<SEC-DOCUMENT>0001387131-22-005129.txt : 20220422
<SEC-HEADER>0001387131-22-005129.hdr.sgml : 20220422
<ACCEPTANCE-DATETIME>20220422105805
ACCESSION NUMBER:		0001387131-22-005129
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220422
DATE AS OF CHANGE:		20220422
EFFECTIVENESS DATE:		20220422

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:		22844220

	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:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>cvx-px14a6g_042222.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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    <P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="background-color: white">NAME OF REGISTRANT: Chevron Corporation</FONT></P>
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</P>
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring, MD 20914</P>
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>
    <P STYLE="font: 7pt Franklin Gothic; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities
    Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P></TD>
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<P STYLE="font: 16pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B>Chevron [NYSE:CVX]: Due to
the Company&#8217;s Failure to Set Adequate Net Zero by 2050 Targets, Realign Investment Plans and Policy Influence Activities to Limit
Global Warming to 1.5&deg;C, Adequately Respond to Majority-Supported Shareholder Proposals, and Ensure Adequate Independent Board Leadership:</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="background-color: white"><B>Vote AGAINST CEO and Chairman Michael Wirth (Item 1.l) and</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 16pt Franklin Gothic; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="background-color: white"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="background-color: white"><B>Vote AGAINST Lead Director Ronald Sugar (item 1.j)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">&nbsp;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B><I>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B></FONT><I>
<FONT STYLE="font-size: 10pt">Therefore, the actions of companies that fail to align to limiting warming to </FONT><FONT STYLE="font-size: 10.5pt; background-color: white">1.5&deg;C</FONT>
<FONT STYLE="font-size: 10pt">pose risks to the financial system as a whole, and to investors&#8217; entire portfolios, in addition to
specific risks to those companies. See <B>Appendix A</B> for more information regarding Majority Action&#8217;s Proxy Voting for a 1.5</FONT><FONT STYLE="font-size: 10.5pt; background-color: white">&deg;C</FONT>
<FONT STYLE="font-size: 10pt">World initiative and the transformation required in key industries. </FONT></I></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Chevron is the second-largest U.S. oil major after ExxonMobil and is the third-largest
emitter among global oil majors.<FONT STYLE="font-family: Franklin Gothic"><SUP>1</SUP></FONT>
Chevron ranked eighth among global oil and gas producers for resources under development in 2021 (with <FONT STYLE="background-color: white">68.9%</FONT>
of that in unconventional sources), and ranked <FONT STYLE="background-color: white">12th</FONT> amongst global oil and gas producers
for exploration capital expenditure between 2019 to 2021.<FONT STYLE="font-family: Franklin Gothic"><SUP>2</SUP></FONT>
Chevron is among the 167 target companies named by Climate Action 100+ as the largest global emitters and &#8220;key to driving the global
net-zero emissions transition.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Petroleum and fossil gas products, including those used in transportation, buildings,
industrial processes, and electricity production, account for nearly 80 percent of carbon emissions from the U.S. energy system.<FONT STYLE="font-family: Franklin Gothic"><SUP>4</SUP></FONT>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<FONT STYLE="font-family: Franklin Gothic"><SUP>5</SUP></FONT>
To stay within the available carbon budget to limit warming to 1.5&deg;C, oil and gas companies must not just decarbonize their own emissions,
but global consumption of fossil fuels must fall as well.<FONT STYLE="font-family: Franklin Gothic"><SUP>6</SUP></FONT>
In 2021, the International Energy Agency (IEA) set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8220;Net
Zero by 2050&#8221; scenario (NZE). Under the NZE, fossil fuel use <B>falls dramatically </B>and can be satisfied with existing assets,
with <B>no need to invest in new oil and gas fields</B>.<FONT STYLE="font-family: Franklin Gothic"><SUP>7</SUP></FONT></P>

