Filed Pursuant to Rule 433
Registration Statement No. 333-224637
May 7, 2020
Final Term Sheet
Chevron Corporation
1.141% Notes Due 2023
Dated May 7, 2020
| Issuer: | Chevron Corporation | |
| Aggregate Principal Amount Offered: | $1,200,000,000 | |
| Maturity Date: | May 11, 2023 | |
| Coupon: | 1.141% | |
| Interest Payment Dates: | May 11 and November 11 of each year, commencing November 11, 2020 | |
| Benchmark Treasury: | 0.250% due April 15, 2023 | |
| Benchmark Treasury Yield: | 0.191% | |
| Spread to Benchmark Treasury: | +95 bps | |
| Yield to Maturity: | 1.141% | |
| Price to Public: | Per Note: 100.000%; Total: $1,200,000,000 | |
| Aggregate Net Proceeds (Before Expenses): |
$1,198,320,000 | |
| Optional Redemption: | Make-whole call: At the Adjusted Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 15 bps | |
| Trade Date: | May 7, 2020 | |
| Settlement Date: | May 11, 2020 (T+2) | |
| CUSIP / ISIN: | 166764BV1 / US166764BV15 | |
| Concurrent Debt Offerings: | The issuer is also offering $300,000,000 of its Floating Rate Notes Due 2023, $2,500,000,000 of its 1.554% Notes Due 2025, $1,000,000,000 of its 1.995% Notes Due 2027, $1,500,000,000 of its 2.236% Notes Due 2030, $500,000,000 of its 2.978% Notes Due 2040 and $1,000,000,000 of its 3.078% Notes Due 2050, for total additional net proceeds (before expenses) for such concurrent debt offerings of $6,785,380,000 | |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC Barclays Capital Inc. BofA Securities, Inc. Citigroup Global Markets Inc. MUFG Securities Americas Inc. | |
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| Co-Managers: | BNP Paribas Securities Corp. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. SG Americas Securities, LLC Wells Fargo Securities, LLC Mizuho Securities USA LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank | |
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering in the United States to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering in the United States. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. toll-free at 1-800-294-1322; and Citigroup Global Markets Inc. toll-free at 1-800-831-9146.
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Final Term Sheet
Chevron Corporation
Floating Rate Notes Due 2023
Dated May 7, 2020
| Issuer: | Chevron Corporation | |
| Aggregate Principal Amount Offered: | $300,000,000 | |
| Maturity Date: | May 11, 2023 | |
| Interest Payment Dates: | February 11, May 11, August 11 and November 11 of each year, commencing August 11, 2020 | |
| Initial Interest Rate: | Three-month LIBOR, determined as of two London Business Days prior to the original issue plus 90 bps | |
| Interest Reset Periods: | Quarterly | |
| Interest Rate Determination: | Three-month LIBOR plus 90 bps, subject to the provisions set forth under “Description of the Notes—Interest—Floating Rate Notes” in the prospectus supplement for the notes, determined as of two London Business Days on the applicable interest determination date | |
| Interest Determination Date: | Two London Business Days prior to the first day of the related interest period | |
| London Business Day: | With respect to the notes, a “London Business Day” is any day on which dealings in United States dollars are transacted on the London interbank market | |
| Day Count Convention: | Actual/360 | |
| Calculation Agent: | Deutsche Bank Trust Company Americas, or its successor appointed by the Company | |
| Price to Public: | Per Note: 100.000%; Total: $300,000,000 | |
| Aggregate Net Proceeds (Before Expenses): |
$299,580,000 | |
| Redemption: | The Floating Rate Notes Due 2023 shall not be redeemable prior to their maturity | |
| Trade Date: | May 7, 2020 | |
| Settlement Date: | May 11, 2020 (T+2) | |
| CUSIP / ISIN: | 166764BU3 / US166764BU32 | |
| Concurrent Debt Offerings: | The issuer is also offering $1,200,000,000 of its 1.141% Notes Due 2023, $2,500,000,000 of its 1.554% Notes Due 2025, $1,000,000,000 of its 1.995% Notes Due 2027, $1,500,000,000 of its 2.236% Notes Due 2030, $500,000,000 of its 2.978% Notes Due 2040 and $1,000,000,000 of its 3.078% Notes Due 2050, for total additional net proceeds (before expenses) for such concurrent debt offerings of $7,684,120,000 | |
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| Joint Book-Running Managers: | J.P. Morgan Securities LLC Barclays Capital Inc. BofA Securities, Inc. Citigroup Global Markets Inc. MUFG Securities Americas Inc. | |
| Co-Managers: | BNP Paribas Securities Corp. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. SG Americas Securities, LLC Wells Fargo Securities, LLC Mizuho Securities USA LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank | |
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering in the United States to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering in the United States. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. toll-free at 1-800-294-1322; and Citigroup Global Markets Inc. toll-free at 1-800-831-9146.
