<SEC-DOCUMENT>0001214659-20-003443.txt : 20200417
<SEC-HEADER>0001214659-20-003443.hdr.sgml : 20200417
<ACCEPTANCE-DATETIME>20200416213621
ACCESSION NUMBER:		0001214659-20-003443
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200417
DATE AS OF CHANGE:		20200416
EFFECTIVENESS DATE:		20200417

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEVRON CORP
		CENTRAL INDEX KEY:			0000093410
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				940890210
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00368
		FILM NUMBER:		20797569

	BUSINESS ADDRESS:	
		STREET 1:		6001 BOLLINGER CANYON ROAD
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583
		BUSINESS PHONE:		925-842-1000

	MAIL ADDRESS:	
		STREET 1:		6001 BOLLINGER CANYON ROAD
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEVRONTEXACO CORP
		DATE OF NAME CHANGE:	20011009

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEVRON CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STANDARD OIL CO OF CALIFORNIA
		DATE OF NAME CHANGE:	19840705

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>r416202px14a6g.htm
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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">2150 Kittredge St. Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Chevron Corporation (CVX)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption:&nbsp;As You Sow</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: 2150 Kittredge
St. Suite 450, Berkeley, CA 94704</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule,
but is made voluntarily in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">Chevron
Corporation (CVX)</FONT></P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">Vote
Yes: Item #7 &ndash; Petrochemical Risk Proposal</FONT></P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; font-weight: normal">Annual
Meeting: May 27, 2020</FONT> </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">CONTACT:
Lila Holzman | lholzman@asyousow.org</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders request that Chevron, with board oversight, publish
a report, omitting proprietary information and prepared at reasonable cost, assessing the public health risks of expanding petrochemical
operations and investments in areas increasingly prone to climate change-induced storms, flooding, and sea level rise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Investors request the company assess, among other related issues
at management and Board discretion: The adequacy of measures the company is employing to prevent public health impacts from associated
chemical releases.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Due to the COVID-19 pandemic, 2020 has seen unprecedented economic
disruption. With lives at stake, government action has been insufficient to avert massive loss of life and economic devastation.
This shock demonstrates just how critical early action and planning is to mitigate known and likely global catastrophes. Even as
the energy sector grapples with the impacts of COVID-19, it must not put aside preparation and action to stem the risks presented
by the climate crisis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Physical risks associated with climate change are increasing
faster than previously predicted, as demonstrated by heightened storm intensity and frequency, as well as rising sea levels in
regions like the Gulf Coast. Chevron Phillips Chemical Company (CPChem), jointly owned by Phillips 66 and Chevron, has announced
plans to significantly expand new petrochemical infrastructure in Gulf Coast areas that are already being affected by climate impacts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Investors are concerned about the financial, health, environmental,
and reputational risks associated with operating and building-out new chemical plants and related infrastructure in Gulf Coast
locations that are increasingly prone to catastrophic storms and flooding associated with climate change. Given the highly toxic
chemicals involved in petrochemical operations (including benzene, volatile organic compounds, and sulfur dioxide), the location
of these investments in the Gulf Coast poses significant risks to the company, local communities, and the environment. Disruptions
in plant operations, such as those experienced by CPChem during Hurricane Harvey, frequently result in upsets and equipment malfunctions
and release of toxic chemicals beyond permitted levels. CPChem was noted as being the source of some of the largest pollution leaks
during Hurricane Harvey.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2020
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corporation | Petrochemical Risk Proposal</FONT></P>
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</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While the Company rapidly expands its petrochemical assets in
climate-impacted areas, investors seek specific information to assess whether Chevron is sufficiently prepared to mitigate public
health risks associated with climate-related impacts and the dangerous chemicals it uses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONTEXT &ndash;
CLIMATE RISK AND DENIAL OF ACCOUNTABILITY</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While climate impacts pose clear risks to Chevron&rsquo;s petrochemical
operations and surrounding communities, Chevron continues to irresponsibly contribute to that same climate risk through its greenhouse
gas-intensive operations. Chevron fails to clarify for investors if it intends to align its emissions with the Paris Agreement
goals &ndash; while citing the Paris Agreement goal in its reports, it has continued to invest heavily in oil and gas growth, locking
in emissions and potential stranded assets. This is at odds with major European peers that are outlining ambitious policies to
decarbonize their full scope of emissions by 2050, in line with the science as described by the IPCC and in recognition of the
value destruction to the economy from a warming climate. Chevron&rsquo;s actions are exacerbating the climate crisis and are in
turn putting its own operations, communities, and investors&rsquo; portfolios at risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In recent years, investors have sought to appropriately raise
these concerns to the Company Board and management through the resolution process by asking the simple question of &ldquo;<I>if
and how</I>&rdquo; Chevron plans to align with the vital goal of the Paris Climate Agreement.<SUP>1,2</SUP> Rather than allow this
productive, good faith process to proceed with its shareholders, the Company has chosen to instead deny shareholders a say on this
pressing topic by omitting the resolution from its proxy statement and annual shareholder meeting this year. A similar proposal
had received the support of 33% of shareholders in 2019, demonstrating the significant concern investors share on this topic. This
evasion of responsibility regarding the increasingly important topic of climate risk is extremely concerning to the investor community.
