Chevron’s $5.5 Billion Offering

Cleary Gottlieb represented Barclays Capital Inc., BofA Securities Inc., and Citigroup Global Markets Inc., as representatives of the underwriters, in the offering by Chevron U.S.A. Inc. (CUSA), an indirect wholly owned subsidiary of Chevron Corporation (Chevron), of $5.5 billion of notes.

The notes are fully and unconditionally guaranteed by Chevron.

The offering consisted of $500 million 3.95% notes due 2027, $650 million 4.05% notes due 2028, $600 million floating-rate notes due 2028, $1.2 billion 4.3% notes due 2030, $400 million floating-rate notes due 2030, $1.25 billion 4.5% notes due 2032, and $900 million 4.85% notes due 2035.

The offering priced on August 11, 2025, and closed on August 13, 2025.

Chevron is one of the world’s leading integrated energy companies. Chevron believes affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives; and develops technologies that enhance its business and the industry. Chevron aims to grow its oil and gas business, lower the carbon intensity of its operations, and grow new businesses in renewable fuels, carbon capture and offsets, hydrogen, power generation for data centers, and emerging technologies.