Upstream George Kirkland Vice Chairman and Executive Vice President Jay Johnson Senior Vice President Upstream

2013 Production By Region 728 MBOED 587 MBOED 1,000 North America Europe, Eurasia and Middle East 800 600 400 200 0 2017 Production By Region* 1,000 800 600 400 MBOED MBOED 592 690 200 Africa & Latin America Asia-Pacific 0 Current operations

Grow profitably in core areas and build new legacy positions . Achieve world-class operational excellence . Maximize and grow the base business . Lead industry in the selection and execution of major capital projects . Achieve superior exploration success . Commercialize equity gas resource base . Identify, capture and effectively incorporate new core Upstream businesses

Performance Portfolio Growth

Base decline < 3% Net Production: 2,597 Shale and tight resources MBOED % delivered > 15 growth Base Performance Shale Major 2,610 Base* 2,597 & Tight Capital Key 2013 Startups: Projects . ALNG (49) 25 11 . Papa-Terra 2012 2013 Actual Actual

@ $112/bbl @ $109/bbl

Contractual Projected Net Production in 2017 price effects MBOED . $79 to $110 Price Effects U.S. Gas Value decisions 3,300 Asset Asset Project Slowdown Future Sales Adds Delays . Reduced U.S. Uncertainties (55) 3,150 gas investment (45) 3,100 (35) 35 (50) . Increased 2017 (50) Revised Outlook 2017 asset sales in 2013 Outlook . Strategic adds @ $79 @ $110 Project slippage . CDB & TCO FGP*

% % (2) 10.2 BBOE 56 59 Exploration Resource Resource(1) Adds Success Rate Success Rate Replacement 10 Year Total 10 Year Average in 2013 2003–2012 Percent Replacement

120% 110% XOM 95% RDS 77% 66% TOT BP

Area2013 ofKey Operation Discoveries

(1) Recoverable resources as defined in the Supplement to the Annual Report and available at Chevron.com © 2014 Chevron Corporation (2) Based on Wood Mackenzie estimates of commercial, sub-commercial and unconventional resources 7 Delivering Sustained Resource Replenishment

5 Year Resource* Replenishment: 195% Resource Billion Barrels of Oil-Equivalent Replenishment

Asset Additions 67.8 63.2 Production % Sales 423

(4.9) (2.6) 12.1 1 Year

236% 2008 2013 3 Year

Europe, Eurasia, Africa Asia-Pacific Americas Middle East

Reserve 3 Year Reserve Replacement Ratio: 123% Replacement Ratio Billion Barrels of Oil-Equivalent

% Additions 85 10.5 Production 11.2 Asset 1 Year Sales

(2.88) (0.15) 3.69 100% 5 Year 2010 2013

Based on SEC proved reserves

Realizations Upstream Costs $ per BOE $ per BOE

90 50 1 1 1 70 40 1 50 2 3 30 2 4 3 30 20

10 10 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Realizations lead peer group Cost structure is competitive . Oil-linked portfolio . Liquids typically have higher OPEX than gas . Disciplined project selection . Liquids 70% of production

CVX Ranking Relative to IOC Competitors IOC Competitor Range: CVX Ranking Relative to IOC Competitors IOC Competitor Range: 1 being the highest realizations BP, RDS, TOT, XOM 1 being the lowest costs BP, RDS, TOT, XOM Others: APA, APC, BG, COP, DVN, ENI, EOG, HES, MRO, OXY, STO Others: APA, APC, BG, COP, DVN, ENI, EOG, HES, MRO, OXY, STO Source: Publicly disclosed company data. 2013 realizations estimated on a consistent basis. Cost structure includes production costs, exploration expense, © 2014 Chevron Corporation DD&A, taxes other than income, and other expenses. Includes equity affiliates and bitumen mining and upgrader costs. 10 Superior Financial Performance

