Summary

• While Chevron operates across the full value chain, roughly 85% of earnings are generated from upstream operations, reflecting its oil-leveraged portfolio.
• Chevron completed the acquisition of Hess in 2025, increasing its exposure to the Stabroek block offshore Guyana-one of the lowest-cost and highest-return oil developments globally.
• At current levels, we believe shares reflect conservative commodity assumptions and do not fully capture the company's normalized earnings power and strengthening FREE cash flow profile.
• The completion and ramp-up of the Tengiz expansion in Kazakhstan will materially increase FREE cash flow following a multi-year capital investment phase.

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