to noncontrolling interests, divided by before-tax interest costs. This ratio indicates the
company’s ability to pay interest on outstanding debt. The company’s interest coverage ratio in 2022 was higher than 2021
due to higher income.
Income (Loss) Before Income Tax Expense $ 49,674 $ 21,639 $ (7,453)
Plus: Interest and debt expense 516 712 697
Plus: Before-tax amortization of capitalized interest 199 215 205
Less: Net income attributable to noncontrolling interests 143 64 (18)
Subtotal for calculation 50,246 22,502 (6,533)
Total financing interest and debt costs $ 630 $ 775 $ 735
Interest Coverage Ratio 79.8 29.0 (8.9)
Free Cash Flow The cash provided by operating activities less capital expenditures, which represents the cash available to
creditors and investors after investing in the business.
Net cash provided by operating activities $ 49,602 $ 29,187 $ 10,577
Less: Capital expenditures 11,974 8,056 8,922
Free Cash Flow $ 37,628 $ 21,131 $ 1,655
Debt Ratio Total debt as a percentage of total debt plus Chevron Corporation Stockholders’ Equity, which indicates the
company’s leverage.
At December 31
Short-term debt $ $ 256 $ 1,548
1,964
Long-term debt 21,375 31,113 42,767
Total debt 23,339 31,369 44,315
Total Chevron Corporation Stockholders’ Equity 159,282 139,067 131,688
Total debt plus total Chevron Corporation Stockholders’ Equity $ 182,621 $ 170,436 $ 176,003
Debt Ratio 12.8 % 18.4 % 25.2 %

48
Net Debt Ratio Total debt less cash and cash equivalents and marketable securities as a percentage of total debt less cash
and cash equivalents and marketable securities, plus Chevron Corporation Stockholders’ Equity, which indicates the
company’s leverage, net of its cash balances.
At December 31
Short-term debt $ $ 256 $ 1,548
1,964
Long-term debt 21,375 31,113 42,767
Total Debt 23,339 31,369 44,315
Less: Cash and cash equivalents 17,678 5,640 5,596
Less: Marketable securities 223 35 31
Total adjusted debt 5,438 25,694 38,688
Total Chevron Corporation Stockholders’ Equity 159,282 139,067 131,688
Total adjusted debt plus total Chevron Corporation Stockholders’ Equity $ 164,720 $ 164,761 $ 170,376
Net Debt Ratio 3.3 % 15.6 % 22.7 %
Capital Employed The sum of Chevron Corporation Stockholders’ Equity, total debt and noncontrolling interests, which
represents the net investment in the business.
At December 31
Chevron Corporation Stockholders’ Equity $ 159,282 $ 139,067 $ 131,688
Plus: Short-term debt 1,964 256 1,548
Plus: Long-term debt 21,375 31,113 42,767
Plus: Noncontrolling interest 960 873 1,038
Capital Employed at December 31 $ 183,581 $ 171,309 $ 177,041
Return on Average Capital Employed (ROCE) Net income attributable to Chevron (adjusted for after-tax interest expense
and noncontrolling interest) divided by average capital employed. Average capital employed is computed by averaging the
sum of capital employed at the beginning and end of the year. ROCE is a ratio intended to measure annual earnings as a
percentage of historical investments in the business.
Net income attributable to Chevron $ $ 15,625 $ (5,543)
35,465
Plus: After-tax interest and debt expense 476 662 658
Plus: Noncontrolling interest 143 64 (18)
Net income after adjustments 36,084 16,351 (4,903)
Average capital employed $ 177,445 $ 174,175 $ 174,611
Return on
Return onAverage Capital Employed
Stockholders’ Equity
(ROSE) Net income attributable to 20.3 by
Chevron divided % 9.4 %
average Chevron (2.8) %
Corporation
Stockholders’ Equity. Average stockholders’ equity is computed by averaging the sum of stockholders’ equity at the
beginning and end of the year. ROSE is a ratio intended to measure earnings as a percentage of shareholder investments.
Net income attributable to Chevron $ 35,465 $ 15,625 $ (5,543)
Chevron Corporation Stockholders’ Equity at December 31 159,282 139,067 131,688
Average Chevron Corporation Stockholders’ Equity 149,175 135,378 137,951
Return on Average Stockholders’ Equity 23.8 % 11.5 %
(4.0) %
Financial and Derivative Instrument Market Risk
The market risk associated with the company’s portfolio of financial and derivative instruments is discussed below. The
estimates of financial exposure to market risk do not represent the company’s projection of future market changes. The
actual impact of future market changes could differ materially due to factors discussed elsewhere in this report, including
those set forth under the heading “Risk Factors” in Part I, Item 1A.

49
Derivative Commodity Instruments Chevron is exposed to market risks related to the price volatility of crude oil, refined
products, natural gas liquids, natural gas, liquefied natural gas and refinery feedstocks. The company uses
derivative commodity instruments to manage these exposures on a portion of its activity, including firm commitments and
anticipated transactions for the purchase, sale and storage of crude oil, refined products, natural gas liquids, natural
gas, liquefied natural gas and feedstock for company refineries. The company also uses derivative commodity
instruments for limited trading purposes. The results of these activities were not material to the company’s financial
position, results of operations or cash flows in 2022.
The company’s market exposure positions are monitored on a daily basis by an internal Risk Control group in accordance
with the company’s risk management policies. The company’s risk management practices and its compliance with policies
are reviewed by the Audit Committee of the company’s Board of Directors.
Derivatives beyond those designated as normal purchase and normal sale contracts are recorded at fair value on
the Consolidated Balance Sheet with resulting gains and losses reflected in income. Fair values are derived principally
from published market quotes and other independent third-party quotes. The change in fair value of Chevron’s
derivative commodity instruments in 2022 was not material to the company’s results of operations.
The company uses the Monte Carlo simulation method as its Value-at-Risk (VaR) model to estimate the
maximum potential loss in fair value, at the 95 percent confidence level with a one-day holding period, from the effect
of adverse changes in market conditions on derivative commodity instruments held or issued. Based on these inputs, the
VaR for the company’s primary risk exposures in the area of derivative commodity instruments at December 31, 2022
and 2021 was not material to the company’s cash flows or results of operations.
Foreign Currency The company may enter into foreign currency derivative contracts to manage some of its
foreign currency exposures. These exposures include revenue and anticipated purchase transactions, including foreign
currency capital expenditures and lease commitments. The foreign currency derivative contracts, if any, are recorded at fair
value on the balance sheet with resulting gains and losses reflected in income. There were no material open
foreign currency derivative contracts at December 31, 2022.
Interest Rates The company may enter into interest rate swaps from time to time as part of its overall strategy to manage
the interest rate risk on its debt. Interest rate swaps, if any, are recorded at fair value on the balance sheet with
resulting gains and losses reflected in income. At year-end 2022, the company had no interest rate swaps.
Transactions With Related Parties

Chevron enters into a number of business arrangements with related parties, principally its equity affiliates.
These arrangements include long-term supply or offtake agreements and long-term purchase agreements. Refer to
“Other Information” in Note 15 Investments and Advances for further discussion. Management believes these
agreements have been negotiated on terms consistent with those that would have been negotiated with an unrelated party.
Litigation and Other Contingencies

Ecuador Information related to Ecuador matters is included in Note 16 Litigation under the heading “Ecuador.”
Climate Change Information related to climate change-related matters is included in Note 16 Litigation under the
heading “Climate Change.”
Louisiana Information related to Louisiana coastal matters is included in Note 16 Litigation under the
heading “Louisiana.”
Environmental The following table displays the annual changes to the company’s before-tax environmental
remediation reserves, including those for U.S. federal Superfund sites and analogous sites under state laws.
Millions of dollars 2022 2021
2020 at January 1
Balance $ 960 $ 1,139 $ 1,234
Net additions 182 114 179
Expenditures (274) (293) (274)
Balance at December 31 $ 868 $ 960 $ 1,139
The company records asset retirement obligations when there is a legal obligation associated with the retirement of long-
lived assets and the liability can be reasonably estimated. These asset retirement obligations include costs related to

50
environmental issues. The liability balance of approximately $12.7 billion for asset retirement obligations at year-end 2022
is related primarily to upstream properties.
For the company’s other ongoing operating assets, such as refineries and chemicals facilities, no provisions are made for
exit or cleanup costs that may be required when such assets reach the end of their useful lives unless a decision to sell or
otherwise decommission the facility has been made, as the indeterminate settlement dates for the asset retirements prevent
estimation of the fair value of the asset retirement obligation.
Refer to the discussion below for additional information on environmental matters and their impact on Chevron, and on the
company’s 2022 environmental expenditures. Refer to Note 24 Other Contingencies and Commitments under the heading
“Environmental” for additional discussion of environmental remediation provisions and year-end reserves. Refer also
to Note 25 Asset Retirement Obligations for additional discussion of the company’s asset retirement obligations.
Suspended Wells Information related to suspended wells is included in Note 21 Accounting for Suspended
Exploratory Wells.
Income Taxes Information related to income tax contingencies is included in Note 17 Taxes and in Note 24
Other Contingencies and Commitments under the heading “Income Taxes.”
Other Contingencies Information related to other contingencies is included in Note 24 Other Contingencies
and Commitments under the heading “Other Contingencies.”
Environmental Matters
The company is subject to various international and U.S. federal, state and local environmental, health and safety laws,
regulations and market-based programs. These laws, regulations and programs continue to evolve and are expected to
increase in both number and complexity over time and govern not only the manner in which the company conducts its
operations, but also the products it sells. Consideration of environmental issues and the responses to those issues through
international agreements and national, regional or state legislation or regulations are integrated into the company’s strategy
and planning, capital investment reviews and risk management tools and processes, where applicable. They are also
factored into the company’s long-range supply, demand and energy price forecasts. These forecasts reflect long-range
effects from renewable fuel penetration, energy efficiency standards, climate-related policy actions, and demand response
to oil and natural gas prices. In addition, legislation and regulations intended to address hydraulic fracturing also continue
to evolve in many jurisdictions where we operate. Refer to “Risk Factors” in Part I, Item 1A, on pages 20 through 26 of
the company's Annual Report on Form 10-K for a discussion of some of the inherent risks of increasingly restrictive
environmental and other regulation that could materially impact the company’s results of operations or financial condition.
Refer to Business Environment and Outlook on pages 32 and 33 for a discussion of legislative and regulatory efforts to
address climate change.
Most of the costs of complying with existing laws and regulations pertaining to company operations and products
are embedded in the normal costs of doing business. However, it is not possible to predict with certainty the
amount of additional investments in new or existing technology or facilities or the amounts of increased operating costs to
be incurred in the future to prevent, control, reduce or eliminate releases of hazardous materials or other
pollutants into the environment; remediate and restore areas damaged by prior releases of hazardous materials;
or comply with new environmental laws or regulations. Although these costs may be significant to the results of
operations in any single period, the company does not presently expect them to have a material adverse effect on the
company’s liquidity or financial position.
Accidental leaks and spills requiring cleanup may occur in the ordinary course of business. The company may
incur expenses for corrective actions at various owned and previously owned facilities and at third-party-owned waste
disposal sites used by the company. An obligation may arise when operations are closed or sold or at non-Chevron
sites where company products have been handled or disposed of. Most of the expenditures to fulfill these obligations relate
to facilities and sites where past operations followed practices and procedures that were considered acceptable at
the time but now require investigative or remedial work or both to meet current standards.
Using definitions and guidelines established by the American Petroleum Institute, Chevron estimated its
worldwide environmental spending in 2022 at approximately $2.0 billion for its consolidated companies.
Included in these expenditures were approximately $0.2 billion of environmental capital expenditures and $1.8 billion
of costs associated with the prevention, control, abatement or elimination of hazardous substances and pollutants from
operating, closed or divested sites, and the decommissioning and restoration of sites.

51
For 2023, total worldwide environmental capital expenditures are estimated at $0.2 billion. These capital costs are in
addition to the ongoing costs of complying with environmental regulations and the costs to remediate previously
contaminated sites.
Critical Accounting Estimates and Assumptions

Management makes many estimates and assumptions in the application of accounting principles generally accepted in the
United States of America (GAAP) that may have a material impact on the company’s consolidated financial statements and
related disclosures and on the comparability of such information over different reporting periods. Such estimates and
assumptions affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets
and liabilities. Estimates and assumptions are based on management’s experience and other information available prior to
the issuance of the financial statements. Materially different results can occur as circumstances change and additional
information becomes known.
The discussion in this section of “critical” accounting estimates and assumptions is according to the disclosure guidelines
of the SEC, wherein:
1. the nature of the estimates and assumptions is material due to the levels of subjectivity and judgment
necessary to account for highly uncertain matters, or the susceptibility of such matters to change; and
2. the impact of the estimates and assumptions on the company’s financial condition or operating performance is
material.
The development and selection of accounting estimates and assumptions, including those deemed “critical,” and the
associated disclosures in this discussion have been discussed with the Audit Committee of the Board of Directors. The
areas of accounting and the associated “critical” estimates and assumptions made by the company are as follows:
Oil and Gas Reserves Crude oil, natural gas liquids and natural gas reserves are estimates of future production that impact
certain asset and expense accounts included in the Consolidated Financial Statements. Proved reserves are the estimated
quantities of oil and gas that geoscience and engineering data demonstrate with reasonable certainty to be economically
producible in the future under existing economic conditions, operating methods and government regulations. Proved
reserves include both developed and undeveloped volumes. Proved developed reserves represent volumes expected to be
recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves are
volumes expected to be recovered from new wells on undrilled proved acreage, or from existing wells where a relatively
major expenditure is required for recompletion. Variables impacting Chevron’s estimated volumes of crude oil and natural
gas reserves include field performance, available technology, commodity prices, and development, production and carbon
costs.
The estimates of crude oil, natural gas liquids and natural gas reserves are important to the timing of expense recognition
for costs incurred and to the valuation of certain oil and gas producing assets. Impacts of oil and gas reserves on Chevron’s
Consolidated Financial Statements, using the successful efforts method of accounting, include the following:
3. Amortization - Capitalized exploratory drilling and development costs are depreciated on a unit-of-production
(UOP) basis using proved developed reserves. Acquisition costs of proved properties are amortized on a UOP
basis using total proved reserves. During 2022, Chevron’s UOP Depreciation, Depletion and Amortization
(DD&A) for oil and gas properties was $10.8 billion, and proved developed reserves at the beginning of 2022
were 6.6 billion barrels for consolidated companies. If the estimates of proved reserves used in the UOP
calculations for consolidated operations had been lower by five percent across all oil and gas properties, UOP
DD&A in 2022 would have increased by approximately $600 million.
4. Impairment - Oil and gas reserves are used in assessing oil and gas producing properties for impairment. A
significant reduction in the estimated reserves of a property would trigger an impairment review. Proved
reserves (and, in some cases, a portion of unproved resources) are used to estimate future production volumes
in the cash flow model. For a further discussion of estimates and assumptions used in impairment
assessments, see Impairment of Properties, Plant and Equipment and Investments in Affiliates below.
Refer to Table V, “Reserve Quantity Information,” for the changes in proved reserve estimates for each of the three years
ended December 31, 2020, 2021 and 2022, and to Table VII, “Changes in the Standardized Measure of Discounted Future
Net Cash Flows From Proved Reserves” for estimates of proved reserve values for each of the three years ended December
31, 2020, 2021 and 2022.

52
This Oil and Gas Reserves commentary should be read in conjunction with the Properties, Plant and Equipment section of
Note 1 Summary of Significant Accounting Policies, which includes a description of the “successful efforts” method
of accounting for oil and gas exploration and production activities.
Impairment of Properties, Plant and Equipment and Investments in Affiliates The company assesses its properties, plant
and equipment (PP&E) for possible impairment whenever events or changes in circumstances indicate that the carrying
value of the assets may not be recoverable. If the carrying value of an asset exceeds the future undiscounted cash flows
expected from the asset, an impairment charge is recorded for the excess of the carrying value of the asset over its
estimated fair value.
Determination as to whether and how much an asset is impaired involves management estimates on highly uncertain
matters, such as future commodity prices, operating expenses, carbon costs, production profiles, the pace of the energy
transition, and the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas liquids,
natural gas, commodity chemicals and refined products. However, the impairment reviews and calculations are based on
assumptions that are generally consistent with the company’s business plans and long-term investment decisions.
Refer also to the discussion of impairments of properties, plant and equipment in Note 18 Properties, Plant and Equipment
and to the section on Properties, Plant and Equipment in Note 1 Summary of Significant Accounting Policies.
The company performs impairment assessments when triggering events arise to determine whether any write-down in the
carrying value of an asset or asset group is required. For example, when significant downward revisions to crude oil,
natural gas liquids and natural gas reserves are made for any single field or concession, an impairment review is performed
to determine if the carrying value of the asset remains recoverable. Similarly, a significant downward revision in the
company’s crude oil, natural gas liquids or natural gas price outlook would trigger impairment reviews for impacted
upstream assets. In addition, impairments could occur due to changes in national, state or local environmental regulations
or laws, including those designed to stop or impede the development or production of oil and gas. Also, if the expectation
of sale of a particular asset or asset group in any period has been deemed more likely than not, an impairment review is
performed, and if the estimated net proceeds exceed the carrying value of the asset or asset group, no impairment charge is
required. Such calculations are reviewed each period until the asset or asset group is disposed. Assets that are not impaired
on a held-and-used basis could possibly become impaired if a decision is made to sell such assets. That is, the assets would
be impaired if they are classified as held-for-sale and the estimated proceeds from the sale, less costs to sell, are less than
the assets’ associated carrying values.
Investments in common stock of affiliates that are accounted for under the equity method, as well as investments in other
securities of these equity investees, are reviewed for impairment when the fair value of the investment falls below the
company’s carrying value. When this occurs, a determination must be made as to whether this loss is other-than-temporary,
in which case the investment is impaired. Because of the number of differing assumptions potentially affecting whether an
investment is impaired in any period or the amount of the impairment, a sensitivity analysis is not practicable.
A sensitivity analysis of the impact on earnings for these periods if other assumptions had been used in impairment reviews
and impairment calculations is not practicable, given the broad range of the company’s PP&E and the number of
assumptions involved in the estimates. That is, favorable changes to some assumptions might have avoided the need to
impair any assets in these periods, whereas unfavorable changes might have caused an additional unknown number of other
assets to become impaired, or resulted in larger impacts on impaired assets.
Asset Retirement Obligations In the determination of fair value for an asset retirement obligation (ARO), the company
uses various assumptions and judgments, including such factors as the existence of a legal obligation, estimated amounts
and timing of settlements, discount and inflation rates, and the expected impact of advances in technology and process
improvements. A sensitivity analysis of the ARO impact on earnings for 2022 is not practicable, given the broad range of
the company’s long-lived assets and the number of assumptions involved in the estimates. That is, favorable changes to
some assumptions would have reduced estimated future obligations, thereby lowering accretion expense and amortization
costs, whereas unfavorable changes would have the opposite effect. Refer to Note 25 Asset Retirement Obligations
for additional discussions on asset retirement obligations.
Pension and Other Postretirement Benefit Plans Note 23 Employee Benefit Plans includes information on the
funded status of the company’s pension and other postretirement benefit (OPEB) plans reflected on the Consolidated
Balance Sheet; the components of pension and OPEB expense reflected on the Consolidated Statement of Income; and the
related underlying assumptions.

53
The determination of pension plan expense and obligations is based on a number of actuarial assumptions. Two critical
assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan
obligations. Critical assumptions in determining expense and obligations for OPEB plans, which provide for certain health
care and life insurance benefits for qualifying retired employees and which are not funded, are the discount rate and the
assumed health care cost-trend rates. Information related to the company’s processes to develop these assumptions
is included in Note 23 Employee Benefit Plans under the relevant headings. Actual rates may vary significantly
from estimates because of unanticipated changes beyond the company’s control.
For 2022, the company used an expected long-term rate of return of 6.6 percent and a discount rate for service costs of 3.5
percent and a discount rate for interest cost of 2.7 percent for the primary U.S. pension plan. The actual return for 2022 was
(17.8) percent. For the 10 years ended December 31, 2022, actual asset returns averaged 5.7 percent for this plan.
Additionally, with the exception of three years within this 10-year period, actual asset returns for this plan equaled or
exceeded 6.6 percent during each year.
Total pension expense for 2022 was $763 million. An increase in the expected long-term return on plan assets or the
discount rate would reduce pension plan expense, and vice versa. As an indication of the sensitivity of pension expense to
the long-term rate of return assumption, a 1 percent increase in this assumption for the company’s primary U.S. pension
plan, which accounted for about 55 percent of companywide pension expense, would have reduced total pension plan
expense for 2022 by approximately $75 million. A 1 percent increase in the discount rates for this same plan would have
reduced pension expense for 2022 by approximately $177 million.
The aggregate funded status recognized at December 31, 2022, was a net liability of approximately $1.8 billion. An
increase in the discount rate would decrease the pension obligation, thus changing the funded status of a plan. At December
31, 2022, the company used a discount rate of 5.2 percent to measure the obligations for the primary U.S. pension plan. As
an indication of the sensitivity of pension liabilities to the discount rate assumption, a 0.25 percent increase in the discount
rate applied to the company’s primary U.S. pension plan, which accounted for about 63 percent of the companywide
pension obligation, would have reduced the plan obligation by approximately $239 million, and would have decreased the
plan’s underfunded status from approximately $475 million to $236 million.
For the company’s OPEB plans, expense for 2022 was $89 million, and the total liability, all unfunded at the end of 2022,
was $1.9 billion. For the primary U.S. OPEB plan, the company used a discount rate for service cost of 3.1 percent and a
discount rate for interest cost of 2.1 percent to measure expense in 2022, and a 5.2 percent discount rate to measure the
benefit obligations at December 31, 2022. Discount rate changes, similar to those used in the pension sensitivity analysis,
resulted in an immaterial impact on 2022 OPEB expense and OPEB liabilities at the end of 2022.
Differences between the various assumptions used to determine expense and the funded status of each plan and
actual experience are included in actuarial gain/loss. Refer to page 90 in Note 23 Employee Benefit Plans for more
information on the $3.4 billion of before-tax actuarial losses recorded by the company as of December 31, 2022. In
addition, information related to company contributions is included on page 93 in Note 23 Employee Benefit Plans
under the heading “Cash Contributions and Benefit Payments.”
Contingent Losses Management also makes judgments and estimates in recording liabilities for claims, litigation, tax
matters and environmental remediation. Actual costs can frequently vary from estimates for a variety of reasons. For
example, the costs for settlement of claims and litigation can vary from estimates based on differing interpretations of laws,
opinions on culpability and assessments on the amount of damages. Similarly, liabilities for environmental remediation are
subject to change because of changes in laws, regulations and their interpretation, the determination of additional
information on the extent and nature of site contamination, and improvements in technology.
Under the accounting rules, a liability is generally recorded for these types of contingencies if management determines the
loss to be both probable and estimable. The company generally reports these losses as “Operating expenses” or “Selling,
general and administrative expenses” on the Consolidated Statement of Income. An exception to this handling is for
income tax matters, for which benefits are recognized only if management determines the tax position is more likely than
not (i.e., likelihood greater than 50 percent) to be allowed by the tax jurisdiction. For additional discussion of income tax
uncertainties, refer to Note 24 Other Contingencies and Commitments under the heading “Income Taxes.” Refer also to the
business segment discussions elsewhere in this section for the effect on earnings from losses associated with certain
litigation, environmental remediation and tax matters for the three years ended December 31, 2022.
An estimate as to the sensitivity to earnings for these periods if other assumptions had been used in recording these
liabilities is not practicable because of the number of contingencies that must be assessed, the number of underlying

54
assumptions and the wide range of reasonably possible outcomes, both in terms of the probability of loss and the estimates
of such loss. For further information, refer to “Changes in management’s estimates and assumptions may have a material
impact on the company’s consolidated financial statements and financial or operational performance in any given period”
in “Risk Factors” in Part I, Item 1A, on pages 25 and 26 of the company's Annual Report on Form 10-K.
New Accounting Standards

Refer to Note 4 New Accounting Standards for information regarding new accounting standards.

