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 Chevron Reports Fourth Quarter Net Income of $415 Million
   Friday, January 27, 2017 8:30:00 AM ET

Chevron Corporation (CVX ) today reported earnings of $415 million ($0.22 per share - diluted) for fourth quarter 2016, compared with a loss of $588 million ($0.31 per share - diluted) in the 2015 fourth quarter. Foreign currency effects increased earnings in the 2016 quarter by $26 million, compared with an increase of $46 million a year earlier.

Full-year 2016 results were a loss of $497 million ($0.27 per share - diluted) compared with earnings of $4.6 billion ($2.45 per share - diluted) in 2015.

Sales and other operating revenues in fourth quarter 2016 were $30 billion, compared to $28 billion in the year-ago period.

 
                                                                                                                                                          Earnings Summary
                                                                                                                              
                                                                                                                                                Fourth Quarter                                                                                              Year
                                                                                                     ------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------
Millions of dollars                                              2016                                      2015                              2016                                      2015
------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -------------------------------------------------
   Earnings by business segment                                                                                                                                                                                                                                
      Upstream                                                                                                          $  930                                                              $ (1,361 )                                           $ (2,537 )                                           $ (1,961 )
      Downstream                                                                                                           357                                                                 1,011                                                3,435                                                7,601
   All Other                                  (872 )                          (238 )       (1,395 )       (1,053 )
------------------------------------- -------------------- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- ------ --- -------------------- -------------------- ------ --- -------------------- -------------------- ------ --------------------
         Total (1)(2)                                          $  415                        $   (588 )                        $   (497 )                        $  4,587  
------------------------------------- -------------------- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -------------------- ------ --- -------------------- -------------------- ------ --- -------------------- -------------------- ------ --------------------
(1) Includes foreign currency effects                                                                                   $   26                                                              $     46                                             $     58                                             $    769
(2) Net income (loss) attributable to Chevron Corporation (See
Attachment 1)
 

"Our 2016 earnings reflect the low oil and gas prices we saw during the year," said Chairman and CEO John Watson. "We responded aggressively to those conditions, cutting capital and operating expenses by $14 billion. We are well positioned to improve earnings and be cash flow balanced in 2017 through continued tight spending and cost control and additional revenue from expected production growth. That confidence enabled us to increase the 2016 annual dividend payout for the 29th consecutive year."

"We were able to reach noteworthy milestones in 2016 on major capital projects," Watson added. "We achieved first gas and cargo shipments at our Gorgon Project in Australia, first gas at our Chuandongbei Project in China, and increased production from our Permian Basin shale and tight oil properties. In addition, we announced the final investment decision on the Future Growth and Wellhead Pressure Management Project at the company’s 50 percent-owned affiliate, Tengizchevroil, in Kazakhstan."

Watson commented that the company added approximately 900 million barrels of net oil-equivalent proved reserves in 2016. These additions, which are subject to final reviews, equate to approximately 95 percent of net oil-equivalent production for the year. The largest additions were from the Future Growth Project at Tengizchevroil, the Permian Basin in the United States and the Wheatstone Project in Australia. The company will provide additional details relating to 2016 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 23, 2017.

At year-end, balances of cash, cash equivalents and marketable securities totaled $7.0 billion, a decrease of $4.3 billion from the end of 2015. Total debt at December 31, 2016 stood at $46.1 billion, an increase of $7.5 billion from a year earlier.

UPSTREAM

Worldwide net oil-equivalent production was 2.67 million barrels per day in fourth quarter 2016, essentially unchanged from the 2015 fourth quarter. Production increases from major capital projects and base business were offset by normal field declines, the impact of asset sales, production entitlement effects in several locations and the effects of civil unrest in Nigeria. Net oil-equivalent production for the full year 2016 was 2.59 million barrels per day, a decrease of 1 percent from the prior year. Production increases from major capital projects, shale and tight properties, and base business were more than offset by normal field declines, the impact of asset sales, the Partitioned Zone shut-in, the effects of civil unrest in Nigeria and planned turnaround activity.

