On May 28, 2024, a majority of Hess stockholders voted to approve the merger. The parties have completed their responses to the Second Request and anticipate the FTC's regulatory review concluding in the third quarter of 2024.

Chevron received approval to extend licenses with Petropiar, S.A. and PetroIndependencia, S.A. through 2047 and 2050, respectively.

Chevron added frontier exploration acreage positions in the deepwater lower Congo Basin.

The arbitration merits hearing about the applicability of the Stabroek ROFR to the merger has been scheduled for May 2025, with a decision expected in the following three months. If the arbitration does not result in a confirmation that the Stabroek ROFR is inapplicable to the merger, and if Chevron, Hess, Exxon and/or CNOOC do not otherwise agree upon an acceptable resolution, then there would be a failure of a closing condition under the merger agreement, in which case the merger would not close.

Governmental and other plaintiffs in various jurisdictions across the United States have brought legal proceedings against fossil fuel producing companies, including Chevron entities, purporting to seek legal and equitable relief to address alleged impacts of climate change. The company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company's results of operations and financial condition.

Seven coastal parishes and the State of Louisiana have filed lawsuits in Louisiana against numerous oil and gas companies seeking damages for coastal erosion. The company is unable to estimate any range of possible liability, but given the uncertainty of litigation there can be no assurance that the cases will not have a material adverse effect on the company's results of operations and financial condition.

Refinery crude unit inputs, including crude oil and other inputs, was down 85,000 barrels per day, or 9 percent, primarily due to downtime at the El Segundo, California refinery.

The company is actively managing its contracting, procurement, and supply chain activities to effectively manage costs and facilitate supply chain resiliency and continuity in support of the company's operational goals.

TCO continues to make progress on the Future Growth Project with start-up expected in the first half of 2025.

Chevron expects share repurchases in the third quarter 2024 to be between $4.0-$4.75 billion.

Capital expenditures totaled $8.1 billion in the first six months of 2024, up $1.3 billion from the year-ago period largely due to higher investments in upstream, including post-acquisition spend on legacy PDC assets.

In July 2024, the company declared a quarterly dividend of $1.63 per common share, payable in September 2024.

Crude prices increased slightly during the second quarter despite volatility driven by geopolitical events and extension of voluntary OPEC+ production cuts.

Mild spring weather and high storage levels have resulted in lower prices this year.

Governments have imposed and may impose additional sanctions and other trade laws, restrictions and regulations that could lead to disruption in our ability to produce, transport and/or export crude in the region around Russia.