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Final Term Sheet
Chevron Corporation
1.554% Notes Due 2025
Dated May 7, 2020
| Issuer: | Chevron Corporation | |
| Aggregate Principal Amount Offered: | $2,500,000,000 | |
| Maturity Date: | May 11, 2025 | |
| Coupon: | 1.554% | |
| Interest Payment Dates: | May 11 and November 11 of each year, commencing November 11, 2020 | |
| Benchmark Treasury: | 0.375% due April 30, 2025 | |
| Benchmark Treasury Yield: | 0.304% | |
| Spread to Benchmark Treasury: | +125 bps | |
| Yield to Maturity: | 1.554% | |
| Price to Public: | Per Note: 100.000%; Total: $2,500,000,000 | |
| Aggregate Net Proceeds (Before Expenses): |
$2,496,250,000 | |
| Optional Redemption: | Make-whole call: At the Adjusted Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 20 bps
Par call: On or after April 11, 2025 | |
| Trade Date: | May 7, 2020 | |
| Settlement Date: | May 11, 2020 (T+2) | |
| CUSIP / ISIN: | 166764BW9 / US166764BW97 | |
| Concurrent Debt Offerings: | The issuer is also offering $1,200,000,000 of its 1.141% Notes Due 2023, $300,000,000 of its Floating Rate Notes Due 2023, $1,000,000,000 of its 1.995% Notes Due 2027, $1,500,000,000 of its 2.236% Notes Due 2030, $500,000,000 of its 2.978% Notes Due 2040 and $1,000,000,000 of its 3.078% Notes Due 2050, for total additional net proceeds (before expenses) for such concurrent debt offerings of $5,487,450,000 | |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC Barclays Capital Inc. BofA Securities, Inc. Citigroup Global Markets Inc. MUFG Securities Americas Inc. | |
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| Co-Managers: | BNP Paribas Securities Corp. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. SG Americas Securities, LLC Wells Fargo Securities, LLC Mizuho Securities USA LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank | |
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering in the United States to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering in the United States. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. toll-free at 1-800-294-1322; and Citigroup Global Markets Inc. toll-free at 1-800-831-9146.