55
Quarterly Results
Unaudited
2022 2021
Millions of dollars, except per-share amounts 4th Q 3rd Q 2nd Q 1st Q 4th Q 3rd Q 2nd Q 1st Q
Revenues and Other Income

Sales and other operating $ $63,508 $ $ $45,861 $ $ $ 31,076
revenues Income from equity 54,52 65,37 52,31 42,55 36,11 911
affiliates Other income 3 2,410 2 4 1,657 2 7 42
1,623 726 2,467 2,085 611 1,647 1,442
327 923 (26) 511 38
Total Revenues and Other Income 56,473 66,644 68,762 54,373 48,129 44,710 37,597 32,029
Costs and Other Deductions
Purchased crude oil and 32,570 38,751 40,684 33,411 28,046 24,570 21,446 18,187
products Operating expenses 6,401 6,357 6,318 5,638 5,507 5,353 4,899 4,967
Selling, general and administrative 1,454 1,028 863 967 1,271 657 1,096 990
expenses Exploration expenses 453 116 196 209 192 158 113 86
Depreciation, depletion and 4,764 4,201 3,700 3,654 4,813 4,304 4,522 4,286
amortization Taxes other than on 864 1,046 882 1,240 1,074 1,339 749 801
income 123 128 129 136 155 174 185 198
Interest and debt expense 36 208 (13) 64 86 100 165 337
Other components of net periodic
benefit costs
Total Costs and Other Deductions 46,665 51,835 52,759 45,319 41,144 36,655 33,175 29,852
Income (Loss) Before Income Tax Expense 9,808 14,809 16,003 9,054 6,985 8,055 4,422 2,177
Income Tax Expense (Benefit) 3,430 3,571 4,288 2,777 1,903 1,940 1,328 779
Net Income (Loss) $ 6,378 $11,238 $ 11,715 $ 6,277 $ 5,082 $ 6,115 $ 3,094 $ 1,398
Less: Net income attributable to noncontrolling interests 25 7 93 18 27 4 12 21
Net Income (Loss) Attributable to Chevron Corporation $ 6,353 $11,231 $ 11,622 $ 6,259 $ 5,055 $ 6,111 $ 3,082 $ 1,377
Per Share of Common Stock
– Basic $ 3.34 $ 5.81 $ 5.98 $ 3.23 $ 2.63 $ 3.19 $ 1.61 $ 0.72
– Diluted $ 3.33 $ 5.78 $ 5.95 $ 3.22 $ 2.63 $ 3.19 $ 1.60 $ 0.72
Dividends per share $ 1.42 $ 1.42 $ 1.42 $ 1.42 $ 1.34 $ 1.34 $ 1.34 $ 1.29

56
Management’s Responsibility for Financial Statements
To the Stockholders of Chevron Corporation
Management of Chevron Corporation is responsible for preparing the accompanying consolidated financial statements
and the related information appearing in this report. The statements were prepared in accordance with accounting
principles generally accepted in the United States of America and fairly represent the transactions and financial
position of the company. The financial statements include amounts that are based on management’s best estimates and
judgments.
As stated in its report included herein, the independent registered public accounting firm of PricewaterhouseCoopers
LLP has audited the company’s consolidated financial statements in accordance with the standards of the Public
Company Accounting Oversight Board (United States).
The Board of Directors of Chevron has an Audit Committee composed of directors who are not officers or employees
of the company. The Audit Committee meets regularly with members of management, the internal auditors and the
independent registered public accounting firm to review accounting, internal control, auditing and financial reporting
matters. Both the internal auditors and the independent registered public accounting firm have free and direct access to
the Audit Committee without the presence of management.
The company’s management has evaluated, with the participation of the Chief Executive Officer and Chief Financial
Officer, the effectiveness of the company’s disclosure controls and procedures (as defined in the Exchange Act Rules
13a-15(e) and 15d-15(e)) as of December 31, 2022. Based on that evaluation, management concluded that the
company’s disclosure controls are effective in ensuring that information required to be recorded, processed,
summarized and reported are done within the time periods specified in the U.S. Securities and Exchange
Commission’s rules and forms.
Management’s Report on Internal Control Over Financial Reporting
The company’s management is responsible for establishing and maintaining adequate internal control over financial
reporting, as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f). The company’s management, including the
Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the company’s
internal control over financial reporting based on the Internal Control – Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this
evaluation, the company’s management concluded that internal control over financial reporting was effective as of
December 31, 2022.
The effectiveness of the company’s internal control over financial reporting as of December 31, 2022, has been
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report
included herein.
Michael K. Wirth Pierre R. Breber David A. Inchausti

Chairman of the Board Vice President Vice President
and Chief Executive and Chief and Controller
Officer Financial
February 23, 2023 Officer

57
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Chevron Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheet of Chevron Corporation and its subsidiaries (the
“Company”) as of December 31, 2022 and 2021, and the related consolidated statements of income, of comprehensive
income, of equity and of cash flows for each of the three years in the period ended December 31, 2022, including the
related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to
as the “consolidated financial statements”). We also have audited the Company's internal control over financial
reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2022 in conformity with accounting principles
generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in
Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective
internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our
responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal
control over financial reporting based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of
material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was
maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. Our audit of internal control over financial reporting included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. Our audits also included
performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s internal control over financial reporting includes those policies
and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on
the financial statements.

58
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated
financial statements that was communicated or required to be communicated to the audit committee and that (i) relates
to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially
challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way
our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical
audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it
relates.
The Impact of Proved Crude Oil and Natural Gas Reserves on Upstream Property, Plant, and Equipment, Net
As described in Notes 1 and 18 to the consolidated financial statements, the Company’s upstream property, plant and
equipment, net balance was $125.6 billion as of December 31, 2022, and depreciation, depletion and amortization
expense was $14.8 billion for the year ended December 31, 2022. The Company follows the successful efforts method
of accounting for crude oil and natural gas exploration and production activities. Depreciation and depletion of all
capitalized costs of proved crude oil and natural gas producing properties, except mineral interests, are expensed using
the unit-of-production method, generally by individual field, as the proved developed reserves are produced. Depletion
expenses for capitalized costs of proved mineral interests are recognized using the unit-of-production method by
individual field as the related proved reserves are produced. As disclosed by management, variables impacting the
Company’s estimated volumes of crude oil and natural gas reserves include field performance, available technology,
commodity prices, and development, production and carbon costs. Reserves are estimated by Company asset teams
composed of earth scientists and engineers. As part of the internal control process related to reserves estimation, the
Company maintains a Reserves Advisory Committee (RAC) (the Company’s earth scientists, engineers and RAC are
collectively referred to as “management’s specialists”).
The principal considerations for our determination that performing procedures relating to the impact of proved crude
oil, natural gas liquids and natural gas reserves on upstream property, plant, and equipment, net is a critical audit matter
are (i) the significant judgment by management, including the use of management’s specialists, when developing the
estimates of proved crude oil, natural gas liquids and natural gas reserve volumes, which in turn led to (ii) a high degree
of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence obtained related to
the data, methods and assumptions used by management and its specialists in developing the estimates of proved crude
oil and natural gas reserve volumes.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our
overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls
relating to management’s estimates of proved crude oil, natural gas liquids and natural gas reserve volumes. The work
of management’s specialists was used in performing the procedures to evaluate the reasonableness of the proved crude
oil, natural gas liquids and natural gas reserve volumes. As a basis for using this work, the specialists’ qualifications
were understood and the Company’s relationship with the specialists was assessed. The procedures performed also
included evaluation of the methods and assumptions used by the specialists, tests of the data used by the specialists and
an evaluation of the specialists’ findings.
PricewaterhouseCoopers LLP
San Francisco, California
February 23, 2023
We have served as the
Company’s auditor since
1935.

59
Consolidated Statement of Income
Millions of dollars, except per-share amounts

2022 2021
Revenues and Other Income 2020
Income (loss) from equity affiliates 8,585 5,657 (472)
Other income 1,950 1,202 693
Total Revenues and Other Income 246,252 162,465 94,692
Costs and Other Deductions
Purchased crude oil and products 145,416 92,249 52,148
Operating expenses 24,714 20,726 20,323
Selling, general and administrative expenses 4,312 4,014 4,213
Exploration expenses 974 549 1,537
Depreciation, depletion and amortization 16,319 17,925 19,508
Taxes other than on income 4,032 3,963 2,839
Interest and debt expense 516 712 697
Other components of net periodic benefit costs 295 688 880
Total Costs and Other Deductions 196,578 140,826 102,145
Income (Loss) Before Income Tax Expense 49,674 21,639
(7,453)
Income Tax Expense (Benefit) 14,066 5,950
(1,892)
Net Income (Loss) 35,608 15,689
(5,561)
Less: Net income (loss) attributable to noncontrolling interests 143 64
(18)
Net Income (Loss) Attributable to Chevron Corporation $ 35,465 $ 15,625 $
See accompanying Notes to the Consolidated Financial (5,543)
Statements.
Per Share of Common Stock
- Basic $ $ 8.15 $
- Diluted (2.96)
18.36 $ 8.14 $
$ (2.96)
18.28

60
Consolidated Statement of Comprehensive Income
Millions of dollars

2022 2021
Net Income (Loss) $ 35,608 $ 2020
15,689 $
(5,561)
Currency translation adjustment
Unrealized net change arising during period (41) (55)
35
Unrealized holding gain (loss) on securities
Net gain (loss) arising during period (1) (1)
(2)
Derivatives
Net derivatives gain (loss) on hedge transactions 65 (6)
Reclassification to net income (80)
Income taxes on derivatives transactions 3 —
6
—
—
Total (12) — —
Defined benefit plans
Actuarial gain (loss)
Amortization to net income of net actuarial loss and settlements 599 1,069
1,107
Actuarial gain (loss) arising during period 1,050 1,244
See accompanying Notes to the Consolidated Financial
Statements. (2,004)
Prior service credits (cost)
Amortization to net income of net prior service costs and curtailments (19) (14)
(23)
Prior service (costs) credits arising during period (96) —
—
Defined benefit plans sponsored by equity affiliates - benefit (cost) 100 127
(104)
Income tax benefit (cost) on defined benefit plans (489) (647)
369
Total 1,145 1,779
(655)
Other Comprehensive Gain (Loss), Net of Tax 1,091 1,723
(622)
Comprehensive Income (Loss) 36,699 17,412
(6,183)
Comprehensive loss (income) attributable to noncontrolling interests (143) (64)
18
Comprehensive Income (Loss) Attributable to Chevron Corporation $ 36,556 $ 17,348 $
(6,165)

61
Consolidated Balance Sheet
At December 31
2022 2021
Assets
Cash and cash equivalents $ 17,678 $ 5,640
Marketable securities 223 35
Accounts and notes receivable (less allowance: 2022 - $457; 2021 - 20,456 18,419
$303) Inventories:
Crude oil and products 5,866 4,248
Chemicals
515 565
Materials, supplies and other
1,866 1,982
Total inventories
Prepaid expenses and other 8,247 6,795
current assets 3,739 2,849
Total Current Assets 50,343 33,738

Long-term receivables, net (less allowances: 2022 - $552; 2021 - $442) 1,069 603
Investments and advances 45,238 40,696
Properties, plant and equipment, at cost 327,785 336,045
Less: Accumulated depreciation, depletion and amortization 184,194 189,084
Properties, plant and equipment, net 143,591 146,961
Deferred charges and other assets 12,310 12,384
Goodwill 4,722 4,385
Assets held for sale 436 768
Total Assets $ 257,709 $ 239,535
Liabilities and Equity
Short-term debt $ 1,964 $ 256
Accounts payable 18,955 16,454
Accrued liabilities 7,486 6,972
Federal and other taxes on income 4,381 1,700
Other taxes payable 1,422 1,409
Total Current Liabilities 34,208 26,791
Long-term debt1 21,375 31,113
Deferred credits and other noncurrent obligations 20,396 20,778
Noncurrent deferred income taxes 17,131 14,665
Noncurrent employee benefit plans 4,357 6,248
Total Liabilities2 $ 97,467 $ 99,595
Preferred stock (authorized 100,000,000 shares; $1.00 par value; none issued) — —
Common stock (authorized 6,000,000,000 shares; $0.75 par value; 2,442,676,580 shares
issued at December 31, 2022 and 2021) 1,832 1,832
Capital in excess of par value 18,660 17,282
1
Includes finance lease liabilities of $403 and $449 at December 31, 2022 and 2021, respectively.
2 Retained earnings 190,024 165,546
Refer to Note 24 Other Contingencies and Commitments.
Accumulated other comprehensive losses (2,798) (3,889)
See accompanying
Deferred Notes to the
compensation andConsolidated
benefit planFinancial
trust Statements. (240) (240)
Treasury stock, at cost (2022 - 527,460,237 shares; 2021 - 512,870,523 shares) (48,196) (41,464)
Total Chevron Corporation Stockholders’ Equity 159,282 139,067
Noncontrolling interests (includes redeemable noncontrolling interest of $142 and $135 at
December 31, 2022 and 2021) 960 873
Total Equity 160,242 139,940
Total Liabilities and Equity $ 257,709 $ 239,535

62
Consolidated Statement of Cash Flows
Millions of dollars

2022 2021
Operating Activities
Net Income (Loss) $ 35,608 $ 2020
15,689 $
Adjustments (5,561)
Depreciation, depletion and amortization
16,319 17,925 19,508
Dry hole expense
Distributions more (less) than income from equity affiliates 486 118 1,036
Net before-tax gains on asset retirements and sales (4,730) (1,998) 2,015
Net foreign currency effects (550) (1,021)
Deferred income tax provision (760)
Net decrease (increase) in operating working capital (412) (7) 619
Decrease (increase) in long-term receivables 2,124 700
Net decrease (increase) in other deferred charges
(3,604)
Cash contributions to employee pension plans
2,125 (1,361)
Other
(1,652)
153 21 296
(212) (320)
(248)
(1,322) (1,751)
(1,213)
13 1,192 141
Net Cash Provided by Operating Activities 49,602 29,187 10,577

Investing Activities
SeeAcquisition of Notes
accompanying businesses, net of cash received
to the Consolidated Financial (2,862) — 373
Statements.
Capital expenditures (11,974) (8,056)
(8,922)
Proceeds and deposits related to asset sales and returns of investment 2,635 1,791 2,968
Net sales (purchases) of marketable securities 117 (1) 35
Net repayment (borrowing) of loans by equity affiliates (24) 401
(1,419)
Net Cash Used for Investing Activities (12,108) (5,865)
(6,965)
Financing Activities
Net borrowings (repayments) of short-term obligations 263 (5,572) 651
Proceeds from issuances of long-term debt — — 12,308
Repayments of long-term debt and other financing obligations (8,742) (7,364)
(5,489)
Cash dividends - common stock (10,968) (10,179)
(9,651)
Net contributions from (distributions to) noncontrolling interests (114) (36)
(24)
Net sales (purchases) of treasury shares Chevron Corporation 2022 Annual Report (5,417) 38
63
(1,531)
Consolidated Statement of Equity
Amounts in millions of dollars
Acc. Other Treasury Chevron Corp.

Common Retained Comprehensive Stock Stockholders’ Noncontrolling Total
Income (at Equity Interests
Stock1 Earnings (Loss) cost) Equity
Balance at December 31, 2019 $ $ 174,945 $ (4,990) $ (44,599) $ 144,213 $ 995 $ 145,208
18,857
Treasury stock transactions 84 — — — 84 — 84
Noble acquisition2 (520) — — 4,629 4,109 779 4,888
Net income (loss) — (5,543) — — (5,543) (18) (5,561)
Cash dividends ($5.16 per share) — (9,651) — — (9,651) (24) (9,675)
Stock dividends — (5) — — (5) — (5)
Other comprehensive income — — (622) — (622) — (622)
Purchases of treasury shares — — — (1,757) (1,757) — (1,757)
Issuances of treasury shares — — — 229 229 — 229
Other changes, net — 631 — — 631 (694) (63)
Balance at December 31, 2020 $ $ 160,377 $ (5,612) $ (41,498) $ 131,688 $ 1,038 $ 132,726
18,421
NBLX acquisition 138 (148) — 377 367 (321) 46
Net income (loss) — 15,625 — — 15,625 64 15,689
Other comprehensive income — — 1,723 — 1,723 — 1,723
Issuances of treasury shares — — — 1,040 1,040 — 1,040
Other changes, net — (126) — — (126) 145 19
18,874
Net income (loss) — 35,465 — — 35,465 143 35,608
Other comprehensive income — — 1,091 — 1,091 — 1,091
Issuances of treasury shares 1,315 — — 4,523 5,838 — 5,838
Other changes, net — (16) — — (16) 62 46
20,252
Common Stock Share Activity

Issued3 Treasury Outstanding
Balance at December 31, 2019 2,442,676,580 (560,508,479) 1,882,168,101
Purchases — (17,577,457) (17,577,457)
Issuances — 60,595,673 60,595,673
Purchases — (13,015,737) (13,015,737)
Issuances — 17,635,477 17,635,477
Purchases — (69,912,961) (69,912,961)
Issuances — 55,323,247 55,323,247
1
Beginning and ending balances for all periods include capital in excess of par, common stock issued at par for $1,832, and $(240) associated with Chevron’s Benefit Plan
Trust. Changes reflect capital in excess of par.
2
Includes $120 redeemable noncontrolling interest.
3
Beginning and ending total issued share balances include 14,168,000 shares associated with Chevron’s Benefit Plan Trust.
See accompanying Notes to the Consolidated Financial Statements.

64
Notes to the Consolidated Financial Statements
Note 1
Summary of Significant Accounting Policies
General The company’s Consolidated Financial Statements are prepared in accordance with accounting principles
generally accepted in the United States of America. These require the use of estimates and assumptions that affect the
assets, liabilities, revenues and expenses reported in the financial statements, as well as amounts included in the notes
thereto, including discussion and disclosure of contingent liabilities. Although the company uses its best estimates and
judgments, actual results could differ from these estimates as circumstances change and additional information becomes
known. Prior years’ data have been reclassified in certain cases to conform to the 2022 presentation basis.
Subsidiary and Affiliated Companies The Consolidated Financial Statements include the accounts of controlled subsidiary
companies more than 50 percent-owned and any variable interest entities in which the company is the primary beneficiary.
Undivided interests in oil and gas joint ventures and certain other assets are consolidated on a proportionate basis.
Investments in and advances to affiliates in which the company has a substantial ownership interest of approximately
20 percent to 50 percent, or for which the company exercises significant influence but not control over policy decisions, are
accounted for by the equity method.
Investments in affiliates are assessed for possible impairment when events indicate that the fair value of the investment
may be below the company’s carrying value. When such a condition is deemed to be other than temporary, the carrying
value of the investment is written down to its fair value, and the amount of the write-down is included in net income. In
making the determination as to whether a decline is other than temporary, the company considers such factors as the
duration and extent of the decline, the investee’s financial performance, and the company’s ability and intention to retain its
investment for a period that will be sufficient to allow for any anticipated recovery in the investment’s market value. The
new cost basis of investments in these equity investees is not changed for subsequent recoveries in fair value.
Differences between the company’s carrying value of an equity investment and its underlying equity in the net assets of the
affiliate are assigned to the extent practicable to specific assets and liabilities based on the company’s analysis of the
various factors giving rise to the difference. When appropriate, the company’s share of the affiliate’s reported earnings is
adjusted quarterly to reflect the difference between these allocated values and the affiliate’s historical book values.
Noncontrolling Interests Ownership interests in the company’s subsidiaries held by parties other than the parent are
presented separately from the parent’s equity on the Consolidated Balance Sheet. The amount of consolidated net income
attributable to the parent and the noncontrolling interests are both presented on the face of the Consolidated Statement of
Income and Consolidated Statement of Equity. Included within noncontrolling interest is redeemable noncontrolling
interest.
Fair Value Measurements The three levels of the fair value hierarchy of inputs the company uses to measure the fair value
of an asset or a liability are as follows. Level 1 inputs are quoted prices in active markets for identical assets or liabilities.
Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the
asset or liability. Level 3 inputs are inputs that are not observable in the market.
Derivatives The majority of the company’s activity in derivative commodity instruments is intended to manage the
financial risk posed by physical transactions. For some of this derivative activity, the company may elect to apply fair value
or cash flow hedge accounting with changes in fair value recorded as components of accumulated other comprehensive
income (loss). For other similar derivative instruments, generally because of the short-term nature of the contracts or their
limited use, the company does not apply hedge accounting, and changes in the fair value of those contracts are reflected in
current income. For the company’s commodity trading activity, gains and losses from derivative instruments are reported
in current income. The company may enter into interest rate swaps from time to time as part of its overall strategy to
manage the interest rate risk on its debt. Interest rate swaps related to a portion of the company’s fixed-rate debt, if any,
may be accounted for as fair value hedges. Interest rate swaps related to floating-rate debt, if any, are recorded at fair value
on the balance sheet with resulting gains and losses reflected in income. Where Chevron is a party to master netting
arrangements, fair value receivable and payable amounts recognized for derivative instruments executed with the same
counterparty are generally offset on the balance sheet.
Inventories Crude oil, products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In
the aggregate, these costs are below market. “Materials, supplies and other” inventories are primarily stated at cost or net
realizable value.

65
Properties, Plant and Equipment The successful efforts method is used for crude oil and natural gas exploration and
production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil
and natural gas properties, and related asset retirement obligation (ARO) assets are capitalized. Costs of exploratory wells
are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved
reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas
reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well
has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making
sufficient progress assessing the reserves and the economic and operating viability of the project. All other
exploratory wells and costs are expensed. Refer to Note 21 Accounting for Suspended Exploratory Wells for additional
discussion of accounting for suspended exploratory well costs.
Long-lived assets to be held and used, including proved crude oil and natural gas properties, are assessed for
possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows.
Events that can trigger assessments for possible impairments include write-downs of proved reserves based on
field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast
or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more likely
than not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly
sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values,
generally their discounted, future net cash flows. For proved crude oil and natural gas properties, the company
performs impairment reviews on a country, concession, PSC, development area or field basis, as appropriate. In
downstream, impairment reviews are performed on the basis of a refinery, a plant, a marketing/lubricants area or
distribution area, as appropriate. Impairment amounts are recorded as incremental “Depreciation, depletion and
amortization” expense.
Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset
with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the asset is considered
impaired and adjusted to the lower value. Refer to Note 9 Fair Value Measurements relating to fair value
measurements. The fair value of a liability for an ARO is recorded as an asset and a liability when there is a legal
obligation associated with the retirement of a long-lived asset and the amount can be reasonably estimated. Refer
also to Note 25 Asset Retirement Obligations relating to AROs.
Depreciation and depletion of all capitalized costs of proved crude oil and natural gas producing properties, except mineral
interests, are expensed using the unit-of-production method, generally by individual field, as the proved developed reserves
are produced. Depletion expenses for capitalized costs of proved mineral interests are recognized using the unit- of-
production method by individual field as the related proved reserves are produced. Impairments of capitalized costs
of unproved mineral interests are expensed.
The capitalized costs of all other plant and equipment are depreciated or amortized over their estimated useful lives. In
general, the declining-balance method is used to depreciate plant and equipment in the United States; the straight-
line method is generally used to depreciate international plant and equipment and to amortize finance lease right-of-use
assets.
Gains or losses are not recognized for normal retirements of properties, plant and equipment subject to composite
group amortization or depreciation. Gains or losses from abnormal retirements are recorded as expenses, and from sales as
“Other income.”
Expenditures for maintenance (including those for planned major maintenance projects), repairs and minor renewals
to maintain facilities in operating condition are generally expensed as incurred. Major replacements and renewals
are capitalized.
Leases Leases are classified as operating or finance leases. Both operating and finance leases recognize lease liabilities and
associated right-of-use assets. The company has elected the short-term lease exception and therefore only recognizes right-
of-use assets and lease liabilities for leases with a term greater than one year. The company has elected the
practical expedient to not separate non-lease components from lease components for most asset classes except for
certain asset classes that have significant non-lease (i.e., service) components.
Where leases are used in joint ventures, the company recognizes 100 percent of the right-of-use assets and lease liabilities
when the company is the sole signatory for the lease (in most cases, where the company is the operator of a joint
venture). Lease costs reflect only the costs associated with the operator’s working interest share. The lease term includes
the committed lease term identified in the contract, taking into account renewal and termination options that management is
66
reasonably certain to exercise. The company uses its incremental borrowing rate as a proxy for the discount rate based on
the term of the lease unless the implicit rate is available.
Goodwill Goodwill resulting from a business combination is not subject to amortization. The company tests such goodwill
at the reporting unit level for impairment annually at December 31, or more frequently if an event occurs or circumstances
change that would more likely than not reduce the fair value of the reporting unit below its carrying amount.
Environmental Expenditures Environmental expenditures that relate to ongoing operations or to conditions caused by past
operations are expensed. Expenditures that create future benefits or contribute to future revenue generation are capitalized.
Liabilities related to future remediation costs are recorded when environmental assessments or cleanups or both are
probable and the costs can be reasonably estimated. For crude oil, natural gas and mineral-producing properties, a liability
for an ARO is made in accordance with accounting standards for asset retirement and environmental obligations. Refer to
Note 25 Asset Retirement Obligations for a discussion of the company’s AROs.
For U.S. federal Superfund sites and analogous sites under state laws, the company records a liability for its designated
share of the probable and estimable costs, and probable amounts for other potentially responsible parties when mandated
by the regulatory agencies because the other parties are not able to pay their respective shares. The gross amount of
environmental liabilities is based on the company’s best estimate of future costs using currently available technology and
applying current regulations and the company’s own internal environmental policies. Future amounts are not discounted.
Recoveries or reimbursements are recorded as assets when receipt is reasonably assured.
Currency Translation The U.S. dollar is the functional currency for substantially all of the company’s consolidated
operations and those of its equity affiliates. For those operations, all gains and losses from currency remeasurement are
included in current period income. The cumulative translation effects for those few entities, both consolidated and
affiliated, using functional currencies other than the U.S. dollar are included in “Currency translation adjustment” on the
Consolidated Statement of Equity.
Revenue Recognition The company accounts for each delivery order of crude oil, natural gas, petroleum and chemical
products as a separate performance obligation. Revenue is recognized when the performance obligation is satisfied, which
typically occurs at the point in time when control of the product transfers to the customer. Payment is generally due within
30 days of delivery. The company accounts for delivery transportation as a fulfillment cost, not a separate performance
obligation, and recognizes these costs as an operating expense in the period when revenue for the related commodity is
recognized.
Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to the
customer. The company’s commodity sales are typically based on prevailing market-based prices and may include
discounts and allowances. Until market prices become known under terms of the company’s contracts, the transaction price
included in revenue is based on the company’s estimate of the most likely outcome.
Discounts and allowances are estimated using a combination of historical and recent data trends. When deliveries contain
multiple products, an observable standalone selling price is generally used to measure revenue for each product. The
company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable
in subsequent periods.
Stock Options and Other Share-Based Compensation The company issues stock options and other share-based
compensation to certain employees. For equity awards, such as stock options, total compensation cost is based on the grant
date fair value, and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement
value. The company recognizes stock-based compensation expense for all awards over the service period required to earn
the award, which is the shorter of the vesting period or the time period in which an employee becomes eligible to retain the
award at retirement. The company’s Long-Term Incentive Plan (LTIP) awards include stock options and stock appreciation
rights, which have graded vesting provisions by which one-third of each award vests on each of the first, second and third
anniversaries of the date of grant. In addition, performance shares granted under the company’s LTIP will vest at the end of
the three-year performance period. For awards granted under the company’s LTIP beginning in 2017, stock options and
stock appreciation rights have graded vesting by which one third of each award vests annually on each January 31 on or
after the first anniversary of the grant date. Special restricted stock unit awards have cliff vesting by which the total award
will vest on January 31 on or after the third anniversary of the grant date. Standard restricted stock unit awards have cliff
vesting by which the total award will vest on January 31 on or after the fifth anniversary of the grant date, subject to
adjustment upon termination pursuant to the satisfaction of certain criteria. Commencing for grants issued in January 2023

67
and after, standard restricted stock units vest ratably on an annual basis over a three-year period. The company amortizes
these awards on a straight-line basis.
Note 2
Changes in Accumulated Other Comprehensive Losses
The change in Accumulated Other Comprehensive Losses (AOCL) presented on the Consolidated Balance Sheet and the
impact of significant amounts reclassified from AOCL on information presented in the Consolidated Statement of Income
for the year ended December 31, 2022, are reflected in the table below.
Unrealized
Currency Holding
Translation Gains Defined
Adjustments (Losses) on Derivatives Benefit Total
Securities Plans
Balance at December 31, 2019 $ (142) $ (8) $ — $ (4,840) $ (4,990)
Components of Other Comprehensive Income (Loss)1:
Before Reclassifications 35 (2) — (1,487) (1,454)
Reclassifications2 — — — 832 832
Net Other Comprehensive Income (Loss) 35 (2) — (655) (622)
Before Reclassifications (55) (1) (6) 949 887
Reclassifications2, 3 — — 6 830 836
Net Other Comprehensive Income (Loss) (55) (1) — 1,779 1,723
Before Reclassifications (41) (1) 68 703 729
Reclassifications2, 3 — — (80) 442 362
Net Other Comprehensive Income (Loss) (41) (1) (12) 1,145 1,091
Balance at December 31, 2022 $ (203) $ (12) $ $ (2,571) $ (2,798)
1
All amounts are net of tax. (12)
2
Refer to Note 23 Employee Benefit Plans, for reclassified components, including amortization of actuarial gains or losses, amortization of prior service costs and settlement
losses, totaling $580 that are included in employee benefit costs for the year ended December 31, 2022. Related income taxes for the same period, totaling $138, are reflected
in Income Tax Expense on the Consolidated Statement of Income. All other reclassified amounts were insignificant.
3
Refer to Note 10 Financial and Derivative Instruments for cash flow hedging.

