Announces CFO transition effective March 1, 2024
Waives mandatory retirement age for CEO Mike Wirth

Chevron Corporation (NYSE:CVX) today announced several senior leadership changes as well as a waiver of the mandatory retirement age for the chairman and chief executive officer, Mike Wirth.

Pierre Breber, vice president and chief financial officer, will retire from Chevron in 2024 after 35 years of distinguished service to the company. Eimear Bonner, currently vice president and chief technology officer and president of the Chevron Technical Center, will succeed Breber as chief financial officer, effective March 1, 2024.

"Pierre is a world class finance executive and has been an outstanding business leader throughout his career at Chevron," Wirth said. "Under his leadership, Chevron has delivered on its financial priorities, executed several acquisitions and driven significant value for our shareholders. Pierre has been an exceptional strategic partner to me, and I want to thank him for his many contributions."

Bonner, 49, joined Chevron in 1998. Over her 24-year career with Chevron, she has held numerous leadership and operating positions. She became general director of Tengizchevroil LLP (TCO) in 2018 where she was responsible for TCO's operational and financial performance and led an organizational transformation. In her current role as chief technology officer, Bonner guides the deployment of technology and digital solutions across Chevron's operations to safely drive higher returns, lower carbon and greater efficiency.

"Eimear has a proven track record leading large, complex organizations. I am confident that her deep business expertise and engaging leadership approach will enable her to build upon Chevron's strong foundation and drive further value for shareholders," Wirth said.

Bonner will report to Wirth in her new role.

Additional Leadership Announcements

The company announced several other senior leadership appointments related to this transition. Balaji Krishnamurthy, currently vice president of Strategy & Sustainability, will become vice president of the Chevron Technical Center. Molly Laegeler, currently vice president of Chevron's San Joaquin Valley Business Unit, will become vice president of Strategy & Sustainability. And Frank Mount, currently vice president of M&A and Origination, will become vice president of Business Development.

Krishnamurthy, 46, joined Chevron in 2002. Prior to assuming responsibility for Strategy & Sustainability, he was vice president of Chevron's Canada Business Unit and has had numerous operating and business leadership roles. In his new role, Krishnamurthy will guide development of technologies and application of standards across the company.

Laegeler, 45, joined Chevron in 2005. Prior to her current role, she oversaw operations of several assets, including in the Permian Basin. In her new role, Laegeler will guide the development of the company's key strategies, capital allocation and sustainability.

Mount, 54, began his career in Chevron's finance organization in 1993. Since that time, he has held several roles across finance and business development. In his new role, Mount will oversee the company's business development activities.

Mark Nelson, vice chairman, said, "The senior appointments made today demonstrate the strength of Chevron's deep bench of talented leaders. We expect to continue to strengthen our performance with Balaji, Molly and Frank in their new roles."

Waiver of Mandatory Retirement Age for CEO Wirth

Chevron's independent directors waived the company's mandatory retirement age of 65 for its chairman and chief executive officer, Mike Wirth, who will turn 63 later this year.

Dr. Wanda M. Austin, lead independent director for Chevron, said, "Chevron's Board regularly reviews its long-term succession plans, and concluded it has the right leader and strategy in place to continue the company's successful trajectory. Mike has done an extraordinary job leading Chevron in a dynamic environment and delivering outstanding financial and operational results. We look forward to his continued leadership."

Wirth concluded, "I appreciate the Board's support for the strategy and the executive team we have put in place and am proud of the progress Chevron has made to safely deliver higher returns and lower carbon. We remain committed to responsible energy leadership as we adapt to an evolving landscape."

Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. 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. More information about Chevron is available at www.Chevron.com.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release 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," "progress," "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 news release. 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 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, market 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; 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 ability to successfully satisfy the requisite closing conditions and consummate the proposed acquisition of PDC Energy, Inc.; the ability to successfully integrate the operations of Chevron and PDC Energy and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; 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 of the company's 2022 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

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