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<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">On March 8, 2022, Majority Action filed an exempt solicitation urging
investors to vote against the board leadership at Chevron,<FONT STYLE="font-family: Franklin Gothic"><SUP>8 </SUP></FONT>due
to its failure to adequately respond to majority-supported climate-related shareholder proposals and provide adequate independent
board leadership due to the company&#8217;s lead independent director&#8217;s long tenure and over-commitment to four public boards,
as well as a range of advisory positions. In addition, Chevron has failed to adopt an ambition to achieve net zero by 2050 or sooner
that includes its scope 3 emissions, or adequate interim targets; to align capital allocation to meet a net zero decarbonization
commitment in line with the IEA&#8217;s Net Zero Scenario; or align its lobbying and policy influence to Paris Agreement goals.
Chevron is also part of a current, ongoing investigation by the U.S. House Committee on Oversight and Reform on the role of the
fossil fuel industry in promoting decades of climate disinformation and preventing meaningful action on climate change.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Failure to
set ambitious decarbonization targets in line with <FONT STYLE="background-color: white">1.5&deg;C</FONT> pathways and align companies&#8217;
business plans and policy influence to those targets is a failure of strategy and corporate governance, for which long-term investors
should hold directors accountable. At companies where the production, processing, sale, and/or consumption of fossil fuels is central
to its core business, and greenhouse gas (GHG) emissions reductions have profound strategic implications, the board chair, and lead independent
director where the position exists, should be held accountabl</B></FONT><B><FONT STYLE="color: #0072BD">e</FONT></B>. <FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Chevron&#8217;s
own report, <I>Climate Change Resilience, </I>underscores that the responsibility for oversight of climate change-related risks lies with
the full board of directors.<SUP>9</SUP></B></FONT></P>

<P STYLE="font: 17pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Failure to set adequate
net zero targets</B></P>

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    <TD STYLE="vertical-align: top; width: 83%; border: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Net zero by 2050 commitment that covers all relevant emissions sources, in particular Scope 3 emissions from the burning of products sold, and on a full equity share basis </B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Net zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage </B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: justify"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Company has adopted robust interim targets, including substantial reductions by 2030</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">In October 2021, Chevron published updated GHG reduction targets, including a
net zero &#8220;aspiration&#8221; for scope 1 and 2 equity upstream emissions, and a target of reducing the carbon intensity of its portfolio
across scopes 1, 2, and 3 by only 5 percent (from a 2016 baseline) by 2028.<FONT STYLE="font-family: Franklin Gothic"><SUP>10</SUP></FONT>
According to the Climate Action 100+ Net-Zero Company Benchmark, Chevron&#8217;s net zero ambition does not meet the criteria for a net
zero by 2050 ambition, as it does not cover 95 percent of its scope 1 and 2 emissions nor most relevant scope 3 emissions, nor is it aligned
with the goal of limiting warming to 1.5&deg;C.<FONT STYLE="font-family: Franklin Gothic"><SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic"><SUP></SUP></FONT></P></DIV>

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<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Chevron&#8217;s interim targets do not fully meet the Climate Action 100+
Net-Zero Company Benchmark indicators for medium- or short-term targets. Only the medium-term target covers 95 percent of scopes 1
and 2 and most relevant scope 3 emissions, and none are aligned to the goal of limiting warming to 1.5&deg;C.<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>12 </SUP></FONT>An
intensity-only reduction target provides no guarantee that the company&#8217;s scope 3 emissions will fall in absolute terms.</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Capital allocation and
investment plans not aligned with 1.5&deg;C pathways</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">&nbsp;</P>

