On this page of StockholderLetter.com we present the latest annual shareholder letter from CHEVRON CORP — ticker symbol CVX. Reading current and past CVX letters to shareholders can bring important insights into the investment thesis.

 •  4/9/2025 Letter Continued (Full PDF)
 •  4/12/2023 CVX Stockholder Letter
 •  4/10/2024 CVX Stockholder Letter
 •  More "Oil & Gas Refining & Marketing" Category Stockholder Letters
 •  CVX Benford's Law Stock Score = 91

CVX Shareholder/Stockholder Letter Transcript:

2024 annual report

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 leveraging 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 oil and gas business, lower the carbon intensity of our
operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation
for data centers, and emerging technologies.
delivering results in the gulf
We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. For more than 85
years, Chevron and our legacy companies have been developing the oil and gas resources of the Gulf of America.
In fact, Chevron is one of the leading producers in the Gulf of America, where we operate some of the world   s
lowest carbon intensity oil and gas assets. Our deepwater platforms     Anchor, Big Foot, Blind Faith, Petronius,
Jack/St. Malo, and Tahiti     are marvels of engineering. Tahiti alone has produced more than 500 million barrels
of oil   equivalent since it started production in 2009.
In 2024, we achieved another groundbreaking milestone with first oil from Anchor, our newest platform in the gulf.
This state-of-the-art facility marks the first delivery of deepwater high-pressure technology, capable of safely
operating at up to 20,000 pounds per square inch, with reservoir depths some 34,000 feet below sea level.
Our operated and nonoperated facilities in the Gulf of America are projected to reach a combined net
production of 300,000 barrels of oil-equivalent per day in 2026, further solidifying Chevron   s legacy as
a leader in energy innovation.
192
thousand
17
gross wells
>2
net barrels of oil-equivalent
per day from our Gulf of
America assets in 2024
added to our gulf production in 2024
gross acres of leases,
making Chevron one of the
gulf   s largest leaseholders
million

Anchor FPU
Gulf of America
Deepwater
Design capacity of
75,000 gross barrels
of oil per day and 28
million gross cubic feet
of natural gas per day
Chevron Corporation 2024 Annual Report
1

table of contents
to our stockholders
4
leveraging our strengths
8
board of directors
10
director: one-on-one
12
corporate officers
14
chevron at a glance
16
chevron stock performance
18
financial and operating highlights
20
process safety, reliability and integrity
22
financials
24
history
107
glossary of energy and financial terms
108
stockholder and investor information
110
Tengiz Oil and Gas
Processing Plant
Kazakhstan
Conventional
Over 730,000 net boepd production
on a 100% TCO basis in 2024 and
260,000 bpd potential increase with
FGP-WPMP project now complete

powering
the future
We believe in the power of human
ingenuity to solve any challenge
and overcome any obstacle. Our
work developing affordable, reliable
and ever   cleaner energy has made
human progress a reality for people
around the world. As customers,
industries and nations strive to achieve
economic prosperity, energy security
and environmental protection, our
capabilities, assets and relationships have
a vital role to play. This is a noble call to
leadership we proudly embrace.
We look to the future with optimism,
confident in the potential of our people
and the undeniable power of energy to
advance even greater progress.
Learn more at:
chevron.co/powering



 4/9/2025 Letter Continued (Full PDF)