Chevron Affirms Cash Flow Growth and Capital Discipline

NEW YORK–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) hosted its annual security analyst
meeting in New York, where executives highlighted the company’s plans to
excel in any market environment.

“We intend to grow free cash flow in 2018 and thereafter,” said Michael
K. Wirth, Chevron’s chairman and chief executive officer. “Even with no
commodity price appreciation, we expect to deliver stronger upstream
cash margins and production growth. This is a powerful combination.”

“And we intend to maintain capital discipline, as evidenced by an $18
billion investment program this year and an $18-$20 billion annual
investment range projected through 2020,” Wirth added. The company
emphasized its portfolio strength, highlighting resilience and
sustainability through the price cycle, as well as numerous attractive
development opportunities under a ratable capital program.

“We plan to further lower our cost structure, get more value from our
existing assets and continue to high-grade our portfolio. We believe
execution of these plans will support our primary commitment to
shareholders, which is a sustained and growing dividend over time. As we
generate surplus cash, we would expect to be in a position to resume our
share repurchase program.”

Jay Johnson, executive vice president, upstream, reviewed Chevron’s
upstream opportunities. “Our objective is to ensure our upstream
business provides competitive returns throughout the price cycle. We’re
focused on operating safely and reliably, continuing to lower our costs,
and delivering production growth from the Gorgon and Wheatstone LNG
projects in Australia.”

“In addition, we’re advancing development of our unconventional
resources, particularly in the U.S. Permian Basin, where we have a
leading position. We’re seeing reserves grow, costs shrink, efficiencies
expand and production rise.”

Mr. Johnson provided an update on the company’s Tengiz growth project in
Kazakhstan, which is on track to deliver first production in 2022. He
also discussed multiple deepwater assets and emphasized near-term
opportunities to leverage existing infrastructure, apply technology and
increase standardization to improve capital and operating cost
efficiencies for these deepwater assets.

Presentations and a full transcript of the meeting will be available on
the Investor Relations website at www.chevron.com.

As used in this press release, the term “Chevron” and such terms as
“the company,” “the corporation,” “our,” “we” and “us” may refer to
Chevron Corporation, one or more of its consolidated subsidiaries, or to
all of them taken as a whole. All of these terms are used for
convenience only and are not intended as a precise description of any of
the separate companies, each of which manages its own affairs.

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

This press release contains forward-looking statements relating to
Chevron’s operations 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,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,”
“pursues,” “may,” “could,” “should,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,”
“objectives,” “strategies,” “opportunities,” 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 press 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 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; changing refining, marketing and
chemicals margins; the company's ability to realize anticipated cost
savings and expenditure reductions; actions of competitors or
regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or product
substitutes; technological developments; the results of operations and
financial condition of the company's suppliers, vendors, partners and
equity affiliates, particularly during extended periods of low prices
for crude oil and natural gas; 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 and terrorist acts, crude oil production quotas
or other actions that might be imposed by the Organization of Petroleum
Exporting Countries, or other natural or human causes beyond its
control; changing economic, regulatory and political environments in the
various countries in which the company operates; general domestic and
international economic and political conditions; the potential liability
for remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes 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 other pending or future litigation; the company’s future
acquisition or disposition 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,
industry-specific taxes, changes in fiscal terms or restrictions on
scope of company operations; foreign currency movements compared with
the U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the impact of the 2017 U.S. tax legislation on the
company’s future results; 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 19 through
22 of the company’s 2017 Annual Report on Form 10-K. Other unpredictable
or unknown factors not discussed in this press release could also have
material adverse effects on forward-looking statements.

Contacts

Chevron Corporation
Kent Robertson, +1 925-842-1456