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Final Term Sheet
Chevron Corporation
1.995% Notes Due 2027
Dated May 7, 2020
| Issuer: | Chevron Corporation | |
| Aggregate Principal Amount Offered: | $1,000,000,000 | |
| Maturity Date: | May 11, 2027 | |
| Coupon: | 1.995% | |
| Interest Payment Dates: | May 11 and November 11 of each year, commencing November 11, 2020 | |
| Benchmark Treasury: | 0.500% due April 30, 2027 | |
| Benchmark Treasury Yield: | 0.495% | |
| Spread to Benchmark Treasury: | +150 bps | |
| Yield to Maturity: | 1.995% | |
| Price to Public: | Per Note: 100.000%; Total: $1,000,000,000 | |
| Aggregate Net Proceeds (Before Expenses): |
$998,300,000 | |
| Optional Redemption: | Make-whole call: At the Adjusted Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 25 bps
Par call: On or after March 11, 2027 | |
| Trade Date: | May 7, 2020 | |
| Settlement Date: | May 11, 2020 (T+2) | |
| CUSIP / ISIN: | 166764BX7 / US166764BX70 | |
| Concurrent Debt Offerings: | The issuer is also offering $1,200,000,000 of its 1.141% Notes Due 2023, $300,000,000 of its Floating Rate Notes Due 2023, $2,500,000,000 of its 1.554% Notes Due 2025, $1,500,000,000 of its 2.236% Notes Due 2030, $500,000,000 of its 2.978% Notes Due 2040 and $1,000,000,000 of its 3.078% Notes Due 2050, for total additional net proceeds (before expenses) for such concurrent debt offerings of $6,985,400,000 | |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC Barclays Capital Inc. BofA Securities, Inc. Citigroup Global Markets Inc. MUFG Securities Americas Inc. | |
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| Co-Managers: | BNP Paribas Securities Corp. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. SG Americas Securities, LLC Wells Fargo Securities, LLC Mizuho Securities USA LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank | |
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering in the United States to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering in the United States. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. toll-free at 1-800-294-1322; and Citigroup Global Markets Inc. toll-free at 1-800-831-9146.
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Final Term Sheet
Chevron Corporation
2.236% Notes Due 2030
Dated May 7, 2020
| Issuer: | Chevron Corporation | |
| Aggregate Principal Amount Offered: | $1,500,000,000 | |
| Maturity Date: | May 11, 2030 | |
| Coupon: | 2.236% | |
| Interest Payment Dates: | May 11 and November 11 of each year, commencing November 11, 2020 | |
| Benchmark Treasury: | 1.500% due February 15, 2030 | |
| Benchmark Treasury Yield: | 0.636% | |
| Spread to Benchmark Treasury: | +160 bps | |
| Yield to Maturity: | 2.236% | |
| Price to Public: | Per Note: 100.000%; Total: $1,500,000,000 | |
| Aggregate Net Proceeds (Before Expenses): |
$1,497,000,000 | |
| Optional Redemption: | Make-whole call: At the Adjusted Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 25 bps
Par call: On or after February 11, 2030 | |
| Trade Date: | May 7, 2020 | |
| Settlement Date: | May 11, 2020 (T+2) | |
| CUSIP / ISIN: | 166764BY5 / US166764BY53 | |
| Concurrent Debt Offerings: | The issuer is also offering $1,200,000,000 of its 1.141% Notes Due 2023, $300,000,000 of its Floating Rate Notes Due 2023, $2,500,000,000 of its 1.554% Notes Due 2025, $1,000,000,000 of its 1.995% Notes Due 2027, $500,000,000 of its 2.978% Notes Due 2040 and $1,000,000,000 of its 3.078% Notes Due 2050, for total additional net proceeds (before expenses) for such concurrent debt offerings of $6,486,700,000 | |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC Barclays Capital Inc. BofA Securities, Inc. Citigroup Global Markets Inc. MUFG Securities Americas Inc. | |
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| Co-Managers: | BNP Paribas Securities Corp. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. SG Americas Securities, LLC Wells Fargo Securities, LLC Mizuho Securities USA LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank | |
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering in the United States to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering in the United States. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. toll-free at 1-800-294-1322; and Citigroup Global Markets Inc. toll-free at 1-800-831-9146.
