Chevron’s $4 Billion Offering

Cleary Gottlieb represented Citigroup, Barclays, and J.P. Morgan, as representatives of the underwriters, in an offering by Chevron U.S.A. Inc. (CUSA), an indirect wholly owned subsidiary of Chevron Corporation (Chevron), of $4 billion of notes.

The notes are fully and unconditionally guaranteed by Chevron.

The offering consisted of $400 million 0.333% notes due 2022, $350 million floating-rate notes due 2022, $500 million 0.426% notes due 2023, $500 million floating-rate notes due 2023, $750 million 0.687% notes due 2025, $750 million 1.018% notes due 2027, and $750 million 2.343% notes due 2050. The offering priced on August 10, 2020, and closed on August 12, 2020.

Chevron, a Delaware corporation with executive offices in San Ramon, California, manages its investments in subsidiaries and affiliates and provides administrative, financial, management, and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. CUSA, a Pennsylvania corporation, and its subsidiaries manage and operate most of Chevron’s U.S. businesses.