                                                                                      
U.S. Upstream
                                                                                                         Fourth Quarter                                                                Year
                                                                                   ------------------------------------------------------------------------------- -----------------------------------------------------------------------------------
Millions of dollars         2016        2015          2016          2015  
------------------- -------------------- -------------------- -------------------- --------------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------
      Earnings             $ 121    $ (1,954 )                       $ (2,054 )                       $ (4,055 )
------------------- -------------------- -------------------- -------------------- -- --- -------------------- -- ------ -------------------- -------------------- -- ------ -------------------- -------------------- -- ------ --------------------
                                                                                                                                                                                

U.S. upstream operations earned $121 million in fourth quarter 2016 compared with a loss of $1.95 billion from a year earlier. The increase was primarily due to lower depreciation, exploration and operating expenses, and higher crude oil and natural gas realizations.

The company’s average sales price per barrel of crude oil and natural gas liquids was $40 in fourth quarter 2016, up from $35 a year ago. The average sales price of natural gas was $1.98 per thousand cubic feet, compared with $1.54 in last year’s fourth quarter.

Net oil-equivalent production of 682,000 barrels per day in fourth quarter 2016 was down 37,000 barrels per day, or 5 percent, from a year earlier. Production increases from base business in the Gulf of Mexico and shale and tight properties in the Permian Basin in Texas and New Mexico were more than offset by the impact of asset sales of 58,000 barrels per day and normal field declines. The net liquids component of oil-equivalent production increased 2 percent in the 2016 fourth quarter to 508,000 barrels per day, while net natural gas production decreased 21 percent to 1.04 billion cubic feet per day.

                                                                             
International Upstream
                                                                                                            Fourth Quarter                                               Year
                                                                                                  ------------------------------------------------------- ------------------------------------------------------------------------
Millions of dollars                        2016     2015      2016                      2015
---------------------------------- -------------------- -------------------- -------------------- --------------------------- --------------------------- ---------------------------- -------------------- ----------------------
      Earnings*                           $ 809    $ 593    $ (483 )                               $      2,094
---------------------------------- -------------------- -------------------- -------------------- -- --- -------------------- -- --- -------------------- -- ---- -------------------- -------------------- ---------- ----------
*Includes foreign currency effects                                                                 $   6    $  91                       $  122                                 $        725
                                                                                                                                                                                                             

International upstream operations earned $809 million in fourth quarter 2016 compared with $593 million a year earlier. The increase was due to higher crude oil realizations, higher natural gas sales volumes, primarily from the Gorgon Project, and lower operating expenses. Partially offsetting these effects were higher tax items, lower crude oil sales volumes, higher depreciation expenses and lower gains on asset sales. Foreign currency effects increased earnings by $6 million in the 2016 quarter, compared with an increase of $91 million a year earlier.

The average sales price for crude oil and natural gas liquids in fourth quarter 2016 was $44 per barrel, up from $39 a year earlier. The average sales price of natural gas was $4.07 per thousand cubic feet, compared with $3.99 in last year’s fourth quarter.

Net oil-equivalent production of 1.99 million barrels per day in fourth quarter 2016 increased 33,000 barrels per day, or 2 percent, from a year ago. Production increases from major capital projects were partially offset by normal field declines, production entitlement effects in several locations and the effects of civil unrest in Nigeria. The net liquids component of oil-equivalent production decreased 3 percent to 1.24 million barrels per day in the 2016 fourth quarter, while net natural gas production increased 11 percent to 4.50 billion cubic feet per day.