68
Note 3
Information Relating to the Consolidated Statement of Cash Flows
2022 2021 2020
Distributions more (less) than income from equity affiliates includes the following:
Distributions from equity affiliates $ 3,855 $ 3,659 $ 1,543
(Income) loss from equity affiliates (8,585) (5,657) 472
Distributions more (less) than income from equity affiliates $ (4,730) $ (1,998) $ 2,015
Net decrease (increase) in operating working capital was composed of the following:
Decrease (increase) in accounts and notes receivable $ (2,317) $ (7,548) $ 2,423
Decrease (increase) in inventories (930) (530) 284
Decrease (increase) in prepaid expenses and other current assets (226) 19 (87)
Increase (decrease) in accounts payable and accrued liabilities 2,750 5,475 (3,576)
Increase (decrease) in income and other taxes payable 2,848 1,223 (696)
Net decrease (increase) in operating working capital $ 2,125 $ (1,361) $ (1,652)
Net cash provided by operating activities includes the following cash payments:
Interest on debt (net of capitalized interest) $ 525 $ 699 $ 720
Income taxes 9,148 4,355 2,987
Proceeds and deposits related to asset sales and returns of investment consisted of
the following gross amounts:
Proceeds and deposits related to asset sales $ 1,435 $ 1,352 $ 2,891
Returns of investment from equity affiliates 1,200 439 77
Proceeds and deposits related to asset sales and returns of investment $ 2,635 $ 1,791 $ 2,968
Net sales (purchases) of marketable securities consisted of the following gross amounts:
Marketable securities purchased $ (7) $ (4) $ —
Marketable securities sold 124 3 35
Net sales (purchases) of marketable securities $ 117 $ (1) $ 35
Net repayment (borrowing) of loans by equity affiliates:
Borrowing of loans by equity affiliates $ (108) $ — $ (3,925)
Repayment of loans by equity affiliates 84 401 2,506
Net repayment (borrowing) of loans by equity affiliates $ (24) $ 401 $ (1,419)
Net borrowings (repayments) of short-term obligations consisted of the following gross
and net amounts:
Proceeds from issuances of short-term obligations $ — $ 4,448 $ 10,846
Repayments of short-term obligations — (6,906) (9,771)
Net borrowings (repayments) of short-term obligations with three months or less maturity 263 (3,114) (424)
Net borrowings (repayments) of short-term obligations $ 263 $ (5,572) $ 651
Net sales (purchases) of treasury shares consists of the following gross and net amounts:
Shares issued for share-based compensation plans $ 5,838 $ 1,421 $ 226
Shares purchased under share repurchase and deferred compensation plans (11,255) (1,383) (1,757)
Net sales (purchases) of treasury shares $ (5,417) $ 38 $ (1,531)
Net contributions from (distributions to) noncontrolling interests consisted of the
following gross and net amounts:
Distributions to noncontrolling interests $ (118) $ (53) $ (26)
Contributions from noncontrolling interests 4 17 2
Net contributions from (distributions to) noncontrolling interests $ (114) $ (36) $ (24)
The “Other” line in the Operating Activities section includes changes in postretirement benefits obligations and other long-
term liabilities.
The Consolidated Statement of Cash Flows excludes changes to the Consolidated Balance Sheet that did not affect cash.
“Depreciation, depletion and amortization,” “Deferred income tax provision,” and “Dry hole expense,” collectively include
approximately $1.1 billion in non-cash reductions to properties, plant and equipment in 2022 relating to impairments and
other non-cash charges. The company did not have any material impairments in 2021.
Refer also to Note 25 Asset Retirement Obligations for a discussion of revisions to the company’s AROs that also did
not involve cash receipts or payments for the three years ending December 31, 2022.

69
The components of “Capital expenditures” are presented in the following table:

2022 2021
Additions to properties, plant and equipment * $ 10,349 $ 7,515 $
2020
8,492
Additions to investments 1,147 460
136
Current-year dry hole expenditures 309 83
*
Excludes non-cash movements of $334 in 2022, $316 in 2021 and $816 in 2020.
327
The tableforbelow
Payments quantifies
other assets the beginning
and liabilities, net and ending balances of restricted cash and
169 restricted cash (2)
equivalents in the
Consolidated Balance Sheet:
(33)
Capital expenditures $ 11,974 $ $ December 31
Year ended
8,056 8,922
2022 2021
Cash and cash equivalents $ 17,678 $ 5,640
2020 $ 5,596
Restricted cash included in “Prepaid expenses other current assets” 630 333 365
and Restricted cash included in “Deferred 813 822 776
charges and other assets”
Total cash, cash equivalents and restricted cash $ 19,121 $ $
6,795 6,737
Note 4
New Accounting Standards
There are not currently any new or pending accounting standards that have a significant impact on Chevron.
Note 5
Lease Commitments
The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease
arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office
buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels
and office buildings.
Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet
presentation, are as follows:
Operating Finance Operating Finance
Leases
At December 31, 2021 Leases
Leases Leases
Deferred charges and other assets $ 4,262 $ — $ 3,668 $ —
Properties, plant and equipment, net — 392 — 429
Right-of-use assets* $ 4,262 $ 392 $ 3,668 $ 429
Accrued Liabilities $ 1,111 $ — $ 995 $ —
Short-term Debt — 45 — 48
Current lease liabilities 1,111 45 995 48
Deferred credits and other noncurrent obligations 2,920 — 2,508 —
Long-term Debt — 403 — 449
Noncurrent lease liabilities 2,920 403 2,508 449
Total lease liabilities $ 4,031 $ 448 $ 3,503 $ 497
Weighted-average remaining lease term (in years) 7.0 11.9 7.8 13.2
Weighted-average discount rate 1.9 % 4.1 % 2.2 % 4.2 %
*
Includes non-cash additions of $1,807 and $3 in 2022, and $1,063 and $60 in 2021 for right-of-use assets obtained in exchange for new and modified
lease liabilities for operating and finance leases, respectively.
Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and
amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as
follows:

70
Year-ended December 31
2022 2021 2020
Operating lease costs* $ 2,359 $ 2,199 $ 2,551
Finance lease costs 57 66 45
Total lease costs $ $ 2,265 $ 2,596
2,416
*
Includes variable and short-term lease costs.
Cash paid for amounts included in the measurement of lease liabilities was as follows:
Year-ended December 31
2022 2021 2020
Operating cash flows from operating leases $ 1,892 $ 1,670 $ 1,744
Investing cash flows from operating leases 467 398 762
Operating cash flows from finance leases 18 21 14
Financing cash flows from finance leases 44 193 34
At December 31, 2022, the estimated future undiscounted cash flows for operating and finance leases were as follows:
Operating Finance
Leases
Leases
Year 2023 $ 1,171 $ 61
2024 902 61
2025 633 57
2026 391 54
2027 252 47
Thereafter 1,042 269
Total $ 4,391 $ 549
Less: Amounts representing interest 360 101
Total lease liabilities $ 4,031 $ 448
Additionally, the company has $1,570 in future undiscounted cash flows for operating leases not yet commenced. These
leases are primarily for drill ships and drilling rigs. The company also has $327 in future undiscounted cash flows for a
finance lease not yet commenced for production equipment. For those leasing arrangements where the underlying asset is
not yet constructed, the lessor is primarily involved in the design and construction of the asset.
Note 6
Summarized Financial Data – Chevron U.S.A. Inc.
Chevron U.S.A. Inc. (CUSA) is a major subsidiary of Chevron Corporation. CUSA and its subsidiaries manage and operate
most of Chevron’s U.S. businesses. Assets include those related to the exploration and production of crude oil, natural gas
liquids and natural gas and those associated with the refining, marketing, supply and distribution of products derived from
petroleum, excluding most of the regulated pipeline operations of Chevron. CUSA also holds the company’s investment in
the Chevron Phillips Chemical Company LLC joint venture, which is accounted for using the equity method. The
summarized financial information for CUSA and its consolidated subsidiaries is as follows:
2022 2021 2020
Total costs and other deductions 166,955 114,641 72,575
Net income (loss) attributable to CUSA 13,315 6,904 (2,676)

71
At December 31
2022 2021
Total CUSA net equity $ 27,131 $ 31,309
Memo: Total debt $ 10,800 $ 11,693
Note 7
Summarized Financial Data – Tengizchevroil LLP
Chevron has a 50 percent equity ownership interest in Tengizchevroil LLP (TCO). Refer to Note 15 Investments
and Advances for a discussion of TCO operations. Summarized financial information for 100 percent of TCO is
presented in the table below:
2022 2021
Sales and other operating revenues $ 23,795 $ 15,927
2020 $ 9,194
Costs and other deductions 11,596 8,186 6,076
Net income attributable to TCO 8,566 5,418 2,196
At December 31
2022 2021
Total TCO net equity $ 45,149 $ 39,284
Note 8
Summarized Financial Data – Chevron Phillips Chemical Company LLC
Chevron has a 50 percent equity ownership interest in Chevron Phillips Chemical Company LLC (CPChem). Refer to
Note 15 Investments and Advances for a discussion of CPChem operations. Summarized financial information for 100
percent of CPChem is presented in the table below:
2022 2021 2020
Costs and other deductions 12,870 10,862 7,221
Net income attributable to CPChem 1,662 3,684 1,260
At December 31
2022 2021
Total CPChem net equity $ 13,569 $ 12,763
Note 9
Fair Value Measurements
The tables below show the fair value hierarchy for assets and liabilities measured at fair value on a recurring and
nonrecurring basis at December 31, 2022 and 2021.
Marketable Securities The company calculates fair value for its marketable securities based on quoted market prices for
identical assets. The fair values reflect the cash that would have been received if the instruments were sold at December 31,
2022.
Derivatives The company records most of its derivative instruments – other than any commodity derivative contracts that
are accounted for as normal purchase and normal sale – on the Consolidated Balance Sheet at fair value, with the offsetting

72
amount to the Consolidated Statement of Income. The company designates certain derivative instruments as cash flow
hedges that, if applicable, are reflected in the table below. Derivatives classified as Level 1 include futures, swaps and
options contracts valued using quoted prices from active markets such as the New York Mercantile Exchange. Derivatives
classified as Level 2 include swaps, options and forward contracts, the fair values of which are obtained from third-party
broker quotes, industry pricing services and exchanges. The company obtains multiple sources of pricing information for
the Level 2 instruments. Since this pricing information is generated from observable market data, it has historically been
very consistent. The company does not materially adjust this information.
Properties, Plant and Equipment The company did not have any individually material impairments of long-lived assets
measured at fair value on a nonrecurring basis to report in 2022 or 2021.
Investments and Advances The company did not have any material impairments of investments and advances measured at
fair value on a nonrecurring basis to report in 2022 or 2021.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
At December 31, 2022 At December 31, 2021
Total Level 1 Level 2 Level 3 Total Level 1 Level 2
Level 3
Marketable securities $ $ $ — $ — $ $ 35 $ — $ —
223 223 35
Derivatives - not designated 184 111 73 — 313 285 28
—
Total assets at fair value $ $ $ 73 $ — $ $ 320 $ 28 $ —
407 334 348
Derivatives - not designated 43 33 10 — 72 24 48
—
Derivatives - designated 15 15 — — — — —
—
Total liabilities at fair value $ $ $ 10 $ — $ $ 24 $ 48 $ —
58 48 72
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

At December 31 At December 31
Before-Tax Before-Tax
Loss Loss
At year-end 2022, the company had assets
Totalmeasured
Level 1 atLevel
fair2value
LevelLevel
3 3 using
Year unobservable
Total Level inputs of2 $85.
1 Level LevelThe
3 carrying
Year 2021
2022
value of these assets were written down to fair value based on estimates derived from internal discounted cash flow models.
Properties, plant and equipment, net
Cash
(held flows
and used)were determined using estimates
$ 54of
$ future
— $production,
— $ an
54 outlook
$ of $future124
price
$ based
— $ on —
published
$ 124 prices
$ and
414
a discount rate believed to be consistent with those used
518by principal market participants.
Properties, plant and equipment, net
Assets and
(held for sale)Liabilities Not Required to Be —
Measured
— at Fair
— Value The—company holds — cash equivalents
— in
—U.S. and non-
—
432 bank time deposits with maturities
U.S. portfolios. The instruments classified as cash equivalents are primarily — of 90 days
Investments
or less andandmoney
advancesmarket funds. “Cash 33
and cash2 equivalents”
— 31
had carrying/fair 16
values of— $17,678 —and $5,640 at32
9 16
December 31, 2022, and December 31, 2021, respectively. The fair values of cash and cash equivalents are classified as
Total nonrecurring assets at fair value $ 87 $ 2 $ — $ 85 $ $ 140 $ — $ — $ 140 $ 446
Level 1 and reflect the cash that would have been received959 if the instruments were settled at December 31, 2022.
“Cash and cash equivalents” do not include investments with a carrying/fair value of $1,443 and $1,155 at December 31,
2022, and December 31, 2021, respectively. At December 31, 2022, these investments are classified as Level 1 and include
restricted funds related to certain upstream decommissioning activities, tax payments and a financing program.
Long-term debt, excluding finance lease liabilities, of $16,258 and $22,164 at December 31, 2022, and December 31, 2021,
respectively, had estimated fair values of $14,959 and $23,670, respectively. Long-term debt primarily includes corporate
issued bonds. The fair value of corporate bonds is $14,571 and classified as Level 1. The fair value of other long-term debt
classified as Level 2 is $388.
The carrying values of other short-term financial assets and liabilities on the Consolidated Balance Sheet approximate their
fair values. Fair value remeasurements of other financial instruments at December 31, 2022 and 2021, were not material.

73
Note 10
Financial and Derivative Instruments
Derivative Commodity Instruments The company’s derivative commodity instruments principally include crude oil,
natural gas, liquefied natural gas and refined product futures, swaps, options, and forward contracts. The company applies
cash flow hedge accounting to certain commodity transactions, where appropriate, to manage the market price risk
associated with forecasted sales of crude oil. The company’s derivatives are not material to the company’s financial
position, results of operations or liquidity. The company believes it has no material market or credit risks to its operations,
financial position or liquidity as a result of its commodity derivative activities.
The company uses derivative commodity instruments traded on the New York Mercantile Exchange and on electronic
platforms of the Inter-Continental Exchange and Chicago Mercantile Exchange. In addition, the company enters into swap
contracts and option contracts principally with major financial institutions and other oil and gas companies in the “over- the-
counter” markets, which are governed by International Swaps and Derivatives Association agreements and other master
netting arrangements. Depending on the nature of the derivative transactions, bilateral collateral arrangements may also be
required.
Derivative instruments measured at fair value at December 31, 2022, 2021 and 2020, and their classification on the
Consolidated Balance Sheet below and Consolidated Statement of Income on the following page:
Consolidated Balance Sheet: Fair Value of Derivatives
At December 31
Type of Contract Balance Sheet 2022 2021
Commodity Classification
Accounts and notes receivable, net $ 175 $ 251
Commodity Long-term receivables, net 9 62
Total assets at fair value $ 184 $ 313
Commodity Accounts payable $ 46 $ 71
Commodity Deferred credits and other noncurrent obligations 12 1
Total liabilities at fair value $ 58 $ 72
Consolidated Statement of Income: The Effect of Derivatives

Gain/(Loss)
Type of Derivative Statement of Year ended December 31
Contract Income Classification 2022 2021 2020
$ (685) $ 69
Commodity Sales and other operating revenues $ (651)
(64) (36)
Commodity Purchased crude oil and products (226) (46) 7
Commodity Other income 10
$ (867) $ (795) $
The amount reclassified from “Accumulated other comprehensive losses” (AOCL) to “Sales 40 and other operating revenues”
from designated hedges was $80 in 2022, compared with an immaterial amount in the prior year. At December 31, 2022,
before-tax deferred losses in AOCL related to outstanding crude oil price hedging contracts were $15, all of which is
expected to be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings.
The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated
Balance Sheet at December 31, 2022 and 2021.
Consolidated Balance Sheet: The Effect of Netting Derivative Assets and Liabilities
Gross Amounts Gross Amounts Net Amounts Gross Amounts Net

At December 31, 2022 Offset Not Offset
Recognized Presented Amounts
Derivative Assets - not designated $ 2,591 $ 2,407 $ 184 $ 5 $ 179
Derivative Assets - designated $ 8 $ 8 $ — $ — $ —
Derivative Liabilities - not designated $ 2,450 $ 2,407 $ 43 $ — $ 43
Derivative Liabilities - designated $ 23 $ 8 $ 15 $ — $ 15
Derivative Assets - not designated $ 1,684 $ 1,371 $ 313 $ — $ 313
Derivative Liabilities - not designated $ 1,443 $ 1,371 $ 72 $ — $ 72

74
Derivative assets and liabilities are classified on the Consolidated Balance Sheet as “Accounts and notes receivable”,
“Long-term receivables”, “Accounts payable”, and “Deferred credits and other noncurrent obligations”. Amounts not offset
on the Consolidated Balance Sheet represent positions that do not meet all the conditions for “a right of offset.”
Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk
consist primarily of its cash equivalents, marketable securities, derivative financial instruments and trade receivables. The
company’s short-term investments are placed with a wide array of financial institutions with high credit ratings. Company
investment policies limit the company’s exposure both to credit risk and to concentrations of credit risk. Similar policies on
diversification and creditworthiness are applied to the company’s counterparties in derivative instruments. For a discussion
of credit risk on trade receivables, see Note 28 Financial Instruments - Credit Losses.
Note 11
Assets Held for Sale
At December 31, 2022, the company classified $436 of net properties, plant and equipment as “Assets held for sale” on the
Consolidated Balance Sheet. These assets are associated with upstream operations that are anticipated to be sold in the next
12 months. The revenues and earnings contributions of these assets in 2022 were not material.
Note 12
Equity
Retained earnings at December 31, 2022 and 2021, included $33,570 and $28,876, respectively, for the company’s share of
undistributed earnings of equity affiliates.
At December 31, 2022, about 104 million shares of Chevron’s common stock remained available for issuance from the 104
million shares that were reserved for issuance under the 2022 Chevron Long-Term Incentive Plan. In addition, 597,152
shares remain available for issuance from the 1,600,000 shares of the company’s common stock that were reserved for
awards under the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan.
Note 13
Earnings Per Share
Basic earnings per share (EPS) is based upon “Net Income (Loss) Attributable to Chevron Corporation” (“earnings”)
and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by
certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive
effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 22 Stock Options
and Other Share-Based Compensation). The table below sets forth the computation of basic and diluted EPS:
2022 2021 2020
Basic EPS Calculation
Earnings available to common stockholders - Basic1 $ 35,465 $ 15,625 $
(5,543)
Weighted-average number of common shares outstanding2 1,931 1,916 1,870
Add: Deferred awards held as stock units — — —
Total weighted-average number of common shares outstanding 1,931 1,916 1,870
Earnings per share of common stock - Basic $ 18.36 $ 8.15 $
(2.96)
Diluted EPS Calculation
Earnings available to common stockholders - Diluted1 $ 35,465 $ 15,625 $
(5,543)
Weighted-average number of common shares outstanding2 1,931 1,916 1,870
Add: Deferred awards held as stock units — — —
Add: Dilutive effect of employee stock-based awards 9 4 —
Total weighted-average number of common shares outstanding 1,940 1,920 1,870
1
There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.
Earnings per share of common stock - Diluted $ 18.28 $ 8.14 $
2
Millions of shares; 1 million shares of employee-based awards were not included in the 2020 diluted EPS calculation as the result would be anti-dilutive.
(2.96)

75
Note 14
Operating Segments and Geographic Data
Although each subsidiary of Chevron is responsible for its own affairs, Chevron Corporation manages its investments in
these subsidiaries and their affiliates. The investments are grouped into two business segments, Upstream and Downstream,
representing the company’s “reportable segments” and “operating segments.” Upstream operations consist primarily of
exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and
regasification associated with liquefied natural gas (LNG); transporting crude oil by major international oil export
pipelines; processing, transporting, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations
consist primarily of refining of crude oil into petroleum products; marketing of crude oil, refined products, and lubricants;
manufacturing and marketing of renewable fuels; transporting of crude oil and refined products by pipeline, marine vessel,
motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses,
and fuel and lubricant additives. All Other activities of the company include worldwide cash management and debt
financing activities, corporate administrative functions, insurance operations, real estate activities, and technology
activities.
The company’s segments are managed by “segment managers” who report to the “chief operating decision
maker” (CODM). The segments represent components of the company that engage in activities (a) from which revenues
are earned and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, which makes
decisions about resources to be allocated to the segments and assesses their performance; and (c) for which discrete
financial information is available.
The company’s primary country of operation is the United States of America, its country of domicile. Other components of
the company’s operations are reported as “International” (outside the United States).
Segment Earnings The company evaluates the performance of its operating segments on an after-tax basis, without
considering the effects of debt financing interest expense or investment interest income, both of which are managed by the
company on a worldwide basis. Corporate administrative costs are not allocated to the operating segments. However,
operating segments are billed for the direct use of corporate services. Non-billable costs remain at the corporate level in
“All Other.” Earnings by major operating area are presented in the following table:
2022 2021 2020
Upstream
United States $ 12,621 $ 7,319 $
(1,608)
International 17,663 8,499
(825)
Total Upstream 30,284 15,818
(2,433)
Downstream
United States 5,394 2,389
(571)
International 2,761 525
618
Total Downstream 8,155 2,914 47
Total Segment Earnings 38,439 18,732
(2,386)
All Other
Interest expense (476) (662)
(658)
Interest income 261 36 52
Other (2,759) (2,481)
(2,551)
Net Income (Loss) Attributable to Chevron Corporation $ 35,465 $ 15,625 $
(5,543)

76
Segment Assets Segment assets do not include intercompany investments or receivables. Assets at year-end 2022 and 2021
are as follows:
At December 31
2022 2021
Upstream
United States $ 44,246 $ 41,870
Downstream
Goodwill 352 —
Total Downstream 53,221 45,224
Total Segment Assets 236,326 229,636
All Other
Total All Other 21,383 9,899
Total Assets – United States 93,783 73,992
Total Assets – International 159,204 161,158
Total Assets $ 257,709 $ 239,535
Segment Sales and Other Operating Revenues Operating segment sales and other operating revenues, including internal
transfers, for the years 2022, 2021 and 2020, are presented in the table on the next page. Products are transferred between
operating segments at internal product values that approximate market prices.
Revenues for the upstream segment are derived primarily from the production and sale of crude oil and natural gas, as well
as the sale of third-party production of natural gas. Revenues for the downstream segment are derived from the refining and
marketing of petroleum products such as gasoline, jet fuel, gas oils, lubricants, residual fuel oils and other products derived
from crude oil. This segment also generates revenues from the manufacture and sale of fuel and lubricant additives and the
transportation and trading of refined products and crude oil. “All Other” activities include revenues from insurance
operations, real estate activities and technology companies.