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    <TD STYLE="width: 90%; border: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario.</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">According to the Climate Action 100+ Net-Zero Company Benchmark, Chevron had not,
as of December 31, 2021, met any of the indicators for capital allocation alignment.<FONT STYLE="font-family: Franklin Gothic"><SUP>13</SUP></FONT>
To do so, the company would need to align future capital expenditures with its long-term GHG reduction target(s), commit to aligning future
capital expenditures with the Paris Agreement&#8217;s objective of limiting global warming to 1.5&deg;C, and disclose the methodology
it uses for such alignment.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">According to Carbon Tracker&#8217;s assessment of Chevron&#8217;s capital expenditure
and production plans against IEA scenarios, 50-60 percent of Chevron&#8217;s upstream (sanctioned and unsanctioned) future capex (2021-2030)
is outside of the IEA Beyond 2 Degrees Scenario (limiting warming to 1.6&deg;C, net zero by 2060),<FONT STYLE="font-family: Franklin Gothic"><SUP>14</SUP></FONT>
and the company would have to lower production by 57 percent to align with the IEA NZE.<FONT STYLE="font-family: Franklin Gothic"><SUP>15</SUP></FONT>
In its <I>Climate Change Resilience Report, </I>Chevron states that it considers the NZE a &#8220;highly unlikely transformation&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>16</SUP></FONT>
and that it believes &#8220;the likelihood of the IEA&#8217;s NZE 2050 scenario is remote.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>17</SUP></FONT>
Citations to support this belief include an opinion piece dismissing the IEA&#8217;s roadmap as &#8220;policy diktats&#8230; more in keeping
with the agenda of the radical fringe of environmental activism.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="background-color: white">According to the company in its fourth-quarter
2021 earnings results, Chevron&#8217;s net production grew in 2021 to a record 3.10 million barrels per day, and the company added 1.3
million barrels of net oil-equivalent proven reserves in 2021.<FONT STYLE="font-family: Franklin Gothic"><SUP>19</SUP></FONT>
CEO Michael Wirth noted that the company is projecting &#8220;compound annual growth of 3 percent [in production] out through 2025.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>20</SUP></FONT>
Chevron&#8217;s continued expansion in production is incompatible with substantial scope 3 emissions reductions and the IEA NZE. </FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="background-color: white">Chevron has announced $10 billion in investments
for energy transition activities &#8211; only 10 percent of its total capex through 2028 &#8211; which focus on CCUS and offsets, renewable
fuels, hydrogen, and &#8220;internal GHG reduction activities,&#8221; rather than solar or wind power.<FONT STYLE="font-family: Franklin Gothic"><SUP>21</SUP></FONT>
In response, Carbon Tracker&#8217;s Axel Dalman noted that the company&#8217;s addition of lower-carbon energy as additional to, not instead
of, exploration and production, means the company continues to expose itself to stranded asset risk in the future.</FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="background-color: white"></FONT></P></DIV>

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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B>Misalignment of policy influence activities with net
zero commitment and 1.5&deg;C pathways</B></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0 0 15pt"></P>

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    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 7pt Franklin Gothic; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">According to InfluenceMap, the company receives a near-failing &#8220;E+&#8221;
grade (on an A-F scale) for its obstructive engagement on climate policy.<FONT STYLE="font-family: Franklin Gothic"><SUP>22</SUP></FONT>
InfluenceMap notes numerous examples of Chevron&#8217;s obstructionist climate lobbying and public relations.<FONT STYLE="font-family: Franklin Gothic"><SUP>23</SUP></FONT>
For example, in the United States, Chevron appeared to lobby against the introduction of a cap and trade mechanism in California; criticized
the proposed phaseout of fossil fuel vehicles by 2035; opposed the US Renewable Fuel standard program; opposed a number of US methane
emission requirements, and in early 2022 publicly disagreed with the decision of a U.S. federal judge invalidating an oil and gas lease
sale in the Gulf of Mexico. In Australia, the company opposed the National Greenhouse and Energy Reporting legislation and backed a &#8220;gas-led
recovery&#8221; plan encouraging the development of the fossil gas industry. In the United Kingdom, Chevron lobbied the UK government
for &#8220;greater recognition of the role of gas in the transition.&#8221;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">In February 2022, Chevron CEO Michael Wirth was elected chairman of the American
Petroleum Institute (API),<FONT STYLE="font-family: Franklin Gothic"><SUP>24</SUP></FONT>
an organization notorious for obstructionist lobbying on U.S. climate policy. API, which receives a failing &#8220;F&#8221; grade from
InfluenceMap,<FONT STYLE="font-family: Franklin Gothic"><SUP>25</SUP></FONT>
spent more than $2 million on lobbying and advertising in the first half of 2021 to oppose the climate provisions of the Biden administration's
Build Back Better plan.<FONT STYLE="font-family: Franklin Gothic"><SUP>26</SUP></FONT>
Chevron&#8217;s 2021 federal lobbying disclosures also note that Chevron engaged in lobbying related to the Build Back Better plan, though
it did not disclose its position.<FONT STYLE="font-family: Franklin Gothic"><SUP>27</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">Chevron is part of a current investigation by the U.S. House Committee on Oversight and
Reform on the role of the fossil fuel industry in promoting decades of climate disinformation and preventing meaningful action on climate
change.<FONT STYLE="font-family: Franklin Gothic"><SUP>28</SUP></FONT>
CEO Michael Wirth appeared before the Committee in October 2021,<FONT STYLE="font-family: Franklin Gothic"><SUP>29</SUP></FONT>
and the Committee has requested Chevron director Enrique Hernandez Jr., chair of the Public Policy and Sustainability Committee, appear
for testimony to take place this spring.<FONT STYLE="font-family: Franklin Gothic"><SUP>30</SUP></FONT>
The Committee specifically requested information regarding the &#8220;reported role of the Chevron Corporation in a long-running, industry-wide
campaign to spread disinformation about the role of fossil fuels in causing global warming.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>31</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0">In addition to Chevron&#8217;s role in a coordinated campaign to seed doubt about climate
change stretching back decades,<FONT STYLE="font-family: Franklin Gothic"><SUP>32</SUP></FONT>
the House committee is also &#8220;assess[ing] whether the companies&#8217; climate pledges will meet [the goal of reducing emissions],
or are instead just the latest example of climate disinformation.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>33</SUP></FONT>
The House Committee on Oversight and Reform has also included API in this investigation, noting that &#8220;[p]ublic reporting indicates
that API&#8230; worked to prevent serious action on global warming by generating doubt about the documented dangers of fossil fuels and
misrepresenting the scale of your efforts to develop alternative energy technologies.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>34</SUP></FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B>Failure to Respond to Majority-Supported Shareholder
Proposal</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">In 2021, holders of 60.7 percent of shares voted<FONT STYLE="font-family: Franklin Gothic"><SUP>35</SUP></FONT>
supported a resolution requesting that Chevron &#8220;substantially reduce the greenhouse gas (GHG) emissions of their energy products
(Scope 3) in the medium- and long-term future.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>36</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic"><SUP></SUP></FONT></P></DIV>