DOWNSTREAM

                                                             
U.S. Downstream
                                                                                             Fourth Quarter                             Year
                                                                                   ------------------------------------------------------ ---------------------------------------
Millions of dollars        2016     2015       2016       2015
------------------- -------------------- -------------------- -------------------- -------------------------- --------------------------- ----------------------------- ---------
      Earnings             $  0    $ 496    $ 1,307    $ 3,182
------------------- -------------------- -------------------- -------------------- -- -- -------------------- -- --- -------------------- -- ----- -------------------- -- -----
                                                                                                                                 

U.S. downstream operations were breakeven in fourth quarter 2016 compared with earnings of $496 million a year earlier. The decrease in earnings was due to lower margins on refined product sales and higher tax items.

Refinery crude oil input in fourth quarter 2016 decreased 21 percent to 721,000 barrels per day from the year-ago period mainly due to planned turnaround activity at the company’s refinery in Richmond, California.

Refined product sales of 1.14 million barrels per day decreased 8 percent from fourth quarter 2015. Branded gasoline sales of 525,000 barrels per day were up 2 percent from the 2015 period.

 
International Downstream
                                                              Fourth Quarter                                                         Year
                                                                                                  ---------------------------------------------------------------------------- -------------------------------------------------------------------------
Millions of dollars                        2016     2015         2016                      2015
---------------------------------- -------------------- -------------------- -------------------- --------------------------- --------------------------- -------------------- ----------------------------- -------------------- ----------------------
      Earnings*                           $ 357    $ 515      $ 2,128              $      4,419
---------------------------------- -------------------- -------------------- -------------------- -- --- -------------------- -- --- -------------------- -------------------- -- ----- -------------------- -------------------- ---------- ----------
*Includes foreign currency effects                                                                 $  53    $ (45 )                       $   (25 )                               $         47
                                                                                                                                                                                                                                   

International downstream operations earned $357 million in fourth quarter 2016 compared with $515 million a year earlier. The decrease was primarily due to lower margins on refined product sales, partially offset by lower operating expenses. Foreign currency effects increased earnings by $53 million in fourth quarter 2016, compared with a decrease of $45 million a year earlier.

Refinery crude oil input of 801,000 barrels per day in fourth quarter 2016 increased 18,000 barrels per day from the year-ago period.

Total refined product sales of 1.49 million barrels per day in fourth quarter 2016 increased 1 percent from the year-ago period due to higher gas oil sales.

ALL OTHER

                                                                                                                                           
                                                                                                                                           Fourth Quarter                                                                                   Year
                                                                                                  --------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------
Millions of dollars                         2016                          2015          2016          2015  
---------------------------------- -------------------- -------------------- -------------------- ---------------------------- -------------------- ---------------------------------------------- -------------------- ------------------------------ -------------------- ------------------------------
      Net Charges*                        $ (872 )                        (238 )                       $ (1,395 )                       $ (1,053 )
---------------------------------- -------------------- -------------------- -------------------- -- ---- -------------------- -------------------- -------------------- ---- -------------------- -------------------- -- ------ -------------------- -------------------- -- ------ --------------------
*Includes foreign currency effects                                                                 $  (33 )                                         $    0                                            $    (39 )                       $     (3 )
                                                                                                                                                                                                                                                                                       

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Net charges in fourth quarter 2016 were $872 million, compared with $238 million in the year-ago period. The change between periods was mainly due to higher tax items and other corporate charges.

CASH FLOW FROM OPERATIONS

Cash flow from operations in 2016 was $12.8 billion, compared with $19.5 billion in 2015. Excluding working capital effects, cash flow from operations in 2016 was $13.4 billion, compared with $21.4 billion in 2015.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in 2016 were $22.4 billion, compared with $34.0 billion in 2015. The amounts included $3.8 billion in 2016 and $3.4 billion in 2015 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 90 percent of the companywide total in 2016.