77

2022 2021
Upstream 2020
United States $ 50,822 $ 29,219 $ 14,577
International 56,156 40,921 26,804
Subtotal 106,978 70,140 41,381
Intersegment Elimination — United States (29,870) (15,154)
(8,068)
Intersegment Elimination — International (13,815) (10,994)
(7,002)
Total Upstream 63,293 43,992 26,311
Downstream
United States 91,824 57,209 32,589
International 87,741 58,098 38,936
Subtotal 179,565 115,307 71,525
Intersegment Elimination — United States (5,529) (2,296)
(2,150)
(1,292)
Total Downstream 172,308 111,490 68,083
All Other
United States 515 506 744
International 3 2 15
Subtotal 518 508 759
Intersegment Elimination — United States (400) (382)
(667)
Intersegment Elimination — International (2) (2)
(15)
Total
Other All
1
thanOther 116 Other Operating Revenues.
the United States, no other country accounted for 10 percent or more of the company’s Sales and 124 77
Sales and Other Operating Revenues
Segment Income Taxes Segment income tax expense for the years 2022, 2021 and 2020 is as follows:
United States 143,161 86,934 47,910
International 143,900 Year ended December
99,021 31
65,755
2022 2021 2020
Subtotal 287,061 185,955 113,665
Upstream
United States Elimination — United States
Intersegment $ (35,799)
3,678 $ (17,832)
1,934 $
(570)
(10,885)
(415)
(8,309)
Total Sales and Other Operating Revenues $ 235,717 $ 155,606 $ 94,471
(985)
Downstream
United States 1,515 547
(192)
Other Segment Information Additional information for the segmentation of major equity affiliates is contained in Note 15
Investments and Advances. Information related to properties, plant and equipment by segment is203contained in Note
International 280
18 Properties, Plant and Equipment. 253

Total Downstream 1,795 750 61
All Other (462) (926)
(968)
Total Income Tax Expense (Benefit) $ 14,066 $ 5,950 $
(1,892)

78
Note 15
Investments and Advances
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and
other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron
pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which
are reported on the Consolidated Statement of Income as “Income tax expense.”
Investments and Advances Equity in Earnings
At December 31 Year ended December 31
2022 2021 2022 2021
Upstream 2020
Tengizchevroil $ 26,534 $ 23,727 $ 4,386 $ 2,831 $ 1,238
Petropiar — — — — (1,396)
Petroboscan — — — — (1,112)
Caspian Pipeline Consortium 761 805 128 155 159
Angola LNG Limited 1,963 2,180 1,857 336 (166)
Other 1,938 1,859 255 187 137
Total Upstream 31,196 28,571 6,626 3,509 (1,140)
Downstream
Chevron Phillips Chemical Company LLC 6,843 6,455 867 1,842 630
GS Caltex Corporation 4,288 3,616 874 85 (185)
Other 2,288 1,725 224 220 223
Total Downstream 13,419 11,796 1,965 2,147 668
All Other
Other (5) (6) 1 —
(10)
Total equity method $ 44,610 $ 40,357 $ 8,585 $ 5,657 $ (472)
Other non-equity method investments 628 339
Total investments and advances $ 45,238 $ 40,696
Total United States $ 9,855 $ 8,540 $ 975 $ 1,889 $ 709
Total International $ 35,383 $ 32,156 $ 7,610 $ 3,768 $ (1,181)
Descriptions of major equity affiliates and non-equity investments, including significant differences between the
company’s carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows:
Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz
and Korolev crude oil fields in Kazakhstan. At December 31, 2022, the company’s carrying value of its investment in TCO
was about $90 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron
acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net
assets. Included in the investment is a loan to TCO to fund the development of the FGP/WPMP with a principal balance of
$4,500.
Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the heavy oil Huyapari
Field and upgrading project in Venezuela’s Orinoco Belt. In 2020, the company fully impaired its investments in the
Petropiar affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment.
Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in
Venezuela. In 2020, the company fully impaired its investments in the Petroboscan affiliate and, effective July 1, 2020,
began accounting for this venture as a non-equity method investment. The company also has an outstanding long-term loan
to Petroboscan of $560, which remains fully provisioned for at year-end 2022.
Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the
critical export route for crude oil from both TCO and Karachaganak.
Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural
gas produced in Angola for delivery to international markets.
Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC.
Included in the investment balance is a loan with a principal balance of $59 to fund a portion of the Golden Triangle
Polymers Project in Orange, Texas, in which Chevron Phillips Chemical Company LLC owns 51 percent.

79
GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South
Korea. The joint venture imports, produces and markets petroleum products, petrochemicals and lubricants.
Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $16,286,
$10,796 and $6,038 with affiliated companies for 2022, 2021 and 2020, respectively. “Purchased crude oil and products”
includes $10,171, $5,778 and $3,003 with affiliated companies for 2022, 2021 and 2020, respectively.
“Accounts and notes receivable” on the Consolidated Balance Sheet includes $907 and $1,454 due from affiliated
companies at December 31, 2022 and 2021, respectively. “Accounts payable” includes $709 and $552 due to affiliated
companies at December 31, 2022 and 2021, respectively.
The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as
Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,278, $4,704 and $5,153 at December 31, 2022,
2021 and 2020, respectively.
Affiliates Chevron Share
Year ended December 31 2022 2021 2020 2022 2021 2020
Total revenues $ 100,184 $ 71,241 $ 49,093 $ 48,323 $ 34,359 $ 21,641
Income before income tax expense* 23,811 15,175 5,682 10,876 6,984 2,550
Net income attributable to affiliates 19,077 12,598 4,704 8,595 5,670 2,034
At December 31
Current assets $ 26,632 $ 21,871 $ 17,087 $ 11,671 $ 9,267 $ 7,328
Noncurrent assets 101,557 100,235 97,468 46,428 44,360 43,247
Current liabilities 16,319 17,275 12,164 7,708 7,492 5,052
Noncurrent liabilities 22,943 24,219 25,586 5,980 5,982 5,884
Total affiliates’ net equity $ 88,927 $ 80,612 $ 76,805 $ 44,411 $ 40,153 $ 39,639
* Chevron’s net income attributable to affiliates is recorded in the company’s before-tax consolidated earnings in accordance with U.S. Generally Accepted Accounting
Principles. The total income tax expense recorded by the company’s equity affiliates in 2022 was $4,734, with Chevron’s share being $2,281.
Note 16
Litigation
Ecuador
In 2003, Chevron was sued in Ecuador for environmental harm allegedly caused by an oil consortium formerly operated by
a Texaco subsidiary. The subsidiary previously had been released from environmental claims by Ecuador after it completed
a three-year remediation program, which Ecuador certified. Nonetheless, in February 2011, the Ecuadorian trial court
entered judgment against Chevron for approximately $9.5 billion, plus punitive damages. An appellate panel affirmed, and
Ecuador’s National Court of Justice ratified the judgment but nullified the punitive damages. Ecuador’s highest
Constitutional Court rejected Chevron’s final appeal in July 2018.
In 2011, Chevron sued the Ecuadorian plaintiffs and several of their lawyers and cohorts in the U.S. District Court for the
Southern District of New York (SDNY) for violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act
and state law. The SDNY ruled that the Ecuadorian judgment had been procured through fraud, bribery, and corruption,
and prohibited the defendants from seeking to enforce the judgment in the United States or profiting from their illegal acts.
The Second Circuit affirmed, and the U.S. Supreme Court denied certiorari in 2017. The Ecuadorian plaintiffs sought to
have the Ecuadorian judgment recognized and enforced in Canada, Brazil, and Argentina, but all of those actions were
dismissed in Chevron’s favor.
In 2009, Chevron filed an arbitration claim against Ecuador before an arbitral tribunal administered by the Permanent Court
of Arbitration in The Hague, under the United States-Ecuador Bilateral Investment Treaty. In 2018, the Tribunal ruled that
the Ecuadorian judgment was procured through fraud, bribery, and corruption, and was based on environmental claims that
Ecuador had already settled and released. According to the Tribunal, the Ecuadorian judgment “violates international
public policy” and “should not be recognized or enforced by the courts of other States.” The Tribunal ordered Ecuador to
remove the judgment’s status of enforceability and to compensate Chevron for its injuries. The arbitration’s final phases, to
determine the amount of compensation owed to Chevron and to allocate the arbitration’s costs, remain pending. In 2020,
the District Court of The Hague denied Ecuador’s request to set aside the Tribunal’s award. Based on Ecuador’s
admissions during the litigation, the Court stated that it now is “common ground” between Ecuador and Chevron that the
Ecuadorian judgment is fraudulent. In June 2022, The Hague Court of Appeals dismissed Ecuador’s appeal. In September

80
2022, Ecuador appealed to the Dutch Supreme Court. In a separate proceeding before the Office of the United States Trade
Representative, Ecuador also admitted in July 2020 that the Ecuadorian judgment is fraudulent.
Management continues to believe that the Ecuadorian judgment is illegitimate and unenforceable and will vigorously
defend against any further attempts to have it recognized or enforced.
Climate Change
Governmental and other entities in various jurisdictions across the United States have filed legal proceedings against fossil
fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged
impacts of climate change. Chevron entities are or were among the codefendants in 23 separate lawsuits brought by 17 U.S.
cities and counties, three U.S. states, the District of Columbia, a group of municipalities in Puerto Rico and a trade group.
One of the city lawsuits was dismissed on the merits, and one of the county lawsuits was voluntarily dismissed by the
plaintiff. The lawsuits assert various causes of action, including public nuisance, private nuisance, failure to warn, fraud,
conspiracy to commit fraud, design defect, product defect, trespass, negligence, impairment of public trust, violations of
consumer protection statutes, violations of a federal antitrust statute, and violations of the RICO Act, based upon, among
other things, the company’s production of oil and gas products and alleged misrepresentations or omissions relating to
climate change risks associated with those products. The unprecedented legal theories set forth in these proceedings entail
the possibility of damages liability (both compensatory and punitive), injunctive and other forms of equitable relief,
including without limitation abatement and disgorgement of profits, civil penalties and liability for fees and costs of suits,
that, while we believe remote, could have a material adverse effect on the company’s results of operations and financial
condition. Further such proceedings are likely to be filed by other parties. Management believes that these proceedings are
legally and factually meritless and detract from constructive efforts to address the important policy issues presented by
climate change, and will vigorously defend against such proceedings.
Louisiana
Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies
seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone under Louisiana’s State
and Local Coastal Resources Management Act (SLCRMA). Chevron entities are defendants in 39 of these cases. The
lawsuits allege that the defendants’ historical operations were conducted without necessary permits or failed to comply
with permits obtained and seek damages and other relief, including the costs of restoring coastal wetlands allegedly
impacted by oil field operations. Plaintiffs’ SLCRMA theories are unprecedented; thus, there remains significant
uncertainty about the scope of the claims and alleged damages and any potential effects on the company’s results of
operations and financial condition. Management believes that the claims lack legal and factual merit and will continue to
vigorously defend against such proceedings.
Note 17
Taxes
Income Taxes Year ended December 31
2022 2021
Income tax expense (benefit) 2020
U.S. federal
Current $ 1,723 $ 174 $ (182)
Deferred 2,240 1,004 (1,315)
State and local
Current 482 222 65
Deferred 39 202 (152)
Total United States 4,484 1,602 (1,584)
International
Current 9,738 4,854 1,833
Deferred (156) (506) (2,141)
Total International 9,582 4,348 (308)
Total income tax expense (benefit) $ 14,066 $ 5,950 $ (1,892)
The reconciliation between the U.S. statutory federal income tax rate and the company’s effective income tax rate is
detailed in the following table:

81
2022 2021 2020

Income (loss) before income taxes
United States $ $ 9,674 $ (5,700)
21,005
International 28,669 11,965 (1,753)
Total income (loss) before income taxes 49,674 21,639 (7,453)
Theoretical tax (at U.S. statutory rate of 21%) 10,432 4,544 (1,565)
Equity affiliate accounting effect (1,678) (890) 211
Effect of income taxes from international operations 5,041 2,692 (39)
State and local taxes on income, net of U.S. federal income tax benefit 508 216 (65)
Prior year tax adjustments, claims and settlements 1 (90) 362 (236)
Tax credits (6) (173) (33)
Other U.S. 1, 2 (141) (801) (165)
Total income tax expense (benefit) $ $ 5,950 $ (1,892)
14,066
Effective
1
income tax
Includes one-time taxcosts
rate(benefits)
3
associated with changes in uncertain tax positions. 28.3 % 27.5 %
2
Includes one-time tax costs (benefits) associated with changes in valuation allowances (2022 - $(36); 2021 - $(624); 2020 - $0).
3
25.4
The company’s effective tax rate is reflective of equity income reported on an after-tax basis as part of the “Total Income (Loss) Before Income Tax%
Expense,” in accordance
with U.S. Generally Accepted Accounting Principles. Chevron’s share of its equity affiliates’ total income tax expense in 2022 was $2,281.
The 2022 increase in income tax expense of $8,116 is a result of the year-over-year increase in total income before income
tax expense, which is primarily due to higher upstream realizations and downstream margins. The company’s effective tax
rate changed from 27.5 percent in 2021 to 28.3 percent in 2022. The change in effective tax rate is mainly due to mix
effects resulting from the absolute level of earnings or losses and whether they arose in higher or lower tax rate
jurisdictions.
The company records its deferred taxes on a tax-jurisdiction basis. The reported deferred tax balances are composed of the
following:
At December 31
2022 2021
Deferred tax liabilities
Properties, plant and $ 18,295 $ 17,169
equipment Investments and 4,492 4,105
other
Total deferred tax liabilities 22,787 21,274
Deferred tax assets
Foreign tax credits (12,599) (11,718)
Asset retirement obligations/environmental reserves (4,518) (4,553)
Employee benefits (2,087) (3,037)
Deferred credits (446) (996)
Tax loss carryforwards (3,887) (4,175)
Other accrued liabilities (746) (239)
Inventory (219) (289)
Operating leases (1,134) (1,255)
Miscellaneous (4,057) (3,657)
Total deferred tax assets (29,693) (29,919)
Deferred tax assets valuation allowance 19,532 17,651
Total deferred taxes, net $ 12,626 $ 9,006
Deferred tax liabilities increased by $1,513 from year-end 2021, primarily driven by an increase to properties, plant and
equipment. Deferred tax assets decreased by $226 from year-end 2021. This decrease was primarily related to decreases in
employee benefits and tax loss carryforwards for various locations, partially offset by the increase in foreign tax credits.
The overall valuation allowance relates to deferred tax assets for U.S. foreign tax credit carryforwards, tax loss
carryforwards and temporary differences. The valuation allowance reduces the deferred tax assets to amounts that are, in
management’s assessment, more likely than not to be realized. At the end of 2022, the company had gross tax loss
carryforwards of approximately $9,850 and tax credit carryforwards of approximately $440, primarily related to various
international tax jurisdictions. Whereas some of these tax loss carryforwards do not have an expiration date, others expire
at various times from 2023 through 2041. U.S. foreign tax credit carryforwards of $12,599 will expire between 2023 and
2033.

82
At December 31, 2022 and 2021, deferred taxes were classified on the Consolidated Balance Sheet as follows:
At December 31
2022 2021
Deferred charges and other assets $ (4,505) $ (5,659)
Noncurrent deferred income taxes 17,131 14,665
Total deferred income taxes, net $ 12,626 $
9,006
Income taxes, including U.S. state and foreign withholding taxes, are not accrued for unremitted earnings of international
operations that have been or are intended to be reinvested indefinitely. The indefinite reinvestment assertion continues to
apply for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding tax purposes.
Undistributed earnings of international consolidated subsidiaries and affiliates for which no deferred income tax provision
has been made for possible future remittances totaled approximately $51,300 at December 31, 2022. This amount
represents earnings reinvested as part of the company’s ongoing international business. It is not practicable to estimate the
amount of state and foreign withholding taxes that might be payable on the possible remittance of earnings that are
intended to be reinvested indefinitely. The company does not anticipate incurring significant additional taxes on
remittances of earnings that are not indefinitely reinvested.
Uncertain Income Tax Positions The company recognizes a tax benefit in the financial statements for an uncertain tax
position only if management’s assessment is that the position is more likely than not (i.e., a likelihood greater than 50
percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” in
the accounting standards for income taxes refers to a position in a previously filed tax return or a position expected to be
taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for interim or
annual periods.
The following table indicates the changes to the company’s unrecognized tax benefits for the years ended December 31,
2022, 2021 and 2020. The term “unrecognized tax benefits” in the accounting standards for income taxes refers to the
differences between a tax position taken or expected to be taken in a tax return and the benefit measured and recognized in
the financial statements. Interest and penalties are not included.
2022 2021 2020
Balance at January 1 $ 5,288 $ 5,018 $
4,987
Foreign currency effects (2) (1)
2
Additions based on tax positions taken in current year 30 194
253
Additions for tax positions taken in prior years 234 218
Approximately 80 percent of the $5,323 of unrecognized tax benefits at December 31, 2022, would have 437 an impact on the
Reductions
effective taxforrate
tax positions taken in prior
if subsequently years
recognized. (117) relate to tax(36)
Certain of these unrecognized tax benefits carryforwards that
may require a full valuation allowance at the time of any such recognition. (216)
Settlements with taxing authorities in current year
Tax positions for Chevron and its subsidiaries and affiliates are subject to income(110) (18)
tax audits by many tax jurisdictions
throughout the world. For the company’s major tax jurisdictions, examinations of tax returns for certain(429) prior tax years had
notReductions
been completed asaof
as a result of December
lapse 31, 2022.
of the applicable statuteFor these jurisdictions, the latest years—for which income
of limitations (87)tax examinations
had been finalized were as follows: United States – 2016, Nigeria – 2007, Australia – 2009, Kazakhstan – 2012 and Saudi
(16)
Arabia – 2016.
Balance at December 31 $ 5,323 $ $
5,288 5,018
The company engages in ongoing discussions with tax authorities regarding the resolution of tax matters in the various
jurisdictions. Both the outcome of these tax matters and the timing of resolution and/or closure of the tax audits are highly
uncertain. Of the amount of unrecognized tax benefits the company has identified as of December 31, 2022, it is reasonably
possible that developments on tax matters in certain tax jurisdictions may result in decreases of approximately 20 percent
within the next 12 months. Given the number of years that still remain subject to examination and the number of matters
being examined in the various tax jurisdictions, the company is unable to estimate the range of possible adjustments to the
balance of unrecognized tax benefits beyond the next 12 months.
On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax
positions as “Income Tax Expense (Benefit).” As of December 31, 2022, accrued expense of $112 for anticipated interest

83
and penalties was included on the Consolidated Balance Sheet, compared with accrued benefit of $(76) as of year-end
2021. Income tax expense (benefit) associated with interest and penalties was $152, $19 and $(124) in 2022, 2021 and
2020, respectively.
Taxes Other Than on Income
2022 2021 2020
United States
Import duties and other levies $ 10 $ 7 $ 7
Property and other miscellaneous taxes 609 552 588
Payroll taxes 248 302 235
Taxes on production 989 628 317
Total United States 1,856 1,489 1,147
International
Import duties and other levies 63 49 39
Property and other miscellaneous taxes 1,789 2,174 1,461
Payroll taxes 122 113 117
Taxes on production 202 138 75
Total International 2,176 2,474 1,692
Total taxes other than on income $ 4,032 $ 3,963 $ 2,839
Note 18
Properties, Plant and Equipment1
At December 31 Year ended December 31
Gross Investment at Cost Net Investment Additions at Cost2 Depreciation Expense3
2022 2021 2020 2022 2021 2022 2021 2022
Upstream 2021
United States $ 96,590 $ 93,393 $ 96,555 $ 37,031 $ 36,027
2020 $ 38,175 $ 6,461 $ 4,520
2020 $ 13,067 $ 5,012 $ 5,675 $ 6,841
2020
International 188,556 202,757 209,846 88,549 94,770 102,010 2,599 2,349 11,069 9,830 10,824 11,121
Total Upstream 285,146 296,150 306,401 125,580 130,797 140,185 9,060 6,869 24,136 14,842 16,499 17,962
Downstream
United States 29,802 26,888 26,499 12,827 10,766 11,101 2,742 543 638 913 833 851
International 8,281 8,134 7,993 3,226 3,300 3,395 246 234 573 311 296 283
Total Downstream 38,083 35,022 34,492 16,053 14,066 14,496 2,988 777 1,211 1,224 1,129 1,134
All Other
United States 4,402 4,729 4,195 1,931 2,078 1,916 230 143 194 247 290 403
International 154 144 144 27 20 21 12 7 5 6 7 9
Total All Other 4,556 4,873 4,339 1,958 2,098 1,937 242 150 199 253 297 412
Total United States 130,794 125,010 127,249 51,789 48,871 51,192 9,433 5,206 13,899 6,172 6,798 8,095
Total International 196,991 211,035 217,983 91,802 98,090 105,426 2,857 2,590 11,647 10,147 11,127 11,413
Total $327,785 $336,045 $345,232 $143,591 $146,961 $156,618 $ 12,290 $ 7,796 $ 25,546 $ 16,319 $ 17,925 $ 19,508
1
Other than the United States and Australia, no other country accounted for 10 percent or more of the company’s net properties, plant and equipment (PP&E) in 2022.
Australia had PP&E of $44,012, $46,687 and $48,374 in 2022, 2021 and 2020, respectively. Gross Investment at Cost, Net Investment and Additions at Cost for 2020 each
include $16,703 associated with the Noble acquisition.
2
Net of dry hole expense related to prior years’ expenditures of $177, $35 and $709 in 2022, 2021 and 2020, respectively.
3
Depreciation expense includes accretion expense of $560, $616 and $560 in 2022, 2021 and 2020, respectively, and impairments and write-offs of $950, $414 and $2,792 in
2022, 2021 and 2020, respectively.

84
Note 19
Short-Term Debt
At December 31
2022 2021
Commercial paper $ — $ —
Notes payable to banks and others with originating terms of one year or less 328 62
Current maturities of long-term debt1 2,699 4,946
Current maturities of long-term finance leases 45 48
Redeemable long-term obligations 2,942 2,959
Subtotal 6,014 8,015
Reclassified to long-term debt (4,050) (7,759)
Total short-term debt $ 1,964 $ 256
1
Inclusive of unamortized premiums of $5 at December 31, 2022 and $0 at December 31, 2021.
Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current
liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet
date.
The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2022, the
company had no interest rate swaps on short-term debt.
At December 31, 2022, the company had $8,495 in 364-day committed credit facilities with various major banks that
enable the refinancing of short-term obligations on a long-term basis. The credit facilities allow the company to convert
any amounts outstanding into a term loan for a period of up to one year. This supports commercial paper borrowing and
can also be used for general corporate purposes. The company’s practice has been to continually replace expiring
commitments with new commitments on substantially the same terms, maintaining levels management believes
appropriate. Any borrowings under the facility would be unsecured indebtedness at interest rates based on the Secured
Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting
the company’s strong credit rating. No borrowings were outstanding under this facility at December 31, 2022.
The company classified $4,050 and $7,759 of short-term debt as long-term at December 31, 2022 and 2021, respectively.
Settlement of these obligations is not expected to require the use of working capital within one year, and the company has
both the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis.

85
Note 20
Long-Term Debt
Total long-term debt including finance lease liabilities at December 31, 2022, was $21,375. The company’s long-term debt
outstanding at year-end 2022 and 2021 was as follows:
At December 31
2022 2021
Weighted Average Range of
Interest Rate Interest Principal Principal
Notes due 2023 (%)1 1.282 Rates- (%)
0.426
2
7.250 $ 1,800 $ 4,800
Floating rate notes due 2023 3.384 3.121 - 3.821 800 800
Notes due 2024 3.291 2.895 - 3.900 1,650 1,650
Notes due 2025 1.724 0.687 - 3.326 4,000 4,000
Notes due 2026 2.954 2,250 2,250
Notes due 2027 2.379 1.018 - 8.000 2,000 2,000
Notes due 2028 3.850 600 600
Notes due 2029 3.250 500 500
Notes due 2030 2.236 1,500 1,500
Debentures due 2031 8.625 102 102
Debentures due 2032 8.416 8.000 - 8.625 183 183
Notes due 2040 2.978 293 293
Notes due 2041 6.000 397 397
Notes due 2043 5.250 330 330
Notes due 2044 5.050 222 222
Notes due 2047 4.950 187 187
Notes due 2049 4.200 237 237
Notes due 2050 2.763 2.343 - 3.078 1,750 1,750
Debentures due 2097 7.250 60 60
Bank loans due 2023 5.206 4.928 - 5.342 91 100
3.400% loan — 211
Medium-term notes, maturing from 2023 to 2038 6.306 4.283 - 7.900 23 23
Notes due 2022 — 4,946
Total including debt due within one year 18,975 27,141
Debt due within one year (2,694) (4,946)
Fair market value adjustment for debt acquired in the Noble acquisition 664 741
Reclassified from short-term debt 4,050 7,759
Unamortized discounts and debt issuance costs (23) (31)
1
Finance lease liabilities
Weighted-average 3
interest rate at December 31, 2022. 403 449
2
Rangelong-term
Total of interest rates
debtat December 31, 2022. $ 21,375 $ 31,113
3
For details on finance lease liabilities, see Note 5 Lease Commitments.
Chevron has an automatic shelf registration statement that expires in August 2023. This registration statement is for an
unspecified amount of nonconvertible debt securities issued or guaranteed by Chevron Corporation or CUSA.
Long-term debt excluding finance lease liabilities with a principal balance of $18,975 matures as follows: 2023 – $2,694;
2024 – $1,650; 2025 – $4,000; 2026 – $2,250; 2027 – $2,000; and after 2027 – $6,381.
In addition to the $4.9 billion in long-term debt that matured in 2022, the company also early-redeemed $3.0 billion in
notes at face value that were scheduled to mature in the second quarter of 2023.
See Note 9 Fair Value Measurements for information concerning the fair value of the company’s long-term debt.
Note 21
Accounting for Suspended Exploratory Wells
The company continues to capitalize exploratory well costs after the completion of drilling when the well has found a
sufficient quantity of reserves to justify completion as a producing well, and the business unit is making sufficient progress
assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the
company obtains information that raises substantial doubt about the economic or operational viability of the project, the
exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.