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Final Term Sheet
Chevron Corporation
2.978% Notes Due 2040
Dated May 7, 2020
| Issuer: | Chevron Corporation | |
| Aggregate Principal Amount Offered: | $500,000,000 | |
| Maturity Date: | May 11, 2040 | |
| Coupon: | 2.978% | |
| Interest Payment Dates: | May 11 and November 11 of each year, commencing November 11, 2020 | |
| Benchmark Treasury: | 2.375% due November 15, 2049 | |
| Benchmark Treasury Yield: | 1.328% | |
| Spread to Benchmark Treasury: | +165 bps | |
| Yield to Maturity: | 2.978% | |
| Price to Public: | Per Note: 100.000%; Total: $500,000,000 | |
| Aggregate Net Proceeds (Before Expenses): |
$498,500,000 | |
| Optional Redemption: | Make-whole call: At the Adjusted Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 25 bps
Par call: On or after November 11, 2039 | |
| Trade Date: | May 7, 2020 | |
| Settlement Date: | May 11, 2020 (T+2) | |
| CUSIP / ISIN: | 166764BZ2 / US166764BZ29 | |
| Concurrent Debt Offerings: | The issuer is also offering $1,200,000,000 of its 1.141% Notes Due 2023, $300,000,000 of its Floating Rate Notes Due 2023, $2,500,000,000 of its 1.554% Notes Due 2025, $1,000,000,000 of its 1.995% Notes Due 2027, $1,500,000,000 of its 2.236% Notes Due 2030 and $1,000,000,000 of its 3.078% Notes Due 2050, for total additional net proceeds (before expenses) for such concurrent debt offerings of $7,485,200,000 | |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC Barclays Capital Inc. BofA Securities, Inc. Citigroup Global Markets Inc. MUFG Securities Americas Inc. | |
| Co-Managers: | BNP Paribas Securities Corp. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. SG Americas Securities, LLC Wells Fargo Securities, LLC Mizuho Securities USA LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank | |
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The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering in the United States to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering in the United States. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. toll-free at 1-800-294-1322; and Citigroup Global Markets Inc. toll-free at 1-800-831-9146.
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Final Term Sheet
Chevron Corporation
3.078% Notes Due 2050
Dated May 7, 2020
| Issuer: | Chevron Corporation | |
| Aggregate Principal Amount Offered: | $1,000,000,000 | |
| Maturity Date: | May 11, 2050 | |
| Coupon: | 3.078% | |
| Interest Payment Dates: | May 11 and November 11 of each year, commencing November 11, 2020 | |
| Benchmark Treasury: | 2.375% due November 15, 2049 | |
| Benchmark Treasury Yield: | 1.328% | |
| Spread to Benchmark Treasury: | +175 bps | |
| Yield to Maturity: | 3.078% | |
| Price to Public: | Per Note: 100.000%; Total: $1,000,000,000 | |
| Aggregate Net Proceeds (Before Expenses): |
$995,750,000 | |
| Optional Redemption: | Make-whole call: At the Adjusted Treasury Rate (as defined in the Preliminary Prospectus Supplement) plus 30 bps
Par call: On or after November 11, 2049 | |
| Trade Date: | May 7, 2020 | |
| Settlement Date: | May 11, 2020 (T+2) | |
| CUSIP / ISIN: | 166764CA6 / US166764CA68 | |
| Concurrent Debt Offerings: | The issuer is also offering 1,200,000,000 of its 1.141% Notes Due 2023, $300,000,000 of its Floating Rate Notes Due 2023, $2,500,000,000 of its 1.554% Notes Due 2025, $1,000,000,000 of its 1.995% Notes Due 2027, $1,500,000,000 of its 2.236% Notes Due 2030 and $500,000,000 of its 2.978% Notes Due 2040, for total additional net proceeds (before expenses) for such concurrent debt offerings of $6,987,950,000 | |
| Joint Book-Running Managers: | J.P. Morgan Securities LLC Barclays Capital Inc. BofA Securities, Inc. Citigroup Global Markets Inc. MUFG Securities Americas Inc. | |
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| Co-Managers: | BNP Paribas Securities Corp. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. SG Americas Securities, LLC Wells Fargo Securities, LLC Mizuho Securities USA LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank | |
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the SEC for the offering in the United States to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering in the United States. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533; Barclays Capital Inc. toll-free at 1-888-603-5847; BofA Securities, Inc. toll-free at 1-800-294-1322; and Citigroup Global Markets Inc. toll-free at 1-800-831-9146.
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