Chevron Corporation and Chevron U.S.A. Inc., a subsidiary of Chevron (?CUSA?), announced the early participation date and the consent revocation deadline have been extended to 5:00 p.m., New York City time, on August 18, 2023 (the ?New Early Participation Date? and the ?New Consent Revocation Deadline,? respectively) and the expiration date has been extended to one minute after 11:59 p.m., New York City time on September 1, 2023 (the ?New Expiration Date?), with respect to their previously announced (i) offer to exchange (the ?exchange offer?) any and all validly tendered (and not validly withdrawn) and accepted 5.750% Senior Notes due 2026 (the ?Old Notes?) issued by PDC Energy, Inc. (?PDC Energy?) for 5.750% Senior Notes due 2026 to be issued by CUSA and fully and unconditionally guaranteed by Chevron (the ?CUSA Notes?) and cash, and (ii) the related solicitation of consents (the ?consent solicitation?) to certain proposed amendments to the indenture pursuant to which the Old Notes were issued (the ?PDC Indenture?).

A registration statement on Form S-4 (File Nos. 333-273642 and 333-273642-01) (the ?Registration Statement?) relating to the issuance of the CUSA Notes was filed with the Securities and Exchange Commission (?SEC?) on August 3, 2023. The Registration Statement is currently undergoing review by the SEC and is not yet effective.

CUSA and Chevron intend to promptly file an amendment to the Registration Statement. All other terms, provisions and conditions of the exchange offer and consent solicitation will remain in full force and effect. In exchange for each $1,000 principal amount of Old Notes that is validly tendered after the New Early Participation Date but prior to the New Expiration Date and not validly withdrawn, holders of such Old Notes will be eligible to receive the Exchange Consideration (as defined below).

The settlement date of the exchange offer and consent solicitation will be September 5, 2023. Aggregate Principal Amount: $750 million. Title of Old Notes: 5.750% Senior Notes due 2026.

Issuer: PDC Energy, Inc. Title of Notes to be Issued by CUSA and Guaranteed by Chevron Corporation: 5.750% Senior Notes due 2026. Exchange Consideration: $970 of CUSA Notes. Early Participation Premium: $30 of CUSA Notes and $1 in cash.

Total Consideration: $1,000 of CUSA Notes and $1 in cash.