30 1 1 1 20 $ 2013 Adjusted 1 22.72 Earnings Per BOE 10 2

2009 2010 2011 2012 2013

30 1 2 20 1 % 2013 Adjusted ROCE 1 17.2 4 10

2009 2010 2011 2012 2013

CVX Ranking relative to IOC IOC Competitor Range: BP, RDS,TOT, XOM Others: APA, APC, BG, COP, DVN, ENI, EOG, HES, MRO, OXY, STO Competitors, 1 being the best Source: Public information handled on a consistent basis and Chevron estimates. Excludes special items. Reconciliation to non-GAAP earnings measure © 2014 Chevron Corporation for Chevron can be found in the Appendix of this presentation. Chevron’s 2009 information is conformed to 2010 segment presentation. 11 Themes

Performance Portfolio Growth

Earnings per Barrel Distribution $ per BOE

25 Performance improvement over 10 years driven by 20 value-focused investment 15 2013 results are the highest 10 of competitor range

2004 2013

IOC Competitor Range Others BP, RDS, TOT, XOM APA, APC, BG, COP, ENI, HES, MRO, MUR, OXY

Long-term Strategy: Exploration . Add resources . Prioritize and develop projects . Resources to reserves . Production

Project Resources Sanction Reserves RRR

Divestments

Net Production Natural decline of base production ~14% MBOED Investment in base reduces average Major Capital Projects decline rate to less than 3% Investment in Base Base investment . 30% of C&E . > 50% ROR

Base Assets MCP’s create valuable growth and become part of base assets

Time

Prioritizing discretionary Production Life Cycle of Assets investments Exploration, Mature . Economic and value driven Early Entry Developments . Base, MCP, Exploration

Unfunded assets . Defer, recycle or divest Early Life Divestments Mature Divestments . . Joint development area Cook Inlet, Alaska (Nigeria / Sao Tome) . Netherlands and . Browse Basin Norway assets . Mariner and Bressay . GOM Shelf

2014 Upstream C&E: $35.8 Capital investment drives $ Billions valuable production and 40 financial growth

30 2015 - 2016 C&E range: $36 B +/- $1 B 20 . Exploration ~10% for long-term value 10 . MCP ~60% for mid- to long-term value 2011 2012 2013 2014 . Base ~30% for near-term Base Business Exploration value Major Capital Projects Business Development*

Largest liquids producer in U.S. U.S. Liquids Production % of U.S. Production

Our U.S. and global liquids 100 percentage are similar 80 Strategic capital allocation 60 results in high-margin liquids production 40

. Long-term strategy 20 . U.S. gas investments slowed

. Portfolio breadth and flexibility 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CVX Actual IOC Competitor Range: Others: APA, APC, COP, DVN, ENI, BP, RDS, XOM EOG, HES, MRO, OXY, STO

Superior lease position . Largest undeveloped lease holder* . 1.9 MM net acres across basin

. 17,000 well prospects Midland Basin

Advantaged acreage . ~60% no royalty, ~30% low royalty Delaware Basin . Low lease holding costs . Access to infrastructure Central Basin Platform * Source: Wood Mackenzie © 2014 Chevron Corporation 19 Value Focused Development

Stacked play advantage Delaware Midland . Acreage multiplier Basin Basin . Multiple wells from each location Avalon Clearfork 1st Bone Upper

. Lowers risk and cost Spring Platform Basin Central Spraberry Wolfberry Wolfbone 2nd Bone Lower Spring Spraberry

rd Efficient exploitation strategy 3 Bone Dean

Spring

. Not lease-term driven Wolfcamp Wolfcamp (ABCD - upper . Leverage existing and share new zone targets)

Penn facilities Penn Cisco Cisco Canyon Canyon

. Long-term growth with high value

Indicates primary and potential targets

Midland Basin Permian Basin Growth . ~500 M net acres with Wolfcamp focus Net Production MBOED Rig Count . 8,200 liquid-rich well prospects 250 50 . Drilled ~330 gross wells in 2013 200 40 . Plan to drill ~330 gross wells in 2014 150 30

