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To develop our cost estimates, we consider the timing and extent of maintenance and overhaul events, including the amount and cost of labor, spare parts, and other resources required to perform the services. In developing our cost estimates, we utilize …

Marked against last year's 10-K

To develop our cost estimates, we consider the timing and extent of maintenance and overhaul events, including the amount and cost of labor, spare parts parts, and other resources required to perform the services. In developing our cost estimates, we utilize a combination of our historical cost experience and expected cost improvements. Cost improvements are only included in future cost estimates after savings have been observed in actual results or proven effective through an extensive regulatory or engineering approval process.

Item 7, MD&A, 10-K Feb 5, 2026open_in_new

… Further, regulatory requirements for sustainability reporting, including GHG emissions, are expanding internationally, including in the European Union and Australia.

New this year Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

… The European Union has also adopted a set of policy initiatives, including the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive, which impose expansive sustainability reporting and due diligence requirements for both European Union and certain non …

Marked against last year's 10-K

companies deemed to be doing business in California, and other states are considering similar laws. The European Union has also adopted a set of policy initiatives, including the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive, which impose expansive sustainability reporting and due diligence requirements for both European Union and certain non-European Union companies. While we are still assessing the applicability of the European Union directives and California legislation and are awaiting resolution of the review of the SEC climate change rules, directives, we would expect to incur substantial additional compliance costs to the extent these or similar disclosure requirements apply to us. We further anticipate the costs and other risks associated with any such disclosure requirements to be particularly heightened, given that reporting frameworks on GHG emissions and other climate-related metrics are still maturing and often require the use of numerous assumptions and judgments.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… For instance, members of the European Union agreed to a price-cap framework in December 2022 for the trading of natural gas in response to rising energy costs in Europe. Similarly, during 2021 and 2022, former President Biden authorized several …

Marked against last year's 10-K

Domestic and foreign governmental bodies have from time to time intervened in energy markets by imposing price controls, restricting exports, limiting production or otherwise taking actions to impact the availability and price of oil, natural gas and NGLs. For instance, members of the European Union agreed to a price-cap framework in December 2022 for the trading of natural gas in response to rising energy costs in Europe. Similarly, during 2021 and 2022, former President Biden authorized several releases from the U.S. Strategic Petroleum Reserve in an effort to lower domestic energy prices. More recently, in May 2024, the European Union approved new regulations imposing fossil fuel import standards, which include disclosure, emission mitigation work practices and methane intensity threshold requirements, which could impact our ability to sell production in European markets. Governments may take similar actions in the future, particularly in the event of disruption in energy markets or national emergency. Any such interventions could adversely impact our business, including by depressing the price of our production and generally introducing greater uncertainty to our operations.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… Impairment of equity method investment 69 12 - 57 Workforce reductions 66 3 - 63 Other merger and integration 35 4 4 27 Gain on sale of Palliser APS project (149) (4) - (145) Third quarter: Amortization of inventory purchase accounting adjustment 66 …

Marked against last year's 10-K

(Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Merger & Workforce reductions $ 158 $ 10 $ - $ 148 Other merger and integration $ 25 $ 6 $ 5 $ 14 49 1 4 44 Second quarter: Impairment of equity method investment 69 12 - 57 Workforce reductions 111 17 66 3 - 94 Merger & 63 Other merger and integration 31 5 8 18 Third quarter - Workforce reductions 65 10 - 55 Merger & integration 47 10 7 30 Fourth quarter - Asset impairments 162 23 - 139 Merger & integration 63 6 7 50 Workforce reductions 61 10 - 51 35 4 4 27 Gain on sale of investment (24) Palliser APS project (149) (4) - (145) Third quarter: Amortization of inventory purchase accounting adjustment 66 15 - 51 Acquisition-related professional fees 61 - - (24) 61 Workforce reductions 57 4 - 53 Acquisition-related employee benefits 54 2 - 52 Impairment of equity-method investment 52 4 - 48 Other merger and integration 28 2 4 22 Fourth quarter: Goodwill impairment 210 - 41 169 Workforce reductions 126 14 3 109 Amortization of inventory purchase accounting adjustment 100 23 - 77 Other merger and integration 125 21 12 92 Reversal of valuation allowance relating to deferred tax assets - 92 - (92) $ 541 1,107 $ 87 203 $ 27 68 $ 427 836

