Chevron Announces Increase in Quarterly Dividend

SAN RAMON, Calif.–(BUSINESS WIRE)–The Board of Directors of Chevron Corporation (NYSE: CVX) today declared
a quarterly dividend of one dollar and twelve cents ($1.12) per share,
payable March 12, 2018, to all holders of common stock as shown on the
transfer records of the Corporation at the close of business February
16, 2018.

This increase puts Chevron on track to make 2018 the 31st consecutive
year with an increase in annual dividend payout.

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,” “trends,”
”guidance,” “focus,” “on schedule,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” 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 press release. 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 shares or the delay or failure
of such transactions to close based on required closing conditions; 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 impact of the 2017 U.S. tax legislation on the
company’s future results; the effects of changed accounting rules under
generally accepted accounting principles promulgated by rule-setting
bodies; the company's ability to identify and mitigate the risks and
hazards inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 20 through
22 of the company’s 2016 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.

Contacts

Chevron Corporation
Melissa Ritchie
[email protected]