Downstream & Chemicals

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1 Downstream & Chemicals Pierre Breber Executive Vice President 017 Chevron Corporation

2 Downstream portfolio Fuels refining & marketing Integrated value chains Lubricants & additives Globally positioned Petrochemicals Advantaged feed and scale Steady growth, strong margins Low capital, high return Consistent cash generation Value chains Refinery Capital employed Major petrochemical complex 1.8 million barrels per day Refining capacity 1 18% 67% 15% 01 Refining & marketing Lubricants & additives Petrochemicals 5% 59% 16% million metric tons per annum Olefins capacity 1,3 3.3 million metric tons per annum Aromatics capacity 1,3 1 Chevron share of capacities Downstream capital employed reconciliation can be found in the appendix 3 Includes derivatives 017 Chevron Corporation

3 Strategy focused on leading returns Grow earnings across the value chain and make targeted investments to lead the industry in returns World-class operational excellence Drive earnings across the feedstock-to-customer value chain Targeted growth Create enterprise value 017 Chevron Corporation 3

4 Financial performance 6 $.50 per barrel 13.0% 016 adjusted earnings 1, 016 adjusted ROCE 1 30% 1 4 0% 1 10% CVX ranking relative to competitors, 1 being the best Competitor range: BP, RDS, TOT, XOM CVX ranking relative to competitors, 1 being the best Competitor range: BP, RDS, TOT, XOM 1 Adjusted Earnings = Reported earnings less adjustments for certain non-recurring items, except foreign exchange Excludes chemicals; TOT data includes base chemicals Source: Public information handled on a consistent basis and Chevron estimates. Excludes special items. Reconciliation to non-gaap earnings measures for Chevron can be found in the Appendix of this presentation. 017 Chevron Corporation 4

5 Focused portfolio & targeted investment 017 capital expenditures by segment 1 Refining & marketing 56% $. billion 34% 10% Petrochemicals Lubricants & additives Divestments Completed in 016: $1. billion New Zealand fuels and lubricants, Hawaii refining and marketing, KLM pipeline, other fuels Evaluating in 017 British Columbia / Alberta refining and marketing, South Africa refining, fuels and lubricants 1 Projected Proceeds before-tax 017 Chevron Corporation 5

6 Fuels supply and demand Global products demand growth Compound annual growth rate Refinery net capacity additions MMBD LPG/Naphtha Distillate 6 4 Compound annual growth rate 1.0% 0.8% Gasoline Fuel Oil -3% 0% 3% average projected average Global North America Rest of world Middle East Asia-Pacific Source: Wood Mackenzie 017 Chevron Corporation 6

7 U.S. West Coast value chain Large, integrated system Richmond Equity crude El Segundo To Central America Salt Lake Anchor markets #1 brand share in Western U.S. Latin America integration Optimization and integration San Joaquin Valley equity crude Efficient refinery system Tightly integrated supply chain Largest West Coast base oil producer Leading retail network 017 Chevron Corporation 7

8 U.S. Gulf Coast value chain Refinery scale, complexity and flexibility Pascagoula Equity crude Central America Anchor markets Strong Gulf Coast / SE market position Leading brand in Central America Optimization and integration GOM and Venezuelan equity crudes Top net cash margin refinery with fuels, base oil and petrochemicals Integrated supply to Central America Opportunity to integrate Permian 017 Chevron Corporation 8

9 Asia Pacific value chain Well-positioned to supply growing markets South Korea Anchor markets Asia growth markets Legacy Caltex brand with long history Thailand Malaysia Singapore Hong Kong Philippines Australia Optimization and integration World-class manufacturing, cross-regional optionality Long-standing partnerships Grow retail, increase system integration Opportunity to strengthen refinery flexibility 017 Chevron Corporation 9

10 Investing to strengthen the fuels value chain Richmond Refinery Modernization Improves safety, efficiency, reliability; reduces emissions Adds feedstock flexibility Projected start-up 018 Singapore Refining Co. Clean Mogas & Cogeneration Increases capability to produce higher-value gasoline Improves energy efficiency Projected start-up 017 Salt Lake Refinery Alkylation Retrofit Leverages ISOALKY technology Integrated catalyst regeneration Projected start-up Chevron Corporation 10

11 Refinery utilization and energy efficiency Utilization Chevron* vs. international majors 90% % CVX ranking relative to competitors Competitor range (international majors tracked by Solomon) Top-tier sustained performance Results from base business investments Improved reliability, turnaround performance Energy efficiency performance Chevron* vs. international majors CVX ranking relative to competitors Competitor range (international majors tracked by Solomon) *Includes operated and non-operated refineries Source: Solomon Associates and Chevron data 017 Chevron Corporation 11

12 Continued strong demand growth in high margin segments Petrochemicals demand growth Compound annual growth rate Lubricants and additives demand growth Compound annual growth rate Ethylene Premium base oil Propylene Additives Benzene Paraxylene Finished lubricants 0% 6% 0% 6% average projected average Source: Kline & Company, NexantThinking Petroleum and Petrochemicals Economics program 017 Chevron Corporation 1

13 Advantaged feedstock Ethylene cash costs $ per metric ton 1, Petrochemicals profitability Oil / gas price ratio continues to benefit lighter feedstocks North America ethane maintains advantage over Asia Naphtha Integrated polyethylene margins remain strong Middle East Ethane North America Ethane Asia Naphtha average projected average Source: NexantThinking Petroleum and Petrochemicals Economics program 017 Chevron Corporation 13

14 Petrochemicals supply ethylene capacity change* Million metric tons 10 5 Investment cycle ~4 world-scale crackers needed annually to meet demand growth Announced USGC capacity additions meet ~5% of demand growth to 0 Asia polyethylene margins support naphtha cracker reinvestment Rest of world Asia Middle East North America U.S. ethane and LPG crackers will continue to be advantaged Ethylene demand growth *Announced Source: IHS Markit 017 Chevron Corporation 14

15 Chevron Phillips Chemical USGC petrochemicals project Overview 1,500 kmta ethylene, Cedar Bayou, Texas 1,000 kmta polyethylene, Old Ocean, Texas 500 kmta HDPE, 500 kmta LLDPE Advanced proprietary technology Progress Polyethylene, near mechanical completion Mid 017 projected start-up Ethylene, all mechanical equipment set Late 017 projected start-up Impact Increases CPChem ethylene and polyethylene capacity 30% 017 Chevron Corporation 15

16 Lubricants and additives Premium base oil Leading producer, global slate Well positioned for evolving specifications globally Finished lubricants Targeting key growth markets Formulation technology expertise Strong global brands Additives Base oil plant integrated with refinery Additives manufacturing and supply* Lubricants blending plant Increasing supply capabilities across Asia Pacific *Includes proposed Ningbo, China site and shareholder interest in Indian Additives Ltd. 017 Chevron Corporation 16

17 Well positioned for today and the future World class operational excellence Focused, advantaged portfolio Value chain optimization drives earnings growth Targeted investment to strengthen value chains and selectively grow Top-tier performance 017 Chevron Corporation 17

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