Chevron : 2024 corporate sustainability highlights

2024 corporate sustainability highlights

Chevron 2024 Corporate Sustainability Highlights (May 2025) 1

2024 highlights

Chevron strives to protect the environment, empower people and get results the right way. Our sustainability reporting focuses on environmental, social and governance (ESG) issues relevant to our business and our stakeholders.

Chevron produces crude oil and natural gas, manufactures transportation fuels, lubricants, petrochemicals and additives, and develops technologies that enhance our business and

the industry. The Chevron Way guides how we work and establishes a common understanding of our culture, vision and values. Our Operational Excellence Management System helps

put into action our Chevron Way.

overview 2

lower carbon 3

environment 4

safety 5

social 6

performance 7

reporting 8

performance data 9

about this report 29

additional resources

2025 proxy statement

2024 annual report

2024 supplement to the annual report 2024 annual report on form 10-K

ESG index sustainability webpage

Photo: The Anchor floating production unit was designed to run on electric motors and electronic controls using central turbine generators fueled by its own produced natural gas.

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overview

lower carbon environment safety social performance

Chevron 2024 Corporate Sustainability Highlights (May 2025) 2

overview

purpose

We work to provide the affordable, reliable, ever-cleaner energy that enables human progress.

vision

To be the global energy company

most admired for its people, partnership and performance.

strategic direction

We leverage our strengths to safely deliver lower carbon energy to a growing world. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies.

Photo: Board visit to operations in Angola L-R: William Lacobie Managing Director Southern Africa, Jeff Gustavson President of CNE,

Clay Neff President Upstream, Mary Francis Corporate Secretary, Alice P. Gast, Debra Reed-Klages, D. James Umpleby III, Wanda M. Austin, Michael K. "Mike" Wirth Chairman of the Board and Chief Executive Officer, Cynthia J. Warner, Dambisa F. Moyo, Enrique Hernandez, Jr., Mark Nelson Vice Chairman, Eimear Bonner Chief Financial Officer, Balaji Krishnamurthy President Australia; Not pictured: Marillyn A. Hewson, Jon M. Huntsman Jr., Charles W. Moorman, John B. Frank

As directors visit Chevron operations throughout the world, they listen to and interact directly with employees.

In 2024, the Board met with Chevron Angola leadership and employees. Directors were given an overview of operations, toured the Angola LNG facility, visited the Integrated Operations Decision Support Center and the Mwanza Training Center, and joined in celebrations marking 70 years of regional partnership and operational excellence.

overview lower carbon environment safety social performance

Chevron 2024 Corporate Sustainability Highlights (May 2025) 3

lower carbon

our approach

We're leveraging our capabilities, assets, partnerships and customer relationships as we aim to lower the carbon intensity of our operations and advance new products and solutions. To grow new businesses, Chevron plans to target sectors of the economy where emissions are harder to abate or that cannot be easily electrified.

reducing carbon intensity

• Completed abatement projects from 2021 to 2024 designed to abate 1.2 million tonnes per year of carbon dioxide-equivalent (CO2e) emissions. In 2024, we

  spent more than $600 million to advance and complete abatement projects.

• Installed more than 250 facility retrofits to reduce methane emissions in Colorado. Converted the facilities to operate pneumatic devices with nitrogen instead of field natural gas. We estimate this will eliminate over 5,000 tonnes per year of associated methane emissions.
• Achieved efficiencies in our El Segundo Refinery with our patented Isomax hydrocracking unit. We anticipate reduced fuel costs and associated reduction of

  approximately 71,000 tonnes of CO2e emissions over the remaining operating life of the equipment.

• Implemented advanced process controls to more efficiently manage cooling operations at Angola LNG.

  The associated decrease in fuel usage and flaring of excess gas is anticipated to reduce greenhouse

  gas (GHG) emissions by approximately 26,000 tonnes of CO2e per year on an equity basis.

• Continued electrifying our Permian natural gas compression stations by installing electric-driven compressors. Nearly 40% of the 2024 drilling fleet was able to operate on grid electricity, while our other rigs were powered by natural gas or diesel.
• Installed a 10-acre solar array expected to provide electricity for approximately 40% of the Mason City, Iowa, biorefinery's annual power consumption needs. new businesses
• Completed construction of an expansion at the Geismar renewable diesel plant in Louisiana. This is expected to increase site nameplate capacity to 340 million gallons per year.
• Reached final investment decision to build an oilseed processing plant in Louisiana through joint venture Bunge Chevron Ag Renewables LLC. The flexible design of the new plant will allow it to process soybeans

  and softseeds, including intermediate oilseed crops.

