Chevron (CVX) investor relations material

Strategic positioning and market environment

• Emphasizes consistency in execution, strategy, and financial priorities amid market volatility, distinguishing between temporary disruptions and structural shifts such as AI and power demand.

• Highlights past strategic shifts in response to global trends, including the shale era and current focus on AI-driven power needs.

• Maintains a disciplined approach to investment, only pursuing scalable, capability-aligned, and value-generating opportunities.

New Energies portfolio and investment approach

• New Energies division focuses on renewable fuels, carbon capture, hydrogen, lithium, and large-scale power, with investments paced by market readiness and customer demand.

• Power and lithium have seen accelerated investment, while hydrogen and carbon capture progress more slowly.

• Consistent priorities guide decisions, avoiding overreaction to market sentiment.

Landmark power project with Microsoft

• Announced a 2.7 GW behind-the-meter power project in West Texas, leveraging abundant natural gas and partnerships with GE Vernova, Caterpillar, and Microsoft.

• Project features a 20-year power purchase agreement with Microsoft, providing a diversified, high-quality revenue stream.

• Targeting mid-teens returns, with FID expected before year-end and further details to be shared in upcoming earnings calls.

• Early equipment procurement and strong partnerships enabled project advancement ahead of market bottlenecks.