On August 21, 2023, Chevron Corporation and its wholly owned subsidiary, Chevron U.S.A. Inc. announced that they are terminating the offer to exchange any and all validly tendered (and not validly withdrawn) 5.750% Senior Notes due 2026 issued by PDC Energy Inc. for 5.750% Senior Notes due 2026 to be issued by CUSA and fully and unconditionally guaranteed by Chevron, and cash, and the related solicitation of consents to certain proposed amendments to the indenture pursuant to which the Old Notes were issued. PDC intends to redeem the Old Notes on or after May 15, 2024, at a redemption price equal to 100% of the aggregate principal amount of the Old Notes, plus accrued and unpaid interest to, but not including, the Redemption Date, pursuant to the terms of the PDC Indenture.