Chevron’s $5.5 Billion Offering

Cleary Gottlieb represented Barclays Capital Inc., BofA Securities Inc., and J.P. Morgan Securities LLC, as representatives of the underwriters, in the $5.5 billion offering by Chevron U.S.A. Inc., an indirect wholly owned subsidiary of Chevron Corporation (Chevron).

The notes are fully and unconditionally guaranteed by Chevron.

The offering consisted of $750 million in 4.405% fixed rate notes due 2027, $750 million in floating rate notes due 2027, $1 billion in 4.475% fixed rate notes due 2028, $500 million in floating rate notes due 2028, $1.1 billion in 4.687% notes due 2030, $650 in million 4.819% notes due 2032, and $750 in million 4.980% notes due 2035.

The offering priced on February 24, 2025, and is expected to close on February 26, 2025.

Chevron is one of the world’s leading integrated energy companies. 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.