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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

pay versus performance table

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation

S-K,

we are providing the following information about the relationship between executive Compensation Actually Paid (“CAP”) and certain financial performance of the Company. For further information concerning the Company’s variable

pay-for-performance

philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation–Compensation Discussion and Analysis” starting on page 49.


		CEO pay										Other NEO pay										Value of initial fixed $100 investment based on:										Other performance measures
Year		Summary compensation table total for CEO (1)					CAP for CEO (2)					Average summary compensation table total for non-CEO NEOs (3)					Average CAP for non-CEO NEOs (4)					Total stockholder return (5)					Peer Group total stockholder return (5)(6)					Net income (billions) (7)					Return on capital employed (ROCE ) (8)

2023			$	26,489,856				$	(24,671,364	)			$	9,515,470				$	(3,300,597	)			$	148				$	151				$	21.4					11.9	%

2022			$	23,573,925				$	86,746,262				$	7,993,797	(9)			$	25,087,289				$	171				$	145				$	35.5					20.3	%

2021			$	22,610,285				$	54,351,572				$	8,654,188				$	17,681,842				$	108				$	92				$	15.6					9.4	%

2020			$	29,017,031				$	7,582,335				$	9,053,126				$	2,548,051				$	74				$	66				$	(5.5	)				(2.8	%)

(1)	Represents amounts reported for Mr. Wirth for each corresponding year in the “Summary Compensation Table” in the “Total” column.

(2)

Amounts for each fiscal year do not reflect the actual amount of compensation earned by or paid to Mr. Wirth during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to amounts reported for Mr. Wirth in the “Summary Compensation Table” in the “Total” column:


Year		Reported summary compensation table total for CEO					Less reported value of equity awards (a)					Plus award adjustments (b)					Less reported change in the actuarial present value of pension benefits (c)					Plus pension benefit adjustments (d)					CAP to CEO

2023		$26,489,856					$(17,922,047)					$(30,256,850)					$(3,702,609)					$720,286					$(24,671,364)

(a)

Represents, for each applicable year, the sum of the amounts reported in the “Summary Compensation Table” in the “Stock Awards” and “Option Awards” columns.

pay versus performance

(b)

Represents, for each applicable year, the following adjustments: (i) the addition of

year-end

fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the addition (or subtraction if negative) of the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the addition of the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the addition (or subtraction if negative) of the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the addition of the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Equity award values are calculated in accordance with ASC Topic 718. The amounts deducted or added in calculating the equity award adjustments are as follows:


Year		Year-end fair value of equity awards granted in the year and unvested at year-end					Year over year change in fair value of outstanding and unvested equity awards					Fair value as of vesting date of equity awards granted and vested in the year					Year over year change in fair value of equity awards granted in prior years that vested in the year					Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year					Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation					Total equity award adjustments

2023			$	10,248,856				$	(19,131,394	)				—				$	(15,310,493	)			$	(6,063,819	)				—				$	(30,256,850	)

(c)

Represents, for each applicable year, the amount reported in the “Summary Compensation Table” in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column.

(d)

Represents, for each applicable year, the aggregate of two components: (i) the actuarially determined service cost under the CRP and RRP for services rendered by Mr. Wirth during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:


Year		Service cost					Prior service cost					Total pension benefit adjustments

2023			$	720,286					—				$	720,286

(3)

Represents, for each applicable year, the average of the amounts reported in the “Summary Compensation Table” in the “Total” column for the NEOs as a group (excluding Mr. Wirth). The NEOs (excluding Mr. Wirth) included for purposes of calculating the average amounts in each applicable year are as follows: for 2023, Messrs. Breber, Nelson, Hearne, and Pate; for 2022, Messrs. Breber, Johnson, Nelson, and Pate; and for 2021 and 2020, Messrs. Breber, Johnson, Geagea, and Nelson.

(4)

Amounts for each fiscal year do not reflect the actual average of reported amounts of compensation earned by or paid to the NEOs as a group (excluding Mr. Wirth) during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to average total compensation for the NEOs as a group (excluding Mr. Wirth), using the same methodology described above in footnote 2. For Mr. Hearne, amounts include U.K. pension benefits.


