Chevron (CVX) timing effects expected to adversely affect Q1 earnings and cash flow from ops excluding working capital by about USD 2.7-3.7bln

Upstream net oil-equivalent production expected at 3.8-3.9 MMBOED in Q1 2026. Sees Q1 upstream commodity price impacts USD 1.6 -2.2bln. Downstream earnings to include USD 350-400mln litigation reserve charge in Q1 2026. Working capital is expected to result in a net outflow of USD 2-4bln in Q1. Q1 Upstream production expected to be 3.8-3.9mln BOE/D. Majority of negative timing effects are in downstream segment in Q1 and are expected to unwind in future periods.