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<DIV><P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">In October 2021, Chevron published updated GHG reduction targets: a net zero by
2050 &#8220;aspiration&#8221; for upstream scope 1 and 2 emissions, and a target to reduce the greenhouse gas intensity across scopes
1, 2, and 3 by 5 percent by 2028.<FONT STYLE="font-family: Franklin Gothic"><SUP>37</SUP></FONT>
These targets are <B>not responsive </B>to the key elements of the majority vote proposal. The intensity reduction target (5 percent by
2028) is a medium-term target, but the company&#8217;s long-term GHG reduction target does not include any scope 3 emissions reductions.
The medium-term 5 percent intensity reduction target also lags behind Chevron&#8217;s peers<FONT STYLE="font-family: Franklin Gothic"><SUP>38</SUP></FONT>
and does not guarantee any reduction in absolute scope 3 emissions if production continues to rise, as indicated by Chevron&#8217;s own
production forecast. In response to these targets, Ceres, anchor organization of Climate Action 100+, said, &#8220;these are small steps
when what investors asked for is a giant leap.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>39</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">In describing why it elected to set an intensity reduction target rather than
the substantial scope 3 emissions cuts specified in the proposal, Chevron asserts that there was not consensus on absolute reductions,
specifically scope &#8203;&#8203;3 emissions.<FONT STYLE="font-family: Franklin Gothic"><SUP>40</SUP></FONT>
The company claims that &#8220;[s]ome stockholders, including those that supported the proposal, shared that they recognized that absolute
reductions of GHG emissions, and specifically Scope 3 emissions, may not be appropriate for Chevron because that would require significantly
changing our business strategy,&#8221; and that &#8220;[m]ost stockholders generally did not favor shrinking Chevron&#8217;s traditional
oil and gas business or shifting the core business to renewables as ways to reduce Scope 3 emissions.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>41</SUP></FONT>
Chevron asserts, &#8220;We believe that an absolute Scope 3 target is incompatible with our strategy that includes increasing our oil
and gas production...&quot;<FONT STYLE="font-family: Franklin Gothic"><SUP>42</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">In describing its outreach strategy, the company explains that to solicit feedback
on the proposal, the company had over 100 &#8220;ESG-focused&#8221; meetings with 71 institutions representing 39 percent of outstanding
common stock, and that the CEO and members of the Board met with stockholders representing 30 percent of outstanding common stock.<FONT STYLE="font-family: Franklin Gothic"><SUP>43</SUP></FONT>
However, this discussion does not provide enough specific information to determine how representative the reported shareholder sentiment
is, as &#8220;some&#8221; and &#8220;most&#8221; are not sufficiently precise. Further, Chevron has not explained how the engaged shareholders
were selected, or the proportion of engaged shareholders that voted in favor of the proposal. Thus, Chevron&#8217;s rationale should not
excuse its failure to implement the proposal, which was supported by a large majority of shares voted.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">This lack of responsiveness mirrors Chevron&#8217;s lackluster response to the
shareholder proposal on climate lobbying which received majority support (53.5 percent of shares voted) in 2020.<FONT STYLE="font-family: Franklin Gothic"><SUP>44</SUP></FONT>
This proposal requested that the Board evaluate and issue a report describing &#8220;if, and how, Chevron&#8217;s lobbying activities
(direct and through trade associations) align with the goal of limiting average global warming to well below 2 degrees Celsius (the Paris
Climate Agreement&#8217;s goal)&#8221; as well as disclose any plans to mitigate identified risks presented by misaligned lobbying.<FONT STYLE="font-family: Franklin Gothic"><SUP>45</SUP></FONT>
In December 2020, Chevron released a climate lobbying report.<FONT STYLE="font-family: Franklin Gothic"><SUP>46</SUP></FONT>
A January 2022 analysis by InfluenceMap assessed Chevron&#8217;s report against investor expectations on climate policy engagement disclosures,
as outlined by the UN PRI, IIGCC, and Ceres.<FONT STYLE="font-family: Franklin Gothic"><SUP>47</SUP></FONT>
InfluenceMap found that Chevron failed to meet five of the seven investor expectations and only partially met two.<FONT STYLE="font-family: Franklin Gothic"><SUP>48</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Chevron&#8217;s failure to implement majority-supported shareholder proposals
is a<B>t odds with major investor proxy voting standards</B> and corporate governance best practices. Some investors whose proxy voting
policies include specific reference to the failure to substantially address majority supported shareholder concerns or proposals include
BlackRock, Vanguard, State Street, along with proxy advisor ISS and investor trade association Council of Institutional Investors.<FONT STYLE="font-family: Franklin Gothic"><SUP>49</SUP></FONT>
Chevron&#8217;s own climate change report underscores that the responsibility for oversight of climate change-related risks lies with
the full board of directors.<FONT STYLE="font-family: Franklin Gothic"><SUP>50</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic"><SUP></SUP></FONT></P></DIV>