86
The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended
December 31, 2022:
2022 2021 2020
Beginning balance at January 1 $ 2,109 $ 2,512 $ 3,041
Additions to capitalized exploratory well costs pending the determination of proved reserves 72 56
28
Reclassifications to wells, facilities and equipment based on the determination of proved reserves (425)
(481)
(102)
* Capitalized exploratory
2020 represents fair value ofwell
wellcosts chargedintothe
costs acquired expense
Noble acquisition. (34)
(73)
The following table provides an aging of capitalized well costs and the number of projects for which exploratory
(667)well costs
have
Other*been capitalized for a period greater than one year since the completion of drilling. — —
212
At December 31
Ending balance at December 31 $ 1,627
2022 $ 2,109
2021 $ 2,512
2020
Exploratory well costs capitalized for a period of one year or less $ 73 $ 65 $ 26
Exploratory well costs capitalized for a period greater than one year 1,554 2,044 2,486
Balance at December 31 $ 1,627 $ 2,109 $ 2,512
Number of projects with exploratory well costs that have been capitalized for a period greater than one year* 12 15 17
*
Certain projects have multiple wells or fields or both.
Of the $1,554 of exploratory well costs capitalized for more than one year at December 31, 2022, $945 is related to seven
projects that had drilling activities underway or firmly planned for the near future. The $609 balance is related to five
projects in areas requiring a major capital expenditure before production could begin and for which additional drilling
efforts were not underway or firmly planned for the near future. Additional drilling was not deemed necessary because the
presence of hydrocarbons had already been established, and other activities were in process to enable a future decision on
project development.
The projects for the $609 referenced above had the following activities associated with assessing the reserves and the
projects’ economic viability: (a) $194 (three projects) – undergoing front-end engineering and design with final investment
decision expected within four years; (b) $415 (two projects) – development alternatives under review. While progress was
being made on all 12 projects, the decision on the recognition of proved reserves under SEC rules in some cases may not
occur for several years because of the complexity, scale and negotiations associated with the projects. More than three-
quarters of these decisions are expected to occur in the next five years.
The $1,554 of suspended well costs capitalized for a period greater than one year as of December 31, 2022, represents 71
exploratory wells in 12 projects. The tables below contain the aging of these costs on a well and project basis:
Aging based on drilling completion date of individual wells: Amount Number of wells
2000-2009 $ 263 14
2010-2014 1,121 49
2015-2021 170 8
Total $ 1,554 71
Aging based on drilling completion date of last suspended well in project: Amount Number of projects
2008-2013 $ 428 5
2014-2018 1,083 6
2019-2022 43 1
Total $ 1,554 12
Note 22
Stock Options and Other Share-Based Compensation
Compensation expense for stock options for 2022, 2021 and 2020 was $60 ($46 after tax), $60 ($47 after tax) and $94 ($74
after tax), respectively. In addition, compensation expense for stock appreciation rights, restricted stock, performance
shares and restricted stock units was $1,013 ($770 after tax), $701 ($554 after tax) and $96 ($76 after tax) for 2022, 2021
and 2020, respectively. No significant stock-based compensation cost was capitalized at December 31, 2022, or December
31, 2021.

87
Cash received in payment for option exercises under all share-based payment arrangements for 2022, 2021 and 2020 was
$5,835, $1,274 and $226, respectively. Actual tax benefits realized for the tax deductions from option exercises were $216,
$(15) and $8 for 2022, 2021 and 2020, respectively.
Cash paid to settle performance shares, restricted stock units and stock appreciation rights was $556, $163 and $95 for
On May 25, 2022, stockholders approved the Chevron 2022 Long-Term Incentive Plan (2022 LTIP). Awards under the
2022 LTIP may take the form of, but are not limited to, stock options, restricted stock, restricted stock units, stock
appreciation rights, performance shares and non-stock grants. From May 2022 through May 2032, no more than 104
million shares may be issued under the 2022 LTIP. For awards issued on or after May 25, 2022, no more than 48 million of
those shares may be issued in the form of full value awards such as share-settled restricted stock, share-settled restricted
stock units and other share-settled awards that do not require full payment in cash or property for shares underlying such
awards by the award recipient. For the major types of awards issued before January 1, 2017, the contractual terms vary
between three years for the performance shares and restricted stock units, and 10 years for the stock options and stock
appreciation rights. For awards issued after January 1, 2017, contractual terms vary between three years for the
performance shares and special restricted stock units, five years for standard restricted stock units and 10 years for the
stock options and stock appreciation rights. Commencing for grants issued in January 2023 and after, standard restricted
stock units vest ratably on an annual basis over a three-year period. Forfeitures of performance shares, restricted stock
units, and stock appreciation rights are recognized as they occur. Forfeitures of stock options are estimated using historical
forfeiture data dating back to 1990.
Noble Share-Based Plans (Noble Plans) When Chevron acquired Noble in October 2020, outstanding stock options
granted under various Noble Plans were exchanged for Chevron options. These awards retained the same provisions as the
original Noble Plans. Awards issued may be exercised for up to five years after termination of employment, depending
upon the termination type, or the original expiration date, whichever is earlier. Other awards issued under the Noble Plans
included restricted stock awards, restricted stock units, and performance shares, which retained the same provisions as the
original Noble Plans. Upon termination of employment due to change-in-control, all unvested awards issued under the
Noble Plans, including stock options, restricted stock awards, restricted stock units and performance shares vested on the
termination date. If not exercised, awards will expire between 2023 and 2029.
Fair Value and Assumptions The fair market values of stock options and stock appreciation rights granted in 2022, 2021
and 2020 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-
average assumptions:
2022
Expected term in years1 6.9 6.8
2021
6.6
Volatility2 31.3
2020 31.1 % 20.8 %
%
Risk-free interest rate based on zero coupon U.S. treasury note 1.79 0.71 % 1.50 %
%
1
Expected term is based on historical exercise and post-vesting cancellation data.
2 Dividend yield
Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. 5.0 6.0 % 4.0 %
%
A summary of option
Weighted-average activity
fair value during
per option granted2022 is presented below: $ 23.56 $ 12.22 $ 13.00
Weighted-Average Averaged Remaining
Shares (Thousands) Exercise Contractual Term Aggregate Intrinsic Value
Price (Years)
Outstanding at January 1, 2022 77,399 $ 108.10
Granted 3,870 $ 132.69
Exercised (55,275) $ 105.56
Forfeited (729) $ 208.46
Outstanding at December 31, 2022 25,265 $ 114.61 6.62 $ 1,794
Exercisable at December 31, 2022 16,421 $ 117.20 5.18 $ 1,178
The total intrinsic value (i.e., the difference between the exercise price and the market price) of options exercised during
2022, 2021 and 2020 was $2,369, $152 and $92, respectively. During this period, the company continued its practice of
issuing treasury shares upon exercise of these awards.

88
As of December 31, 2022, there was $78 of total unrecognized before-tax compensation cost related to nonvested share-
based compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted-average
period of 1.8 years.
At January 1, 2022, the number of LTIP performance shares outstanding was equivalent to 5,023,065 shares. During 2022,
1,552,624 performance shares were granted, 1,652,839 shares vested with cash proceeds distributed to recipients and
169,584 shares were forfeited. At December 31, 2022, there were 4,753,266 performance shares outstanding that are
payable in cash. The fair value of the liability recorded for these instruments was $996 and was measured largely using the
Monte Carlo simulation method.
At January 1, 2022, the number of restricted stock units outstanding was equivalent to 4,386,637 shares. During 2022,
989,715 restricted stock units were granted, 979,382 units vested with cash proceeds distributed to recipients and 109,144
units were forfeited. At December 31, 2022, there were 4,287,826 restricted stock units outstanding that are payable in
cash. The fair value of the liability recorded for the vested portion of these instruments was $548, valued at the stock
price as of December 31, 2022. In addition, outstanding stock appreciation rights that were granted under the LTIP totaled
686,573 equivalent shares as of December 31, 2022. The fair value of the liability recorded for the vested portion of these
instruments was $50.
Note 23
Employee Benefit Plans
The company has defined benefit pension plans for many employees. The company typically prefunds defined benefit
plans as required by local regulations or in certain situations where prefunding provides economic advantages. In
the United States, all qualified plans are subject to the Employee Retirement Income Security Act (ERISA) minimum
funding standard. The company does not typically fund U.S. nonqualified pension plans that are not subject to funding
requirements under laws and regulations because contributions to these pension plans may be less economic and
investment returns may be less attractive than the company’s other investment alternatives.
The company also sponsors other postretirement benefit (OPEB) plans that provide medical and dental benefits, as well as
life insurance for some active and qualifying retired employees. The plans are unfunded, and the company and retirees
share the costs. For the company’s main U.S. medical plan, the increase to the pre-Medicare company contribution for
retiree medical coverage is limited to no more than 4 percent each year. Certain life insurance benefits are paid by the
company.
The company recognizes the overfunded or underfunded status of each of its defined benefit pension and OPEB plans as an
asset or liability on the Consolidated Balance Sheet.

89
The funded status of the company’s pension and OPEB plans for 2022 and 2021 follows:
Pension Benefits
2022 2021 Other Benefits
U.S. Int’l. U.S. Int’l. 2022 2021
Change in Benefit Obligation
Benefit obligation at January 1 $ 12,966 $ 5,351 $ $ 6,307 $ 2,489 $ 2,650
15,166
Service cost 432 83 450 123 43 43
Interest cost 318 137 235 137 60 53
Plan participants’ contributions — 3 — 3 62 43
Plan amendments 40 38 — — 18 —
Actuarial (gain) loss (2,753) (1,559) (325) (364) (509) (108)
Foreign currency exchange rate changes — (423) — (85) (5) (3)
Benefits paid (1,290) (276) (2,560) (746) (220) (189)
Divestitures/Acquisitions — — — — — —
Curtailment — — — (24) — —
Benefit obligation at December 31 9,713 3,354 12,966 5,351 1,938 2,489
Change in Plan Assets
Fair value of plan assets at January 9,919 4,950 9,930 5,363 — —
1 Actual return on plan assets (1,851) (1,096) 997 166 — —
Foreign currency exchange rate — (453) — (35) — —
changes Employer contributions 158 1,552 199
Plan participants’ 1,164 3 — 3 158 146
contributions Benefits paid — (276) (2,560) (746) 62 43
(1,290) (220) (189)
Fair value of plan assets at December 31 7,942 3,286 9,919 — —
Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2022
4,950
and 2021, include:
Funded status at December 31 $ (1,771) $ (68) $ (3,047) $ (401) $ (1,938) $ (2,489)
Pension Benefits
U.S. Int’l. U.S. Int’l. 2022 2021
Deferred charges and other assets $ 26 $ 759 $ 36 $ 696 $ — $ —
Accrued liabilities (210) (62) (303) (142) (152) (151)
Noncurrent employee benefit plans (1,587) (765) (2,780) (955) (1,786) (2,338)
Net amount recognized at December 31 $ (68) $ $ (401) $ (1,938) $
(1,771) $ (3,047) (2,489)
For the year ended December 31, 2022, the decrease in benefit obligations was primarily due to actuarial gains caused by
higher discount rates used to value the obligations and benefit payments paid to retirees in 2022. For the year ended
December 31, 2021, the decrease in benefit obligations was primarily due to actuarial gains caused by higher discount rates
used to value the obligations and large benefit payments paid to retirees in 2021.
Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and
OPEB plans were $3,446 and $4,979 at the end of 2022 and 2021, respectively. These amounts consisted of:
Pension Benefits
U.S. Int’l. U.S. Int’l. 2022 2021
Net actuarial loss $ 3,147 $ 659 $ 4,007 $ 920 $ (392) $ 134
Prior service (credit) costs 40 107 2 75 (115) (159)
Total recognized at December 31 $ 3,187 $ 766 $ 4,009 $ 995 $ (507) $ (25)
The accumulated benefit obligations for all U.S. and international pension plans were $8,595 and $3,084, respectively, at
December 31, 2022, and $11,337 and $4,976, respectively, at December 31, 2021.
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at
December 31, 2022 and 2021, was:

90
Pension Benefits
2022 2021
U.S. Int’l. U.S. Int’l.
Projected benefit obligations $ 1,322 $ 828 $ 1,957 $ 1,097
Accumulated benefit obligations 1,135 671 1,665 883
Fair value of plan assets — 3 55 2
The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive
Income for 2022, 2021 and 2020 are shown in the table below:
Pension Benefits
2022 2021 2020
Other Benefits
Net Periodic Benefit Cost U.S. Int’l. U.S. Int’l. U.S.

Service cost $ 432 $ 83 $ 450 $ 123 $ 497 $ 130Int’l.$ 2022
43 $ 2021
43 $ 2020 38
Interest cost 318 137 235 137 353 175 60 53 71
Expected return on plan assets Amortization (624) (176) (596) (171) (650) (209) — — —
of prior service costs (credits) Recognized 2 6 2 8 2 10 (27) (27) (28)
actuarial losses 218 15 309 46 385 45 13 16 3
Settlement losses 363 (6) 672 7 620 37 — — —
Curtailment losses — (5) — (1) 92 2 — — (27)
(gains)
Total net periodic benefit cost 709 54 1,072 149 1,299 190 89 85 57
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during (279) (257) (725) (408) 1,584 230 (514) (111)
period Amortization of actuarial loss (581) (5) (981) (73) (1,005) (98) (13)
Prior service (credits) costs during period 40 38 — — — — 18 190
Amortization of prior service (costs) (2) (6) (2) (11) (2) (17) 27 (15)
credits
(4)
—
—
27
Assumptions The following weighted-average assumptions were used to determine benefit obligations and net periodic
benefit costs for years ended December 31: 42
Total changes recognized in other Pension Benefits

comprehensive income (822) (230) (1,708) (492) 577
2022 (99) (482)2021
228
2020
115 Other Benefits
Recognized
Assumptionsinused
NettoPeriodic Benefit
determine Cost
benefit and
obligations: U.S. Int’l. U.S. Int’l. U.S.
Other Comprehensive Income $ (113) $ (636) $ (343) $ 1,876 $ 305 Int’l.
$ (393) $ (14) $ 2020 285
Discount rate 5.2 $% 5.8 % 2.8 % 2.8 % 2.4 % 2.4 % 5.32022
% 2.92021
% 2.6 %
(176)
Rate of compensation increase 4.5 % 4.2 % 4.5 % 4.1 % 4.5 % 4.0 % N/A N/A N/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost 3.6 % 2.8 % 3.0 % 2.4 % 3.3 % 3.2 % 3.1 % 3.0 % 3.5 %
Discount rate for interest cost 2.8 % 2.8 % 1.9 % 2.4 % 2.6 % 3.2 % 2.4 % 2.1 % 3.0 %
Expected return on plan assets 6.6 % 3.9 % 6.5 % 3.5 % 6.5 % 4.5 % N/A N/A N/A
Rate of compensation increase 4.5 % 4.1 % 4.5 % 4.0 % 4.5 % 4.0 % N/A N/A N/A
Expected Return on Plan Assets The company’s estimated long-term rates of return on pension assets are driven primarily
by actual historical asset-class returns, an assessment of expected future performance, advice from external actuarial firms
and the incorporation of specific asset-class risk factors. Asset allocations are periodically updated using pension plan
asset/liability studies, and the company’s estimated long-term rates of return are consistent with these studies. For 2022, the
company used an expected long-term rate of return of 6.6 percent for U.S. pension plan assets, which account for 67
percent of the company’s pension plan assets.
The market-related value of assets of the main U.S. pension plan used in the determination of pension expense was based
on the market values in the three months preceding the year-end measurement date. Management considers the three-month
time period long enough to minimize the effects of distortions from day-to-day market volatility and still be
contemporaneous to the end of the year. For other plans, market value of assets as of year-end is used in calculating the
pension expense.

91
Discount Rate The discount rate assumptions used to determine the U.S. and international pension and OPEB plan
obligations and expense reflect the rate at which benefits could be effectively settled, and are equal to the equivalent single
rate resulting from yield curve analysis. This analysis considered the projected benefit payments specific to the company’s
plans and the yields on high-quality bonds. The projected cash flows were discounted to the valuation date using the yield
curve for the main U.S. pension and OPEB plans. The effective discount rates derived from this analysis were 5.2 percent,
2.8 percent, and 2.4 percent for 2022, 2021, and 2020, respectively, for both the main U.S. pension and OPEB plans.
Other Benefit Assumptions For the measurement of accumulated postretirement benefit obligation at December 31, 2022,
for the main U.S. OPEB plan, the assumed health care cost-trend rates start with 6.6 percent in 2023 and gradually decline
to 4.5 percent for 2032 and beyond. For this measurement at December 31, 2021, the assumed health care cost-trend rates
started with 6.2 percent in 2022 and gradually declined to 4.5 percent for 2031 and beyond.
Plan Assets and Investment Strategy
The fair value measurements of the company’s pension plans for 2022 and 2021 are as follows:
U.S. Int’l.
Total Level 1 Level 2 Level 3 NAV Total Level 1 Level 2 Level 3 NAV
Equities
U.S.1 $ 1,677 $ 1,677 $ — $ — $ — $ 491 $ 491 $ — $ — $ —
International 1,285 1,284 — 1 — 356 355 — 1 —
Collective Trusts/Mutual Funds2 2,541 32 — — 2,509 134 6 — — 128
Fixed Income
Government 215 — 215 — — 229 135 94 — —
Corporate 660 — 660 — — 532 2 530 — —
Bank Loans 137 — 136 1 — — — — — —
Mortgage/Asset Backed 1 — 1 — — 4 — 4 — —
Collective Trusts/Mutual Funds2 1,907 13 — — 1,894 2,388 1 — — 2,387
Mixed Funds3 — — — — — 99 12 87 — —
Real Estate4 1,172 — — — 1,172 312 — — 42 270
Alternative Investments — — — — — — — — — —
Cash and Cash Equivalents 264 263 1 — — 161 89 3 — 69
Other5 60 (1) 14 46 1 244 — 17 113 114
Total at December 31, 2021 $ 9,919 $ 3,268 $ 1,027 $ 48 $ 5,576 $ 4,950 $ 1,091 $ 735 $ 156 $ 2,968
Equities
U.S.1 $ 1,358 $ 1,358 $ — $ — $ — $ 164 $ 164 $ — $ — $ —
International 946 946 — — — 120 120 — — —
Collective Trusts/Mutual Funds2 1,695 4 — — 1,691 87 6 — — 81
Fixed Income
Government 110 — 110 — — 185 127 58 — —
Corporate 680 — 680 — — 343 15 328 — —
Bank Loans 45 — 45 — — — — — — —
Mortgage/Asset Backed 1 — 1 — — 4 — 4 — —
Collective Trusts/Mutual Funds2 1,616 — — — 1,616 1,750 — — — 1,750
Mixed Funds3 — — — — — 87 14 73 — —
Real Estate4 1,184 — — — 1,184 198 — — 38 160
Alternative Investments — — — — — — — — — —
Cash and Cash Equivalents 200 25 — — 175 80 69 2 — 9
Other5 107 37 15 54 1 268 — 18 85 165
Total at December 31, 2022 $ 7,942 $ 2,370 $ 851 $ 54 $ 4,667 $ 3,286 $ 515 $ 483 $ 123 $ 2,165
1
U.S. equities include investments in the company’s common stock in the amount of $0 at December 31, 2022, and $0 at December 31, 2021.
2
Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.
3
Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.
4
The year-end valuations of the U.S. real estate assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.
5
The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance
contracts (Level 3); and investments in private-equity limited partnerships (NAV).

92
The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined
below:
Equity Fixed Income
International Corporate Bank Loans Real Estate Other Total
Total at December 31, 2020 $ 1 $ — $ 2 $ 45 $ 45 $ 93
Actual Return on Plan Assets:
Assets held at the reporting date — — — — 4 4
Assets sold during the period — — — (3) — (3)
Purchases, Sales and Settlements — — (2) — 4 2
Transfers in and/or out of Level 3 — — — — 108 108
Total at December 31, 2021 $ 1 $ — $ — $ 42 $ 161 $ 204
Actual Return on Plan Assets:
Assets held at the reporting date — — — (18) (19)
(1)
Assets sold during the period — — — (4) — (4)
Purchases, Sales and Settlements — — — — (4) (4)
Transfers in and/or out of Level 3 — — — — — —
Total at December 31, 2022 $ — $ — $ — $ 38 $ 139 $ 177
The primary investment objectives of the pension plans are to achieve the highest rate of total return within prudent levels
of risk and liquidity, to diversify and mitigate potential downside risk associated with the investments, and to provide
adequate liquidity for benefit payments and portfolio management.
The company’s U.S. and U.K. pension plans comprise 94 percent of the total pension assets. Both the U.S. and U.K. plans
have an Investment Committee that regularly meets during the year to review the asset holdings and their returns. To assess
the plans’ investment performance, long-term asset allocation policy benchmarks have been established.
For the primary U.S. pension plan, the company’s Investment Committee has established the following approved asset
allocation ranges: Equities 35–65 percent, Fixed Income 25–45 percent, Real Estate 5–25 percent, Alternative Investments
0–5 percent and Cash 0–15 percent. For the U.K. pension plan, the U.K. Board of Trustees has established the following
asset allocation guidelines: Equities 5–15 percent, Fixed Income 35–45 percent, Real Estate 5–15 percent, and Cash 0–5
percent. The other significant international pension plans also have established maximum and minimum asset allocation
ranges that vary by plan. Actual asset allocation within approved ranges is based on a variety of factors, including market
conditions and illiquidity constraints. To mitigate concentration and other risks, assets are invested across multiple asset
classes with active investment managers and passive index funds.
The company does not prefund its OPEB obligations.
Cash Contributions and Benefit Payments In 2022, the company contributed $1,164 and $158 to its U.S. and international
pension plans, respectively. In 2023, the company expects contributions to be approximately $1,000 to its U.S. plans and
$100 to its international pension plans. Actual contribution amounts are dependent upon investment returns, changes in
pension obligations, regulatory environments, tax law changes and other economic factors. Additional funding may
ultimately be required if investment returns are insufficient to offset increases in plan obligations.
The company anticipates paying OPEB benefits of approximately $150 in 2023; $158 was paid in 2022.
The following benefit payments, which include estimated future service, are expected to be paid by the company in the
next 10 years:
Pension Benefits Other
U.S. Int’l. Benefits
2023 $ 903 $ 203 $ 152
2024 846 206 150
2025 854 214 148
2026 850 227 146
2027 840 236 145
2028-2031 4,066 1,306 708
Employee Savings Investment Plan Eligible employees of Chevron and certain of its subsidiaries participate in the
Chevron Employee Savings Investment Plan (ESIP). Compensation expense for the ESIP totaled $283, $252 and $281 in

