<SEC-DOCUMENT>0001214659-22-005477.txt : 20220420
<SEC-HEADER>0001214659-22-005477.hdr.sgml : 20220420
<ACCEPTANCE-DATETIME>20220420105307
ACCESSION NUMBER:		0001214659-22-005477
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220420
DATE AS OF CHANGE:		20220420
EFFECTIVENESS DATE:		20220420

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:		22836743

	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>
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    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
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                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><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="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Chevron Corp (CVX)<BR>
Name of persons relying on exemption:&nbsp;As You Sow<BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chevron Corp (CVX)<BR>
Vote Yes: Item #6 &ndash; Report on Impacts of Net Zero 2050 Scenario</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 25, 2022 </B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Danielle Fugere | dfugere@asyousow.org</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BE IT RESOLVED:</B> Shareholders request Chevron&rsquo;s Board of
Directors Provide an audited report addressing how application of the assumptions of the IEA&rsquo;s Net Zero by 2050 pathway would affect
the assumptions and estimates underlying its financial statements, including its long-term commodity and carbon prices, remaining asset
lives, existing and future asset retirement obligations, capital expenditures, and asset valuations (impairments). The report should be
produced at reasonable cost and omitting proprietary information.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPPORTING STATEMENT:</B> Proponents recommend the report be supported
with reasonable assurance from an independent auditor.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Meeting the Paris Agreement&rsquo;s ambition of limiting global temperature
rise to 1.5<SUP>o</SUP>C by 2050 is a global imperative for avoiding systemic risk to the global economy, environment, and populations.
In the face of growing climate disruption, governments, companies, investors, and key financial entities, including global banks and regulators,
are making enterprise commitments to achieve net zero emissions by 2050, and developing the transition plans necessary to meet such goals.
Due to the speed and depth of this transition, investors are seeking audited financial disclosure from Chevron regarding the impact of
a Net Zero pathway on its financial statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, Chevron continues to develop new fossil fuel resources<SUP>1</SUP>
while acknowledging climate related risks that could impact reported financial metrics including impairments, asset life, and capital
expenditures, among others. Despite the materiality of this issue, Chevron&rsquo;s audited annual disclosures do not provide investors
with sufficient insight into the assumptions it uses to assess productive assets for climate related impairment and stranded asset risk.
An assessment of the IEA Net Zero by 2050 Pathway scenario (&ldquo;IEA NZE&rdquo;) and provision of the quantitative information requested
by the Proposal, will help investors understand the potential climate-related risk to the company of a global transition to Net Zero emissions
under the Paris climate goals.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; background-color: white"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 9pt">https://www.chevron.com/-/media/chevron/annual-report/2021/documents/2021-Annual-Report.pdf</FONT><FONT STYLE="font-size: 9pt">,
p. vii.</FONT></P>

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

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Given the growing global commitments to achieve net zero greenhouse
gas (GHG) emissions by 2050, it is reasonable to ask that Chevron apply the assumptions of the International Energy Agency&rsquo;s Net
Zero by 2050 Scenario and report to shareholders how that scenario is likely to impact the company&rsquo;s financial statements and assumptions.
In October 2021, Chevron released a Climate Change Resilience report in which it states that it applied a scenario analysis of the IEA
NZE2050, however Chevron does not disclose the quantitative information requested in this Proposal. The proposal seeks information on
the delta between the inputs used in Chevron&rsquo;s financial statements and what the resulting dollar impact would be on Chevron&rsquo;s
financial standing using the IEA NZE pathway inputs.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The investor community is continuing to take this issue seriously,
as the assumptions companies make about climate change are likely to have a significant material impact on company investment strategies,
cash flows, asset valuation, and depreciation among others. In order to align with accounting and auditing best practices, and to give
needed transparency to investors, Chevron is asked to provide more clarity on the impact of the IEA NZE on its financial assumptions.</P>

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

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

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

<P STYLE="margin: 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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Chevron faces growing business model risk</B></TD></TR></TABLE>

<P STYLE="margin: 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>The need for rigorous, audited disclosure of climate change impacts on financial statements is increasingly being demanded by the
global investment community.</B></TD></TR></TABLE>

<P STYLE="margin: 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>The information requested is important to investor decision-making.</B></TD></TR></TABLE>

<P STYLE="margin: 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Chevron&rsquo;s current assessment of the IEA Net Zero Pathway does not address investor concerns.</B></TD></TR></TABLE>

<P STYLE="margin: 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>Chevron lags peers on accounting disclosures.</B></TD></TR></TABLE>

<P STYLE="margin: 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="margin: 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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Chevron faces growing business model risk</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron&rsquo;s business strategy is built on continuing growth in
demand for hydrocarbons for the next several decades. By contrast, the IEA NZE, reflecting global adoption of net zero commitments, anticipates
a steep year on year r<FONT STYLE="font-size: 9pt">eduction in oil and gas demand (and therefore prices).<SUP>2</SUP></FONT></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>2</SUP></FONT> International
Energy Agency (IEA), World Energy Outlook, https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf,
October 2021, p. 101</P>