Item 7, MD&A, 10-K Jan 23, 2026open_in_new

… Workforce reductions 111 17 - 94 Merger and integration 16 1 5 10 Amortization of inventory purchase accounting adjustment 15 4 3 8 Third quarter - Workforce reductions 65 10 - 55 Merger and integration 33 6 4 23 Amortization of inventory purchase …

Marked against last year's 10-K

(Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Merger & integration $ 25 $ 6 $ 5 Amortization of inventory purchase accounting adjustment $ 14 $ 4 $ 3 $ 7 Merger and integration 11 2 2 7 Second quarter: Workforce reductions 111 17 - 94 Merger & and integration 31 16 1 5 10 Amortization of inventory purchase accounting adjustment 15 4 3 8 18 Third quarter - Workforce reductions 65 10 - 55 Merger & and integration 47 10 33 6 4 23 Amortization of inventory purchase accounting adjustment 14 4 3 7 30 Fourth quarter - Asset impairments 162 23 - 139 Merger & and integration 63 6 7 50 Workforce reductions 61 10 - 51 Gain on sale of investment (24) - - (24) $ 541 $ 87 $ 27 $ 427

Item 7, MD&A, 10-K Jan 23, 2026open_in_new

• crew availability and productivity and ability to adhere to construction workforce drawdown plans;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

• the lack of available skilled labor, equipment and materials (or escalating costs in respect thereof, including as a result of inflation and/or tariffs, particularly on steel and aluminum);

Marked against last year's 10-K

• the lack of available skilled labor, equipment and materials (or escalating costs in respect thereof, including as a result of inflation and/or tariffs); tariffs, particularly on steel and aluminum);

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

• European Union Trading Directive resulting in the European Union Emissions Trading Scheme (EU ETS), which uses a market-based mechanism to incentivize the reduction of greenhouse gas (GHG) emissions, as well as the United Kingdom Emissions Trading Scheme (UK ETS).

Marked against last year's 10-K

• European Union Trading Directive resulting in the European Union Emissions Trading Scheme (EU ETS), which uses a market-based mechanism to incentivize the reduction of greenhouse gas (GHG) emissions, as well as the United Kingdom Emissions Trading Scheme (UK ETS), which replaced the EU ETS in the United Kingdom in 2021, following BREXIT. ETS).

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

• European Union Regulation for Registration, Evaluation, Authorization and Restriction of Chemicals (EU REACH), which governs production, marketing and use of chemicals and the United Kingdom’s legislation for the Registration, Evaluation, Authorization and Restriction of Chemicals, which replaced EU REACH in the United Kingdom in 2021 following the United Kingdom’s exit from the European Union (BREXIT).

Word for word as last year Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Our business requires the retention and recruitment of a skilled executive team and workforce, and difficulties in recruiting and retaining executives and other key personnel could impair our ability to develop and implement our business strategy. A shortage of skilled labor may make it difficult for us to maintain labor productivity and competitive costs.

Marked against last year's 10-K

Our business requires the retention and recruitment of a skilled executive team and workforce, and difficulties in recruiting and retaining executives and other key personnel could impair our ability to develop and implement our business strategy. A shortage of skilled labor may make it difficult for us to maintain labor productivity and competitive costs.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• projects may increase demand for labor, materials and rights of way, which may, in turn, affect our costs and schedule;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

employee expenses is principally related to increased contract labor costs associated with development of an in-house water management application and market compensation adjustments that take effect annually at the start of the year.