93
Benefit Plan Trusts Prior to its acquisition by Chevron, Texaco established a benefit plan trust for funding obligations
under some of its benefit plans. At year-end 2022, the trust contained 14.2 million shares of Chevron treasury stock. The
trust will sell the shares or use the dividends from the shares to pay benefits only to the extent that the company does
not pay such benefits. The company intends to continue to pay its obligations under the benefit plans. The trustee will vote
the shares held in the trust as instructed by the trust’s beneficiaries. The shares held in the trust are not considered
outstanding for earnings-per-share purposes until distributed or sold by the trust in payment of benefit obligations.
Prior to its acquisition by Chevron, Unocal established various grantor trusts to fund obligations under some of its benefit
plans, including the deferred compensation and supplemental retirement plans. At December 31, 2022 and 2021, trust
assets of $35 and $36, respectively, were invested primarily in interest-earning accounts.
Employee Incentive Plans The Chevron Incentive Plan is an annual cash bonus plan for eligible employees that links
awards to corporate, business unit and individual performance in the prior year. Charges to expense for cash bonuses were
$1,169, $1,165 and $462 in 2022, 2021 and 2020, respectively. Chevron also has the LTIP for officers and other regular
salaried employees of the company and its subsidiaries who hold positions of significant responsibility. Awards under the
LTIP consist of stock options and other share-based compensation that are described in Note 22 Stock Options and Other
Share-Based Compensation.
Note 24
Other Contingencies and Commitments
Income Taxes The company calculates its income tax expense and liabilities quarterly. These liabilities generally are
subject to audit and are not finalized with the individual taxing authorities until several years after the end of the
annual period for which income taxes have been calculated. Refer to Note 17 Taxes for a discussion of the periods for
which tax returns have been audited for the company’s major tax jurisdictions and a discussion for all tax
jurisdictions of the differences between the amount of tax benefits recognized in the financial statements and the amount
taken or expected to be taken in a tax return.
Settlement of open tax years, as well as other tax issues in countries where the company conducts its businesses, are not
expected to have a material effect on the consolidated financial position or liquidity of the company and, in the opinion of
management, adequate provisions have been made for all years under examination or subject to future examination.
Guarantees The company has one guarantee to an equity affiliate totaling $175. This guarantee is associated with certain
payments under a terminal use agreement entered into by an equity affiliate. Over the approximate 5-year remaining term
of this guarantee, the maximum guarantee amount will be reduced as certain fees are paid by the affiliate. There are
numerous cross-indemnity agreements with the affiliate and the other partners to permit recovery of amounts paid under
the guarantee. Chevron has recorded no liability for this guarantee.
Indemnifications The company often includes standard indemnification provisions in its arrangements with its partners,
suppliers and vendors in the ordinary course of business, the terms of which range in duration and sometimes are not
limited. The company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection
with its service or other claims made against such parties.
Long-Term Unconditional Purchase Obligations and Commitments, Including Throughput and Take-or-Pay
Agreements The company and its subsidiaries have certain contingent liabilities with respect to long-term unconditional
purchase obligations and commitments, including throughput and take-or-pay agreements, some of which may relate to
suppliers’ financing arrangements. The agreements typically provide goods and services, such as pipeline and storage
capacity, utilities, and petroleum products, to be used or sold in the ordinary course of the company’s business. The
aggregate amounts of required payments under throughput and take-or-pay agreements are: 2023 – $897; 2024 – $959;
2025 – $941; 2026 – $1,002; 2027 – $1,053 ; after 2027 – $6,489. The aggregate amount of required payments for other
unconditional purchase obligations are: 2023 – $349; 2024 – $425; 2025 – $322; 2026 – $358; 2027 – $311; after 2027 –
$1,233. A portion of these commitments may ultimately be shared with project partners. Total payments under the
agreements were $1,866 in 2022, $861 in 2021 and $514 in 2020.
Environmental The company is subject to loss contingencies pursuant to laws, regulations, private claims and legal
proceedings related to environmental matters that are subject to legal settlements or that in the future may require the
company to take action to correct or ameliorate the effects on the environment of prior release of chemicals or petroleum
substances by the company or other parties. Such contingencies may exist for various operating, closed and divested sites,

94
including, but not limited to, U.S. federal Superfund sites and analogous sites under state laws, refineries, chemical plants,
marketing facilities, crude oil fields, and mining sites.
Although the company has provided for known environmental obligations that are probable and reasonably estimable, it is
likely that the company will continue to incur additional liabilities. The amount of additional future costs are not fully
determinable due to such factors as the unknown magnitude of possible contamination, the unknown timing and extent of
the corrective actions that may be required, the determination of the company’s liability in proportion to other responsible
parties, and the extent to which such costs are recoverable from third parties. These future costs may be material to results
of operations in the period in which they are recognized, but the company does not expect these costs will have a material
effect on its consolidated financial position or liquidity.
Chevron’s environmental reserve as of December 31, 2022, was $868. Included in this balance was $218 related to
remediation activities at approximately 143 sites for which the company had been identified as a potentially responsible
party under the provisions of the U.S. federal Superfund law or analogous state laws which provide for joint and several
liability for all responsible parties. Any future actions by regulatory agencies to require Chevron to assume other
potentially responsible parties’ costs at designated hazardous waste sites are not expected to have a material effect on the
company’s results of operations, consolidated financial position or liquidity.
Of the remaining year-end 2022 environmental reserves balance of $650, $384 is related to the company’s U.S.
downstream operations, $44 to its international downstream operations, and $222 to its upstream operations. Liabilities at
all sites were primarily associated with the company’s plans and activities to remediate soil or groundwater contamination
or both.
The company manages environmental liabilities under specific sets of regulatory requirements, which in the United States
include the Resource Conservation and Recovery Act and various state and local regulations. No single remediation site at
year-end 2022 had a recorded liability that was material to the company’s results of operations, consolidated financial
position or liquidity.
Refer to Note 25 Asset Retirement Obligations for a discussion of the company’s asset retirement obligations.
Other Contingencies Chevron receives claims from and submits claims to customers; trading partners; joint venture
partners; U.S. federal, state and local regulatory bodies; governments; contractors; insurers; suppliers; and individuals. The
amounts of these claims, individually and in the aggregate, may be significant and take lengthy periods to resolve, and may
result in gains or losses in future periods.
The company and its affiliates also continue to review and analyze their operations and may close, retire, sell, exchange,
acquire or restructure assets to achieve operational or strategic benefits and to improve competitiveness and profitability.
These activities, individually or together, may result in significant gains or losses in future periods.
Note 25
Asset Retirement Obligations
The company records the fair value of a liability for an asset retirement obligation (ARO) both as an asset and a liability
when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be
reasonably estimated. The legal obligation to perform the asset retirement activity is unconditional, even though
uncertainty may exist about the timing and/or method of settlement that may be beyond the company’s control. This
uncertainty about the timing and/or method of settlement is factored into the measurement of the liability when sufficient
information exists to reasonably estimate fair value. Recognition of the ARO includes: (1) the present value of a liability
and offsetting asset, (2) the subsequent accretion of that liability and depreciation of the asset, and (3) the periodic review
of the ARO liability estimates and discount rates.
AROs are primarily recorded for the company’s crude oil and natural gas producing assets. No significant AROs associated
with any legal obligations to retire downstream long-lived assets have been recognized, as indeterminate settlement dates
for the asset retirements prevent estimation of the fair value of the associated ARO. The company performs periodic
reviews of its downstream long-lived assets for any changes in facts and circumstances that might require recognition of a
retirement obligation.

95
The following table indicates the changes to the company’s before-tax asset retirement obligations in 2022, 2021 and 2020:
2022 2021 2020
Balance at January 1 $ 12,808 $ 13,616 $
12,832
Liabilities assumed in the Noble acquisition — —
630
Liabilities incurred 9 31
10
Liabilities settled (1,281) (1,887)
In the table above, the amount associated with “Revisions in estimated cash flows” in 2021 primarily reflects increased cost
estimates and scope changes to decommission wells, equipment and facilities. The long-term portion (1,661) of the $12,701
Accretion expense 560 616
balance at the end of 2022 was $11,419.
560
Note 26
Revisions in estimated cash flows 605 432
Revenue
1,245
Revenue from contracts with customers is presented in “Sales and other operating
Balance at December 31 $
revenues”
12,701 $
along with some$
activity that
is accounted for outside the scope of Accounting Standard Codification (ASC) 606, which12,808 is not material 13,616
to this line, on
the Consolidated Statement of Income. Purchases and sales of inventory with the same counterparty that are entered into in
contemplation of one another (including buy/sell arrangements) are combined and recorded on a net basis and reported
in “Purchased crude oil and products” on the Consolidated Statement of Income. Refer to Note 14 Operating Segments
and Geographic Data for additional information on the company’s segmentation of revenue.
Receivables related to revenue from contracts with customers are included in “Accounts and notes receivable, net” on the
Consolidated Balance Sheet, net of the allowance for doubtful accounts. The net balance of these receivables was $14,219
and $12,877 at December 31, 2022 and 2021, respectively. Other items included in “Accounts and notes receivable, net”
represent amounts due from partners for their share of joint venture operating and project costs and amounts due from
others, primarily related to derivatives, leases, buy/sell arrangements and product exchanges, which are accounted for
outside the scope of ASC 606.
Contract assets and related costs are reflected in “Prepaid expenses and other current assets” and contract liabilities are
reflected in “Accrued liabilities” and “Deferred credits and other noncurrent obligations” on the Consolidated Balance
Sheet. Amounts for these items are not material to the company’s financial position.
Note 27
Other Financial Information
Earnings in 2022 included after-tax gains of approximately $390 relating to the sale of certain properties. Of this amount,
approximately $90 and $300 related to downstream and upstream, respectively. Earnings in 2021 included after-tax gains
of approximately $785 relating to the sale of certain properties, of which approximately $30 and $755 related to
downstream and upstream assets, respectively. Earnings in 2020 included after-tax gains of approximately $765 relating to
the sale of certain properties, of which approximately $30 and $735 related to downstream and upstream assets,
respectively.
Earnings in 2022 included after-tax charges of approximately $1,075 for impairments and other asset write-offs and $600
for an early contract termination in upstream, and $271 for pension settlement costs. Earnings in 2021 included after-tax
charges of approximately $519 for pension settlement costs, $260 for early retirement of debt, $120 relating to upstream
remediation and $110 relating to downstream legal reserves. Earnings in 2020 included after-tax charges of approximately
$4,800 for impairments and other asset write-offs related to upstream.

96
Other financial information is as follows:

2022 2021
Total financing interest and debt costs $ 630 $ 2020
775 $ 735
Less: Capitalized interest 114 63 38
Interest and debt expense $ 516 $ 712 $ 697
Research and development expenses $ 268 $ 268 $ 435
Excess of replacement cost over the carrying value of inventories (LIFO method) $ 9,061 $ 5,588 $
2,749
LIFO profits (losses) on inventory drawdowns included in earnings $ 122 $ 35 $
(147)
*
Includes currency
Foreign $253, $180effects
and $(152)
* in 2022, 2021 and 2020, respectively, for the company’s share of equity$affiliates’ foreign currency
669 $ effects. 306 $
(645)
The company has $4,722 in goodwill on the Consolidated Balance Sheet, of which $4,370 is in the upstream segment
primarily related to the 2005 acquisition of Unocal and $352 is in the downstream segment. The company tested this
goodwill for impairment during 2022, and no impairment was required.
Note 28
Financial Instruments - Credit Losses
Chevron’s expected credit loss allowance balance was $1.0 billion as of December 31, 2022 and $745 million as of
December 31, 2021, with a majority of the allowance relating to non-trade receivable balances.
The majority of the company’s receivable balance is concentrated in trade receivables, with a balance of $18.2 billion as of
December 31, 2022, which reflects the company’s diversified sources of revenues and is dispersed across the company’s
broad worldwide customer base. As a result, the company believes the concentration of credit risk is limited. The company
routinely assesses the financial strength of its customers. When the financial strength of a customer is not considered
sufficient, alternative risk mitigation measures may be deployed, including requiring prepayments, letters of credit or other
acceptable forms of collateral. Once credit is extended and a receivable balance exists, the company applies a quantitative
calculation to current trade receivable balances that reflects credit risk predictive analysis, including probability of default
and loss given default, which takes into consideration current and forward-looking market data as well as the company’s
historical loss data. This statistical approach becomes the basis of the company’s expected credit loss allowance for current
trade receivables with payment terms that are typically short-term in nature, with most due in less than 90 days.
Chevron’s non-trade receivable balance was $4.3 billion as of December 31, 2022, which includes receivables from certain
governments in their capacity as joint venture partners. Joint venture partner balances that are paid as per contract terms or
not yet due are subject to the statistical analysis described above while past due balances are subject to additional
qualitative management quarterly review. This management review includes review of reasonable and supportable
repayment forecasts. Non-trade receivables also include employee and tax receivables that are deemed immaterial and low
risk. Loans to equity affiliates and non-equity investees are also considered non-trade and associated allowances of $560
million are included within “Investments and Advances” on the Consolidated Balance Sheet at both December 31, 2022
and December 31, 2021.
Note 29
Acquisition of Renewable Energy Group, Inc.
On June 13, 2022, the company acquired Renewable Energy Group, Inc. (REG), an independent company focused on
converting natural fats, oils and greases into advanced biofuels. REG utilizes a global integrated production, procurement,
distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. Ten biorefineries produce biodiesel
and one produces renewable diesel. The acquisition combines REG’s growing renewable fuels production and leading
feedstock capabilities with Chevron’s large manufacturing, distribution and commercial marketing position.
Chevron acquired outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share. As part
of the transaction, the company recognized long-term debt and finance leases with a fair value of $590 million.
The acquisition was accounted for as a business combination under ASC 805, which requires assets acquired and liabilities
assumed to be measured at their acquisition date fair values. Provisional fair value measurements were made for acquired
assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the
acquisition date, as information necessary to complete the analysis is obtained. Tangible and intangible assets were valued
using a combination of replacement cost approach and discounted cash flows that incorporated internally generated price
assumptions and production profiles together with appropriate operating and capital cost assumptions. Debt assumed in the

97
acquisition was valued based on observable market prices for REG’s debt. As a result of measuring the assets acquired and
the liabilities assumed at fair value, the company recognized $293 million of goodwill.
The following table summarizes the values assigned to assets acquired and liabilities assumed:
At June 13, 2022
(Millions of dollars)
Current assets $ 1,584
Properties, plant and equipment 1,778
Deferred tax 92
Other assets 374
Total assets acquired 3,828
Current liabilities 301
Long-term debt and finance leases 590
Other liabilities 75
Total liabilities assumed 966
Net assets acquired $ 2,862
Goodwill 293
Purchase Price $ 3,155
Pro forma financial information is not disclosed as the acquisition was deemed not to have a material impact on the
company’s results of operations.

98
Supplemental Information on Oil and Gas Producing Activities - Unaudited
In accordance with FASB and SEC disclosure requirements for oil and gas producing activities, this section provides
supplemental information on oil and gas exploration and producing activities of the company in seven separate tables.
Tables I through IV provide historical cost information pertaining to costs incurred in exploration, property acquisitions
and development; capitalized costs; and results of operations. Tables V through VII present information on the company’s
estimated net proved reserve quantities, standardized measure of estimated discounted future net cash flows related to
Table I - Costs Incurred in Exploration, Property Acquisitions and Development1
Consolidated Companies Affiliated Companies
Other
Millions of dollars U.S. Africa Asia Australia Europe Total TCO Other
Year Ended December 31, 2022 Americas
Exploration
Wells $ 239 $ 84 $ 78 $ 34 $ 4 $ — $ 439 $ — $ —
Geological and geophysical 98 28 110 — 1 — 237 — —
Other 53 72 75 30 27 2 259 — —
Total exploration 390 184 263 64 32 2 935 — —
Property acquisitions2
Proved - Other — 63 13 — — 94 — —
18
Unproved - Other 104 78 73 — — — 255 — —
Total property acquisitions 122 78 136 13 — — 349 — —
Development3 6,221 863 21 649 719 35 8,508 2,429 34
Total Costs Incurred4 $ 6,733 $ 1,125 $ 420 $ 726 $ 751 $ 37 $ 9,792 $ 2,429 $ 34
Year Ended December 31, 2021
Exploration
Wells $ $ 31 $ 5 $ 36 $ — $ — $ 256 $ — $ —
184
Geological and geophysical 67 58 40 — 22 — 187 — —
Other 80 80 39 14 25 1 239 — —
Proved - Other — 15 53 — — 166 — —
98
Unproved - Other 13 16 — — — — 29 — —
Total property acquisitions 111 16 15 53 — — 195 — —
Development3 4,360 640 383 545 526 44 6,498 2,442 27
Total Costs Incurred4 $ 4,802 $ 825 $ 482 $ 648 $ 573 $ 45 $ 7,375 $ 2,442 $ 27
Exploration
Wells $ $ 181 $ 1 $ 8 $ 1 $ — $ 381 $ — $ —
190
Geological and geophysical 83 29 58 3 12 — 185 — —
Other 125 77 42 22 39 2 307 — —
Proved - Noble — 438 7,945 — — 11,846 — —
3,463
Proved - Other 23 — 2 56 — — 81 — —
Unproved - Noble 2,845 2 113 129 — — 3,089 — —
Unproved - Other 35 — 10 — — — 45 — —
Total property acquisitions 6,366 2 563 8,130 — — 15,061 — —
1 Includes costs incurred whether capitalized or expensed. Excludes general support equipment expenditures. Includes capitalized amounts related to asset retirement
obligations. See
3 Note 25 Asset Retirement Obligations.
Development 4,622 740 386 1,034 753 37 7,572 2,998 81
2 Includes wells, equipment and facilities associated with proved reserves. Does not include properties acquired in nonmonetary transactions.
Total Costs Incurred4 $ 11,386 $ 1,029 $ 1,050 $ 9,197 $ 805 $ 39 $ 23,506 $ 2,998 $ 81
3 Includes $186, $298 and $897 of costs incurred on major capital projects prior to assignment of proved reserves for consolidated companies in 2022, 2021, and 2020,
respectively.
4 Reconciliation of consolidated companies total cost incurred to Upstream Capex - $ billions:
2022 2021 2020
Total cost incurred by Consolidated Companies $ 9.8 $ 7.4 $ 23.5
Noble acquisition — — (14.9)
Expensed exploration costs (0.5) (0.4) (0.5) (Geological and geophysical and other exploration costs)
Non-oil and gas activities 0.6 0.2 — (Primarily LNG and transportation activities)
ARO reduction/(build) (0.3) (0.4) (0.8)
Upstream Capex $ 9.6 $ 6.8 $ 7.5 Reference page 46 Upstream Capex

99
proved reserves, and changes in estimated discounted future net cash flows. The amounts for consolidated companies are
organized by geographic areas including the United States, Other Americas, Africa, Asia, Australia/Oceania and Europe.
Amounts for affiliated companies include Chevron’s equity interests in Tengizchevroil (TCO) in the Republic
of Kazakhstan and in other affiliates, principally in Venezuela and Angola. Refer to Note 15 Investments and Advances for
a discussion of the company’s major equity affiliates.
Table II - Capitalized Costs Related to Oil and Gas Producing Activities

Other
Millions of dollars U.S. Americas Africa Asia Australia Europe Total TCO
At December 31, 2022 Other
Unproved properties $ 2,541 $ 2,176 $ 265 $ 970 $ 1,987 $ — $ 7,939 $ 108 $ —
Proved properties and
related producing assets 22,867 46,950 31,179 22,926 2,186 209,633 15,793 1,552
83,525
Support equipment 2,146 194 1,543 696 19,107 — 23,686 646 —
Deferred exploratory wells 43 56 116 40 1,119 74 1,448 — —
Other uncompleted projects 8,213 610 1,095 914 1,869 30 12,731 20,590 54
Gross Capitalized Costs 25,903 49,969 33,799 47,008 2,290 255,437 37,137 1,606
96,468
Unproved properties valuation 178 1,589 146 969 110 — 2,992 74 —
Proved producing properties –
Depreciation and depletion 12,974 38,543 19,051 10,689 720 140,230 9,441 654
58,253
Support equipment depreciation 1,302 155 1,166 500 4,644 — 7,767 424 —
Accumulated provisions 14,718 39,855 20,520 15,443 720 150,989 9,939 654
59,733
Net Capitalized Costs $ 36,735 $ 11,185 $ 10,114 $ 13,279 $ 31,565 $ 1,570 $ 104,448 $ 27,198 $ 952
80,821
Support equipment 2,134 198 1,096 906 18,918 — 23,252 582 —
93,166
55,064
Support equipment depreciation 1,681 155 778 623 3,724 — 6,961 362 —
57,034
Net Capitalized Costs $ 36,132 $ 11,727 $ 11,043 $ 14,638 $ 33,116 $ 1,652 $ 108,308 $ 25,814 $ 1,075
81,573
Support equipment 1,882 197 1,087 2,042 18,898 — 24,106 2,023 —
92,934
55,839
Support equipment depreciation 1,002 159 742 1,644 2,965 — 6,512 1,169 —
57,020 Chevron Corporation 2022 Annual Report
Net Capitalized Costs $ 35,914 $ 12,696 $ 12,377100$ 17,566 $ 34,891 $ 1,747 $ 115,191 $ 24,281 $ 1,078
Table III - Results of Operations for Oil and Gas Producing Activities1
The company’s results of operations from oil and gas producing activities for the years 2022, 2021 and 2020 are shown in
the following table. Net income (loss) from exploration and production activities as reported on page 76 reflects income
taxes computed on an effective rate basis.
Income taxes in Table III are based on statutory tax rates, reflecting allowable deductions and tax credits. Interest income
and expense are excluded from the results reported in Table III and from the upstream net income amounts on page 76.
Consolidated Companies
Other
Millions of dollars U.S. Americas Africa Asia AustraliaAffiliated Companies
Europe Total TCO Other
Revenues from net production
Sales $ 9,656 $ 1,172 $ 2,192 $ 3,963 $ 7,302 $ 564 $ 24,849 $ 8,304 $ 2,080
Transfers 18,494 3,801 6,829 2,477 7,535 — 39,136 — —
Total 28,150 4,973 9,021 6,440 14,837 564 63,985 8,304 2,080
Production expenses excluding taxes (4,752) (1,071) (1,515) (1,316) (614) (60) (9,328) (485) (47)
Taxes other than on income (1,286) (85) (170) (52) (352) (4) (1,949) (933) —
Proved producing properties:
Depreciation and depletion (4,612) (1,223) (1,943) (1,765) (2,520) (117) (12,180) (964) (164)
Accretion expense2 (167) (22) (147) (87) (77) (11) (511) (6) (3)
Exploration expenses (402) (169) (243) (92) (52) (2) (960) — —
Unproved properties valuation (38) (250) (15) (124) — — (427) — —
Other income (expense)3 92 21 300 180 51 105 749 195 (27)
Results before income taxes 16,985 2,174 5,288 3,184 11,273 475 39,379 6,111 1,839
Income tax (expense) benefit (3,736) (670) (3,114) (1,742) (3,185) (193) (12,640) (1,835) 12
Results of Producing Operations $ 13,249 $ 1,504 $ 2,174 $ 1,442 $ 8,088 $ 282 $ 26,739 $ 4,276 $ 1,851
Sales $ 6,708 $ 888 $ 1,283 $ 5,127 $ 3,725 $ 371 $ 18,102 $ $ 868
5,564
Transfers 12,653 3,029 5,232 3,019 3,858 — 27,791 — —
Total 19,361 3,917 6,515 8,146 7,583 371 45,893 5,564 868
Production expenses excluding taxes (4,325) (974) (1,414) (2,156) (548) (67) (9,484) (487) (20)
Taxes other than on income (928) (73) (88) (15) (260) (4) (1,368) (359) —
Exploration expenses (221) (132) (83) (20) (47) (35) (538) — —
Unproved properties valuation (43) (95) (5) — — — (143) — —
Other income (expense)3 990 (33) (72) (124) 26 2 789 98 (332)
Results before income taxes 9,453 1,118 2,912 2,394 4,270 149 20,296 3,862 298
Income tax (expense) benefit (2,108) (318) (1,239) (1,326) (1,314) (38) (6,343) (1,161) 29
Results of Producing Operations $ 7,345 $ 800 $ 1,673 $ 1,068 $ 2,956 $ 111 $ 13,953
$ 2,701 327
1
$
The value of owned production consumed in operations as fuel has been eliminated from revenues and production expenses, and the related volumes have been deducted
from net production in calculating the unit average sales price and production cost. This has no effect on the results of producing operations.
2
Represents accretion of ARO liability. Refer to Note 25 Asset Retirement Obligations.
3
Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses.

101
Table III - Results of Operations for Oil and Gas Producing Activities1, continued
Consolidated Affiliated Companies

Other Companies
Millions of dollars U.S. Americas Africa Asia Australia Europe Total TCO Other
Sales $ 1,665 $ 505 $ 473 $ 5,629 $ 3,010 $ 149 $ 11,431 $ 3,088 $ 288
Transfers 7,711 1,683 3,378 1,092 1,830 — 15,694 — —
Total 9,376 2,188 3,851 6,721 4,840 149 27,125 3,088 288
Production expenses excluding taxes (3,933) (981) (1,485) (2,408) (589) (64) (9,460) (419) (98)
Taxes other than on income (597) (62) (77) (11) (121) (2) (870) (190) (30)
Exploration expenses (457) (314) (431) (67) (231) (15) (1,515) — 1
Unproved properties valuation (58) (215) (6) (8) (1) — (288) — —
Other income (expense)3 51 (8) (11) 1,053 (2) (9) 1,074 (29) (2,103)
Results before income taxes (2,265) (635) (618) 1,694 1,642 (43) (225) 1,562 (2,094)
Income tax (expense) benefit 558 (5) 888 (353) (558) 12 542 (471) 161
Results of Producing Operations $ (1,707) $ (640) $ 270 $ 1,341 $ 1,084 $ (31) $ 317 $ 1,091 $
(1,933)
1
2
Represents accretion of ARO liability. Refer to Note 25 Asset Retirement Obligations.
3
Includes foreign currency gains and losses, gains and losses on property dispositions and other miscellaneous income and expenses.
Table IV - Results of Operations for Oil and Gas Producing Activities - Unit Prices and Costs1
Other Consolidated Companies

U.S. Americas Africa Asia Australia Europe Total TCO Other
Affiliated Companies
Average sales prices
Crude, per barrel $ 91.88 $ 90.04 $ 100.82 $ 85.64 $ 98.00 $ 102.00 $ 92.92 $ 85.71 $ —
Natural gas liquids, per barrel 33.76 34.33 35.43 — — — 34.31 20.83 65.33
Natural gas, per thousand cubic feet 5.53 5.15 9.00 4.02 15.34 27.00 8.85 0.95 29.44
Average production costs, per barrel2 11.10 17.00 14.43 8.49 3.79 12.00 10.16 3.85 3.36
Average sales prices
Crude, per barrel $ 65.16 $ 62.84 $ 72.38 $ 63.71 $ 71.40 $ 69.20 $ 66.14 $ 58.31 $ —
Natural gas liquids, per barrel 28.54 26.33 39.40 — 30.00 — 29.10 27.13 66.00
Average sales prices3
Crude, per barrel $ 36.28 $ 35.80 $ 38.89 $ 39.77 $ 37.82 $ 34.20 $ 37.41 $ 25.39 $ 25.22
Natural gas liquids, per barrel 9.97 11.79 20.51 — 40.97 — 11.11 10.58 22.52
1
2
Natural gas converted to oil-equivalent gas (OEG) barrels at a rate of 6 MCF = 1 OEG barrel.
3
2020 unit prices have been conformed to current presentation. Crude and NGL realizations were previously combined and disclosed as liquids.