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

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The requested information concerning
how the IEA NZE would </FONT>alter the assumptions and estimates that Chevron uses to prepare its financial statements <FONT STYLE="background-color: white">is
therefore crucial to enabling shareholders to factor climate-related information into their decision-making processes.</FONT></P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>The need for rigorous, audited disclosure of climate change impacts on financial statements is increasingly being demanded by the
global investment community.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">To address the widespread lack of corporate disclosure of comprehensive
audited climate risk metrics in audited financial statements, Climate Action 100+ (CA100+), a group of 615 investors with $68 trillion
in assets under management, in March 2022, released a provisional Climate Accounting Alignment Assessment standard to complement the CA100+
Disclosure Framework.<SUP>3</SUP>&nbsp; It assesses whether corporate accounting practices and related disclosures, and the corresponding
auditor&rsquo;s report, reflects the effects of climate risk, the global move towards a 2050 (or sooner) net zero emissions pathway, and
the Paris goal to limit global warming to no more than 1.5&deg;C.<SUP>4</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The recently proposed SEC climate change risk disclosure rule,<SUP>5</SUP>
if adopted, could require increased climate related information in audited financial statements, reflecting the importance of companies'
disclosure of the potential&nbsp;financial impact&nbsp;of&nbsp;climate change&nbsp;on their businesses and strategies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In late 2020, the Principles for Responsible Investment (PRI), the
UN Environment Programme Finance Initiative (UNEP FI), the UN-convened Net-Zero Asset Owner Alliance initiative, the Institutional Investors
Group on Climate Change (IIGCC), and other investor groups representing more than $100 trillion in global assets under management,&nbsp;called
on companies and their auditors to follow relevant requirements to consider climate change risks in their audited financial statements
and audit reports, respectively, and to use assumptions and estimates compatible with the goals of the Paris Agreement.<SUP>6</SUP> This
was emphasized in engagements by <FONT STYLE="background-color: white">leading global investors with carbon intensive companies through
IIGCC engagements which asked leading European companies to explain </FONT>how critical accounting judgments are consistent with net
zero carbon emissions in 2050<FONT STYLE="background-color: white">.<SUP>7</SUP></FONT></P>

<P STYLE="margin: 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"><SUP>3</SUP> Climate Action 100+ Net Zero Company Benchmark Summary
of company assessments, Climate&nbsp;Accounting&nbsp;and&nbsp;Audit, https://www.climateaction100.org/wp-content/uploads/2022/04/March-2022_Benchmark-assessments_public-summary_Final.pdf,
p. 53, March 2022.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Climate Action 100+ Net-Zero Company Benchmark, Structure
And Methodologies, https://www.climateaction100.org/net-zero-company-benchmark/methodology/,
March 2022.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> U.S. Securities and Exchange Commission 17 CFR 210, 229,
232, 239, and 249 [Release Nos. 33-11042; 34-94478; File No. S7-10-22] RIN 3235-AM87 &ldquo;The Enhancement and Standardization of Climate-Related
Disclosures for Investors,&rdquo; https://www.sec.gov/rules/proposed/2022/33-11042.pdf,
March 2022.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Principles For Responsible Investment (PRI), &ldquo;Investor
groups call on companies to reflect climate-related risks in financial reporting,&rdquo; https://www.unpri.org/accounting-for-climate-change/investor-groups-call-on-companies-to-reflect-climate-related-risks-in-financial-reporting/6432.article,
September 15, 2020.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Institutional Investors Group on Climate (IIGCC), &ldquo;Leading
investors call on Europe&rsquo;s largest companies to address missing climate change costs in financial accounts,&rdquo; https://www.iigcc.org/news/leading-investors-call-on-europes-largest-companies-to-address-missing-climate-change-costs-in-financial-accounts/;
https://www.iigcc.org/download/iigcc-letter-to-european-companies-on-paris-aligned-accounts/?wpdmdl=4006&amp;masterkey=5fabc9c5af24f,
November 16, 2020.</P>

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

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, accounting and auditing standard-setters and security
market <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I>regulators</I></FONT><FONT STYLE="background-color: white">&nbsp;</FONT>have
begun to clarify requirements related to material climate-related matters in financial statements and in audits, including The European
Securities and Markets Authority (ESMA),<SUP>8</SUP> and FRC.<SUP>9 </SUP> Other examples include The&nbsp;International Auditing and
Assurance Standards Board&nbsp;(IAASB)<SUP>10</SUP> and the International Accounting Standards Board (IASB),<SUP>11</SUP> which have each
clarified that material climate related matters should be considered in preparing and auditing financial statements. The U.S. Generally
Accepted Accounting Standards (US GAAP), established by the FASB,<SUP>12</SUP> require U.S. public companies to address material risk;
climate risk is material risk.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In Europe, some investors have taken to declaring their vote intentions
to hold boards, Audit Committee members, and Auditors to account for Paris-aligned financial statements.<SUP>13</SUP> &nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">To challenge boards to address climate-related financial risk in financial
statements and audits, investors are also using the proxy ballot. In 2020, investors filed resolutions similar to this Proposal at Chevron
and Exxon, the proposals received support of 47.8%<SUP>14</SUP> and 49.4%,<SUP>15</SUP> respectively. This year, similar proposals seeking
IEA NZE scenario analysis and reporting of impact to financial statements, have been filed at Exxon, Valero,<SUP>16</SUP> and Marathon
Oil.<SUP>17</SUP> <I>As You Sow</I>, on behalf of shareholders, has withdrawn those proposals at Valero and Marathon Oil after agreements
were reached in which each company agreed to provide a quantitative analysis of the IEA Net Zero by 2050 pathway and its impact to financials.</P>

