Chevron Corporation: Rating Report

On December 21, 2017, DBRS Limited (DBRS) confirmed the
Issuer Rating and Senior Unsecured Notes and Debentures rating
of Chevron Corporation (Chevron or the Company) at AA
(low), both with Stable trends. The rating action is supported by
Chevron’s relatively strong business profile that includes: (1) a
substantial and well-diversified Upstream portfolio with production
of approximately 2.7 million barrels of oil equivalent per day
(boe/d); (2) significant Downstream integration (1.7 million barrels
per day (b/d) of net refining capacity) that provides a natural
hedge, particularly during a weak crude oil pricing environment;
and (3) an adequate liquidity position. The ratings also reflect
Chevron’s relatively higher business risks associated with its operations
in politically sensitive geographic regions and exposure
to higher-risk deepwater operations.