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<DIV><P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B>Other Governance Issues </B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Without an independent chair, the board relies on a Lead Independent Director
to provide robust independent leadership and oversight of management. The company&#8217;s current lead director, Ronald Sugar, is <B>heavily
over-boarded and over-committed</B>, particularly given his role as lead director. In addition to Chevron and several advisory commitments,<FONT STYLE="font-family: Franklin Gothic"><SUP>51</SUP></FONT>
he serves on four other boards in leadership positions. Dr. Sugar has also served on the Chevron board for 17 years, which calls into
question his ability to provide independent leadership and oversight of management.<FONT STYLE="font-family: Franklin Gothic"><SUP>52</SUP></FONT>
In explaining votes against Dr. Sugar for the past three years, investors have raised concerns about over-commitment, tenure, and independence<FONT STYLE="font-family: Franklin Gothic"><SUP>53</SUP></FONT>
and while he stepped down from a fifth board in 2020,<FONT STYLE="font-family: Franklin Gothic"><SUP>54</SUP></FONT>
investors continued to raise concerns about his ability to serve as lead independent director in 2021. In March 2022, he was re-elected
to the board at Apple and has been renominated for re-election at the 2022 meetings of Uber (where he is the Board Chair) and Amgen (where
he is the Chair of the Corporate Responsibility and Compliance Committee).<FONT STYLE="font-family: Franklin Gothic"><SUP>55</SUP></FONT>
In 2021, Dr. Sugar had among the lowest support of directors in the S&amp;P 500, with only 76 percent support; only 2.8 percent of all
S&amp;P 500 directors received less than 80 percent support in 2021.<FONT STYLE="font-family: Franklin Gothic"><SUP>56</SUP></FONT></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B>Shareholder Proposals Related to Climate</B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">In addition to voting against Directors Wirth and Sugar, shareholders may wish
to support three climate-related shareholder resolutions at Chevron this year.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Follow This has filed a resolution (Item 5) requesting that the company set and
publish targets consistent with the Paris Agreement, covering scopes 1, 2 and 3.<FONT STYLE="font-family: Franklin Gothic"><SUP>57</SUP></FONT>
Given Chevron&#8217;s failure to meaningfully address the 2021 proposal to substantially reduce GHG emissions, in addition to holding
relevant directors accountable for failing to adequately implement prior resolutions, shareholders may wish to vote for this resolution,
which expands on last year&#8217;s resolution.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="background-color: white">A second resolution (Item 6) requests that
Chevron provide an audited report addressing how applying the assumptions of the IEA&#8217;s NZE pathway would affect the assumptions
and estimates underlying Chevron&#8217;s financial statements.<FONT STYLE="font-family: Franklin Gothic"><SUP>58</SUP></FONT>
Another r</FONT>esolution (Item 7) asks Chevron to issue a report on the reliability of its methane emission disclosures; this is the
only climate-related proposal the company recommends shareholders support as Chevron already plans to release a report with this information.<FONT STYLE="font-family: Franklin Gothic"><SUP>59</SUP></FONT></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><FONT STYLE="background-color: white"><B>Conclusion: Chevron
has failed to set adequate net zero by 2050 targets, realign investment plans and policy influence activities to limit global warming
to 1.5&deg;C, adequately respond to majority-supported shareholder proposals, or ensure adequate independent board leadership. Therefore,
we recommend that shareholders vote AGAINST CEO and Chair Michael Wirth (Item 1.l) and Lead Director Ronald Sugar (Item 1.j) at the company&#8217;s
annual meeting on May 25, 2022. </B></FONT></P>