<P STYLE="margin: 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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>The information requested by the Proposal is important to investor decision-making.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal requests an audited report<SUP>18</SUP> from Chevron indicating
how application of the assumptions of the IEA&rsquo;s Net Zero by 2050 pathway to key financial indicators of the company&rsquo;s current
financial statement would be affected, including its long-term commodity and carbon prices, remaining asset lives, existing and future
asset retirement obligations, capital expenditures, and asset valuations (impairments).</P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="font-size: 9pt">The European Securities and
Markets Authority (ESMA), &ldquo;Public Statement, European common enforcement priorities for 2021 annual financial reports,&rdquo; </FONT><FONT STYLE="font-size: 9pt">https://www.esma.europa.eu/sites/default/files/library/esma32-63-1186_public_statement_on_the_european_common_enforcement_priorities_2021.pdf</FONT><FONT STYLE="font-size: 9pt">,
ESMA32-63-1186. October 2021.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> <FONT STYLE="font-size: 9pt">Financial Reporting Council
(FRC), &ldquo;Key matters for 2021/2022 reports and accounts<I>,</I>&rdquo;</FONT> <FONT STYLE="font-size: 9pt">https://www.frc.org.uk/getattachment/ecd6d6b2-7f4d-4a70-bf60-32b07143ece1/FRC-CRR-Year-End-Key-Matters_October-2021.pdf</FONT><FONT STYLE="font-size: 9pt">,
October 2021.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="font-size: 9pt">The&nbsp;International Auditing
and Assurance Standards Board (IAASB), &ldquo;The Consideration Of Climate-Related Risks In An Audit Of Financial Statement,&rdquo; Staff
Audit Practice Alert </FONT><FONT STYLE="font-size: 9pt">https://www.iaasb.org/publications/consideration-climate-related-risks-audit-financial-statement</FONT><FONT STYLE="font-size: 9pt">,
October 1, 2020. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="font-size: 9pt">The IFRS Foundation, &ldquo;Effects
of climate related matters on financial statements,&rdquo; </FONT><FONT STYLE="font-size: 9pt">https://www.ifrs.org/content/dam/ifrs/supporting-implementation/documents/effects-of-climate-related-matters-on-financial-statements.pdf</FONT><FONT STYLE="font-size: 9pt"><I>,
</I>November 2020, p.1<I>. </I></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> <FONT STYLE="font-size: 9pt">FASB Staff Educational Paper,
&ldquo;Intersection of Environmental, Social, and Governance Matters with Financial Accounting Standards,&rdquo; </FONT><FONT STYLE="font-size: 9pt">https://fasb.org/RedirectPage?path=http://fasb.org/Page/PageContent?pageId=%2Fjsp%2FFASB%2FDocument_C%2FDocumentPage%26cid%3D1176176379917</FONT><FONT STYLE="font-size: 9pt">,
March 2021, p. 3. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <FONT STYLE="color: #333333">Sarasin &amp; Partners, &ldquo;Public
Statement on Shell and BP Votes,&rdquo; </FONT>https://sarasinandpartners.com/stewardship-post/public-statement-on-shell-and-bp-votes/<FONT STYLE="color: #333333">,
April 28, 2021. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>14</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.asyousow.org/resolutions/2020/12/08/chevron-improve-climate-related-audit-procedures</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>15</SUP></FONT> <FONT STYLE="font-size: 9pt">https://cbisonline.com/us/wp-content/uploads/sites/2/2021/06/CBIS-XOM-Press-Release-060421.pdf</FONT><FONT STYLE="font-size: 9pt">;
</FONT><FONT STYLE="font-size: 9pt">https://www.asyousow.org/resolutions-tracker</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> As You Sow, &ldquo;Valero Energy Corp: Net Zero Scenario
analysis or disclose critical climate financial assumptions,&rdquo; https://www.asyousow.org/resolutions/2021/11/16-valero-net-zero-scenario-analysis,
November 25, 2021.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <FONT STYLE="color: #333333">Institutional Investors Group
on Climate (IIGCC), &ldquo;Leading investors call on Europe&rsquo;s largest companies to address missing climate change costs in financial
accounts,&rdquo; https://www.iigcc.org/news/leading&#45;investors&#45;call&#45;on&#45;europes&#45;largest&#45;companiesto&#45;address&#45;missing&#45;climate&#45;change&#45;costs&#45;in&#45;financial&#45;accounts/;
https://www.iigcc.org/download/iigcc&#45;letter&#45;to&#45;europeancompanies&#45;on&#45;paris&#45;aligned&#45;accounts/?wpdmdl=4006&amp;masterkey=5fabc9c5af24f,
November 16, 2020.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> The proposal requests a &ldquo;report,&rdquo; which the
Company could fulfill either within or outside of its SEC-submitted annual report. We note that on March 21, 2022, the SEC proposed rules
on climate disclosure. If enacted, the rules may require the company to include some elements of this report in its financial statement
or Reg S-K filings.</P>