New this year Item 7, MD&A, 10-K Feb 18, 2026open_in_new

Salaries and related employee expenses. Salaries and related employee expenses, which include not only salaries, equity and non-equity incentive compensation, but also employee benefits and contract labor expense, were $28.7 million for the year ended December 31, 2025 compared to $26.1 million for the same period of 2024. The increase in salaries and related

Marked against last year's 10-K

Salaries and related employee expenses. Salaries and related employee expenses expenses, which include not only salaries, equity and non-equity incentive compensation, but also employee benefits and contract labor expense, were $53.6 $28.7 million for the year ended December 31, 2024 2025 compared to $43.4 $26.1 million for 2023. the same period of 2024. The number of employees increased from 100 at December 31, 2023 to 111 as of December 31, 2024, which, when coupled with market compensation adjustments effective at the beginning of 2024, resulted increase in increased salary salaries and related employee expenses for the year ended December 31, 2024 compared to 2023. Additionally, contract labor expenses for the year ended December 31, 2024 increased over 2023, principally as a result of the 34.3% increase in water sales over the same period.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… Workers at any of our facilities that are not currently represented by a union or covered by similar agreements could vote for such representation or coverage in the future. To the extent we are in negotiations for labor agreements at …

Marked against last year's 10-K

Certain employees at five of our U.S. refineries, as well as at each of our Canada and U.K. refineries refineries, and our terminal in Montreal, are covered by collective bargaining or similar agreements, which generally have unique and independent expiration dates, and workers dates. Workers at any of our facilities that are not currently represented by a union or covered by similar agreements could vote for such representation or coverage in the future. To the extent we are in negotiations for labor agreements at any time, there is no assurance an agreement will be reached without a strike, lockout, work stoppage, or other labor action, action or disruption, and such actions events have occurred for certain periods in the past. past, and may occur again in the future. Any such prolonged strike, work stoppage, or other labor action event at our facilities or otherwise impacting third parties that support our operations could have an adverse effect on our business, financial condition, results of operations, and liquidity. Future Labor-related laws and regulations have in certain instances also resulted in, and may again result in, reduced labor legislation also could result in labor shortages availability and higher costs. An inability Our business could also be negatively impacted if we are unable to recruit, train, and retain adequate personnel, or the loss or departure of personnel including those with key skills or deep institutional knowledge, may negatively impact our business. knowledge. Inflation has also caused, and may in the future cause, increases in employee-related costs.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… A significant portion of our low-carbon fuels are sold in California, Canada, the U.K., and the European Union (EU).

Marked against last year's 10-K

As described under “ITEMS 1. and 2. BUSINESS AND PROPERTIES - OUR COMPREHENSIVE LIQUID FUELS STRATEGY - Regulations, Policies, and Standards Driving Low-Carbon Fuel Demand,” government authorities across the world have issued, are considering issuing, and/or are altering existing low-carbon fuel regulations, policies, and standards to address GHG emissions and the percentage of low-carbon fuels in the transportation fuel mix. We we strategically market our low-carbon fuels based on regional policies, regulations, standards, feedstock preferences, CI scores, and our ability to obtain fuel pathways, credits, certifications, and incentives. A significant portion of our low-carbon fuels are sold in California, Canada, the U.K., and the U.K. Regarding the RFS, in June 2023, the EPA announced final rules that increase RVOs for 2023, 2024, and 2025, and in December 2024, the EPA proposed partially waiving the compliance year 2024 RVO for cellulosic biofuel, extending the reporting deadline for 2024, and revising certain biogas provisions. Regarding the LCFS, in November 2024, CARB approved updates thereto that set targets to reduce the CI of California’s transportation fuel pool by 30 percent by 2030 and by 90 percent by 2045, increase support for so called “zero-emissions” infrastructure, and make more transit agencies eligible to generate credits, although such amendments were recently paused. European Union (EU).

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

The increase in operating expenses was primarily due to higher labor, taxes and maintenance costs as a result of system expansions.