NOTICE

Chevron’s discussion of fourth quarter 2016 earnings with security analysts will take place on Friday, January 27, 2017, at 8:00 a.m. PST. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s Web site at www.chevron.com under the "Investors" section. Additional financial and operating information will be contained in the Earnings Supplement that will be available under "Events and Presentations" in the "Investors" section on the Web site.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "forecasts," "projects," "believes," "seeks," "schedules," "estimates," "positions," "pursues," "may," "could," "should," "budgets," "outlook," "on schedule," "on track," "goals," "objectives," "strategies" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and expenditure reductions; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts, crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries or other natural or human causes beyond its control; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from other pending or future litigation; the company’s future acquisition or disposition of assets or the delay or failure of such transactions to close based on required closing conditions set forth in the applicable transaction agreements; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; 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 21 through 23 of the company’s 2015 Annual Report on Form 10-K. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.

                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                          Attachment 1
                                                                                                                                                              CHEVRON CORPORATION - FINANCIAL REVIEW
                                                                                                                                                          (Millions of Dollars, Except Per-Share Amounts)
                                                                                                                         
CONSOLIDATED STATEMENT OF INCOME
------------------------------------------------------------
        (unaudited)                                                                                                                                                                                     Three Months                                                                                                                                    Year Ended
                                                                                                                                                                                                   Ended December 31                                                                                                                                   December 31
                                                                                                                               --------------------------------------------------------------------------------------                                             -------------------------------------------------------------------------------------------------
REVENUES AND OTHER INCOME                                                                                                           2016                                                   2015                                                     2016                                                                2015
                                                                                                                               ---------                                              --------- --------------------                                              --------- --------------------                                              --------------------
   Sales and other operating revenues *                                                                                      $    30,142                                            $    28,014                                                                 $   110,215                                                                 $              129,925
   Income from equity affiliates                                                                                                     778                                                    919                                                                       2,661                                                                                  4,684
   Other income                                                                                                                      577                                                    314                                                    1,596                                                               3,868
                                                                                                                               ---------                                              --------- --------------------                                              --------- --------------------                                              --------------------
   Total Revenues and Other Income                                                                                                31,497                                                 29,247                                                  114,472                                                             138,477
                                                                                                                               ---------                                              --------- --------------------                                              --------- --------------------                                              --------------------
COSTS AND OTHER DEDUCTIONS
   Purchased crude oil and products                                                                                               16,976                                                 14,570                                                                      59,321                                                                                 69,751
   Operating, selling, general and administrative expenses                                                                         6,688                                                  7,273                                                                      24,952                                                                                 27,477
   Exploration expenses                                                                                                              191                                                  1,358                                                                       1,033                                                                                  3,340
   Depreciation, depletion and amortization                                                                                        4,203                                                  5,400                                                                      19,457                                                                                 21,037
   Taxes other than on income *                                                                                                    2,869                                                  2,856                                                                      11,668                                                                                 12,030
   Interest and debt expense                                                                                                          58                                                      -                                                      201                                                                   -
                                                                                                                               ---------                                              --------- --------------------                                              --------- --------------------                                              --------------------
   Total Costs and Other Deductions                                                                                               30,985                                                 31,457                                                  116,632                                                             133,635
                                                                                                                               ---------                                              --------- --------------------                                              --------- --------------------                                              --------------------
Income (Loss) Before Income Tax Expense                                                                                              512                                                 (2,210 )                                                                    (2,160 )                                                                                4,842
   Income tax expense (benefit)                                                                                                       74                                                 (1,655 )                                                                    (1,729 )                                                                                  132
                                                                                                                               ---------                                              --------- --------------------                                              --------- --------------------                                              --------------------
Net Income (Loss)                                                                                                                    438                                                   (555 )                                                                      (431 )                                                                                4,710
   Less: Net income attributable to noncontrolling interests                                                                          23                                                     33                                                       66                                                                 123
                                                                                                                               ---------                                              --------- --------------------                                              --------- --------------------                                              --------------------
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION                                                                        $       415                                            $      (588 )                                                               $      (497 )                                                               $                4,587
                                                                                                                               =========                                              ========= ====================                                              ========= ====================                                              ====================
                                                                                                                                                                                                                                                                                                                                               