Delaware Basin 100 20 . ~1 MM net acres 50 10 . 6,400 liquid-rich well prospects . Drilled ~135 gross wells in 2013 2010 2012 2014 2016 2018 2020 . Plan to drill ~175 gross wells in 2014 Rig Count Delaware Basin Production Midland Basin Production Permian Base Production

Duvernay Argentina . Large position ~325,000 acres . Liquids-rich Vaca Muerta shale . Successful exploration program . Exploration and development opportunities . High condensate yields . Plan to drill 140 wells with 17 rigs in 2014 . Appraisal drilling in 2014 . Currently producing > 15 MBOED gross

Diverse onshore U.S. Gas portfolio Significant dry gas prospects ready for the right market conditions Piceance ~1,800 well prospects Haynesville ~1,200 well prospects Permian ~2,500 well prospects

Value driven allocation process 2014 - 2016* C&E Allocation . Large project queue International . Asset prioritization Gas 7% . All assets must compete for capital International Oil LNG 42% Allocation targets high return 28% opportunities . % 90 C&E allocated to oil-linked assets U.S. Oil % . 2% C&E allocated to U.S. gas 21 U.S. Gas 2%

Performance Portfolio Growth

Project Startups Project Startups > 70 > $250MM Chevron Share > 25 > $1B Chevron Share Liard and Horn River Basin

Rosebank Clair Ridge Kitimat TCO FGP/WPMP Marcellus Hebron Duvernay and Utica Permian Basin Stampede JSM Stage 2 Chuandongbei Jack/St. Malo Stage 1 Mad Dog II EGTL Big Foot Buckskin/Moccasin Agbami Phase 3 Wafra Tubular Bells Ubon Tahiti Vertical Expansion Usan Steamflood Gendalo-Gehem Bonga SW/ Developments > $1B Aparo Angola LNG Gorgon T1-3 2014 ramp-up Papa-Terra Wheatstone T1-2 2014 – 16 start-up 2017 – 20 start-up Vaca Muerta Moho Nord Mafumeira Sul Shale & Tight Growth Greater Longui

Angola LNG Usan Papa-Terra . Start-up in 2013 . Start-up in 2012 . Start-up in 2013 . Greenfield 5.2 MMTPA . 23 wells online . FPSO and 2 production LNG plant . Continue drilling program wells online . Variability of associated . Potential satellite . Installation of TLWP gas supply opportunities in progress . Full capacity expected 2015 . Continue drilling program

Jack / St. Malo Big Foot Tubular Bells . Planned start-up in 2014 . Planned start-up in 2015 . Operator forecast 3Q . 177 MBOED capacity . 79 MBOED capacity 2014 start-up . FPU installed . TLP tow to location in 2014 . 44 MBOED gross . Export risers and flowlines . 2 wells pre-drilled production . installed Spar towed to location . 4 wells ready for start-up . Commenced riser and flowline installation

Progress 2014 Key Milestones . Project 78% complete . Complete LNG loading jetty structure . 6,000 people working on Barrow Island . Complete LNG Tank 1 . 20 of 21 LNG Train 1 modules delivered . Start-up first turbine generator . Offshore pipe-lay complete . Finish all 18 well completions . 65% LNG committed under long-term contracts

Progress 2014 Key Milestones . Project 30% complete . Deliver first LNG train module . 3,800 people at site . Complete LNG Tank 1 foundation . Wharf operational . Install offshore steel gravity structure . Development drilling underway . Install 44” trunkline to plant . 85% LNG committed under long-term contracts

TCO Expansion Projects Key Milestones . Grow production to > 1 MMBOED . Signed alignment MOU with Kazakh . WPMP extends production plateau government in November 2013 . FGP expands facility and well capacity . FGP and WPMP FID in 2014 . FGP increases ultimate recovery . Port construction begins in 2014 . Caspian Pipeline Expansion − Initial capacity increase in February − Full capacity expected in 2016