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

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Asking Chevron to provide a sensitivity analysis of how changes to
key assumptions and estimates in a low carbon scenario would impact its current accounts can help to verify company claims that financial
impacts and therefore risks are minimal even in a low carbon scenario.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Many items in the company&rsquo;s financial statements are based on
estimates of future cash flows. Whether Chevron&rsquo;s business plan is based on a high or low carbon future (and thus higher or lower
demand and commodity prices, respectively), can materially impact its accounts. For instance, a material switch to renewable energy for
power, regulations to limit emissions, and the phase out of internal combustion engines may result in significantly reduced demand for
oil and gas, which can directly and significantly affect financial statement results.<SUP>19</SUP> Such changes can affect the assumptions
used to determine expected future cash flows for impairment testing, resulting in impairments and altering reported assets and liabilities.
They can shorten the estimated useful lives of productive assets and accelerate the timing of asset retirement obligations. Collectively,
these changes can lead to increased costs, reduced revenues and profits, and lower returns on capital. While management may believe the
world will not change in line with the IEA scenario, despite growing signals of transition, investors seek to understand the specific
impact of such alignment to the company&rsquo;s current financial statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FCFCFC">The IEA NZE differs sharply from Chevron&rsquo;s
business strategy, which states that &ldquo;fossil fuels will remain a significant part of the energy system that increasingly incorporates
lower carbon sources of supply. The company will continue to develop oil and gas resources to meet customers&rsquo; demand for energy.&rdquo;<SUP>20</SUP>
In a previous iteration of Chevron&rsquo;s Climate Change resilience report, it shared information that indicated Chevron&rsquo;s assumption
for demand for oil and gas will grow for the next several decades, reaching over 105 m/bpd by 2040.<SUP>22</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">By contrast, the IEA NZE entails a significant drop in liquid fuel
demand - from 99 mb/d in 2019 to an estimated 78 mb/d in 2030 and 31 mb/d in 2050.<SUP>21</SUP> Notably, under the IEA NZE, the share
of oil used for energy decreases from 98% in 2019 to 90% in 2030 and 65% in 2050. Under the IEA NZE<B>, </B>oil prices fall to $36/barrel
(bbl) in 2030 and $24/bbl in 2050.<SUP>22</SUP> Given growing global political and business commitments to accelerating the decarbonization
of the economy,<SUP>23</SUP> it is reasonable to ask that Chevron examine the IEA NZE scenario and report to shareholders how that would
change Chevron&rsquo;s current financial statements.</P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <FONT STYLE="font-size: 9pt">Carbon Tracker and The Climate
Accounting Project, &ldquo;Flying blind: The glaring absence of climate risks in financial reporting,&rdquo; </FONT><FONT STYLE="font-size: 9pt">https://carbontracker.org/reports/flying-blind-the-glaring-absence-of-climate-risks-in-financial-reporting/</FONT><FONT STYLE="font-size: 9pt">,
September 2021.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>20</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.chevron.com/-/media/chevron/annual-report/2021/documents/2021-Annual-Report.pdf</FONT>
<FONT STYLE="font-size: 9pt">p.33.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> IEA, &ldquo;World Energy Outlook 2021,&rdquo; https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf,
Estimates of total liquid fuel demand were converted from IEA NZE supply amounts (in exajoules or EJ) using a fixed 0.52 EJ to mb/d conversion
factor. For purposes of this discussion, supply is considered equivalent to demand. October 2021, p. 309.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="font-size: 9pt">IEA, &ldquo;World Energy
Outlook 2021,&rdquo; </FONT><FONT STYLE="font-size: 9pt">https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf</FONT><FONT STYLE="font-size: 9pt">,
October 2021, p. 101.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>23</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.gfanzero.com</FONT><FONT STYLE="font-size: 9pt; color: #1155CC">,
</FONT><FONT STYLE="font-size: 9pt">On January 27, 2021, the US joined eight of the 10 highest-emitting nations that have committed to
seeking net zero greenhouse gas (GHG) emissions in line with many corporate and financial leaders. See for example the Glasgow Financial
Alliance for Net Zero, with over $130 trillion in assets under management &ldquo;Committed <FONT STYLE="background-color: white">to accelerating
the decarbonization of the economy.&rdquo;</FONT></FONT></P>