The significance of climate change&rsquo;s impact to shareholders is evidenced by Climate Action 100+, an investor coalition representing
more than $40 trillion in AUM, a group recently joined by BlackRock and JPMorgan Chase. The Climate 100+ commitment states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&ldquo;We believe that engaging and working with
the companies in which we invest &ndash; to communicate the need for greater disclosure around climate change risk and company
strategies aligned with the Paris Agreement &ndash; is consistent with our fiduciary duty and will contribute to achieving the
goals of the Paris Agreement.&rdquo; <SUP>3</SUP></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In the face of catastrophic climate change, Chevron has consistently
denied shareholders the basic right to raise the issue of Paris Alignment, while simultaneously increasing its own and investor
exposure to clim ate impacts by continuing to expand in high-risk areas</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.asyousow.org/resolutions/2019/12/18/chevron-climate-change-risk-reporting</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.asyousow.org/resolutions/2018/12/18/chevron-corporation-paris-aligned-business-plan</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://climateaction100.wordpress.com/investors/</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2020
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corporation | Petrochemical Risk Proposal</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE
FOR A &ldquo;YES&rdquo; VOTE: PETROCHEMICAL RISK PROPOSAL</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1)</B></TD><TD><B>Chevron&rsquo;s increasing investments in petrochemical infrastructure projects expose the company to growing climate risks.</B>
These risks could lead to harms to human health and the environment and associated litigation, financial penalties, regulatory
action, reputational damage, loss of social license to operate, and significant repair and clean-up costs that adversely impact
shareholder value.<B>
</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2)</B></TD><TD><B>Chevron does not provide shareholders with sufficient analysis and disclosure on managing growing risks to its petrochemical
operations.</B> The Company states it is aware of climate change and its risks, but it has not adequately described plans to address
the increasing risks its operations face in sensitive areas. The Company&rsquo;s references to high-level and generalized risk
management protocols are insufficient to assess if and how CPChem is preparing to adequately mitigate and prevent the growing risks
that climate change poses to its current and planned petrochemical investments.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1)</B></TD><TD><B>Chevron&rsquo;s increasing investments in petrochemical infrastructure projects expose the company to growing climate risks.
</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Chevron has announced major billion-dollar investments
for Gulf Coast-based projects over the next number of years including a major petrochemical plant with an ethylene cracker and
two high-density polyethylene units.<SUP>4</SUP> Existing and proposed petrochemical projects have the potential to create major
liability during extreme weather events. In fact, CPChem was noted as being the source of some of the largest pollution leaks during
Hurricane Harvey indicating that the Company may be ill-prepared to manage the risks posed by climate change.<SUP>5</SUP> Hurricane
Harvey&rsquo;s impacts also contributed to a $70 million decrease in earnings from Chevron&rsquo;s 50
percent stake in CPChem in 2017, which could burgeon if facilities are hit by worse and more frequent events in the future.<SUP>6</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Growing storms and the costs they bring our company
are predicted to increase in frequency and intensity as global warming escalates. Flood-related damage is projected to be highest
in Texas, where many of CPChem&rsquo;s petrochemical plants are concentrated, and Houston alone has seen three 500-year floods
in a three-year span. Hazardous chemical releases, such as those experienced by CPChem&rsquo;s petrochemical facilities during
Hurricane Harvey, put surrounding communities at risk and have eroded the Company&rsquo;s social license to operate. The Center
for International Environmental Law (CIEL) published a report in 2019 noting the extent to which petrochemical refining operations
use and produce hazardous pollutants that cause health impacts, including cancer, reproductive and birth defects, etc. The report
emphasized that fenceline communities are especially vulnerable, and that the risk is exacerbated by extreme weather events. During
Hurricane Harvey roughly one million pounds of dangerous air pollutants like benzene, 1,3-butadiene, sulfur dioxide, and toluene
were released by local refineries and plants.<SUP>7</SUP></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> http://www.cpchem.com/en-us/news/Pages/Chevron-Phillips-Chemical-and-Qatar-Petroleum-announce-plans-to-jointly-develop-U-S--Gulf-Coast-petrochemical-project.aspx</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.environmentalintegrity.org/wp-content/uploads/2018/08/Hurricane-Harvey-Report-8.16.18-final.pdf,
