8/13/2019 Ds Strategy Future State

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Future State: Description of Our Future

A leader in integrated value creation by leveraging value from our physical (large manufacturing sites, strategicinfrastructure, anchor markets) and intellectual (brands, commercial acumen, technology) assets.

We have ownership in a flexible system of manufacturing sites that are world class in scale, reliability

and efficiency, focused on an integrated value chain tied to equity crudes in the Atlantic Basin, andfocused on market growth in the Pacific Basin.

Each manufacturing site is supported by a set of anchor outlets, defined as scaled markets where ourbrands are critical to our top positions. Additional production from the manufacturing sites is tradedand/or supplied as opportunity volume. We are long manufacturing, and use commercial skills tobalance product supplies.

We have access to a set of strategically located infrastructure (e.g. blend facilities, pipelines, ships) tosupply all of our markets.

On the physical front, we have developed world-scale fuels manufacturing sites in cost advantaged locations thatprovide foundational economies of scale. These are big and complex, and in cost advantaged locations that may benear the resource. The overall manufacturing system is capable of processing a range of scalable raw materials,including equity and non-equity crude, natural gas, and other inputs as appropriate. The system is complemented bya flexible supply and delivery network infrastructure, where we participate in critical links, and a set of anchormarkets where we are the top branded marketers. We have redefined market to be the limit of the supply/demand

boundaries.

Chevron has the partnering capabilities to build a network of supply sources, manufacturing sites, product outlets

and infrastructure, while maintaining critical control through effective governance. Partnering capability also allowsus to be the first to be invited into the cost advantaged locations.

On the intellectual front, our commercial savvy and intimate market knowledge allow us to create and manageinnovative and flexible supply and logistics systems. Additionally, our brands and consumer marketing capabilityensure our anchor markets provide secure outlets for manufacturing supply while extracting incremental margins.Lastly, we actively create and manage a portfolio of technology options. Our ability to move from options toapplication of the technology from this portfolio has enabled us to incorporate new supplies into our system, producemass market-relevant products, and maintain our leadership position in manufacturing.