Chevron Corp J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Chevron Corp J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Chevron Corp Overweight

CVX, CVX US

J.P. Morgan Natural Resources Conference Takeaways Price (22 Jun 26):$175.06

Oil & Gas Exploration & Production

We hosted Chevron’s New Energies’ President Jeff Gustavson for a fireside chat Arun Jayaram AC

at the J.P. Morgan’s Natural Resources Conference today. (1-212) 622-8541

arun.jayaram@jpmchase.com

• Maintaining a consistent approach throughout the cycle. CVX Pankaj Bhatter, CFA

continues to message strategic continuity and consistency of its program (1-212) 622-3795

amid this volatile macro environment, anchored on execution, a durable pankaj.bhatter@jpmchase.com

J.P. Morgan Securities LLC

strategy, and unchanged financial priorities. Gustavson distinguished prior

structural inflections (China-driven demand from 2005-2014, the shale era

from 2014, and COVID) from the latest, which he views as a non-temporal,

structural shift around AI and power.

• Overview of CVX's New Energies portfolio. CVX's New Energies

segment was launched 5 years ago to leverage the company's strengths in

delivering lower-carbon energy, and Gustavson noted that every

investment is screened against three criteria: whether the opportunity can

scale, whether it fits Chevron's capabilities, and whether it drives

shareholder value. The portfolio spans renewable fuels, carbon capture and

storage, hydrogen, lithium, and, more recently, large-scale power for data

centers. Gustavson acknowledged that some markets (notably hydrogen)

have developed more slowly than anticipated, while areas like power and

lithium are seeing more traction.

• CVX's strong capability in the power business. Gustavson framed the