Risk Factors Update Summary

• Transferred liabilities, including for abandonment and decommissioning of divested oil and gas assets, have returned and may continue to return to the company. This could result in significant financial burdens.
• Cyberattacks targeting operational technology networks could have severe consequences, including system compromise and negative impacts on business operations.
• Failure to complete the acquisition of Hess Corporation could adversely affect Chevron. The delay in completing the acquisition may lead to additional transaction costs and uncertainties.
• Increasing attention to ESG matters, such as climate change, may result in demand shifts for hydrocarbon products and additional litigation, impacting business operations.
• Changes in regulations, such as carbon taxes or trade barriers, may impact Chevron's traditional oil and gas business and lower carbon initiatives, affecting profitability.
• The success of integrating prior acquisitions, like PDC Energy, Inc. and pending acquisition of Hess, is crucial for realizing anticipated benefits and synergies, impacting financial results.
• Chevron's participation in climate-related initiatives and energy transition projects may lead to increased costs and require the purchase of carbon credits, affecting asset values.