Year		Average reported summary compensation table total for non-CEO NEOs					Less average reported value of equity awards					Plus average equity award adjustments (a)					Less average reported change in the actuarial present value of pension benefits					Plus average pension benefit adjustments (b)					Average CAP to non-CEO NEOs

2023			$	9,515,470				$	(5,131,758	)			$	(6,484,360	)			$	(1,480,477	)			$	280,528				$	(3,300,597	)

pay versus performance

(a)

The amounts deducted or added in calculating the total average equity award adjustments are as follows:


Year		Average year- end fair value of equity awards granted in the year and unvested at year-end					Year over year average change in fair value of outstanding and unvested equity awards					Average fair value as of vesting date of equity awards granted and vested in the year					Year over year average change in fair value of equity awards granted in prior years that vested in the year					Average fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year					Average value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation					Total average equity award adjustments

2023			$	2,934,784				$	(4,557,135	)				—				$	(3,489,420	)			$	(1,372,589	)				—				$	(6,484,360	)

(b)

The amounts deducted or added in calculating the total pension benefit adjustments are as follows:


Year		Average service cost					Average prior service cost					Total average pension benefit adjustments

2023			$	280,528					—				$	280,528

(5)	Represents, for each applicable year, cumulative total stockholder return beginning December 31, 2019, at market close.

(6)	Competitor Peer Group refers to BP, ExxonMobil, Shell, and TotalEnergies. The average cumulative TSR is weighted by each peer’s market cap as of the beginning of each year.

(7)	Figures rounded.

(8)	ROCE is calculated by dividing earnings (adjusted for after-tax interest expense and noncontrolling interests) by the average of total debt, noncontrolling interests, and Chevron Corporation stockholders’ equity for the year.

(9)	Reflects the updated figures for Salary and All Other Compensation in 2022 for Mr. Pate, as described in footnotes 7 and 8 to the “Summary Compensation Table.”

Company Selected Measure Name

ROCE

Named Executive Officers, Footnote

for 2023, Messrs. Breber, Nelson, Hearne, and Pate; for 2022, Messrs. Breber, Johnson, Nelson, and Pate; and for 2021 and 2020, Messrs. Breber, Johnson, Geagea, and Nelson.

Peer Group Issuers, Footnote

Competitor Peer Group refers to BP, ExxonMobil, Shell, and TotalEnergies.

PEO Total Compensation Amount

$ 26,489,856

$ 23,573,925

$ 22,610,285

$ 29,017,031

PEO Actually Paid Compensation Amount

$ (24,671,364)

86,746,262

54,351,572

7,582,335

Adjustment To PEO Compensation, Footnote

(2)

Amounts for each fiscal year do not reflect the actual amount of compensation earned by or paid to Mr. Wirth during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to amounts reported for Mr. Wirth in the “Summary Compensation Table” in the “Total” column:


Year		Reported summary compensation table total for CEO					Less reported value of equity awards (a)					Plus award adjustments (b)					Less reported change in the actuarial present value of pension benefits (c)					Plus pension benefit adjustments (d)					CAP to CEO

2023		$26,489,856					$(17,922,047)					$(30,256,850)					$(3,702,609)					$720,286					$(24,671,364)

(a)

Represents, for each applicable year, the sum of the amounts reported in the “Summary Compensation Table” in the “Stock Awards” and “Option Awards” columns.

pay versus performance

(b)

Represents, for each applicable year, the following adjustments: (i) the addition of

year-end

fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the addition (or subtraction if negative) of the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the addition of the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the addition (or subtraction if negative) of the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the addition of the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. Equity award values are calculated in accordance with ASC Topic 718. The amounts deducted or added in calculating the equity award adjustments are as follows:


Year		Year-end fair value of equity awards granted in the year and unvested at year-end					Year over year change in fair value of outstanding and unvested equity awards					Fair value as of vesting date of equity awards granted and vested in the year					Year over year change in fair value of equity awards granted in prior years that vested in the year					Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year					Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation					Total equity award adjustments

2023			$	10,248,856				$	(19,131,394	)				—				$	(15,310,493	)			$	(6,063,819	)				—				$	(30,256,850	)

(c)

Represents, for each applicable year, the amount reported in the “Summary Compensation Table” in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column.

(d)

Represents, for each applicable year, the aggregate of two components: (i) the actuarially determined service cost under the CRP and RRP for services rendered by Mr. Wirth during the applicable year (the “service cost”); and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “prior service cost”), in each case, calculated in accordance with U.S. GAAP. The amounts deducted or added in calculating the pension benefit adjustments are as follows:


Year		Service cost					Prior service cost					Total pension benefit adjustments

2023			$	720,286					—				$	720,286

Non-PEO NEO Average Total Compensation Amount

$ 9,515,470

7,993,797

8,654,188

9,053,126

Non-PEO NEO Average Compensation Actually Paid Amount

$ (3,300,597)

25,087,289

17,681,842

2,548,051

Adjustment to Non-PEO NEO Compensation Footnote

(4)

Amounts for each fiscal year do not reflect the actual average of reported amounts of compensation earned by or paid to the NEOs as a group (excluding Mr. Wirth) during the applicable year. In accordance with SEC rules, the amounts reported in this column for each fiscal year were calculated by making the following adjustments to average total compensation for the NEOs as a group (excluding Mr. Wirth), using the same methodology described above in footnote 2. For Mr. Hearne, amounts include U.K. pension benefits.