Stampede Rosebank Mad Dog II Buckskin / . Entered FEED in 2013 . Entered FEED in 2012 . Monetizes field extension Moccasin . 87 MBOED capacity . . Resource potential of 100 MBOED capacity . Hub concept opportunity . Appraisal wells complete over 500 MMBOE . Evaluation ongoing to . Co-development of . Evaluation ongoing to . FID target in 2014 improve economics Buckskin and Moccasin improve economics . Appraisal ongoing

Source: Hess Source: BP

Hebron Kitimat LNG . Operator forecast late 2017 start-up . 2 x 5 MTPA LNG trains & . Capacity - 150 MBOED Pacific Trail Pipeline . 40 well platform rig drilling program . 322,000 acres net in Liard and Horn River . Gravity based structure under construction . Project in FEED, awarded . Module fabrication in progress EPC contract . Continuing upstream appraisal . Marketing LNG

Source: ExxonMobil

Wafra Steamflood Projects Gorgon Expansion . 1st Eocene Pilot . >11 TCF of resources* support expansion – Achieved thermal maturity 3Q 2013 . Leverages existing infrastructure – > 50% recovery . Evaluating Train 4 . 2nd Eocene Pilot entered FEED in 2013 . Marketing additional volumes . Full Field Development Stage 1 – FEED in 2015 – 80 MBOPD capacity

Large, low-decline 50% of current production >60% of 2020 production assets growing in from legacy assets from legacy assets portfolio

Sustained long-term production

Increased portfolio certainty

Current production Future production

Poland & Romania Liard Basin

Duvernay

Midland & Marcellus & Utica Delaware Basins Morocco China Offshore

SA/PZ GOM DW Thailand Liberia Kurdistan Region of Iraq Suriname Nigeria Indonesia DW Angola Cooper Western Basin Australia Bight Basin

Focus Area Conventional Well(s) Shale & Tight Well(s) Seismic Activity

Poland, Romania, Ukraine and Bulgaria Liard & Horn River Basin Greenland

Kitimat LNG Expansion Duvernay Marcellus & Utica Piceance Haynesville Morocco Midland & Delaware Basins Sierra Leone Wafra Gulf of Expansions Mexico Suriname Kurdistan Region of Iraq Australian LNG Expansions Cooper Vaca Muerta Basin El Trapial Karoo Basin Bight Basin

Post-2020 Project Discovered Resource Exploration Opportunity

Cash Margin Cash Margin Price Sensitivity Adjusted Cash Margin $/BOE Adjusted Cash Margin $/BOE

40 60 50 35 40 30 30

25 20

10 20

15 70 90 110 130 2009 2012 Brent Price ($/BBL) CVX Forecasted Performance (post-2016) Actual CVX Performance (2009-2013 trendlines) IOC Competitor Range: BP, RDS, TOT, XOM Actual IOC Competitor Range (2009-2012): BP, RDS, TOT, XOM

Source: Public information handled on a consistent basis and Chevron estimates. Includes consolidated and affiliate companies and excludes © 2014 Chevron Corporation working capital effects. Based on adjusting oil & gas earnings with DD&A, accretion, exploration expense and any gains or losses on asset sales. 39 Significant Profitable Production Growth

Production growth Projected Net Production continues to end MBOED @ $110 of decade 3,500 ALNG TCO Expansion 3,000 Jack/St. Malo Hebron Permian Assets for growth 2,500 Big Foot already in portfolio Gorgon Other Growth 2,000 Mafumeira Sul

1,500 Wheatstone Production growth Permian comes with leading 1,000 financial performance 500 0 2013 2017 2020

Base Business 2017 Key Growth 2017 Other Growth 2020 Growth

Top earnings and cash margins Growing legacy positions

Leading production growth Robust opportunity queue this decade Differentiated portfolio management