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

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

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
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<P STYLE="margin: 0"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Chevron&rsquo;s assessment of the IEA Net Zero Scenario does not adequately address investor concerns.
</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Investors have asked Chevron to provide quantitative disclosures of
how using the IEA NZE inputs would impact its financial statements. Chevron contends that its Climate Change Resilience report released
in October 2021 addresses the Proposal. However, the generalized information provided by Chevron does not provide the specific financial
metrics requested in the proposal under the IEA NZE scenario. This is confirmed by an independent analysis of the Carbon Tracker Initiative
which found that the Company has not quantified the impact to the company&rsquo;s current financial statement of applying the IEA NZE
scenario assumptions.<SUP>24</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">To meet the expectations of the Proposal, Chevron would need to apply
the IEA NZE estimates and assumptions to its existing balance sheet (relevant assets and liabilities). Chevron has not done so. Instead,
the Company provides a general, anecdotal discussion of how its business segments would be impacted by the scenario,<SUP>25</SUP> without
disclosing any information on the total impairments, assumptions on the remaining lives of these assets, or what capital expenditures
would be needed to meet its to maintain a profitable business.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The extent of Chevron&rsquo;s discussion of what the impacts to oil
and gas will be from a lower carbon scenario is that oil, gas, and coal consumption will decrease, renewables will increase, oil and gas
prices will decrease, and thus oil and gas costs will rise, and revenues will go down.<SUP>26</SUP></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table: Gap Analysis Comparing Chevron Di<FONT STYLE="font-size: 9pt">sclosures
to Resolution Requests</FONT></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Based in part on CTI assessment)<SUP>24</SUP></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="width: 43%; border: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Climate Change Resilience Report</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>Why it is not responsive</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Commodity and Carbon Prices:</U> &ldquo;Our comprehensive, proprietary
    forecasts of commodity prices significantly influence our strategic and business planning. Because price is determined in a competitive
    marketplace, scenarios are used to reflect market uncertainties, generating multiple price trajectories. Our price outlooks include carbon
    price forecasts and cover a wide range of oil prices, natural gas prices, and costs of goods and services, among other considerations.
    These forecasts reflect long-range effects from population and economic growth, renewable fuel penetration, energy efficiency standards,
    climate-related policy actions, and demand response to oil and natural-gas prices.&rdquo;</P>

</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>29</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 0">This does not provide the forecast oil and gas prices or
    carbon price, in $, that Chevron used.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 0">In fact, Chevron considers its commodity price assumptions,
    demand assumptions, and the carbon prices and costs used in its business planning as proprietary.<SUP>27</SUP> This hampers investors&rsquo;
    understanding of how climate will impact its business. And given that some peers have already been disclosing such assumptions, Chevron&rsquo;s
    claim that this information is commercially sensitive loses its weight.</P>

</TD></TR>
  </TABLE>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>24</SUP></FONT> <FONT STYLE="font-size: 9pt">https://carbontracker.org/company-profiles/</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>25</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.chevron.com/-/media/chevron/sustainability/documents/2021-climate-change-resilience-report.pdf</FONT>
<FONT STYLE="font-size: 9pt">p.35.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>26</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.chevron.com/-/media/chevron/sustainability/documents/2021-climate-change-resilience-report.pdf</FONT>
<FONT STYLE="font-size: 9pt">p. 3, Example 30. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.chevron.com/&#45;/media/chevron/sustainability/documents/climate&#45;change&#45;resilience&#45;report.pdf
p.29.</P>