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<P STYLE="font: 21pt Georgia, Times, Serif; margin: 20pt 0 6pt; color: #0072BD"> Appendix A: Proxy Voting
for a 1.5&deg;C World</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods of millions.</B></FONT>
<FONT STYLE="font-size: 10pt">Corporate leaders in the industries responsible for this crisis have failed to take up the leadership required
to change course.</FONT></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B>&#8220;Climate risk&#8221; is systemic, escalating and
irreversible - and corporate boards urgently need to take responsibility for averting and mitigating this risk. </B></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">The UN Intergovernmental Panel on Climate Change (IPCC) in 2018 made clear that
in order to have at least a 50% chance of limiting warming to 1.5&deg;C and avoiding the most catastrophic effects of the climate crisis,
we must bring global, economy-wide carbon emissions down to net zero by 2050 at the latest.<FONT STYLE="font-family: Franklin Gothic"><SUP>60</SUP></FONT>
According to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production from today.<FONT STYLE="font-family: Franklin Gothic"><SUP>61</SUP></FONT>
The IPCC also recognizes that reducing rates of deforestation and forest degradation also represents one of the most effective and robust
options for climate change mitigation.<FONT STYLE="font-family: Franklin Gothic"><SUP>62</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">That means that corporate directors must ensure that companies set ambitious decarbonization
targets in line with 1.5&deg;C pathways, and align companies&#8217; business plans, capital expenditures, and policy influence to those
targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in the expansion and continued
use of fossil fuels, further accelerating global warming.<FONT STYLE="font-family: Franklin Gothic"><SUP>63</SUP></FONT></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT>
<FONT STYLE="font-size: 10pt">Therefore, the actions of companies that directly or indirectly impact climate outcomes pose risks to the
financial system as a whole and to investors&#8217; entire portfolios. In order to manage this systemic portfolio risk, investors must
move beyond disclosure and company-specific climate risk management frameworks and focus on holding accountable the relatively small number
of large companies whose actions are a significant driver of climate change. </FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">When directors fail to transform corporate business practices in line with 1.5&deg;C
pathways, responsible investors must use their most powerful tool &#8211; their proxy voting power &#8211; to vote against directors.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B>Bold and unprecedented action by investors is a prerequisite
to averting further global economic and financial catastrophe. While past shareholder efforts at standard setting, disclosure and engagement
have laid important groundwork, company commitments won thus far have been far too incremental, far too hard fought, and collectively
insufficient to the scale of the crisis.</B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B></B></P></DIV>

