Jeff Gustavson Appointed President, Chevron New Energies

Ryder Booth Named Vice President, Mid-Continent Business Unit

Chevron Corporation (NYSE: CVX) today named Jeff Gustavson president, Chevron New Energies, effective August 2, 2021. Gustavson will serve as a corporate officer and report to Chevron Chairman and CEO Michael Wirth.

Gustavson, 49, will lead a new, dedicated organization focused on low carbon business prospects that have the potential to scale. Chevron New Energies’ initial focus will include commercialization opportunities in hydrogen, carbon capture, and offsets and support of ongoing growth in biofuels. Additional detail about these efforts will be provided on September 14^th during the company’s Energy Transition Spotlight investor presentation.

“Chevron New Energies reflects our higher returns, lower carbon strategy,” said Wirth. “We believe the dedication of resources in a new organization will accelerate growth in multiple business lines that we expect to be part of a lower carbon energy system.”

Gustavson is currently vice president of Chevron North America Exploration & Production Company and oversees its Mid-Continent Business Unit. He previously served as president of Chevron Canada Limited, and has held positions in Investor Relations, Corporate Strategic Planning, Finance, Mergers & Acquisitions, and Supply & Trading.

In a separate appointment, Ryder Booth, 52, has been named vice president of Chevron North America Exploration & Production Company, leading the Mid-Continent Business Unit and succeeding Gustavson. Booth, currently vice president, Capital Projects, will be responsible for a large resource base of oil and liquids-rich assets in the mid-continent United States, including Chevron’s significant Permian assets in Texas and New Mexico. His appointment is effective August 2, 2021.

Chevron is one of the world’s leading integrated energy companies. We believe 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 enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.

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