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

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Remaining Asset Lives: </U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt"><B>Upstream: </B></P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt"><U>&quot;Short- and mid-term impacts (0&ndash;10 years):</U>
    &quot;These short-cycle [unconventional] assets give us the flexibility to respond to commodity price volatility, cash flow, and earnings,
    even in a hypothetical low-price environment like the IEA&rsquo;s NZE 2050 scenario.&quot;</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt">(re: assets in Kazakhstan, Gulf of Mexico and Nigeria):
    &quot;strong upstream base... based on investments largely made in the past...&quot;</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt"><U>Long-term impacts (10&ndash;plus years):</U> &quot;...post-2030,
    there would be no new investment in Upstream.&quot;</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt"><B>Downstream &amp; Chemicals:</B></P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt"><U>&quot;Short- and mid-term impacts (0&ndash;10 years):
    </U>&quot;...we believe that the Downstream portion of our portfolio would remain resilient through 2030 due to actions we have taken
    to enhance refinery competitiveness&quot;</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Long-term impacts (10&ndash;plus years):</U> &quot;...Our investments
    in biofuels could allow for full refinery conversion to meet the continued demand for these commodities. In addition, tightly integrated
    value chains in areas, such as the U.S. West Coast, the U.S. Gulf Coast, and Asia, could enable us to pivot these operations to blue and
    green hydrogen.&quot;</P>
    <P STYLE="margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>35-36</B></FONT></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0">While this may imply remaining asset lives (or fully depreciated
    assets), Chevron does not specifically identify remaining asset lives (in years or production amounts).</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors need this information to understand the extent to which the
    same asset will continue to be used and/or how its life would be impacted (e.g., whether estimated production/ asset life could be shortened
    and what that means in terms of actual % or years).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Asset retirement obligations:</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Lower prices may challenge assets in disadvantaged parts of
    the supply stack, which may lead to changes in our Upstream portfolio. ...&quot;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>36</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This may indicate retirement of some assets but gives no real indication
    of changes to estimated retirement costs, estimated $ amounts, or the extent to which the timing might be accelerated.</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AROs are, for some credit ratings agencies, considered &ldquo;debt-like&rdquo;
    obligations and can impact the credit rating of the entity. Since these items are currently provided on a discounted basis in the financial
    statements, this disclosure is necessary for an understanding of the actual costs the company expects that it will incur.</P></TD></TR>
  </TABLE>
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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.6pt 0pt 5.5pt"><U>Impairments:</U> &ldquo;We do not rely on the NZE
    2050 scenario for our business planning. Nonetheless, we have conducted a scenario test of the IEA&rsquo;s NZE&nbsp;2050 demand projections,
    as well as its oil, gas, and carbon price projections, to test against our portfolio.&rdquo;</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.6pt 0pt 5.5pt">Chevron indicated that the &ldquo;&hellip;NZE 2050 scenario&rsquo;s
    assumptions relevant to the oil and gas sector are as follows&rdquo;:</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt; font-family: Symbol">&middot;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;&hellip;By
    2050, crude oil prices drop to less than $25 per barrel, in real terms, and international gas prices drop to $2&ndash;$5 per mmbtu, in
    real terms. &hellip;By 2050, carbon prices rise to $250 per tonne CO2e in advanced economies, $200 in China, Russia, Brazil, and South
    Africa, and $55 in other emerging-market and developing economies.&rdquo;</FONT></P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.6pt 0pt 5.5pt">Chevron also indicated that, in the absence of certain
    info in the IEA NZE 2050, it used:</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt; font-family: Symbol">&middot;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">regional
    demand information from IEA SDS (&quot;as a guide to interpolate from the available NZE 2050 information to create the regional input
    estimates necessary to run the scenario)&quot;.</FONT></P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its
    own &ldquo;&hellip;extremely aggressive growth of CCU</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S,
    offsets, hydrogen, renewable fuels, and renewable natural gas.&rdquo;</FONT></P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Refining
    and petrochemicals margins were decreased by the percentage change in Brent </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prices
    relative to our 2021 Business Plan price forecast.&rdquo;</FONT></P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt; font-family: Symbol">&middot;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Marketing
    volumes were based on regional gasoline and diesel demand.&rdquo;</FONT></P>

</TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>33-36</B></FONT></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.25pt 0pt 5.25pt">This does not provide a $ impact on existing asset
    valuations.</P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.25pt 0pt 5.25pt">Additionally, this is a scenario test, not a sensitivity
    of Chevron's current balance sheet items to the IEA NZE inputs, as requested by the proposal. Chevron itself recognises that a scenario
    and sensitivity are not the same: &quot;A scenario is a hypothetical construct that uses assumptions and estimates to highlight central
    elements of a possible future, but is not a forecast, prediction, or sensitivity analysis.&quot; <SUP>28</SUP></P>
    <P STYLE="margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron provides no information about the $ effects on existing assets,
    which are on the balance sheet today.</P>
    <P STYLE="margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Impairments are non-cash charges to the balance sheet, but they result
    in a write down of asset values and can change various asset/liability ratios. Impairments can also act as a signal to investors that
    companies may not be able to recover the capital invested in such assets. Chevron does not disclose the commodity prices or carbon prices
    currently used in estimating future cash inflows to test for asset impairment, nor the commodity price used to designate what qualified
    as a reserve for the current impairment testing.</P></TD></TR>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><SUP>28</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pdf</FONT><FONT STYLE="font-size: 9pt">,
p.32</FONT></P>

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
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    <TD STYLE="width: 43%; border: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt"><U>Capital Expenditures:</U> <B>&ldquo;Capital-project
    approvals:</B> Individual investments are developed, approved, and implemented in the context of the strategic plan, segment-specific
    business plans, and commodity price forecasts. ... Our final investment decisions are guided by a strategic assessment of the business
    landscape. ... Our internal carbon-price forecast and derived carbon costs are considered in the economic evaluations supporting major
    capital-project appropriations. In addition, a number of GHG-related factors are considered in project-appropriation assessments, such
    as:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5.5pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt; font-family: Symbol">&middot;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    annual profile of anticipated project GHG emissions and emissions intensity (both Scope&nbsp;1 and 2) </FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt; font-family: Symbol">&middot;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    identification and assessment of the options for reducing GHG emissions and optimizing carbon intensity.&rdquo;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&quot;Business-development screening:</B> We continue to enhance
    our screening processes to assess opportunities for portfolio fit, including assessing energy-transition opportunities and current and
    future opportunities&rsquo; impact on the carbon intensity of our portfolio.&quot;</P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>31</B></FONT></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt">This does not provide investors with the $ breakdown of CAPEX by type of asset or activity.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B>5. Chevron lags peers on accounting
disclosures.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron lags its peers in failing to disclose many of the <FONT STYLE="background-color: white">inputs
underpinning its financial statements, which would assist shareholders in comparing current financial statements to the IEA NZE. For instance,
Chevron does not provide the dollar carbon price, forecast oil and gas prices in dollars, and cost assumptions used in preparing its financial
statements. In contrast oil majors </FONT>Royal Dutch Shell (Shell)<FONT STYLE="background-color: white">, bp, Equinor, and TotalEnergies
(Total), all disclose assumed oil and gas prices which provides investors with actionable information regarding their divergence from
those provided in the IEA NZE.</FONT></P>