p.12</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <A HREF="http://www.sec.gov/Archives/edgar/data/93410/000009341018000010/cvx12312017-10kdoc.htm">https://www.sec.gov/Archives/edgar/data/93410/000009341018000010/cvx12312017-10kdoc.htm</A></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.ciel.org/wp-content/uploads/2019/02/Plastic-and-Health-The-Hidden-Costs-of-a-Plastic-Planet-February-2019.pdf,
p.17-22</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2020
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corporation | Petrochemical Risk Proposal</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Outside of more extreme events, leaks are an ongoing
danger and liability for Chevron that can compound vulnerabilities and impacts. Its facilities have been listed as the 2<SUP>nd</SUP>
and the 6<SUP>th</SUP> largest emitters for &lsquo;pounds of unpermitted &ldquo;upset&rdquo; emissions&rsquo; in the Houston region.<SUP>8,9</SUP>
Peer companies are already facing civil legal action regarding the emerging issue of climate resiliency. In 2019, a judge in a
Boston federal court allowed a lawsuit to move forward seeking $110 million for Exxon&rsquo;s failure to fortify an oil storage
facility to withstand the physical impacts of climate change.<SUP>10</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The financial sector, including insurance companies,
are also becoming more acutely aware of climate-specific risks related to insuring companies, especially in areas subject to greater
climate impacts such as hurricanes and flooding. Swiss Re has published a report on the rapidly growing costs of natural disasters,
which reached $337 billion in 2017; Lloyd&rsquo;s of London cited natural disasters for its first loss in six years; and AXA has
spoken out saying that major global warming would make the world uninsurable this century.<SUP>11</SUP> BlackRock, the world&rsquo;s
largest asset manager, with $6 trillion in assets under management, released a report in April of 2019 on its assessment of physical
climate risks, noting: &ldquo;Our early findings suggest investors must rethink their assessment of vulnerabilities. Weather events
such as hurricanes and wildfires are underpriced in financial assets.&rdquo;<SUP>12</SUP> Potential lack of insurance coverage
may be a growing concern for the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt"><B>2)</B></FONT></TD><TD><B>Chevron does not provide shareholders with sufficient analysis and disclosure on managing growing
risks to its petrochemical operations. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Despite clear risks, Chevron provides
investors with minimal discussion of how it is responding to growing physical risks from climate change. In Chevron&rsquo;s Climate
Change Resilience report, the Company states that &ldquo;climate change presents different potential risks to different segments
of [its] business&hellip;&rdquo;and that &ldquo;potential climate change risks are considered when conducting risk assessments
at the business unit, operating company, and enterprise levels.&rdquo;<SUP>13</SUP> This high-level language says nothing about
<I>how</I> the company is considering or managing climate risks facing its facilities. Similarly vague and non-descriptive language
is offered in Chevron&rsquo;s latest annual report, where Chevron points to its website for the Climate Change Resilience report&mdash;a
report that lacks the requested information on petrochemical risk.<SUP>14</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">This lack of transparency is especially
worrisome considering Chevron&rsquo;s large pollution leaks and loss of earnings during Hurricane Harvey, which underscore that
its current risk management strategy is inadequate.<SUP>15</SUP> For instance, the company does not: identify which of its current
and planned facilities are in areas at high risk of experiencing climate-related severe weather events; provide assumptions made
and describe measures used to evaluate how climate change will affect its Gulf Coast facilities and responding to increasing risk;
report estimated emissions from unplanned upsets such as those that occur during hurricanes; outline strategies to communicate
with key local stakeholders during emergency situations; or describe measures taken to minimize health impacts of associated chemical
releases. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://environmentalintegrity.org/wp-content/uploads/2020/02/Benzene-Report-2.6.20.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.environmentalintegrity.org/wp-content/uploads/2019/09/Plastics-Pollution-on-the-Rise-report-final.pdf,
p.21</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.wbur.org/news/2019/03/13/exxonmobil-conservation-law-foundation-lawsuit-moves-forward</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.ft.com/content/0f530242-02c1-11e9-9d01-cd4d49afbbe3</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.blackrock.com/us/individual/literature/whitepaper/bii-physical-climate-risks-april-2019.pdf</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.chevron.com/-/media/shared-media/documents/climate-change-resilience.pdf,
p.7</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.chevron.com/annual-report/-/media/chevron/annual-report/2018/documents/2018-Annual-Report.pdf?l=1#page=19,
p.105</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://s22.q4cdn.com/128149789/files/doc_financials/annual_report/2018/PSX_2018_AnnualReport.pdf,
p.41</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2020
