Chevron Corporation: Rating Report

On April 6, 2023, DBRS Limited (DBRS Morningstar) confirmed Chevron Corporation's (Chevron or the Company) Issuer Rating at AA with a Stable trend. The rating is underpinned by the Company's substantial size, integrated and geographically diversified operations and large portfolio of projects to replace and grow production. The rating also takes into account Chevron's planned cash returns to shareholders and exposure to operations in more politically sensitive geographic regions. The Stable trend reflects DBRS Morningstar's expectation that Chevron's key credit metrics will continue to support the rating under the latest DBRS Morningstar base-case commodity price assumptions.