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

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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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In 2020, bp, <FONT STYLE="background-color: white">Shell</FONT>, and
Total altered and disclosed their future commodity <FONT STYLE="background-color: white">price assumptions for oil and natural gas based
in part on climate related indicators. bp noted that its approximately $24bn in write-downs was largely due to revised price assumptions
driven in part by the energy transition, providing an indication of remaining useful lives of upstream and downstream assets.<SUP>29</SUP>
Shell reduced refining margins by 30% triggering a $6.5bn impairment to its manufacturing, supply, and distribution assets (to a revised
carrying value of $50bn), and recognized nearly $1.0bn in </FONT>decommissioning and restoration provisions for shorter-lived facilities
in its Oil Products segment as a result of the energy transition.<SUP>30</SUP> Total&rsquo;s nearly $7.0bn impairment of its oil sands
assets partly related to its new <I>Climate Ambition</I>. Some peers provided disclosures for other types of inputs that they used. Repsol
S.A. disclosed the near and long-term CO2 prices that it used in its 2020 asset impairment tests.<SUP>31</SUP> Eni S.p.A. provided a range
of discount rates, total estimated time period, and a break-down of the timing of estimated undiscounted future costs of decommissioning
obligations.<SUP>32</SUP> Although Chevron applies a price of carbon, it does not provide the dollar carbon price or carbon costs assumptions
that Chevron uses in its financial statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In 2021, Shell increased near term commodity prices but held oil and
gas prices from 2023 steady. In its financial statements it included property, plant and equipment sensitivities to different climate
scenarios and an impairment sensitivity to changes in commodity price assumptions.<SUP>33</SUP> bp increased the short-term but decreased
long-term oil prices as &ldquo;bp's management expects an acceleration of the pace of transition to a lower carbon economy.&rdquo;<SUP>34</SUP></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">In 2020 bp&rsquo;s auditor Deloitte
compared the company&rsquo;s revised price assumptions against third-party forecasts including Paris 2 degree Celsius scenarios. Deloitte
commented that the assumptions were broadly consistent with achieving the goals of the Paris Agreement.<SUP>35</SUP> Shell&rsquo;s auditors
identified in its 2020 report that the energy transition would impact the estimation of future refining margins to evaluate the recoverability
of refineries.<SUP>36</SUP> In 2021 Ernst &amp; Young compared Shell&rsquo;s oil and gas prices to those included in the IEA NZE.<SUP>37</SUP></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Other U.S. companies have also
made progress in reporting assumptions. </FONT>For example, Devon Energy Corporation<SUP>38</SUP> disclosed information on the oil and
gas price assumptions that it used in its 2020 impairment testing. Occidental Petroleum<SUP>39</SUP> and ConocoPhillips<SUP>40</SUP> also
include commodity price information they used for impairment testing in their quarterly report. Marathon Oil recently agreed to provide
shareholders with a quantitative analysis of the IEA Net Zero by 2050 pathway and its impact on <FONT STYLE="background-color: white">the
company&rsquo;s financial position and underlying assumptions</FONT> in exchange for a withdrawal of a shareholder proposal.<SUP>41</SUP></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>29</SUP></FONT> <FONT STYLE="font-size: 9pt">bp
Annual Report and Form 20-F 2020,</FONT> <FONT STYLE="font-size: 9pt">https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2020.pdf</FONT><FONT STYLE="font-size: 9pt">,
Includes $12.9bn related to Upstream assets, $0.8bn related to Downstream assets and $9.9bn related to Exploration and Appraisal expenditure,
pp. 160, 166,179, 191, 261-261.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>30</SUP></FONT> Shell, Form
20-F 2021, https://sec.report/Document/0001306965-21-000025/, March 11,
2022, p. 223.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>31</SUP></FONT> Repsol, S.A.,
Annual Financial Report 2020-Financial Statements, https://www.repsol.com/content/dam/repsol-corporate/es/accionistas-e-inversores/pdf/hr18022021-repsol-sa-consolidated-annual-financial-report.pdf,
2020, p. 52.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>32</SUP></FONT> Eni SpA,
Annual Report 2020, https://www.eni.com/assets/documents/eng/reports/2020/Annual-Report-2020.pdf,
March 18, 2021, pp. 241, 262.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; background-color: white"><SUP>33</SUP></FONT>
<FONT STYLE="font-size: 9pt">Shell, Form 20-F 2021,</FONT> <FONT STYLE="font-size: 9pt">https://sec.report/Document/0001306965-21-000025/</FONT><FONT STYLE="font-size: 9pt">,
March 11, 2022, pp. 219-221. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>34</SUP></FONT> bp, &ldquo;Fourth
Quarter and Full Year 2021&rdquo; (unaudited) https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-fourth-quarter-2021-results.pdf
bp&rsquo;s audited 2021 financial statements and additional information for TotalEnergies 2021 financial statements, were not yet available
at the time of this briefing. p. 20.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>35</SUP></FONT> <FONT STYLE="font-size: 9pt">bp,
&ldquo;Annual Report and Form 20-F 2020,&rdquo; </FONT><FONT STYLE="font-size: 9pt">https://sec.report/Document/313807/000162828020003753/a31122019bp20fdoc.htm</FONT><FONT STYLE="font-size: 9pt; color: #333333">,
filed March 3, 2020.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>36</SUP></FONT> <FONT STYLE="font-size: 9pt">Shell,
&ldquo;Annual Report and Form 20-F 2020,&rdquo; </FONT><FONT STYLE="font-size: 9pt">https://sec.report/ix?doc=/Document/1306965/000130696520000014/royaldutchshell20-f2019.htm</FONT><FONT STYLE="font-size: 9pt">,
<FONT STYLE="color: #333333; background-color: white">filed March 12, 2020.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; background-color: white"><SUP>37</SUP></FONT>
<FONT STYLE="font-size: 9pt">Shell, &ldquo;Annual Report and Accounts 2021,&rdquo;</FONT> <FONT STYLE="font-size: 9pt">https://reports.shell.com/annual-report/2021/</FONT><FONT STYLE="font-size: 9pt">,
March 2022, p. 22.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> Devon Energy Corporation, Form 10-K, https://d18rn0p25nwr6d.cloudfront.net/CIK-0001090012/a8a62679-53ed-494e-8149-2ce227a4fac0.pdf,
for the year ended December 31, 2021, p. 68.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> Occidental Petroleum Corporation, Form 10-Q 2020, https://www.sec.gov/ix?doc=/Archives/edgar/data/797468/000079746820000027/oxy-20200630.htm,
Note 7, filed August 10, 2020, p.21.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> ConocoPhillips, Form 10-Q 2020, https://www.conocophillips.com/investor-relations/sec-filings/,
Note 14, filed May 5, 2020, p. 19.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> As You Sow, &ldquo;Marathon Oil Corp: Net Zero Scenario
analysis or disclose critical climate financial assumptions,&rdquo; https://www.asyousow.org/resolutions/2021/12/15-marathon-oil-net-zero-scenario-analysis,
December 17, 2021.</P>