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corporation | Petrochemical Risk Proposal</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">While some information on major
spills must be reported to state and federal governments, companies are not required to report this to counties.<SUP>16</SUP> Current
reporting requirements can leave communities in the dark about the health risks they face; companies should therefore improve disclosures
beyond what is required by law to retain and improve the goodwill and trust of local communities and governments and to demonstrate
to shareholders the type of best management practices in place. As the risks of climate change become more apparent and urgent,
shareholders require robust analysis and transparent disclosure of risks and company mitigation strategies in order to make appropriately
informed investment decisions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO
CHEVRON&rsquo;S BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron&rsquo;s Board of Directors (&ldquo;the Board&rdquo;)
argues against this shareholder proposal on the basis that the current &ldquo;Chevron&rsquo;s actions and reporting are appropriate
and demonstrate that Chevron manages that physical risks associated with climate change arising from its own operations and from
its investment in the Chevron Phillips joint venture.&rdquo; It also states that its &ldquo;processes and standards provide the
business with the flexibility to focus on the risks and potential impacts to the environment most salient to the specific locations
where the Company operates.&rdquo; However, the Company provides no insight into <I>how </I>it analyzes, weighs, and mitigates
the risks raised in the Proposal. The Company does not explain how it determines what is or is not considered to be a safe and
acceptable level of risk to public health, and past events indicate that such risk was not sufficiently considered. Furthermore,
climate science makes clear that future weather patterns will be different from the past - moving into a paradigm that is more
extreme and destructive, erratic and unpredictable. New weather paradigms necessitate new methods of analysis and approaches to
minimize risks to companies&rsquo; assets. The Board&rsquo;s Statement does not indicate what measures it is taking to factor future
climate change impacts into its analysis or processes to protect community health.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While the Board&rsquo;s Statement claims that Chevron&rsquo;s
&ldquo;Operational Excellence Management System&rdquo; Policy takes into consideration &ldquo;risks associated with the impact
of ambient conditions on [its] operations&rdquo; among the many risks the Company might face, recent events call this assumption
into question. As noted, alarming chemical releases that occurred during Hurricane Harvey demonstrate that Chevron&rsquo;s current
risk management systems are not sufficient to responsibly manage extreme weather events, especially as these intensify in the future.
The Company does state that its experiences and lessons from Hurricane Harvey are being &ldquo;built into the design and operating
procedures for existing facilities and new facilities.&rdquo; However, the Company only goes as far as saying that it has incorporated
&ldquo;weather-related scenarios&rdquo; in new facility design. There is no support that resulting changes from such learnings
are sufficient to withstand the heightened future risks climate change is bringing for vulnerable coastal infrastructure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://apnews.com/e0ceae76d5894734b0041210a902218d</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2020
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corporation | Petrochemical Risk Proposal</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Climate-related risks are of significant concern to investors
and require comprehensive disclosures to fully inform shareholders about Company management of these evolving risks. The high-level
references in the Board&rsquo;s Statement are insufficient to assure investors that risks raised in the Proposal are being appropriately
managed. As such, investors desire more clarity on Chevron&rsquo;s management of the new risks that climate change poses to local
community safety.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal regarding
the Company&rsquo;s efforts to limit publichealth and environmental impacts of building out hazardous petrochemical infrastructure
in high-risk climate-affected areas.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron is investing billions in the construction and expansion
of petrochemical infrastructure projects in regions that are exposed to increasing climate risk such as destructive weather and
flooding. Shareholders urge strong support for this proposal, which will bring increased transparency to shareholders on a significant
and emerging business risk facing the company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">--</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Lila Holzman, As You Sow, lholzman@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS
VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE
OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING
BORNE ENTIRELY BY ONE OR MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY
TO ANY CO-FILER. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">6</P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
