Second quarter 2025 earnings call August 1, 2025 2025 Chevron Bakken
Higher returns, lower carbon 2Q25 highlights Completed Hess acquisition Achieved record U.S. and worldwide production Delivered 1 MMBOED in the Permian Basin Entered U.S. lithium sector Returned 5.5 billion cash to…
Hess transaction creates premier energy company Upstream total cash flow3 2026-2030, billions 4 Chevron with Hess Peers Accretive to CFPS1 by end 2025 Superior cash flow best-in-class upstream margins 1 billion synergies2…
Unmatched Permian portfolio Largest mineral owner Peer-leading organic growth Delivering superior returns Offering scalable, long-term value 12% organic CAGR over past 5 years Highest among basin peers1 New Operated acreage…
Enhancing value of key assets Increasing capacity Maximizing recovery Optimizing turnarounds +18% TCO and +7% Australia LNG +9% improved EUR1 25% improvement in duration above nameplate for Gulf of America operated assets for…
Improving performance, reducing costs Designed for efficiency Organized by asset class and activity Expanding centralized technology and support centers 70% reduction in Upstream reporting units Upstream New Energies…
Financial highlights 2Q25 Earnings / Earnings per diluted share 2.5 billion / 1.45 1 Adjusted earnings / EPS 3.1 billion / 1.77 1 Cash flow from operations / excl. working capital 8.6 billion / 8.3 billion Total capex / Organic…
Cash flow billions Free cash flow 4.9 billion 2,4 Cash returned to shareholders 3,4 Adjusted free cash flow 4.9 billion 5.5 billion CFFO excl. WC4 Capex Asset sales & Working equity affiliate capital loans Debt Other…
Chevron earnings 1 2Q25 vs. 1Q25 millions Upstream Downstream Other Special 2 items FX 2 (40) Realizations (210) Liftings DD&A Timing Timing Tax / Chemicals / effects Opex Other effects other Volume other Margins 90…
Worldwide net oil & gas production 2Q25 vs. 1Q25 MBOED Turnarounds / Shale & GOA downtime Base / tight TCO other 35 35 (50) (7) 30 Turnaround at Gorgon and planned downtime at TCO TCO, Permian and Gulf of America…
Industry-leading growth only getting stronger 12.5 billion additional free cash flow by 20261 Free cash flow, billions Significant progress in 2025 TCO FGP at full production rates 12.5B 10B Gulf of America projects ramping…
Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings U.S. International Total U.S. International Total Upstream Upstream Upstream Downstream Downstream Downstream All Other Total 2Q24…
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Adjusted free cash flow millions 2Q25 Net cash provided by operating activities 8,576 Less: Net decrease (increase)…
Appendix: reconciliation of non-GAAP measures Net debt ratio millions 2Q25 Short term debt 6,191 Long term debt* 23,276 Total debt 29,467 Less: Cash and cash equivalents 4,061 Less: Time deposits 5 Less: Marketable securities…
Appendix: reconciliation of non-GAAP measures Adjusted ROCE millions 2Q25 millions 2Q25 Total reported earnings 2,490 Adjusted earnings 3,053 Non-controlling interest 25 Non-controlling interest 25 Interest expense (A/T) 250…
Appendix 1,2 U.S. upstream adjusted earnings: 2Q25 vs. 1Q25 millions Realizations Timing Liftings DD&A effects Lower realizations Other (80) (25) (65) Higher liftings (770) 255 Higher Gulf of America and Permian DD&A…
Appendix 1,2 International upstream adjusted earnings: 2Q25 vs. 1Q25 millions Realizations Liftings DD&A Timing Tax / effects other (320) 205 (255) 155 (331) Lower realizations Higher liftings Higher TCO DD&A Timing…
Appendix 1,2 U.S. downstream adjusted earnings: 2Q25 vs. 1Q25 millions Volume Opex Chemicals Timing / (65) other Margins 115 (60) 31 Higher refining margins Stronger USWC throughput & Pasadena LTO ramp 110 Timing…
Appendix 1,2 International downstream adjusted earnings: 2Q25 vs. 1Q25 millions Timing effects Opex Other (40) 16 Margins 100 Higher refining margins Timing effects: 2Q25: 102 140 Absence of 1Q25: (2) 1Q25 2Q25…
Appendix 1 Chevron earnings 2Q25 vs. 2Q24 millions Upstream Downstream Other Special 2 items 2 FX Realizations (215) (105) Liftings DD&A Timing Timing Volume effects Chemicals Margins Other Other (1,540) 505 effects…
Appendix Worldwide net oil & gas production: 2Q25 vs. 2Q24 MBOED Asset TCO Shale & sales tight Base / other GOA 135 (135) 95 (36) 45 Asset sales in Canada and Congo TCO, Permian and Gulf of America growth 85/BBL…
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