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The increasing number of companies
disclosing data in line with the Proposal demonstrates that meaningful and actionable information is available, reasonable, and not onerous
to obtain or expect. In fact, Chevron argues in its Opposition Statement that the information requested by the Proponent has already been
published, not that it is impractical or unachievable.</FONT></P>

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

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

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; background-color: #B8CCE4">RESPONSE TO CHEVRON
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron states that it has already substantially addressed the request
of this proposal. Chevron states that it tested its portfolio using the IEA NZE 2050 demand and commodity price projections and reported
the results of this scenario in its updated Climate Change Resilience Report in October 2021. However, as discussed earlier in this memo,
Chevron does not fully examine the impacts of the IEA NZE scenario on its own business and does not give a quantitative analysis of its
impact.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron&rsquo;s Corporate Audit department conducted a non-rated assurance
review of the NZE 2050 scenario analysis and determined that the analysis was conducted in accordance with established internal process
and emerging external guidance. However, obtaining an assurance review from an internal audit team does not sufficiently respond to the
request of the proposal because: (1) this does not provide an external assessment of this information (the internal audit team is part
of Chevron), and is therefore not independent, and (2) an assurance review has a lower level of stringency than an audit. Additionally,
since the Climate Change Resiliency Report fails to quantitatively address the impact to its financial statement for Chevron&rsquo;s core
fossil fuel segments, any assurance provided fails to give investors confidence on this matter.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron states, &ldquo;We regularly analyze alternative scenarios to
stress-test our portfolio, and we integrate those learnings to help us remain competitive and resilient in any environment. This information
is confidential and competitively secret.&rdquo; Commercial sensitivity concerns do not outweigh the investor interest in understanding
the assumptions upon which its financial statements are based and/or the impact of the Paris-aligned Net Zero pathway set forth by the
IEA. Additionally, some peers in Europe and Canada disclose the inputs that they use, belying the argument that such information is commercially
sensitive. Not disclosing this information simply deprives U.S. market investors of information available in other jurisdictions and the
ability to compare climate risks and impacts across companies. At a minimum, investors are entitled to know what material assumptions
were used in constructing the financial statements. Without this information, investors cannot determine the extent to which Chevron is
including climate change risk considerations in the impairment testing of its assets, if at all, nor what the
impact of the ongoing Net Zero transition will be.</P>

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</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; </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>2022
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 | Shareholder Proposal to Report on Impacts of Net Zero 2050 Scenario</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; background-color: #B8CCE4">CONCLUSION</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal to Report on
Impacts of the Net Zero by 2050 Scenario. </B>Chevron has not adequately addressed how the assumptions of the NZE2050 would impact its
own financial assumptions and financial standing. Chevron&rsquo;s lack of transparency on its commodity price projections, other key financial
assumptions, and the quantitative impacts of how the IEA NZE scenario would impact its business, leaves investors in the dark. We urge
a &ldquo;Yes&rdquo; vote.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">12</P>

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

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