102
Table V Proved Reserve Quantity Information*

Summary of Net Oil and Gas Reserves
2022 2021 2020
Liquids in Millions of Barrels
Natural Gas in Billions Crude Oil Synthetic Natural Crude Oil Synthetic Natural Crude Oil Synthetic Natural
of Cubic Feet Oil NGL Gas Oil NGL Gas Oil NGL Gas
Condensate Condensate Condensate
Proved Developed
U.S. — 450 3,288 1,177 — 421 3,136 1,157 — 346 2,503
1,198
Other Americas 174 574 7 305 181 471 7 259 168 597 6 222
Africa 392 — 72 1,734 428 — 77 1,884 497 — 68 1,629
Asia 235 — — 6,578 270 — — 7,007 358 — — 7,864
Australia 99 — 3 7,898 102 — 3 8,057 115 — 4 8,951
Europe 26 — — 9 24 — — 8 23 — — 8
Total Consolidated 574 532 19,812 2,182 471 508 20,351 2,318 597 424 21,177
2,124
TCO — 52 895 555 — 52 1,059 565 — 53 1,057
515
Other 3 — 13 349 3 — 13 310 2 — 12 322
Total Consolidated and
Affiliated Companies 2,642 574 597 21,056 2,740 471 573 21,720 2,885 597 489 22,556
Proved Undeveloped
U.S. — 435 3,543 887 — 391 2,749 593 — 247 1,747
875
Other Americas 121 — 10 240 107 — 8 196 92 — 2 107
Africa 62 — 25 756 52 — 28 912 57 — 36 1,208
Asia 58 — — 1,959 52 — — 466 45 — — 319
Australia 22 — — 2,444 32 — — 3,627 26 — — 2,434
Europe 32 — — 11 38 — — 13 38 — — 14
Total Consolidated — 470 8,953 1,168 — 427 7,963 851 — 285 5,829
1,170
TCO — 21 368 695 — 32 642 985 — 49 961
* 611 quantities include natural gas projected to be consumed in operations of 2,737, 2,505 and 2,490 billions of cubic feet and equivalent synthetic oil projected to be
Reserve
consumed
Other in operations of 28, 17 and 21—millions of —barrels as—of December
487 31, 2022, 20211 and 2020,—
respectively.
6 583 1 — 5 576
Reserves
Affiliated Governance
Companies The company
1,781 has
— adopted a comprehensive
491 9,808 1,864 reserves
— and465 resources
9,188 classification
1,837 system
— 339modeled
7,366
after a system developed
Total Proved Reserves and approved
4,423 by a number
574 1,088 30,864 of organizations,
4,604 including the Society
471 1,038 30,908 of Petroleum
4,722 597Engineers, the
828 29,922
World Petroleum Congress and the American Association of Petroleum Geologists. The company classifies discovered
recoverable hydrocarbons into six categories based on their status at the time of reporting – three deemed commercial and
three potentially recoverable. Within the commercial classification are proved reserves and two categories of unproved
reserves: probable and possible. The potentially recoverable categories are also referred to as contingent resources. For
reserves estimates to be classified as proved, they must meet all SEC and company standards.
Proved oil and gas reserves are the estimated quantities that geoscience and engineering data demonstrate with reasonable
certainty to be economically producible in the future from known reservoirs under existing economic conditions, operating
methods and government regulations. Net proved reserves exclude royalties and interests owned by others and reflect
contractual arrangements and royalty obligations in effect at the time of the estimate.
Proved reserves are classified as either developed or undeveloped. Proved developed reserves are the quantities expected to
be recovered through existing wells with existing equipment and operating methods, or in which the cost of the required
equipment is relatively minor compared to the cost of a new well. Proved undeveloped reserves are the quantities expected
to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is
required for recompletion.
Due to the inherent uncertainties and the limited nature of reservoir data, estimates of reserves are subject to change as
additional information becomes available.

103
Proved reserves are estimated by company asset teams composed of earth scientists and engineers. As part of the internal
control process related to reserves estimation, the company maintains a Reserves Advisory Committee (RAC) that is
chaired by the Manager of Global Reserves, an organization that is separate from the business units that estimate reserves.
The Manager of Global Reserves has more than 30 years of experience working in the oil and gas industry and holds both
undergraduate and graduate degrees in geoscience. His experience includes various technical and management roles in
providing reserve and resource estimates in support of major capital and exploration projects, and more than 10 years of
overseeing oil and gas reserves processes. He has been named a Distinguished Lecturer by the American Association of
Petroleum Geologists and is an active member of the American Association of Petroleum Geologists, the SEPM Society of
Sedimentary Geologists and the Society of Petroleum Engineers.
All RAC members are degreed professionals, each with more than 10 years of experience in various aspects of reserves
estimation relating to reservoir engineering, petroleum engineering, earth science or finance. The members are
knowledgeable in SEC guidelines for proved reserves classification and receive annual training on the preparation of
reserves estimates.
The RAC has the following primary responsibilities: establish the policies and processes used within the business units to
estimate reserves; provide independent reviews and oversight of the business units’ recommended reserves estimates and
changes; confirm that proved reserves are recognized in accordance with SEC guidelines; determine that reserve quantities
are calculated using consistent and appropriate standards, procedures and technology; and maintain the Chevron
Corporation Reserves Manual, which provides standardized procedures used corporatewide for classifying and reporting
hydrocarbon reserves.
During the year, the RAC is represented in meetings with each of the company’s business units to review and discuss
reserve changes recommended by the various asset teams. Major changes are also reviewed with the company’s senior
leadership team including the Chief Executive Officer and the Chief Financial Officer. The company’s annual reserve
activity is also reviewed with the Board of Directors. If major changes to reserves were to occur between the annual
reviews, those matters would also be discussed with the Board.
RAC subteams also conduct in-depth reviews during the year of many of the fields that have large proved reserves
quantities. These reviews include an examination of the proved reserve records and documentation of their compliance
with the Chevron Corporation Reserves Manual.
Technologies Used in Establishing Proved Reserves Additions In 2022, additions to Chevron’s proved reserves were
based on a wide range of geologic and engineering technologies. Information generated from wells, such as well logs, wire
line sampling, production and pressure testing, fluid analysis, and core analysis, was integrated with seismic data, regional
geologic studies, and information from analogous reservoirs to provide “reasonably certain” proved reserves estimates.
Both proprietary and commercially available analytic tools, including reservoir simulation, geologic modeling and seismic
processing, have been used in the interpretation of the subsurface data. These technologies have been utilized extensively
by the company in the past, and the company believes that they provide a high degree of confidence in establishing reliable
and consistent reserves estimates.
Proved Undeveloped Reserves
Noteworthy changes in proved undeveloped reserves are shown in the table below and discussed on the following page.
Proved Undeveloped Reserves (Millions of BOE) 2022
Quantity at January 1 3,860
Revisions 6
Improved recovery 15
Extension and discoveries 632
Purchases 61
Sales (10)
Transfers to proved developed (657)
Quantity at December 31 3,907
In 2022, revisions include an increase of 257 million BOE in Israel, due to new wells and performance revisions in the
Leviathan and Tamar fields. This increase was largely offset by decreases of 145 million BOE from the United States
primarily from portfolio optimizations in the Midland and Delaware basins, 69 million BOE in Kazakhstan primarily at
TCO as higher prices reduced entitlement (Entitlement effects) and changes in operating assumptions reduced estimated

104
undeveloped reserves, and 31 million BOE in Nigeria due to lower expected offtake of natural gas relative to contracted
volumes.
In 2022, extensions and discoveries of 578 million BOE in the United States were primarily due to the increase of activity
and planned development of new locations in shale and tight assets in the Midland, Delaware and DJ basins. In Other
Americas, 34 million BOE of extensions and discoveries were from shale and tight assets in Argentina and Canada.
The difference in 2022 extensions and discoveries of 122 million BOE, between the net quantities of proved reserves of
754 million BOE as reflected on pages 107 to 109 and net quantities of proved undeveloped reserves of 632 million
BOE, is primarily due to proved extensions and discoveries that were not recognized as proved undeveloped reserves in the
prior year and were recognized directly as proved developed reserves in 2022.
Purchases of 61 million BOE in 2022 are primarily from the acquisition of various properties in the Midland and Delaware
basins in the United States.
Transfers to proved developed reserves in 2022 include 309 million BOE in the United States, primarily from the Midland,
Delaware and DJ basin developments, 207 million BOE in Australia, and 141 million BOE in Kazakhstan, Angola,
Canada, Argentina and other international locations. These transfers are the consequence of development expenditures on
completing wells and facilities.
During 2022, investments totaling approximately $7.5 billion in oil and gas producing activities and about $0.1 billion in
non-oil and gas producing activities were expended to advance the development of proved undeveloped reserves. The
United States accounted for about $3.7 billion primarily related to various development activities in the Midland and
Delaware basins and the Gulf of Mexico. In Asia, expenditures during the year totaled approximately $2.6 billion,
primarily related to development projects for TCO in Kazakhstan. An additional $0.2 billion were spent on development
activities in Australia. In Africa, about $0.5 billion was expended on various offshore development and natural gas projects
in Nigeria, Angola and Republic of Congo. Development activities in Canada and other international locations were
primarily responsible for about $0.5 billion of expenditures.
Reserves that remain proved undeveloped for five or more years are a result of several factors that affect optimal project
development and execution. These factors may include the complex nature of the development project in adverse and
remote locations, physical limitations of infrastructure or plant capacities that dictate project timing, compression projects
that are pending reservoir pressure declines, and contractual limitations that dictate production levels.
At year-end 2022, the company held approximately 1.3 billion BOE of proved undeveloped reserves that have remained
undeveloped for five years or more. The majority of these reserves are in locations where the company has a proven track
record of developing major projects. In Australia, approximately 235 million BOE remain undeveloped for five years or
more related to the Gorgon and Wheatstone Projects. Further field development to convert the remaining proved
undeveloped reserves is scheduled to occur in line with operating constraints, reservoir depletion and infrastructure
optimization. In Africa, approximately 167 million BOE have remained undeveloped for five years or more, primarily due
to facility constraints at various fields and infrastructure associated with the Escravos gas projects in Nigeria. Affiliates
account for about 776 million BOE of proved undeveloped reserves with about 726 million BOE that have remained
undeveloped for five years or more. Approximately 647 million BOE are related to TCO in Kazakhstan and about 79
million BOE are related to Angola LNG. At TCO and Angola LNG, further field development to convert the remaining
proved undeveloped reserves is scheduled to occur in line with reservoir depletion and facility constraints.
Annually, the company assesses whether any changes have occurred in facts or circumstances, such as changes to
development plans, regulations, or government policies, that would warrant a revision to reserve estimates. In 2022,
improvements in commodity prices positively impacted the economic limits of oil and gas properties, resulting in proved
reserve increases, and negatively impacted proved reserves due to entitlement effects. The year-end reserves quantities
have been updated for these circumstances and significant changes have been discussed in the appropriate reserves
sections. Over the past three years, the ratio of proved undeveloped reserves to total proved reserves has ranged between 31
percent and 35 percent.
Proved Reserve Quantities For the three years ending December 31, 2022, the pattern of net reserve changes shown in the
following tables are not necessarily indicative of future trends. Apart from acquisitions, the company’s ability to add
proved reserves can be affected by events and circumstances that are outside the company’s control, such as delays in
government permitting, partner approvals of development plans, changes in oil and gas prices, OPEC constraints,
geopolitical uncertainties, and civil unrest.

105
At December 31, 2022, proved reserves for the company were 11.2 billion BOE. The company’s estimated net proved
reserves of liquids, including crude oil, condensate and synthetic oil for the years 2020, 2021 and 2022, are shown in the
table on page 107. The company’s estimated net proved reserves of natural gas liquids are shown on page 108, and the
company’s estimated net proved reserves of natural gas are shown on page 109.
Noteworthy changes in crude oil, condensate and synthetic oil proved reserves for 2020 through 2022 are discussed below
and shown in the table on the following page:
Revisions In 2020, capital reductions and commodity price effects in the Midland and Delaware basins and Anchor in the
Gulf of Mexico were primarily responsible for the 279 million barrels decrease in the United States. Reserves in Venezuela
affiliates decreased by 149 million barrels, primarily due to impairments and accounting methodology change. Entitlement
effects and performance revisions in TCO were primarily responsible for the 180 million barrels increase. Entitlement
effects primarily contributed to an increase of 77 million barrels of synthetic oil at the Athabasca Oil Sands in Canada and
74 million barrels at multiple locations in Asia.
In 2021, the 206 million barrels increase in United States was primarily in the Gulf of Mexico and the Midland and
Delaware basins. The higher commodity price environment led to the increase of 126 million barrels in the Gulf of Mexico
primarily from Anchor and a 68 million barrels increase in the Midland and Delaware basins due to higher planned
development activity. In TCO, entitlement effects and technical changes in field operating assumptions, reservoir model,
and project schedule were primarily responsible for the 208 million barrels decrease in Kazakhstan. Entitlement effects
primarily contributed to a decrease of 106 million barrels of synthetic oil at the Athabasca Oil Sands project in Canada. In
the Other Americas, performance revisions and price effects, mainly in Canada and Argentina, were primarily responsible
for the 41 million barrels increase.
In 2022, entitlement effects primarily contributed to a decrease of 49 million barrels of synthetic oil at the Athabasca Oil
Sands project in Canada. In TCO, entitlement effects and changes in operating assumptions were primarily responsible for
the 35 million barrels decrease in Kazakhstan.
Extensions and Discoveries In 2020, extensions and discoveries in the Midland and Delaware basins were primarily
responsible for the 105 million barrels increase in the United States.
In 2021, extensions and discoveries in the Midland and Delaware basins, and at the Whale Project in the Gulf of Mexico,
were primarily responsible for the 349 million barrels increase in the United States.
In 2022, extensions and discoveries in the Midland, Delaware and DJ basins, and approval of the Ballymore Project in the
Gulf of Mexico, were primarily responsible for the 264 million barrels increase in the United States. In Other Americas, the
32 million barrels of extensions and discoveries were from Argentina and Canada.
Purchases In 2020, the acquisition of Noble assets contributed 227 million barrels in the DJ basin, Midland and Delaware
basins in the United States.
In 2022, the company exercised its option to acquire additional land acreage in the Athabasca Oil Sands project in Canada
contributing 168 million barrels in synthetic oil. The extension of deepwater licenses in Nigeria and the Republic of Congo
contributed 36 million barrels in Africa.
Sales In 2020, sales of 99 million barrels in Asia were in Azerbaijan.
In 2021, sales of 32 million barrels in the United States were in the Midland and Delaware basins.

106
Net Proved Reserves of Crude Oil, Condensate and Synthetic Oil

Total
Other Synthetic Synthetic Consolidate
d
Millions of barrels U.S. Americas1 Africa Asia Australia Europe Oil 2,5 Total TCO Oil
Other3 and Affiliated
Reserves at January 1, 2020 1,928 320 613 513 166 69 540 4,149 1,473 — 159 5,781
Changes attributable to: Companies
Revisions (279) (25) 11 74 (11) (4) 77 (157) 180 — (149) (126)
Improved recovery 1 1 — — — — — 2 — — — 2
Extensions and discoveries 105 3 1 — 1 — — 110 — — — 110
Purchases 227 — 21 10 — — — 258 — — — 258
Sales (11) — — (99) — — — (110) — — — (110)
Production (221) (39) (92) (95) (15) (4) (20) (486) (103) — (7) (596)
Reserves at December 31, 2020 4, 5 1,750 260 554 403 141 61 597 3,766 1,550 — 3 5,319
Changes attributable to:
Revisions 206 41 10 (8) 8 6 (106) 157 (208) — 2 (49)
Improved recovery — 9 — — — — — 9 — — — 9
Extensions and discoveries 349 16 — — — — — 365 — — — 365
Purchases 26 — — 2 — — — 28 — — — 28
Sales (32) — — (1) — — — (33) — — — (33)
Production (235) (38) (84) (74) (15) (5) (20) (471) (92) — (1) (564)
Revisions (26) (9) 4 8 2 1 (49) (69) (35) — — (104)
Improved recovery 2 15 4 5 — — — 26 — — — 26
Extensions and discoveries 264 32 6 — — — — 302 10 — — 312
Purchases 22 5 36 — — — 168 231 — — — 231
Sales (16) — (3) — — — — (19) — — — (19)
Production (237) (36) (73) (42) (15) (5) (16) (424) (99) — (1) (524)
1
Ending reserve balances in North America were 185, 183 and 166 and in South America were 110, 105 and 94 in 2022, 2021 and 2020, respectively.
2
Reserves associated with Canada.
3
Reserves associated with Africa.
4
Included are year-end reserve quantities related to production-sharing contracts (PSC) (refer to page 112 for the definition of a PSC). PSC-related reserve quantities are
6 percent, 7 percent and 9 percent for consolidated companies for 2022, 2021 and 2020, respectively.
5
Reserve quantities include synthetic oil projected to be consumed in operations of 28, 17 and 21 millions of barrels as of December 31, 2022, 2021 and 2020, respectively.
Noteworthy changes in natural gas liquids proved reserves for 2020 through 2022 are discussed below and shown in
the table on the following page:
Revisions In 2020, capital reductions and commodity price effects in various fields in Midland and Delaware basins
were primarily responsible for the 71 million barrels decrease in the United States.
In 2021, higher commodity prices resulting in the increase of planned development activity in the Midland and
Delaware basins were primarily responsible for the 107 million barrels increase in the United States.
Extensions and Discoveries In 2020, extensions and discoveries in various fields in Midland and Delaware basins
were primarily responsible for the 60 million barrels increase in the United States.
In 2021, extensions and discoveries in the Midland and Delaware basins were primarily responsible for the 190
million barrels increase in the United States.
In 2022, extensions and discoveries in the Midland and Delaware basins were primarily responsible for the 163
million barrels increase in the United States.
Purchases In 2020, the acquisition of Noble assets contributed 198 million barrels primarily in the DJ basin, Midland
and Delaware basins and Eagle Ford shale in the United States.
Sales In 2022, sales of 35 million barrels in the United States were primarily from the divestment of the Eagle Ford
shale assets and some properties in the Midland and Delaware basins.

107
Net Proved Reserves of Natural Gas Liquids

Affiliated Total
Consolidated
Other Companies Companies Consolidate
and Affiliated
d
Millions of barrels U.S. Americas1 Africa Asia Australia Europe Total TCO Other 2
Companies
Reserves at January 1, 2020 502 16 100 — 4 — 622 103 15 740
Revisions (71) (7) (3) — — — (81) 8 5 (68)
Improved recovery — — — — — — — — — —
Extensions and discoveries 60 1 — — — — 61 — — 61
Purchases 198 — 12 — — — 210 — — 210
Sales (27) — — — — (27) — — (27)
Production (69) (2) (5) — — — (76) (9) (3) (88)
Reserves at December 31, 20203 593 8 104 — 4 — 709 102 17 828
Revisions 107 5 8 — — — 120 (10) 4 114
Extensions and discoveries 190 4 — — — — 194 — — 194
Purchases 8 — — — — — 8 — — 8
Sales (8) — — — — — (8) — — (8)
Production (78) (2) (6) — (1) — (87) (8) (3) (98)
Reserves at December 31, 20213 812 15 106 — 3 — 936 84 18 1,038
Revisions 18 — (3) — — — 15 (5) (3) 7
Extensions and discoveries 163 2 1 — — — 166 — — 166
Purchases 14 2 — — — — 16 — — 16
Sales (35) — — — — — (35) — — (35)
Production (87) (2) (7) — — — (96) (6) (2) (104)
Reserves at December 31, 20223 885 17 97 — 3 — 1,002 73 13 1,088
1
Reserves associated with North America.
2
3
Year-end reserve quantities related to PSC are not material for 2022, 2021 and 2020, respectively.
Noteworthy changes in natural gas proved reserves for 2020 through 2022 are discussed below and shown in the table on
the following page:
Revisions In 2020, the demotion of Jansz Io compression project reserves and lower field performance, partially offset by
positive revisions at Gorgon, were mainly responsible for the net 2.5 TCF decrease in Australia. Capital reductions and
commodity price effects in various fields of the Midland and Delaware basins were mainly responsible for the 509 BCF
decrease in the United States. In Africa, a 229 BCF decrease was primarily due to reduced demand and development plan
changes at Meren in Nigeria.
In 2021, the approval of the Jansz Io Compression project was mainly responsible for the 1.2 TCF increase in Australia.
Higher commodity prices, resulting in the increase of planned development activity in the Midland and Delaware basins,
were mainly responsible for the 829 BCF increase in the United States. In TCO, entitlement effects and technical changes
in field operating assumptions, reservoir model, and project schedule were primarily responsible for the 179 BCF decrease.
In 2022, the performance of the Leviathan and Tamar fields in Israel and the Bibiyana and Jalalabad fields in Bangladesh
were mainly responsible for the 1.8 TCF increase in Asia. In Australia, the 377 BCF decrease was mainly due to updated
reservoir characterization of the Wheatstone field. In TCO, entitlement effects and changes in operating assumptions were
primarily responsible for the 285 BCF decrease.
Extensions and Discoveries In 2020, extensions and discoveries of 385 BCF in the United States were primarily in the
Midland and Delaware basins.
In 2021, extensions and discoveries of 1.4 TCF in the United States were primarily in the Midland and Delaware basins.
In 2022, extensions and discoveries of 1.6 TCF in the United States were primarily in the Midland and Delaware basins.

108
Purchases In 2020, the acquisition of Noble assets contributed 5.4 TCF in Israel in Asia, 1.5 TCF in the DJ basin, Midland
and Delaware basins and Eagle Ford Shale in the United States and 441 BCF in Equatorial Guinea in Africa.
Sales In 2020, sales of 1.3 TCF were primarily in the Appalachian basin in the United States and 264 BCF primarily in
Azerbaijan in Asia.
In 2022, sales of 243 BCF in the United States were primarily in the Eagle Ford shale and Midland and Delaware basins.
Net Proved Reserves of Natural Gas
Affiliated Total
Companies Consolidate
d
Other and Affiliated
Reserves
Billions ofatcubic
January 1, 2020
feet (BCF) 4,728 7361
U.S. Americas 2,758
Africa 3,681
Asia 14,658 Europe
Australia 26 26,587 2,004
TCO 866 29,457
Companies
Changes attributable to: Total Other2
Revisions (509) (178) (229) 169 (2,455) (2) (3,204) 162 138 (2,904)
Extensions and discoveries 385 8 2 — 58 — 453 — — 453
Purchases 1,548 — 441 5,350 — — 7,339 — — 7,339
Sales (1,314) (177) — (264) — — (1,755) — — (1,755)
Production3 (588) (60) (135) (753) (876) (2) (2,414) (148) (106) (2,668)
Reserves at December 31, 2020 4, 5 4,250 329 2,837 8,183 11,385 22 27,006 2,018 898 29,922
Revisions 829 129 147 119 1,181 1 2,406 (179) 82 2,309
Extensions and discoveries 1,408 63 — — 19 — 1,490 — — 1,490
Purchases 44 — — — — — 44 — — 44
Sales (29) — — — (13) — (42) — — (42)
Production3 (617) (66) (188) (829) (888) (2) (2,590) (138) (87) (2,815)
Revisions 171 62 (118) 1,765 (377) 2 1,505 (285) 3 1,223
Improved recovery 1 — — — — — 1 — — 1
Extensions and discoveries 1,573 64 — — — — 1,637 — 17 1,654
Purchases 85 25 30 — — — 140 — — 140
Sales (243) — (11) — — — (254) — — (254)
Production3 (641) (61) (207) (701) (965) (3) (2,578) (153) (77) (2,808)
1
Ending reserve balances in North America and South America were 407, 347 and 234 and 138, 108 and 95 in 2022, 2021 and 2020, respectively.
2
3
Total “as sold” volumes are 2,600, 2,599 and 2,447 for 2022, 2021 and 2020, respectively.
4
Includes reserve quantities related to PSC. PSC-related reserve quantities are 8 percent, 8 percent and 10 percent for consolidated companies for 2022, 2021 and 2020,
respectively.
5
Reserve quantities include natural gas projected to be consumed in operations of 2,737, 2,505 and 2,490 billions of cubic feet as of December 31, 2022, 2021 and 2020,
respectively.

