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highlights of operations

Chevron produces crude oil and natural gas in Argentina through our wholly owned subsidiary Chevron Argentina S.R.L.

Chevron Argentina S.R.L. is the eighth-largest producer of oil in the country, with concessions in the Neuquén Basin. Expanded waterflood operations are sustaining oil output at the El Trapial Field, and the company is exploring for unconventional oil and gas resources in the Vaca Muerta Shale.

In 2014, Chevron announced agreements to continue development, through another subsidiary, of shale oil and gas resources at the Loma Campana Field in the Vaca Muerta formation in Neuquén province. Also in 2014, Chevron affiliates signed agreements to join an exploration project for shale oil in the Narambuena Block in the Chihuido de la Sierra Negra concession, which is also in the Vaca Muerta Shale. Both are operated by YPF, an Argentine energy company.

Chevron Argentina supports social investment programs that promote education, health and economic development in the communities where the company operates.

exploration and production

During 2020, net daily production in Argentina averaged 21,000 barrels of crude oil and 24 million cubic feet of natural gas.

Chevron Argentina S.R.L. holds a 100 percent-owned and operated interest in the El Trapial concession, which covers 111,000 net acres (450 sq km). The concession has both conventional production potential and Vaca Muerta Shale potential.

In addition, Chevron holds a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions covering 73,000 net acres (295 sq km) in the thick, laterally extensive, liquids-rich Vaca Muerta Shale.

Loma Campana
Nonoperated development activities continued in 2020 on the Loma Campana concession in the Vaca Muerta Shale, with four rigs. Seventeen horizontal wells were drilled in 2020.

El Trapial
The company uses waterflood operations to mitigate declines at the operated El Trapial Field and continues to evaluate the potential of the Vaca Muerta Shale with an eight-well appraisal program. Drilling activity completed in third quarter 2020, and first oil was achieved in October 2020.

Narambuena
Evaluation of the nonoperated Narambuena Block continued with a four-well appraisal program in 2020, with first oil achieved in November 2020.

Exploration
As of early 2021, Chevron was awaiting government approval on an exploration license for the 90 percent-owned and operated Loma del Molle Norte Block, consisting of 43,000 net acres (174 sq km) adjacent to the El Trapial concession.

pipeline in the neuquén basin

Another Chevron affiliate holds a 14 percent interest in Oleoductos del Valle S.A., a pipeline system that transports crude oil from the Neuquén Basin in western Argentina to the Buenos Aires area.

business support

A Chevron Shared Services Center operates in Buenos Aires. The center provides accounting services and information technology support for many of Chevron's affiliates in Latin America, the United Kingdom and the United States.

in the community

Chevron Argentina partners with local leaders, nongovernmental organizations and other entities to help communities in the areas where we operate. The company supports health, education and economic development programs.

health

In 2017, Chevron Argentina continued its partnership with the Baylor College of Medicine International Pediatric AIDS Initiative at Texas Children's Hospital and the Health Ministry of Neuquén province to provide maternal-child health care in Añelo.

education

For more than 10 years, we have sponsored Rural School 173 Ruca Quimpen in Huantraico, near the El Trapial Field, with building maintenance, food and fuel supplies. In 2017, we contributed to building the school's new library.

In Rincon de los Sauces, we have contributed to the construction of the city's Paleontological Center, which will serve as a museum and an educational center.

We are also one of the main supporters of the Instituto Tecnológico de Buenos Aires, where we have developed a scholarship program for petroleum engineering students.

economic development

Chevron Argentina partners with Fundación Otras Voces (Other Voices Foundation) in support of the Entrepreneurs in Action program. This initiative provides training and support for women from underprivileged neighborhoods in Neuquén city who have small businesses that offer services such as cooking and sewing.

joining our partners

Chevron affiliates also work with the YPF Foundation, which supports programs in education, environment, health care, culture and community development in Añelo. The programs are selected by the foundation, the Neuquén province government and local communities. They have included infrastructure projects such as construction of a solid waste treatment facility, water supply facilities for schools, and expansion of a convention center.

record of achievement

Chevron began selling automotive fuels in Argentina in the first half of the 20th century and started exploring for oil in the 1980s. After the deregulation of the oil and gas market in 1989, Chevron affiliates expanded exploration, production and marketing operations.

In 1999, Chevron increased its presence in Argentina with the purchase of Petrolera Argentina San Jorge S.A., a company with a history of successful exploration in the Neuquén Basin.

We are a significant partner in the nation's economy. Oil production in Argentina is an important source of employment and generates revenue for the federal and provincial governments.

Chevron employees demonstrate a strong commitment to high-quality work and safe operations. The Argentina Oil and Gas Institute recognized Chevron in 2016 with its annual Safety Award for our outstanding safety performance, an award the company also received in 2011.

The Superintendent of Occupational Risks has recognized Chevron Argentina for achieving work environment standards that meet and surpass those required by law.

In 2014, the city of Rincón de los Sauces, near Chevron Argentina's El Trapial Field, recognized the company for its commitment to improving the quality of life of the city's citizens.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER IMPORTANT LEGAL DISCLAIMERS This website contains forward-looking images and statements relating to Chevron's operations and lower carbon strategy 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," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "progress," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "aspires" and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous 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. Our ability to achieve any aspiration, target or objective outlined in this report is subject to numerous risks, many of which are outside of our control. Examples of such risks include: (1) sufficient and substantial advances in technology, including the continuing progress of commercially viable technologies and low- or non-carbon-based energy sources; (2) laws, governmental regulation, policies, and other enabling actions, including those regarding subsidies, tax and other incentives as well as the granting of necessary permits by governing authorities; (3) the availability and acceptability of cost-effective, verifiable carbon credits; (4) the availability of suppliers that can meet our sustainability-related standards; (5) evolving regulatory requirements, including changes to IPCC's Global Warming Potentials and U.S. EPA Greenhouse Gas Reporting Program, affecting ESG standards or disclosures; (6) evolving standards for tracking and reporting on emissions and emissions reductions and removals; (7) customers' and consumers' preferences and use of the company's products or substitute products; (8) actions taken by the company's competitors in response to legislation and regulations; and (9) successful negotiations for carbon capture and storage and nature-based solutions. Further, standards of measurement and performance set forth in this report made in reference to our environmental, social, governance, and other sustainability plans, goals and targets may be based on protocols, processes and assumptions that continue to evolve and are subject to change in the future, including due to the impact of future regulation. The reader should not place undue reliance on these forward-looking statements. 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 and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the conflict in Israel and the global response to these hostilities; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates; 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, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of the company and PDC Energy, Inc. and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the risk that regulatory approvals with respect to the Hess Corporation (Hess) transaction are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; potential delays in consummating the Hess transaction, including as a result of regulatory proceedings or the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement; risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as to whether the potential transaction, if consummated, will achieve its anticipated economic benefits, including as a result of regulatory proceedings and risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company's ability to integrate Hess' operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company's future acquisitions or dispositions 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, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company's capital allocation strategies; 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 26 of the company's 2023 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed on this website could also have material adverse effects on forward-looking statements.

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