In response, we have published a new, more in-depth report that addresses our framework for incorporating climate change into our governance, risk management, strategy, and actions and investments. www.chevron.com/climate-change-resilience 

As we look to the future, there is much we do not know. But a few things are certain. Populations will grow, incomes will rise and people will strive for better lives. Reliable, affordable and ever cleaner energy is essential to support this progress. The world’s population is expected to increase by 1.7 billion people by 2040, and global energy demand is projected to increase by nearly 30 percent over that period. Yet even today, more than a billion people around the world have little or no access to reliable, affordable energy and the human progress it enables. We cannot leave them behind in our pursuit of the future. 

Oil and natural gas are among the most reliable and affordable forms of energy available across the globe today and are forecast to be a major part of the world’s energy portfolio

for the foreseeable future. 

The world also wants cleaner energy. We continue to make strides in reducing our environmental impact and finding ways to deliver smarter, cleaner energy production. At the same time, we continue to evaluate emerging and future sources of energy and the role they should play in Chevron’s portfolio. 

Chevron is an energy company built for the future. Our long, proud history, our commitment to our social purpose, our global partnerships and our outstanding portfolio of assets give us a powerful advantage as we compete in the ever-evolving market for energy. Yet Chevron’s greatest strength is our people. 

For generations, Chevron has developed and deployed world-class talent across many fields of science and technology to solve some of our most complex and pressing challenges. Individuals and teams across our company are examining the questions of today and the opportunities of tomorrow, pushing boundaries to ensure we deliver on our promises to our stockholders, our partners and our global societies. 

It was the strength of our people and their commitment to our purpose that enabled Chevron to navigate the pressure of falling commodity prices and expanding supply during the Great Depression; discover crude oil in the desert of Saudi Arabia; help fuel the Allies to victory in World War II; become the first Western energy company to enter newly independent Kazakhstan; and apply technology and innovation to find, produce and transport resources in ever-more-challenging global environments. It is this same strength and commitment that has maintained stability amid the challenge of the recent prolonged period of lower commodity prices. Looking ahead, it is this strength and commitment upon which we will build Chevron’s success. 

Chevron moves into the future with optimism and purpose, confident in our leadership role in developing the energy that unlocks the potential for progress and prosperity. In doing so, we are committed to delivering industry-leading results and superior stockholder value safely, responsibly and ethically in any operating environment. 

Thank you for