Marked against last year's 10-K

The increase in operating expenses is was primarily due to higher labor, maintenance, rental taxes and chemical maintenance costs as a result of increased activity and system expansions, partially offset by lower taxes. expansions.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

The European Union (the “EU”) and other non-U.S. jurisdictions are also implementing regulations with respect to the derivatives market. To the extent we enter into swaps with counterparties in foreign jurisdictions or counterparties with other businesses that subject …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Events such as an aging workforce without appropriate replacements, mismatch of skill sets to future needs, the challenges of attracting new, qualified workers to the midstream energy industry, or unavailability of contract labor may lead to operating challenges such as …

Marked against last year's 10-K

Events such as an aging workforce without appropriate replacements, mismatch of skill sets to future needs, the challenges of attracting new, qualified workers to the midstream energy industry, or unavailability of contract labor may lead to operating challenges such as lack of resources, loss of knowledge, and a lengthy time period associated with skill development, including with the workforce needs associated with projects and ongoing operations. Transco and NWP have no employees; employees of Williams and its affiliates provide services. Williams’ failure to hire and adequately obtain replacement employees, including the ability to transfer significant internal historical knowledge and expertise to the new employees, or the future availability and cost of contract labor may adversely affect Williams’, Transco’s, and NWP’s ability to manage and operate the businesses. If Williams is unable to successfully attract and retain an appropriately qualified workforce, including members of senior management, results of operations could be negatively impacted.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• Failure to attract and retain an appropriately qualified workforce could negatively impact Williams’, Transco’s, and NWP’s results of operations.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

… In a number of locations, including the European Union, governments have proposed or imposed direct and indirect obligations with respect to the company’s activities, trade, taxes, and public disclosures, as well as currency exchange controls that might harm the …

Marked against last year's 10-K

Political instability and significant changes in the legal and regulatory environment could harm Chevron’s business The company’s operations, particularly exploration and production, can be affected by changing political, regulatory and economic environments in the various countries in which it operates. As has occurred in the past, actions could be taken by governments to increase public ownership of the company’s partially or wholly owned businesses, to force contract renegotiations, or to impose additional taxes, tariffs, royalties, fees, penalties or other costs. In a number of locations, including the European Union, governments have proposed or imposed restrictions on direct and indirect obligations with respect to the company’s operations, activities, trade, currency exchange controls, burdensome taxes, and public disclosure requirements disclosures, as well as currency exchange controls that might harm the company’s competitiveness, return on investments, or relations with other governments or third parties. In other countries, political conditions have existed that may threaten the safety of employees and the company’s continued presence in those countries, and internal unrest, acts of violence or strained relations between a government and the company or other governments may adversely affect the company’s operations. Those developments have, at times, significantly affected the company’s operations and results and are carefully considered by management when evaluating the level of current and future activity in such countries. Further, Chevron is required to comply with sanctions and other trade laws and regulations of the United States and other jurisdictions where we operate, such as sanctions imposed in Venezuela and Russia, which, depending upon their scope, could adversely impact the company’s operations and financial results in these countries. In addition, litigation or changes in national, state or local environmental regulations or laws, including those designed to stop or impede the development or production of oil and gas, such as those related to the use of hydraulic fracturing or bans on drilling, or any law or regulation that impacts the demand for our products, could adversely affect the company’s current or anticipated future operations and profitability.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Chevron prioritizes the health, safety and well-being of its employees. The company’s safety culture empowers every member of its workforce to exercise stop-work authority without repercussion to address any potential unsafe work conditions. The company has set clear expectations for leaders to deliver operational excellence by prioritizing the safety and health of its workforce, and the protection of communities, the environment and the company’s assets.

New this year 10-K, 10-K Feb 24, 2026open_in_new

• the availability and cost of, EOG's ability to retain, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services;

Marked against last year's 10-K

• the availability and cost of, EOG's ability to retain, and competition in the oil and gas exploration and production industry for, employees, labor and other personnel, facilities, equipment, materials (such as water, sand, fuel and tubulars) and services;

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

… natural disasters, the unavailability of gathering, processing, compression, storage, transportation, refining, liquefaction or export facilities or equipment or field labor issues, or intentionally as a result of market conditions such as crude oil, NGLs or natural gas prices that we …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

… Strategic changes implemented over the past several years enabled the Corporation to capture $15.1 billion of structural cost savings(1) versus 2019, including $3 billion of savings during 2025, through increased operational efficiencies, workforce reductions, divestment-related reductions, and …