PER-SHARE OF COMMON STOCK
   Net Income (Loss) Attributable to Chevron Corporation
                    - Basic                                                                                                  $      0.22                                            $     (0.31 )                                                               $     (0.27 )                                                               $                 2.46
                    - Diluted                                                                                                $      0.22                                            $     (0.31 )                                                               $     (0.27 )                                                               $                 2.45
   Dividends                                                                                                                 $      1.08                                            $      1.07                                                                 $      4.29                                                                 $                 4.28
                                                                                                                                                                                                                                                                                                                                               
   Weighted Average Number of Shares Outstanding (000’s)
                    - Basic                                                                                                    1,875,694                                              1,869,072                                                                   1,872,789                                                                              1,867,941
                    - Diluted                                                                                                  1,890,044                                              1,869,072                                                                   1,872,789                                                                              1,874,971
                                                                                                                                                                                                                                                                                                                                               
* Includes excise, value-added and similar taxes.                                                                            $     1,697                                            $     1,717                                                                 $     6,905                                                                 $                7,359
                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                     Attachment 2
                                                                                                                                                                                      CHEVRON CORPORATION - FINANCIAL REVIEW
                                                                                                                                                                                               (Millions of Dollars)
                                                                                                                                                                                                    (unaudited)
                                                                                                                                                                                                                                                                                                                                           
EARNINGS BY MAJOR OPERATING AREA                                                                                                                                                                          Three Months                                                                                                                                                            Year Ended
----------------------------------------------------------------------
                                                                                                                                                                                                     Ended December 31                                                                                                                     December 31  
                                                                                                                                        --------------------------------------------------------------------------------------------------- --------------------                                           ------------------------------------------------------------------------------------------------------
                                                                                                                                         2016                                                  2015                                                                     2016                                                   2015  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
Upstream
   United States                                                                                                                      $   121                                                                 $ (1,954 )                                                                                 $  (2,054 )                                                              $   (4,055 )
   International                                                                                                                          809                                                   593                                                                     (483 )                                                                   2,094  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
      Total Upstream                                                                                                                      930                                                (1,361 )                                                                                    (2,537 )                                                                  (1,961 )
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
Downstream
   United States                                                                                                                            -                                                                      496                                                                                       1,307                                                                     3,182
   International                                                                                                                          357                                                   515                                                                    2,128                                                  4,419  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
      Total Downstream                                                                                                                    357                                                 1,011                                                                    3,435                                                  7,601  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
All Other (1)                                                                                                                            (872 )                                                                   (238 )                                                                                    (1,395 )                                                                  (1,053 )
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
         Total (2)                                                                                                                    $   415                                              $   (588 )                                                                                 $    (497 )                                                              $    4,587  
                                                                                                                                        ===== ====================                                              ====== ====================                                                                ======= ====================                                             ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                         Dec 31,                                                                 Dec. 31,
SELECTED BALANCE SHEET ACCOUNT DATA                                                                                                                                                                                                                                                       2016                                                  2015    
----------------------------------------------------------------------                                                                                                                                                                                                                -------------------- ------- --------------------                                             -------- --------------------
   Cash and Cash Equivalents                                                                                                                                                                                                                                                                             $   6,988                                                                $   11,022
   Marketable Securities                                                                                                                                                                                                                                                                                 $      13                                                                $      310
   Total Assets                                                                                                                                                                                                                                                                                          $ 260,078                                                                $  264,540
   Total Debt                                                                                                                                                                                                                                                                                            $  46,126                                                                $   38,549
   Total Chevron Corporation Stockholders’ Equity                                                                                                                                                                                                                                                        $ 145,556                                                                $  152,716
                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                                  Year Ended
                                                                                                                                                                                                                                                                                                                                                                                 December 31  
                                                                                                                                                                                                                                                                                                           ------------------------------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS                                                                                                                                                                                                                                                                                     2016                                                   2015  
----------------------------------------------------------------------                                                                                                                                                                                                                                     ------- --------------------                                             -------- --------------------
   Net Cash Provided by Operating Activities                                                                                                                                                                                                                                                             $  12,846                                                                $   19,456
   Net Increase in Operating Working Capital                                                                                                                                                                                                                                                             $    (550 )                                                              $   (1,979 )
   Net Cash Provided by Operating Activities Excluding Working Capital                                                                                                                                                                                                                                   $  13,396                                                                $   21,435
                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                          Three Months                                                                                                                                                            Year Ended
                                                                                                                                                                                                     Ended December 31                                                                                                                                        December 31  
                                                                                                                                        ---------------------------------------------------------------------------------------------------                                                                ------------------------------------------------------------------------------------------------------
CAPITAL AND EXPLORATORY EXPENDITURES (3)                                                                                                 2016                                                  2015                                                                     2016                                                   2015  
----------------------------------------------------------------------                                                                  ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
United States
   Upstream                                                                                                                           $ 1,243                                                                 $  1,670                                                                                   $   4,713                                                                $    7,582
   Downstream                                                                                                                             435                                                                      541                                                                                       1,545                                                                     1,923
   Other                                                                                                                                   98                                                   171                                                                      235                                                    418  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
      Total United States                                                                                                               1,776                                                                    2,382                                                                                       6,493                                                                     9,923
                                                                                                                                                                                                                                                                                                                                                                                              