109
Table VI - Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and Gas Reserves
The standardized measure of discounted future net cash flows is calculated in accordance with SEC and FASB
requirements. This includes using the average of first-day-of-the-month oil and gas prices for the 12-month period prior to
the end of the reporting period, estimated future development and production costs assuming the continuation of existing
economic conditions, estimated costs for asset retirement obligations (includes costs to retire existing wells and facilities in
addition to those future wells and facilities necessary to produce proved undeveloped reserves), and estimated future
income taxes based on appropriate statutory tax rates. Discounted future net cash flows are calculated using 10 percent mid-
period discount factors. Estimates of proved reserve quantities are imprecise and change over time as new information
becomes available. Probable and possible reserves, which may become proved in the future, are excluded from the
calculations. The valuation requires assumptions as to the timing and amount of future development and production costs.
The calculations are made as of December 31 each year and do not represent management’s estimate of the company’s
future cash flows or value of its oil and gas reserves. In the following table, the caption “Standardized Measure Net Cash
Flows” refers to the standardized measure of discounted future net cash flows.
Affiliated Total
Consolidated
Other Companies Companies Consolidate
d
Millions of dollars U.S. Americas Africa Asia Australia Europe Total TCO Other Companie
and
s
At December 31, 2022 Affiliated
Future cash inflows from production $257,478 $ 76,940 $55,865 $67,188 $ 147,839 $ 5,920 $611,230 $106,114 $22,630 $ 739,974
Future production costs (51,022) (22,744) (16,373) (12,261) (13,313) (1,069) (116,782) (28,046) (574) (145,402)
Future development costs (20,907) (3,233) (2,657) (2,879) (5,030) (502) (35,208) (4,127) (8) (39,343)
Future income taxes (40,096) (13,207) (26,160) (30,674) (38,861) (2,827) (151,825) (22,182) (7,707) (181,714)
Undiscounted future net cash flows 145,453 37,756 10,675 90,635 1,522 307,415 51,759 14,341 373,515
21,374
10 percent midyear annual discount
for timing of estimated cash (62,918) (22,165) (3,001) (10,769) (37,519) (571) (136,943) (18,810) (5,824) (161,577)
flows
Standardized Measure
Net Cash Flows $ 82,535 $ 15,591 $ 7,674 $10,605 $ 53,116 $ 951 $170,472 $ 32,949 $ 8,517 $
211,938
Future cash inflows from production $174,976 $ 48,328 $41,698 $52,881 $ 87,676 $ 4,366 $409,925 $ 80,297 $ 8,446 $
498,668
Future production costs (40,009) (16,204) (15,204) (13,871) (13,726) (1,400) (100,414) (23,354) (285) (124,053)
Future development costs (16,709) (2,707) (2,245) (2,774) (5,283) (661) (30,379) (5,066) (18) (35,463)
Future income taxes (24,182) (7,723) (17,228) (21,064) (20,600) (922) (91,719) (15,563) (2,850) (110,132)
Undiscounted future net cash flows 94,076 21,694 7,021 48,067 1,383 187,413 36,314 5,293 229,020
15,172
for timing of estimated cash (41,357) (11,370) (1,899) (7,277) (21,141) (485) (83,529) (14,372) (2,244) (100,145)
flows
Net Cash Flows $ 52,719 $ 10,324 $ 5,122 $ 7,895 $ 26,926 $ 898 $103,884 $ 21,942 $ 3,049 $
128,875
Future cash inflows from production $ 74,671 $ 29,605 $27,521 $49,265 $ 53,241 $ 2,304 $236,607 $ 53,309 $ 1,070$
290,986
Future production
Net Cash Flows costs $ (30,359)
17,490 $ (15,410)
4,046 $(15,364)
2,361 (12,784)
$ 8,808 $ (11,036)
15,526 $(1,336)
212 $(86,289)
48,443 (19,525) (426)
$ 9,849 $ 245 (106,240)
58,537
Future development costs $ (10,492) (2,366) (3,017) (2,274) (3,205) (522) (21,876) (7,138) (38) (29,052)
Future income taxes (5,874) (3,131) (6,197) (17,543) (11,700) (178) (44,623) (7,994) (212) (52,829)
Undiscounted future net cash flows 27,946 8,698 2,943 16,664 27,300 268 83,819 18,652 394 102,865
for timing of estimated cash (10,456) (4,652) (582) (7,856) (11,774) (56) (35,376) (8,803) (149) (44,328)
flows

110
Table VII - Changes in the Standardized Measure of Discounted Future Net Cash Flows From Proved Reserves
The changes in present values between years, which can be significant, reflect changes in estimated proved reserve
quantities and prices and assumptions used in forecasting production volumes and costs. Changes in the timing of
production are included with “Revisions of previous quantity estimates.”
Millions of dollars Consolidated Companies Affiliated Companies Affiliated Companies
Present Value at January 1, 2020 $ 80,396 $ 20,151 $ 100,547
Sales and transfers of oil and gas produced net of production costs (16,621) (2,322) (18,943)
Development costs incurred 6,301 2,892 9,193
Purchases of reserves 10,295 — 10,295
Sales of reserves (803) — (803)
Extensions, discoveries and improved recovery less related costs 2,066 — 2,066
Revisions of previous quantity estimates (1,293) 4,033 2,740
Net changes in prices, development and production costs (62,788) (22,925) (85,713)
Accretion of discount 11,274 2,948 14,222
Net change in income tax 19,616 5,317 24,933
Net Change for 2020 (31,953) (10,057) (42,010)
Present Value at December 31, 2020 $ 48,443 $ 10,094 $ 58,537
Purchases of reserves 772 — 772
Sales of reserves (889) — (889)
Extensions, discoveries and improved recovery less related costs 12,091 — 12,091
Revisions of previous quantity estimates 2,269 (6,675) (4,406)
Net changes in prices, development and production costs 89,031 30,076 119,107
Net change in income tax (25,592) (6,692) (32,284)
Net Change for 2021 55,441 14,897 70,338
Purchases of reserves 2,248 — 2,248
Sales of reserves (1,807) — (1,807)
Extensions, discoveries and improved recovery less related costs 16,054 823 16,877
Revisions of previous quantity estimates 5,281 (1,481) 3,800
Net changes in prices, development and production costs 110,467 28,052 138,519
Net change in income tax (34,336) (7,651) (41,987)
Net Change for 2022 66,588 16,475 83,063

111
glossary of
energy and
financial terms
energy terms
Acreage Land leased for oil and gas exploration and Net reserves and resources Chevron’s interest share of oil
production. and gas after removing royalty share and overriding
Additives Specialty chemicals incorporated into fuels and royalties paid to others. Net includes any applicable
lubricants that enhance the performance of the finished Chevron‑owned overriding royalties.
product. Net zero upstream aspiration (Scope 1 and 2) Chevron
Barrels of oil-equivalent (BOE) A unit of measure to quantify aspires to reach net zero upstream emissions (Scope 1 and
crude oil, natural gas liquids and natural gas amounts using 2) by 2050. Accomplishing this aspiration depends on
the same basis. Natural gas volumes are converted to barrels continuing progress on commercially viable technology;
on the basis of e)
energy content. See oil‑equivalent gas and government policy; successful negotiations for carbon
equivalent (CO per unit of
production.
2
capture and storage and nature‑based projects; availability
measure.
Condensate Hydrocarbons that are in a gaseous state at
Carbon of cost‑effective, verifiable offsets in the global market; and
reservoirintensity
conditions,The
butamount of carbonare
when produced dioxide or carbon
in liquid granting of necessary permits by governing authorities.
dioxide
state at surface conditions.
Oil-equivalent gas (OEG) The volume of natural gas needed
Development Drilling, construction and related activities to generate the equivalent amount of heat as a barrel of
following discovery that are necessary to begin production crude oil. Approximately 6,0 0 0 cubic feet of natural gas is
and transportation of crude oil and/or natural gas. equivalent to one barrel of crude oil.
Exploration Searching for crude oil and/or natural gas by
Oil sands Naturally occurring mixture of bitumen (a heavy,
utilizing geological and topographical studies, geophysical
viscous form of crude oil), water, sand and clay. Using
and seismic surveys and drilling of wells.
hydroprocessing technology, bitumen can be refined to
Gas-to-liquids (GTL) A process that converts natural gas yield synthetic oil.
into high‑quality liquid transportation fuels and other
Petrochemicals Compounds derived from petroleum. These
products.
include: aromatics, which are used to make plastics,
Hydrogen Chevron’s approach to hydrogen for new lower adhesives, synthetic fibers and household detergents; and
carbon businesses envisions the use of green, blue and gray olefins, which are used to make packaging, plastic pipes,
hydrogen. Chevron believes the use of blue and green tires, batteries, household detergents and synthetic motor
hydrogen as a fuel source can help reduce the amount of oils.
greenhouse gas emissions entering the atmosphere. While
Portfolio carbon intensity A metric that represents the
gray hydrogen is viewed as not directly supporting
estimated energy‑weighted average greenhouse gas
decarbonization of the energy sector, Chevron believes that
emissions intensity from a simplified value chain from the
early‑use cases of gray hydrogen can provide key
production, refinement, distribution and end use of marketed
opportunities to de‑risk technology, enable development of
energy products per unit of energy delivered.
supporting infrastructure, including fueling stations, and
contribute to learnings. Production Total production refers to all the crude oil
(including synthetic oil), NGLs and natural gas produced from
Liquefied natural gas (LNG) Natural gas that is liquefied
a property. Net production is the company’s share of total
under extremely cold temperatures to facilitate storage
production after deducting both royalties paid to landowners
or transportation in specially designed vessels.
and a government’s agreed‑upon share of production under a
Liquefied petroleum gas (LPG) Light gases, such as butane production‑
and propane, that can be maintained as liquids while under sharing contract (PSC). Liquids production refers to crude oil,
pressure. condensate, natural gas liquids and synthetic oil volumes. Oil‑
Lower carbon energy includes a variety of existing and equivalent production is the sum of the barrels of liquids and
emerging energy solutions and services, including the oil‑equivalent barrels of natural gas produced. See barrels
traditional energy sources linked with renewables or of oil‑ equivalent, oil‑equivalent gas and production‑sharing
abatement technologies or measures, carbon capture and contract.
sequestration, offsets, blue and green hydrogen,
Production-sharing contract (PSC) An agreement between
geothermal and nuclear.
a government and a contractor (generally an oil and gas
Lower carbon intensity oil, products and natural gas includes company) whereby production is shared between the
oil, natural gas and hydrocarbon‑based products that are parties in a prearranged manner. The contractor typically
produced and sold to customers with a carbon intensity below incurs all exploration, development and production costs,
that of traditional oil, natural gas and hydrocarbon‑based which are subsequently recoverable out of an agreed‑upon
products. share of any
Natural gas liquids (NGLs) Separated from natural gas, future PSC production, referred to as cost recovery oil
these include ethane, propane, butane and naturalChevron Corporation 2022and/or gas.
Annual Report
gasoline. 112
Any remaining production, referred to as profit oil and/or gas, structures/stratigraphy and float buoyantly over water.
is shared between the parties on an agreed‑upon basis as Unconventional resources include shale gas, coalbed methane,
stipulated in the PSC. The government may also retain a share crude oil and natural gas from tight rock formations, tar sands,
of PSC production as a royalty payment, and the contractor kerogen from oil shale, and gas hydrates that cannot
typically owes income tax on its portion of the profit oil and/or commercially flow without well stimulation.
gas. The contractor’s share of PSC oil and/or gas production and Wells Oil and gas wells are classified as either exploration or
reserves varies over time, as it is dependent on prices, costs and development wells. Exploration wells are wells drilled to find a
specific PSC terms. new field or to find a new reservoir in a field previously found to
Refinery utilization Average crude oil consumed in fuel and be productive of oil and gas in another reservoir. Appraisal
asphalt refineries for the year, expressed as a percentage of wells are exploration wells drilled to confirm the results of a
the refineries’ average annual crude unit capacity. discovery well. Delineation wells are exploration wells drilled to
Reserves Crude oil, natural gas liquids and natural gas determine the boundaries of a productive formation or to
contained in underground rock formations called reservoirs and delineate the extent of a find. Development wells are wells
saleable hydrocarbons extracted from oil sands, shale, coalbeds drilled in an existing reservoir in a proved oil‑ or gas‑producing
and other nonrenewable natural resources that are intended to area. Completed wells are wells for which drilling work has
be upgraded into synthetic oil or gas. Net proved reserves are been completed and that are capable of producing. Dry wells
the estimated quantities that geoscience and engineering data are wells completed as dry holes, that is, wells not capable of
demonstrate with reasonable certainty to be economically producing in commercial quantities.
producible in the future from known reservoirs under existing
economic conditions, operating methods and government financial terms
regulations and exclude royalties and interests owned by Capital employed The sum of Chevron Corporation
others. Estimates change as additional information becomes stockholders’ equity, total debt and noncontrolling interests.
available. Oil‑equivalent reserves are the sum of the liquids Average capital employed is computed by averaging the sum
reserves and the oil‑equivalent gas reserves. See barrels of of capital employed at the beginning and end of the year.
oil‑equivalent and oil‑equivalent gas. The company discloses
Cash flow from operating activities Cash generated from the
only net proved reserves in its filings with the
company’s businesses; an indicator of a company’s ability to
U.S. Securities and Exchange Commission. Investors should
fund capital programs and stockholder distributions. Excludes
refer to proved reserves disclosures in Chevron’s Annual
cash flows related to the company’s financing and investing
Report on Form 10‑K for the year ended December 31, 2022.
activities.
Resources Estimated quantities of oil and gas resources
Current ratio Current assets divided by current liabilities.
are recorded under Chevron’s 6P system, which is
modeled after the Society of Petroleum Engineers’ Debt ratio Total debt, including finance lease liabilities,
Petroleum Resources divided by total debt plus Chevron Corporation stockholders’
Management System, and include quantities classified as proved, equity.
probable and possible reserves, plus those that remain Earnings Net income attributable to Chevron Corporation
contingent on commerciality. Unrisked resources, unrisked as presented on the Consolidated Statement of Income.
resource base and similar terms represent the arithmetic sum of Free cash flow The cash provided by operating activities
the amounts recorded under each of these classifications. less capital expenditures.
Recoverable resources, potentially recoverable volumes and Goodwill An asset representing the future economic benefits
other similar terms represent estimated remaining quantities arising from the other assets acquired in a business
that are forecast to be ultimately recoverable and produced in combination that are not individually identified and separately
the future, adjusted to reflect the relative uncertainty recognized.
represented by the various classifications. These estimates
Interest coverage ratio Income before income tax expense,
may change significantly as development work provides
plus interest and debt expense and amortization of capitalized
additional information. All of these measures are considered by
interest, less net income attributable to noncontrolling
management in making capital investment and operating
interests, divided by before‑tax interest costs.
decisions and may provide some indication to stockholders of
the resource potential of oil and gas properties in which the Margin The difference between the cost of purchasing,
company has an interest. producing and/or marketing a product and its sales
price.
Shale gas Natural gas produced from shale rock
formations where the gas was sourced from within the Net debt ratio Total debt less the sum of cash and cash
shale itself. Shale is very fine‑grained rock, characterized equivalents, time deposits and marketable securities, as
by low porosity and extremely low permeability. a percentage of total debt less the sum of cash and
Production of shale gas normally requires formation cash equivalents, time deposits and marketable
stimulation such as the use of hydraulic fracturing securities plus Chevron Corporation’s stockholders’
(pumping a fluid‑sand mixture into the formation under equity.
high pressure) to help produce the gas. Return on capital employed (ROCE) This is calculated by
Synthetic oil A marketable and transportable hydrocarbon dividing earnings (adjusted for after‑tax interest expense
liquid, resembling crude oil, that is produced by upgrading and noncontrolling interests) by average capital employed.
highly viscous or solid hydrocarbons, such as extra‑heavy Return on stockholders’ equity (ROSE) This is calculated by
crude oil or oil sands. dividing earnings by average Chevron Corporation
Tight oil Liquid hydrocarbons produced from shale (also stockholders’ equity. Average Chevron Corporation
referred to as shale oil) and other rock formations with stockholders’ equity is computed by averaging the sum of the
extremely low permeability. As with shale gas, production beginning‑of‑year and end‑of‑year balances.
from tight oil reservoirs normally requires formation Return on total assets This is calculated by dividing earnings
stimulation such as hydraulic fracturing. by average total assets. Average total assets is computed by
Unconventional oil and gas resources Hydrocarbons averaging the sum of the beginning‑of‑year and end‑of year
contained in formations over very large areas with extremely balances.
low permeability that are not influenced by buoyancy. In Total stockholder return The return to stockholders as
Chevron Corporation 2022measured
contrast, conventional resources are contained within by stock price appreciation and reinvested dividends
Annual Report
geologic 113 for a period of time.
stockholder
and investor
information
stock exchange listing dividend payment dates
Chevron common stock is listed on the New Quarterly dividends on common stock are
York Stock Exchange. The symbol is “CVX.” paid, generally, following declaration by the
Board of Directors, on or about the 10th day
stockholder information of March, June, September and December.
As of February 10, 2023, stockholders of Direct
record numbered approximately 104,000. deposit of dividends is available to
stockholders. For information, contact
For questions about stock ownership, changes Computershare.
of address and dividend reinvestment (See “stockholder information” section.)
programs, please contact Chevron’s stock
transfer agent: annual meeting
Computershare The Annual Meeting of Stockholders will be
P.O. Box 505000 held online via live audio webcast at 8 a.m.
Louisville, KY PDT, Wednesday, May 31, 2023.
40233‑5000
www.virtualshareholdermeeting.com/CVX202
800 368 8357 (U.S. and 3
Canada)
201 680 6578 (outside electronic access
the U.S. and Canada)
In an effort to conserve natural resources and
www.computershare.com
/investor reduce the cost of printing and mailing proxy
materials, we encourage stockholders to register
Overnight correspondence should be sent to receive these documents by email and vote
their shares on the internet. Stockholders of
to: Computershare
record may sign up for electronic access (and
462 South 4th Street
beneficial stockholders may be able to request
Suite 1600
electronic access by contacting their broker or
Louisville, KY 40202
bank or Broadridge Financial Solutions) on this
The Computershare Investment Plan is a direct website:
stock purchase and dividend reinvestment plan. www.icsdelivery.com/cvx/. Enrollment is
revocable until each year’s Annual Meeting record
date.

114
Chevron invests in the communities where we operate to
support people, the environment and prosperity. For example,
in East Kalimantan, Indonesia, we are funding a three‑year
pilot
program with The Nature Conservancy, its local Indonesian affiliate
Yayasan Konservasi Alam Nusantara and Pact to restore 50
hectares of mangroves in traditional shrimp aquaculture ponds.
Known as
Mangrove Sahabat Tambak Lestari (literally, “mangrove is the best
friend of sustainable aquaculture”), the program aims to demonstrate
that sustainable shrimp aquaculture farming benefits communities and
can help preserve and restore mangrove ecosystems.
Learn more about our approach to sustainability at www.chevron.com/sustainability
investor information notice

Securities analysts, portfolio managers and As used in this report, the term “Chevron” and
representatives of financial institutions may such terms as “the company,” “the corporation,”
contact: “our,” “we,” “us” and “its” may refer to one or
Investor Relations
Chevron more of Chevron’s consolidated subsidiaries or to
Corporation all of them taken as a whole. All of these terms
6001 Bollinger Canyon are used for convenience only and are not
Road San Ramon, CA intended as a precise description of any of the
94583‑2324 925 842 5690 separate companies, each of which manages its
Email: invest@chevron.c own affairs.
om corporate
headquarters
6001 Bollinger Canyon
Road San Ramon, CA
94583‑2324 925 842 1000

115
publications and other news
sources
The Annual Report, distributed in April, Printed copies may be requested by writing
summarizes the company’s financial performance to:
in the preced‑ ing year and provides an overview Corporate Affairs: Corporate
of the company’s major activities. Sustainability Communications
Chevron Corporation
Chevron’s Annual Report on Form 10‑K, filed with 6001 Bollinger Canyon
the U.S. Securities and Exchange Commission, and Road Building G
the Supplement to the Annual Report, containing San Ramon, CA
additional financial and operating data, are 94583‑2324
available on the company’s website, Details of the company’s political contributions
www.chevron.com, or copies may be requested for 2022 are available on the company’s
by contacting: website, www.chevron.com, or by writing
Investor Relations to:
Chevron
Corporate Affairs
Corporation
Chevron
6001 Bollinger Canyon Road,
Corporation
A3140 San Ramon, CA
94583‑2324
Road Building G
925 842 5690 ForSan
additional
Ramon,information
CA about the company
Email: invest@chevron.com and94583‑2324
the energy industry, visit Chevron’s
The 2022 Sustainability Report will be available website, www.chevron.com. It includes
in May at www.chevron.com/sustainability, articles, news releases, presentations,
where a guide to Chevron’s sustainability quarterly earnings
efforts and approach to our environment, information, the Proxy Statement and the
Highlights
social and include: the innovative
governance and responsible
(ESG) priorities can be complete text of this Annual Report.
actions
found. Chevron is taking to advance
environmental performance; our investment in
people and partnership; and our commitment to
delivering results the right and responsible way,
with safety and health as operating priorities.
connect with
us

116
the people behind the patents
At Chevron, we’re innovating for today and tomorrow. Technology and human ingenuity have never been
more important as we safely work to meet the world’s growing demand for affordable, reliable, ever‑cleaner
energy. In 2022, we were proud to honor 463 Chevron inventors (from 29 locations around the world) who
were granted
U.S. patents or submitted patent applications. Chevron holds more than 4,800 U.S. patents on technology
solutions, with another 2,100 pending, making us one of the leading patent holders in the industry
worldwide.
This Annual Report contains forward‑looking statements – identified by words such as “advances,” “aim,” “ambitions,” “anticipates,”
“approaches,” “aspiration,” “believe,” “budgets,” “can,” “commit,” “commits,” “drives,” “estimates,” “expect,” “focus,” “forecast,” “goal,”
“intend,” “may,” “on track,” “opportunity,” “plan,” “position,” “potential,” “progress,” “project,” “schedule,” “seeks,” “should,” “strategy,”
“target,” “will” and similar phrases – that reflect management’s current estimates and beliefs, but are not guarantees of future results.
Please see “Cautionary Statements Relevant to Forward‑Looking Information for the Purpose of ‘Safe Harbor’ Provisions of the Private
Securities Litigation Reform Act of 1995” on page 31 for a discussion of some of the factors that could cause actual results to differ
materially.
Produced by Corporate Affairs and Controller’s Departments, Chevron Corporation
DESIGN Bluehouse, Chevron Corporation PRINTING Advantage ColorGraphics – Anaheim, California
Photo, back cover: A worker inspects the world’s largest carbon capture and storage system at our Gorgon liquefied natural gas
facility on Australia’s Barrow Island.
There are many paths the
future could take, but a few
things are certain: the global
demand for energy continues
to grow; more affordable and
reliable energy is needed;
current energy forms are
becoming cleaner; and new
energy solutions are emerging.
Printed on Rolland Enviro® Print

80 lb. cover and Rolland Enviro®
Satin 80 lb. and 50 lb. text. This paper
contains 10 0 % sustainable recycled
fiber, is manufactured using
renewable energy
— biogas — and is processed chlorine
free. It is FSC® certified and
designated Ancient Forest Friendly™.
Chevron Corporation
Road
San Ramon, CA
94583‑2324 USA
www.chevron.com
© 2023 Chevron
Corporation.
All Rights Reserved.
912‑0989

Chevron

Uploaded by

Copyright:

Available Formats

Chevron

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Chevron

Uploaded by

Copyright:

Available Formats

energy

asset class: deepwater

872 mboe/d billion

6 CO2e/boe carbon intensity in

Chevron Corporation 2022 Annual Report

higher returns, lower carbon ...............................................................................

board of directors ................................................................................................. XI

director: one‑on‑one .......................................................................................... XIV

corporate officers ............................................................................................... XVI

chevron at a glance ............................................................................................ XI

chevron stock performance .............................................................................. XX

financial and operating highlights ................................................................ XXI

process safety, reliability and integrity ..................................................... X

glossary of energy and financial terms .......................................................... 1

stockholder and investor information ........................................................... 114

Chevron Corporation 2022 Annual Report

That’s Energy in Progress

Photo: Our Geismar biorefinery in Louisiana uses a wide

• Grow the dividend consistently

Chevron Corporation 2022 Annual Report

Natural gas demand declined slightly last year, as

As growth in the global economy drives greater

advancing energy progress

Photo: The NYSE welcomed Chevron in celebration

Chevron Corporation 2022 Annual Report

Chevron Corporation 2022 Annual Report

And we’re making strategic investments to lower looking to the future

Chevron has been investing in hydrogen research

Chevron Corporation 2022 Annual Report

Chevron Corporation 2022 Annual Report

growing reinvesting to strengthening

returning excess lowering growing lower

* See pages 48–49 for additional

Chevron Corporation 2022 Annual Report

Chevron Corporation 2022 Annual Report

Michael K. (Mike) Wirth, 62

Wanda M. Austin, 68 Alice P. Gast, 64

Chevron Corporation 2022 Annual Report

Jon M. Huntsman Jr., 63 D. James Umpleby III, 65

Charles W. Moorman, 71 Cynthia J. Warner, 64

Chevron Corporation 2022 Annual Report

Dr. Wanda M. Austin was appointed

Dr. Austin is recognized for her work in

Chevron Corporation 2022 Annual Report

Marissa Badenhorst, 47 Jeff B. Gustavson, 50

Eimear P. Bonner, 49 A . Nigel Hearne, 55

Pierre R. Breber, 58 Alana K. Knowles, 58

Chevron Corporation 2022 Annual Report

Navin K. Mahajan, 56 R. Hewitt Pate, 60

David A. Inchausti, Vice President and Controller since

Chevron Corporation 2022 Annual Report

Chevron Corporation 2022 Annual Report

Chevron Corporation 2022 Annual Report

Peer group: BP p.l.c. (ADS), ExxonMobil, Shell p.l.c. (ADS), TotalEnergies SE

Chevron Corporation 2022 Annual Report

Five-year cumulative total

Chevron Corporation 2022 Annual Report

financial highlights1 2022 2021 2020

Net income (loss) attributable to Chevron Corporation $ 35,465 $ 15,625 $ (5,543)

Sales and other operating revenues $ 235,717 $ 155,606 $ 94,471