• Drilled onshore and offshore wells to understand carbon dioxide storage potential through the joint venture, Bayou Bend CCS LLC.
• Received two GHG assessment permits offshore Western Australia via joint ventures. The acreage is to be evaluated as part of a potential hub for storing third-party and affiliate emissions.
• Became operator of and furthered construction on the Advanced Clean Energy Storage project (ACES I).

  Expected to start up in 2025, this joint venture aims

  to produce hydrogen for long-duration energy storage in salt caverns.

• Commenced preliminary front-end engineering and design for a potential hydrogen production facility on the U.S. Gulf Coast. The project proposes to use natural gas as a feedstock, combined with carbon capture and storage, to produce lower carbon intensity hydrogen converted to ammonia for ease of transportation.
• Invested in Terviva, Inc., an agricultural innovation company. Terviva seeks to drive greater availability of pongamia oil as a feedstock for renewable fuel production by scaling farming operations.
• Invested in startup, Aether Fuels, developing capture and conversion of gases, such as waste gases,

  biogas or carbon dioxide, into liquid fuels for hard-to-abate sectors.

  additional resources

  climate webpage

  for more about our approach, search ESG index

  See Chevron's California Voluntary Market Disclosures Act (AB-1305) disclosure for additional information.

  overview lower carbon environment safety social performance

  Chevron 2024 Corporate Sustainability Highlights (May 2025) 4

  environment

  our approach

  We help protect the environment

  through responsible design, development, operations and retirement of assets.

  water
• Reduced 60% of the freshwater volumes needed

  to cool our El Segundo Refinery wastewater treatment plant by reusing water from the recovery wells. This reduced our freshwater withdrawals by approximately 113,000 cubic meters over the course of the year.

• Piloting a mobile produced water pretreatment unit in Colorado that uses ceramic membrane filtration

  technology. This unit has the potential to make recycling produced water more accessible to our operations.

  air emissions
• Updated our internal guidelines (which provide design guidance, general system recommendations and operational best practices) to help reduce flaring and fugitive and venting emissions from both new and existing facilities.
• Trialed automated modeling and dashboard software for fenceline monitoring at our Pascagoula Refinery following successful deployment at our

  Pasadena Refinery. In addition to required monitoring, these refineries use networks of real-time analyzers for faster detection of volatile organic compound (VOC) concentrations. This software enables better visualization and analysis of the analyzer data.

  biodiversity
• Sponsored a global positioning system (GPS) collaring program as part of our Colorado upstream operations' Comprehensive Wildlife Plan. The plan helps identify opportunities for protecting wildlife and their habitat colocated or overlapping with oil and

  gas developments. The program, in collaboration with the University of Montana and the State University

  of New York, collects data on the native mule deer and pronghorn.

• Monitoring 82.5 acres of rehabilitated area on Thevenard Island, Western Australia, as part of decommissioning requirements. waste
• Developed an innovative electromotive cleaning process to prepare decommissioned metal assets for recycling through an agreement with INSEE Ecocycle Company Limited. In 2024, more than 21 km (13 miles) of pipeline in Thailand were cleaned using low-voltage power and seawater instead of chemicals.
• Incorporated circularity principles to repurpose post-use plastic in Argentina. Through a service provider,

  1.1 tonnes of post-use plastics were collected from the El Trapial field office workforce in 2024. The plastics are converted into functional products, like pallets, that

  are purchased by Chevron Argentina for operational use.

  decommissioning and remediation
• Remediated a former landfill site within the Port of Rotterdam, Netherlands, by excavating and treating over 100,000 tonnes of impacted soil according to local requirements. From 2022 to 2024, soil washing, GPS-guided excavation, and digital tools for waste tracking and registration improved removal efficiency and execution safety. Following offsite treatment, more than 90% of the excavated soil was used for site backfill or was readied for reuse at other appropriate locations.
• Avoided generation of 7,800 tons of steel waste between 2017 and 2024 by reusing and reinstalling retired platform topsides at new locations. In 2017, Chevron Thailand commenced relocation of 12 platform topsides within its operating area. In 2024, Chevron Thailand also signed an agreement to sell one topside for reuse by an operator in the area.

additional resources

environment webpage

for more about our approach, search ESG index