Chevron Evolves Leadership Structure to Further Improve Execution

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SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today announced a streamlined organizational structure and senior management changes designed to strengthen execution and pace to achieve the company’s goals of higher returns and reduction of carbon emissions.

Effective October 1, 2022, the company will consolidate its Upstream, Midstream and Downstream business segments under a new Executive Vice President, Oil, Products & Gas, who will oversee the entire value chain. As part of this change, the company is consolidating into two Upstream regions: Americas Exploration-Production and International Exploration-Production.

The company is also organizing its Strategy and Sustainability, Corporate Affairs and Business Development functions under a new Executive Vice President, Strategy, Policy and Development.

The changes build on the company-wide business transformation in 2020, which delivered better operational and financial results. The new leadership structure is expected to enable a more integrated approach to capital allocation, asset class excellence and value chain optimization, and facilitate more effective external engagement and market impact. business development.

“We have made significant progress over the past two years, and these changes allow us to further improve execution in all aspects of our business as the energy system evolves,” said Mike Wirth, President and CEO. general of Chevron. “It will also align strategy, policy and business development more closely as we focus on leveraging our strengths to deliver low-carbon energy to a growing world.”

The company has made the following appointments, effective October 1, 2022:

  • Mark Nelson has been named Executive Vice President, Strategy, Policy and Development

  • Nigel Hearne has been named Executive Vice President, Oil, Products and Gas

  • Clay Neff has been named President, International Exploration & Production

  • Bruce Niemeyer has been named President, Americas Exploration & Production

  • Balaji Krishnamurthy has been named Vice President, Chevron Strategy & Sustainability

In addition, the company made the following personnel announcements:

  • Jay Johnson, Executive Vice President, Upstream, has been appointed Executive Vice President, Senior Advisor, effective October 1, 2022, and will support the transition until January 31, 2023. Mr. Johnson has over 41 years of service at within the company.

  • Jay Pryor, Vice President, Chevron Business Development, will retire after more than 43 years with the company, effective July 29, 2022.

  • Steve Green, president of Chevron North America Exploration & Production, will retire after more than 24 years of service with the company and its predecessors, effective September 30, 2022.

“I am confident that our new team will continue to effectively lead the company in delivering affordable, reliable and ever cleaner energy that enables human progress,” Wirth said. “Their contributions will be essential in enabling us to advance our goals of higher yields and lower carbon emissions.”

“I want to especially thank Jay Johnson, Jay Pryor and Steve Green for all they have done for our company, our industry and our people during their careers. Each of them exemplifies the best qualities of character, integrity and excellence, and their influence will be felt for many decades to come,” added Wirth.

Nelson and Hearne will report to Wirth in their new roles.

Chevron is one of the world’s leading integrated energy companies. We believe that affordable, reliable and ever cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that improve our business and the industry. We are focused on reducing the carbon intensity of our operations and seek to develop low carbon activities alongside our traditional lines of business. More information about Chevron is available at www.chevron.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION FOR THE PURPOSES OF THE “SAFE HARBOUR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements regarding Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections regarding the petroleum, chemical and other energy-related industries. . Words or phrases such as “anticipate”, “expect”, “intend”, “plan”, “target”, “progress”, “commit”, “push”, “aim ”, “plans”, “projects”, “believes”, “approaches”, “seeks”, “plans”, “estimates”, “positions”, “pursues”, “may”, “may”, “could”, “should”, “will”, “budgets”, “outlook”, “trends”, “directions”, “focus”, “on track”, “goals”, “objectives”, “strategies”, “opportunities”, “on the verge”, “potential”, “ambitions”, “aspires” 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 results may differ materially from what is expressed or anticipated in such forward-looking statements. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Chevron undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Important factors that could cause actual results to differ materially from those set forth in the forward-looking statements include: changes in crude oil and natural gas prices and demand for the company’s products, and reductions production due to market conditions; crude oil production quotas or other measures that may be imposed by the Organization of the Petroleum Exporting Countries and other producing countries; technological advances; changes in government policies in the countries in which the company operates; public health crises, such as pandemics (including the coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions to the Company’s global supply chain, including supply chain constraints and escalating cost of goods and services; changes in the economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, trade and political conditions, including the military conflict between Russia and Ukraine and the global response to that conflict; changes in refining, marketing and chemicals margins; the actions of competitors or regulators; exploration expenditure schedule; crude oil lifting schedule; the competitiveness of alternative energy sources or product substitutes; the development of large carbon capture and offset markets; the operating results and financial condition of the company’s suppliers, vendors, partners and affiliates, particularly during the COVID-19 pandemic; the inability or failure of the Company’s joint venture partners to finance their share of operations and development activities; the potential inability 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; potential disruption or interruption of business operations due to war, accidents, political events, civil unrest, extreme weather, cyber threats, acts of terrorism or other causes natural or human beyond the company’s control; potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant changes in operations, investments or products undertaken or required by existing or future environmental laws and regulations, including international agreements and national or regional legislation and regulatory measures intended to limit or reduce greenhouse gas emissions Greenhouse ; potential liability resulting from pending or future litigation; future acquisitions or dispositions of assets or shares of the company or the delay or failure of such transactions depending on the required closing conditions; the potential for gains and losses resulting from disposals or write-downs of assets; sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in tax terms or government imposed restrictions; movements of foreign currencies against the US dollar; significant reductions in corporate liquidity and access to debt markets; receipt of required board approvals to implement capital allocation strategies, including future share buyback programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by regulatory 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 to 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the United States Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on the forward-looking statements.

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