Chevron - Woodside asset swap

MN-20034

Certain wholly-owned indirect subsidiaries of Chevron Corporation (**Chevron**) and certain wholly-owned direct and indirect subsidiaries of Woodside Energy Group Ltd (**Woodside**) (collectively, the **Parties**) propose to enter into multiple "asset swap" transactions (the **Proposed Transactions**), resulting in: 1. Woodside Energy (North West Shelf) Pty Ltd acquiring Chevron’s interest in joint ventures comprising the Woodside-operated North West Shelf Gas Project (ownership ranging from 12.5% to 16.67%), 16.67% interest in the Woodside-operated NWS Oil Projects, and 20% interest in the Woodside-operated proposed Angel Carbon Capture and Storage project. 2. Chevron Australia Pty Ltd (**Chevron Australia**) acquiring Woodside's 13% interest in the Chevron Australia-operated Wheatstone Project and associated 65% interest in the Woodside-operated Julimar-Brunello fields. Chevron Australia will assume operatorship of the Julimar-Brunello fields. Chevron explores for, produces, and transports crude oil and natural gas; refines, markets, and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys related technologies. Woodside is a global energy company founded in Australia, with a primary focus on the production of liquefied natural gas (LNG), domestic gas, LPG, oil and condensate. Woodside is also developing a portfolio of new energy products and lower carbon services. In Australia, the Parties overlap in the production and wholesale supply of domestic gas in Western Australia (**WA**). Domestic gas is natural gas supplied domestically on a wholesale basis to large industrial and commercial customers in WA, including those in the mining, minerals processing and electricity generation sectors, and the supply of carbon capture and storage services - being the capture, transport and permanent underground storage of carbon dioxide from industrial emitters.