SUBJECT TO COMPLETION, DATED MAY 7, 2020
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED MAY 3, 2018
$
Chevron Corporation
$ % Notes Due
$ Floating Rate Notes Due
$ % Notes Due
$ % Notes Due
$ % Notes Due
$ % Notes Due
$ % Notes Due
We are offering
$ aggregate principal amount of our notes due (the
notes), $ aggregate principal amount of our notes due
(the notes), $ aggregate principal amount
of our notes due (the notes), $ aggregate
principal amount of our notes due (the notes),
$ aggregate principal amount of our notes due (the
notes), and $ aggregate principal amount of our notes due
(the notes).
We may issue the notes in a single series with a fixed interest rate,
which we refer to as the fixed rate notes, in a single series with a floating interest rate, which we refer to as the floating rate
notes, or in two series, one with a fixed interest rate and one with a floating interest rate. We will issue the notes in a single series with a fixed interest rate. We
will issue the notes in a single series with a fixed interest rate. We will issue the notes in a single
series with a fixed interest rate. We will issue the notes in a single series with a fixed interest rate. We will issue the
notes in a single series with a fixed interest rate. We refer to the fixed rate notes, if any, the
notes, the notes, the notes,
the notes, and the notes collectively as the fixed rate notes, and the
floating rate notes, if any, as the floating rate notes. We refer to the fixed rate notes and the floating rate notes collectively as the notes.
The notes will mature on
, , the notes will mature on
, , the notes will mature on
, , the
notes will mature on ,
, the notes will mature on
, , and the
notes will mature on , . Chevron Corporation
(Chevron) will pay interest on the fixed rate notes, if any, the notes, the
notes, the notes, the notes,
and the notes on and
of each year starting on , 2020, and interest on the
floating rate notes, if any, on , ,
and of each year starting on
, 2020. The floating rate notes, if any, will bear interest at a floating rate equal to three-month LIBOR plus %, subject to the
provisions set forth under Description of the NotesInterestFloating Rate Notes; provided, however, that the minimum interest rate on the floating rate notes shall not be less than 0.000%. Chevron will have the right to redeem
the fixed rate notes in whole or in part at any time prior to maturity at the redemption prices described in this prospectus supplement. The floating rate notes will not be redeemable prior to maturity.
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Price to
Public(1)
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Underwriting
Discount
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Proceeds Before
Expenses to
Chevron
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Per Fixed Rate Note
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$
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%
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$
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Total
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$
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%
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$
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Per Floating Rate Note
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$
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%
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$
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Total
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$
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%
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$
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Per Note
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$
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%
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$
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Total
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$
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%
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$
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Per Note
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$
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%
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$
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Total
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$
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%
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$
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Per Note
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$
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%
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$
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Total
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$
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%
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$
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Per Note
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$
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%
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$
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Total
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$
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%
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$
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Per Note
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$
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%
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$
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Total
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$
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%
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$
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(1)
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Plus accrued interest, if any, from
, 2020.
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Neither the
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this prospectus supplement or the accompanying prospectus to which it relates is truthful or complete. Any
representation to the contrary is a criminal offense.
Investing in the notes involves risks. See Item 1A. Risk Factors
in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 21, 2020, which is incorporated by reference herein, Item 1A. Risk Factors in our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020, which is incorporated by reference herein, and the Risk Factors section on page S-3 for a discussion of
factors you should consider carefully before investing in the notes.
The underwriters have agreed to purchase each series of notes on a
firm commitment basis. It is expected that delivery of each series of notes will be made through the facilities of The Depository Trust Company, including its participants Clearstream Banking, société anonyme or Euroclear Bank
S.A./N.V., as operator of the Euroclear System, against payment in New York, New York on or about , 2020.
Joint Book-Running Managers
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J.P. MORGAN
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BARCLAYS
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BofA SECURITIES
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CITIGROUP
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The date of this prospectus supplement is
, 2020.