International
   Upstream                                                                                                                             3,246                                                                    6,104                                                                                      15,403                                                                    23,535
   Downstream                                                                                                                             237                                                                      215                                                                                         527                                                                       513
   Other                                                                                                                                    2                                                     6                                                                        5                                                      8  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
      Total International                                                                                                               3,485                                                 6,325                                                                   15,935                                                 24,056  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
      Worldwide                                                                                                                       $ 5,261                                              $  8,707                                                                $  22,428                                             $   33,979  
                                                                                                                                        ===== ====================                                              ====== ====================                                                                ======= ====================                                             ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                              
(1) Includes worldwide cash management and debt financing
activities, corporate administrative functions, insurance
operations, real estate activities, and technology companies.
(2) Net Income (Loss) Attributable to Chevron Corporation (See
Attachment 1)
(3) Includes interest in affiliates:
   United States                                                                                                                      $   232                                                                 $    358                                                                                   $   1,037                                                                $    1,344
   International                                                                                                                          845                                                   583                                                                    2,733                                                  2,053  
                                                                                                                                        ----- --------------------                                              ------ --------------------                                                                ------- --------------------                                             -------- --------------------
   Total                                                                                                                              $ 1,077                                              $    941                                                                $   3,770                                             $    3,397  
                                                                                                                                        ===== ====================                                              ====== ====================                                                                ======= ====================                                             ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                               
                                                                                                                                                                                                                                                                                                                                  Attachment 3
                                                                                                                                                    CHEVRON CORPORATION - FINANCIAL REVIEW
                                                                                                                                                              
                                                                                                                                                                                                                                             
                                                                                                                                                                         Three Months                                                                                                                                               Year Ended
OPERATING STATISTICS (1)                                                                                                                                            Ended December 31                                                                                                                                              December 31
----------------------------------------------------------------                                                                --------------------------------------------------                                                                   -------------------------------------------------------------------------------------
NET LIQUIDS PRODUCTION (MB/D): (2)                                                                                               2016                                            2015                                              2016                                                     2015
                                                                                                                                -----                                           ----- --------------------                                           ----- --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                           
   United States                                                                                                                  508                                             499                                                                  504                                                                                 501
   International                                                                                                                1,237                                           1,276                                                                1,215                                                                               1,243
                                                                                                                                -----                                           -----                                                                -----                                                                --------------------
                                                                                                                                1,745                                           1,775                                                                1,719                                                                               1,744
      Worldwide
                                                                                                                                =====                                           =====                                                                =====                                                                ====================
                                                                                                                                                                                                                                                                                                                           
