Facility increases equity Permian crude processing capacity, bolstering American energy value chain

Chevron U.S.A., Inc. (CUSA), a wholly owned subsidiary of Chevron Corporation (NYSE: CVX), has completed a retrofit of its refinery in Pasadena, Texas, which is expected to increase product flexibility and expand the processing capacity of lighter crudes by nearly 15 percent to 125,000 barrels per day.

Chevron acquired the Pasadena Refinery in 2019 with the strategic intent to expand its Gulf Coast refining system. This project is expected to allow the company to process more equity crude from the Permian Basin, supply more products to customers in the U.S. Gulf Coast and realize synergies with the company’s Pascagoula refinery.

The Light Tight Oil (LTO) Project aims to enhance facility reliability and safety and will ultimately result in an increase in the supply of refined products domestically. The refinery will also begin producing jet fuel and exporting gas oil.

“The Pasadena Refinery is on a journey to maximize value for Chevron and the community it serves by driving progress in safety and reliability,” said Chevron Manufacturing President Chris Cavote. “This refinery now firmly integrates our upstream and downstream businesses as we aim to optimize the value chain.”

Planning for the LTO Project began in 2019 with work beginning in early 2020.

“I’m extremely proud of our employee and contractor workforce, which logged over 4 million hours to complete this complex project in an operating refinery. Our safety program reinforced the focus on working safely throughout the project,” said Refinery General Manager Tifanie Steele. “We are investing in the refinery to help it be successful in the long-term, which we hope will support continuing positive economic impact to our community.”

The phased start-up of the asset is expected to last through Q1 of 2025 as project team members work to confirm all plants are operating as planned and products are developed to specification.

About Chevron

Chevron (NYSE: CVX) is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.

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Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the conflict in Israel and the global response to these hostilities; 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potential delays in consummating the Hess transaction, including as a result of the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2023 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.

For media inquiries contact: Allison Cook ACook@chevron.com

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