Year		Average reported summary compensation table total for non-CEO NEOs					Less average reported value of equity awards					Plus average equity award adjustments (a)					Less average reported change in the actuarial present value of pension benefits					Plus average pension benefit adjustments (b)					Average CAP to non-CEO NEOs

2023			$	9,515,470				$	(5,131,758	)			$	(6,484,360	)			$	(1,480,477	)			$	280,528				$	(3,300,597	)

pay versus performance

(a)

The amounts deducted or added in calculating the total average equity award adjustments are as follows:


Year		Average year- end fair value of equity awards granted in the year and unvested at year-end					Year over year average change in fair value of outstanding and unvested equity awards					Average fair value as of vesting date of equity awards granted and vested in the year					Year over year average change in fair value of equity awards granted in prior years that vested in the year					Average fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year					Average value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation					Total average equity award adjustments

2023			$	2,934,784				$	(4,557,135	)				—				$	(3,489,420	)			$	(1,372,589	)				—				$	(6,484,360	)

(b)

The amounts deducted or added in calculating the total pension benefit adjustments are as follows:


Year		Average service cost					Average prior service cost					Total average pension benefit adjustments

2023			$	280,528					—				$	280,528

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

financial performance measures

The three measures listed below are important financial performance measures used by the Company to link CAP to the NEOs, for the most recently completed fiscal year, to the Company’s performance. These financial measures are part of our short-term and long-term incentive plan design that reflects the Company’s philosophy to pay for absolute and competitive performance, in alignment with stockholder returns.

•

Earnings

1

•

ROCE

2

•

Free cash flow

3

1	Earnings as detailed in “Definitions of Selected Energy and Financial Terms” in Exhibit 99.1 of Chevron’s Annual Report on Form 10-K for the year ended December 31, 2023.

2	ROCE is calculated by dividing earnings (adjusted for after-tax interest expense and noncontrolling interests) by the average of total debt, noncontrolling interests and Chevron Corporation stockholders’ equity for the year.

3	Free cash flow is a non-GAAP financial measure. See Appendix A for a reconciliation to U.S. GAAP.

Total Shareholder Return Amount

$ 148

171

108

74

Peer Group Total Shareholder Return Amount

151

145

92

66

Net Income (Loss)

$ 21,400,000,000

$ 35,500,000,000

$ 15,600,000,000

$ (5,500,000,000)

Company Selected Measure Amount

0.119

0.203

0.094

(0.028)

Mr. Wirth

Pay vs Performance Disclosure

Earnings

Pay vs Performance Disclosure

ROCE

Pay vs Performance Disclosure

Free cash flow

Non-GAAP Measure Description

Free cash flow is a non-GAAP financial measure. See Appendix A for a reconciliation to U.S. GAAP.

PEO | Reported Value of Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (17,922,047)

PEO | Equity Award Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(30,256,850)

PEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(3,702,609)

PEO | Pension Benefit Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

720,286

PEO | Year end fair value of equity awards granted in the year and unvested at year end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

10,248,856

PEO | Year over year change in fair value of outstanding and unvested equity awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(19,131,394)

PEO | Fair value as of vesting date of equity awards granted and vested in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Year over year change in fair value of equity awards granted in prior years that vested in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(15,310,493)

PEO | Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(6,063,819)

PEO | Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Service Cost [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

720,286

PEO | Prior Service Cost [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Reported Value of Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(5,131,758)

Non-PEO NEO | Equity Award Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(6,484,360)

Non-PEO NEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,480,477)

Non-PEO NEO | Pension Benefit Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

280,528

Non-PEO NEO | Year end fair value of equity awards granted in the year and unvested at year end [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,934,784

Non-PEO NEO | Year over year change in fair value of outstanding and unvested equity awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,557,135)

Non-PEO NEO | Fair value as of vesting date of equity awards granted and vested in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Year over year change in fair value of equity awards granted in prior years that vested in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(3,489,420)

Non-PEO NEO | Fair value at the end of the prior year of equity awards that failed to meet vesting conditions in the year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,372,589)

Non-PEO NEO | Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Service Cost [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

280,528

Non-PEO NEO | Prior Service Cost [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 0