NET NATURAL GAS PRODUCTION (MMCF/D): (3)
   United States                                                                                                                1,044                                           1,320                                                                1,120                                                                               1,310
   International                                                                                                                4,502                                           4,065                                                                4,132                                                                               3,959
                                                                                                                                -----                                           -----                                                                -----                                                                --------------------
      Worldwide                                                                                                                 5,546                                           5,385                                                                5,252                                                                               5,269
                                                                                                                                =====                                           =====                                                                =====                                                                ====================
                                                                                                                                                                                                                                                                                                                           
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4)
   United States                                                                                                                  682                                             719                                                                  691                                                                                 720
   International                                                                                                                1,987                                           1,954                                                                1,903                                                                               1,902
                                                                                                                                -----                                           -----                                                                -----                                                                --------------------
      Worldwide                                                                                                                 2,669                                           2,673                                                                2,594                                                                               2,622
                                                                                                                                =====                                           =====                                                                =====                                                                ====================
                                                                                                                                                                                                                                                                                                                           
SALES OF NATURAL GAS (MMCF/D):
   United States                                                                                                                3,045                                           3,843                                                                3,317                                                                               3,913
   International                                                                                                                4,598                                           4,519                                                                4,491                                                                               4,299
                                                                                                                                -----                                           -----                                                                -----                                                                --------------------
      Worldwide                                                                                                                 7,643                                           8,362                                                                7,808                                                                               8,212
                                                                                                                                =====                                           =====                                                                =====                                                                ====================
                                                                                                                                                                                                                                                                                                                           
SALES OF NATURAL GAS LIQUIDS (MB/D):
   United States                                                                                                                  149                                             157                                                                  145                                                                                 153
   International                                                                                                                   92                                              87                                                                   85                                                                                  89
                                                                                                                                -----                                           -----                                                                -----                                                                --------------------
      Worldwide                                                                                                                   241                                             244                                                                  230                                                                                 242
                                                                                                                                =====                                           =====                                                                =====                                                                ====================
                                                                                                                                                                                                                                                                                                                           
SALES OF REFINED PRODUCTS (MB/D):
   United States                                                                                                                1,136                                           1,229                                                                1,213                                                                               1,228
   International (5)                                                                                                            1,493                                           1,471                                                                1,462                                                                               1,507
                                                                                                                                -----                                           -----                                                                -----                                                                --------------------
      Worldwide                                                                                                                 2,629                                           2,700                                                                2,675                                                                               2,735
                                                                                                                                =====                                           =====                                                                =====                                                                ====================
                                                                                                                                                                                                                                                                                                                           
REFINERY INPUT (MB/D):
   United States                                                                                                                  721                                             916                                                                  900                                                                                 924
   International                                                                                                                  801                                             783                                                                  788                                                                                 778
                                                                                                                                -----                                           -----                                                                -----                                                                --------------------
      Worldwide                                                                                                                 1,522                                           1,699                                                                1,688                                                                               1,702
                                                                                                                                =====                                           =====                                                                =====                                                                ====================
                                                                                                                                                                                                                                                                                                                           
(1) Includes interest in affiliates.
(2) Includes net production of synthetic oil:
   Canada                                                                                                                          51                                              51                                                                   50                                                                                  47
   Venezuela Affiliate                                                                                                             29                                              28                                                                   28                                                                                  29
(3) Includes natural gas consumed in operations (MMCF/D):
   United States                                                                                                                   34                                              66                                                                   54                                                                                  66
   International                                                                                                                  434                                             433                                                                  432                                                                                 430
(4) Oil-equivalent production is the sum of net liquids
production, net natural gas production and synthetic production.
The oil-equivalent gas conversion ratio is 6,000 cubic feet of
natural gas = 1 barrel of crude oil.
(5) Includes share of affiliate sales (MB/D):                                                                                     386                                             412                                                                  377                                                                                 420

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170127005288r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170127005288/en/

SOURCE: Chevron Corporation

Chevron Corporation 
Melissa Ritchie, 925-842-0455


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