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1 downstream & chemicals Pierre Breber Executive Vice President 016 Chevron Corporation 1

2 A strong worldwide portfolio Fuels refining & marketing Integrated value chains Portfolio 015 capital employed Chemicals Cost advantaged, globally positioned 35 % 65 % 018 capital employed 4 % 58 % Value chains Refinery Chemicals & lubricants Refining & marketing Chemical plant Chemical sales office Additives manufacturing & supply 016 Chevron Corporation

3 Strategy focused on competitive returns Deliver competitive returns and grow earnings across the value chain Improve operational excellence Grow higher return segments Petrochemicals Lubricants and additives Focused refining and marketing Integration with upstream Increase near-term cash 016 Chevron Corporation 3

4 Themes fundamentals performance growth 016 Chevron Corporation 4

5 Demand growth points to attractive segments global product demand growth Compound annual growth rate Premium Base Oil Petrochemicals* Additives Finished Lubricants Distillate global fuels demand growth MMBD Gasoline 0% 5% - North America Europe / Middle East Latin America Asia Pacific *Ethylene, propylene, butadiene, benzene, and paraxylene Gasoline Distillate 016 Chevron Corporation Source: NexantThinking, Kline & Company, Wood Mackenzie and Chevron estimates 5

6 Impact of lifting the U.S. crude export ban Advantages Levels the playing field U.S. light-sweet crude gets global parity pricing U.S. heavy coking margins improve relative to U.S. light cracking margins 015 U.S. crude capacity by region 100% 50% Minimal impact to California refiners Chevron Industry West coast Gulf coast Mid-continent East coast 016 Chevron Corporation Source: EIA as of November 015 6

7 Refining portfolio in more profitable regions Evolving refining landscape Net cash margins $ per barrel North America Advantage continues 6 Asia Product balances improve longer-term 4 Europe / Middle East Higher complexity improves average margins 0 - North America Asia Middle East / Europe average projected average 016 Chevron Corporation Source: IHS estimates 7

8 Chemicals portfolio advantaged feedstock Chemicals profitability Oil / gas price ratio continues to benefit lighter feedstocks North America ethane remains advantaged Ethylene cash costs $ per metric ton 1, Lower crude price lessens Asia naphtha disadvantage Integrated polyethlylene margins remain strong Middle East Ethane North America Ethane Asia Naphtha average projected average 016 Chevron Corporation Source: NexantThinking 8

9 Themes fundamentals performance growth 016 Chevron Corporation 9

10 Strong financial performance 6 $ 4.88 per barrel* 015 adjusted earnings 30% 3.6 % 015 adjusted ROCE % 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 *Excludes chemicals; TOT data includes base chemicals 016 Chevron Corporation Source: Public information handled on a consistent basis and Chevron estimates. Excludes special items Reconciliation to non-gaap earnings measure for Chevron can be found in the Appendix of this presentation 10

11 Chevron Phillips Chemical delivers results Strong earnings Growing pre-productive capital Competitive portfolio Cost, technology and scale Returns EBITDA / Average assets* 40% 0% Advantaged feed North America & Middle East Reliable supplier Peer-leading customer satisfaction Utilization average** CPChem Industry CPChem Ranking Competitor Range: XOM, LYO, DOW, WLK, BAK, Borealis * Adjusted for non-operational earnings 75% 85% 95% * * Ethylene, polyethylene & polypropylene 016 Chevron Corporation Source: Public information handled on a consistent basis and CPChem estimates. Excludes special items Utilization based on NexantThinking and CPChem data 11

12 Sustained reliability Top-tier sustained performance Results from base business investments Solomon utilization Chevron vs. international majors 85% 80% 75% Improved turnaround performance 70% CVX ranking relative to competitors Competitor Range (international majors tracked by Solomon) 016 Chevron Corporation Source: Solomon Associates and Chevron data 1

13 Superior energy efficiency Top-tier sustained performance Energy efficiency performance Chevron vs. international majors 115 Continued energy use reduction Improved reliability CVX ranking relative to competitors Competitor Range (international majors tracked by Solomon) 016 Chevron Corporation Source: Solomon Associates and Chevron data 13

14 Portfolio actions Asset divestment proceeds B/T 015 divestments Caltex Australia, Pakistan fuels, New Zealand refining, other fuels $ 14 billion 015 $ 4 billion 015 initial public offering Star Petroleum Refining Public Company Limited divestments Hawaii, New Zealand retail, South Africa 015 portfolio actions 016 Chevron Corporation 14

15 Themes fundamentals performance growth 016 Chevron Corporation 15

16 Chevron Phillips Chemical USGC petrochemicals project Overview 1,500 kmta ethylene, Baytown, Texas 1,000 kmta polyethylene, Old Ocean, Texas 500 kmta HDPE 500 kmta LDPE Advanced proprietary technology Progress 70 % complete (>6,000 people onsite) Polyethylene reactors in-place Ethylene major compressors in place; furnace erection in progress Projected start-up Chevron Corporation 16

17 Integrated lubricants business positioned for growth Premium base oil Leading producer, global slate Well positioned for evolving specifications globally Flexible global base oil supply chain Finished lubricants Targeting key growth markets Formulation technology expertise Strong global brands Additives Increasing supply capabilities across Asia Pacific 3 plants integrated with refineries 15 supply hubs Distributive areas 016 Chevron Corporation 17

18 Other major projects Oronite Singapore Carboxylate Addition Doubles global capacity of key, next-generation lubricants component Projected start-up 017 Singapore Refining Co. Clean Fuels & Cogeneration Increases capability to produce higher-value gasoline Improves energy efficiency Projected start-up 017 Richmond Refinery Modernization Improves efficiency, reliability Creates crude and product flexibility Projected start-up Chevron Corporation 18

19 Paced capital spending 016 capital expenditures by segment Chemicals & lubricants 59 % Refining & marketing 41 % Enables growth in chemicals and lubricants Supports safe and reliable refinery operations Capital expenditures by year $ Billion * 016 Chevron Corporation * Projected 19

20 Well positioned for today and the future fundamentals Sustain returns Operational excellence Focused portfolio Competitive assets performance Top-tier performance Safety Reliability Profitability growth Targeted growth Asia Chemicals Lubricants 016 Chevron Corporation 0

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