Marked against last year's 10-K

The Corporation closely monitors market trends and works to mitigate both operating and capital cost impacts in all price environments. Organizational Strategic changes implemented over the past several years enabled the Corporation to capture $12.1 $15.1 billion of structural cost savings(1) versus 2019, including $2.4 $3 billion of savings during 2024, 2025, through increased operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures. The Company sees additional opportunities in areas such as supply chain efficiency, improved centralization of activities, system implementations, continued improvement of maintenance and turnarounds, modernized data management, centralization of activities, and simplified business processes. These savings are key drivers to further reduce our structural costs by $6 $20 billion by between 2019 and 2030, thereby improving the earnings power of the Corporation.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… The continued adoption of similar legal practices in the European Union or elsewhere would broaden this risk.

Marked against last year's 10-K

We also may be adversely affected by the outcome of litigation litigation, including class actions or arbitration, arbitrations, especially in countries such as the United States in which very that permit large and unpredictable punitive and non-economic damage awards awards. Other jurisdictions adopting similar models to impose liability schemes on our products or operations may occur; present similar risks. We also may be adversely affected by government investigations or enforcement proceedings alleging non-compliance with applicable laws or regulations; regulations, or by state and local government actors as well as private plaintiffs acting in parallel that attempt to use the legal system to promote public policy agendas (including seeking to reduce the production and sale of hydrocarbon products through litigation targeting the Company or other industry participants), gain political notoriety, or obtain monetary awards from the Company. The continued adoption of similar legal practices in the European Union or elsewhere would broaden this risk and has begun to be applied to some of our competitors in the European Union. risk.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

A portion of our natural gas, oil and NGL production in any region may be interrupted, or shut in, from time to time for numerous reasons, including weather conditions, accidents, loss of pipeline or gathering system access, field labor issues or strikes, or we might voluntarily curtail production in response to market conditions. If a substantial amount of our production is interrupted at the same time, it could materially adversely affect our cash flow.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… The global market is also continuing to experience inflationary pressure, including rising fuel costs, a tightening steel market and labor and supply chain shortages, which could result in increases to our operating and capital costs that are not fixed. Additionally …

Marked against last year's 10-K

Historically, concerns about global economic growth and international political stability have had a significant impact on global financial markets and commodity prices, including petroleum products. If the economic or political climate in the United States or abroad deteriorates, worldwide demand for petroleum products could diminish, which could impact the price at which we can sell our production, affect the ability of our vendors, suppliers and customers to continue operations and materially adversely impact our results of operations, liquidity and financial condition. The global market is also continuing to experience inflationary pressure, including rising fuel costs, a tightening steel market and labor and supply chain shortages, which could result in increases to our operating and capital costs that are not fixed. Additionally, while concerns over energy security have, in some situations, seen increased demand for natural gas, sustained concerns over energy security may result in an accelerated adoption of renewable energy and other alternative energy generation or storage, or energy efficiency, technologies. Any such accelerated adoption of alternative energy sources or energy efficiency improvements may decrease demand for our products or otherwise adversely impact our financial condition or results of operations.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… For example, while some policymakers, including the European Union and the State of California, have adopted disclosure and other requirements relating to ESG matters, other policymakers have sought to constrain companies’ consideration of such matters. Further, shareholders have sought to …

Marked against last year's 10-K

In recent years, increased attention We may not be able to global meet evolving expectations of stakeholders, including governmental officials, standard setters, investors, employees, and customers, relating to climate change resulted in increased investor attention change, human capital, and an increased risk other ESG issues. For example, while some policymakers, including the European Union and the State of public California, have adopted disclosure and private litigation. other requirements relating to ESG matters, other policymakers have sought to constrain companies’ consideration of such matters. Further, shareholders have sought to effect changes to public companies’ businesses or governance to deal with climate change-related issues through shareholder proposals, public campaigns, proxy solicitations or other actions. Any such future actions may result in significant management distraction and potentially significant expense.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

We ended the year 2025 with 1,762 full-time employees. None of our full-time employees are represented by labor unions or covered by any collective bargaining agreements. In addition, we engage independent contractors and consultants in land, technical, regulatory and other disciplines to support our full-time employees.

New this year 10-K, 10-K Feb 25, 2026open_in_new

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