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<DIV><P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B></B></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> <FONT STYLE="font-size: 10pt">We urge investors
to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C. </FONT></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Key Sectors Are Critical
to Curbing the Climate Crisis</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">The electric power, finance, transportation, and oil and gas sectors are key drivers
of the production and consumption of fossil fuels and must all make dramatic transformations to curb the worst of catastrophic climate
change and protect long-term investors. Similarly, companies driving deforestation &#8211; including companies that source key deforestation-linked
agricultural commodities, driving market demand for one of the greatest threats to the world&#8217;s forests &#8211; must adopt comprehensive
climate policies and end deforestation.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Substantial votes against board members at these companies could help realign
business and investment plans to the goals of the Paris Agreement, hold companies accountable for lobbying and policy influence practices
that obstruct climate action, and align executive compensation to key decarbonization goals.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">While each industry and company will need to chart its own path in pursuing decarbonization
consistent with limiting warming to 1.5&ordm;C, setting a target to reach net zero emissions by no later than 2050 is a critical first
step. In the absence of such a target, investors can have no confidence that the company will be able to transform its business consistent
with limiting warming to 1.5&ordm;C.</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Voting Guide: Oil &amp;
Gas</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Petroleum and fossil gas products, including those used in transportation, buildings,
industrial processes, and electricity production, account for nearly 80% of carbon emissions from the U.S. energy system.<FONT STYLE="font-family: Franklin Gothic"><SUP>64</SUP></FONT>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<FONT STYLE="font-family: Franklin Gothic"><SUP>65</SUP></FONT>
In general, U.S. oil companies lag behind their European peers in adopting net zero by 2050 ambitions<FONT STYLE="font-family: Franklin Gothic"><SUP>66</SUP></FONT>,
or investing in renewable energy production.<FONT STYLE="font-family: Franklin Gothic"><SUP>67</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">To stay within the available carbon budget to limit warming to 1.5&deg;C, not
only must oil and gas companies decarbonize their own emissions, but global consumption of fossil fuels must fall as well.<FONT STYLE="font-family: Franklin Gothic"><SUP>68</SUP></FONT>
In May 2021, the IEA set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8216;Net Zero by 2050&#8217;
scenario (&#8220;NZE&#8221;).<FONT STYLE="font-family: Franklin Gothic"><SUP>69</SUP></FONT>
Prior IEA scenarios such as the Beyond 2&deg;C Scenario (aligned to limiting warming to 1.75&deg;C by 2060<FONT STYLE="font-family: Franklin Gothic"><SUP>70</SUP></FONT>)
and the Sustainable Development Scenario (aligned to the Paris Agreement&#8217;s upper target of well below 2&deg;C<FONT STYLE="font-family: Franklin Gothic"><SUP>71</SUP></FONT>),
still fell short of limiting warming to 1.5&deg;C.</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Under the NZE, fossil fuel use falls dramatically and can be satisfied with existing
assets, with no need to invest in new oil and gas fields, and no new coal mines or mine extensions.<FONT STYLE="font-family: Franklin Gothic"><SUP>72</SUP></FONT>
However, according to analyses by Carbon Tracker, the world&#8217;s largest oil companies have projects both sanctioned (those currently
producing or under development) and unsanctioned (those not yet under development) over the course of the next two decades that would
exceed the carbon budget for 2.0&deg;C of global warming, let alone 1.5&deg;C.<FONT STYLE="font-family: Franklin Gothic"><SUP>73</SUP></FONT>
This signals that many companies are not yet fully committed to meaningful reductions. While oil demand fell in 2020 due to COVID-19 disruptions,<FONT STYLE="font-family: Franklin Gothic"><SUP>74</SUP></FONT>
oil demand and pricing are currently rebounding,<FONT STYLE="font-family: Franklin Gothic"><SUP>75</SUP></FONT>
and any expansion plans are fundamentally at odds with the immediate global production reductions required within most Paris Agreement-aligned
scenarios.<FONT STYLE="font-family: Franklin Gothic"><SUP>76</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic"></FONT></P></DIV>

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<DIV><P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic">&nbsp;</FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">As shale-focused companies rely primarily on continued new drilling to sustain
production, these companies are particularly at risk: in order to limit to 1.5&deg;C and be aligned with the IEA NZE, shale-focused companies
in particular must reduce production by more than 80%.<FONT STYLE="font-family: Franklin Gothic"><SUP>77</SUP></FONT>
However, many U.S. companies continue to expand into shale-rich regions such as the Permian Basin<FONT STYLE="font-family: Franklin Gothic"><SUP>78</SUP></FONT>
(see Capital Allocation section). The Permian is predicted to account for much of the growth in US oil production, and much of this will
likely be exported and burned overseas; an Occidental Petroleum company executive recently noted the trend by saying &#8220;every single
molecule from here on out has to be exported.&#8221;<FONT STYLE="font-family: Franklin Gothic"><SUP>79</SUP></FONT></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Target setting</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">To avoid the risk of global temperature overshoot, emissions need to fall by 45%
from 2010 levels by 2030, reaching net zero by 2050.<FONT STYLE="font-family: Franklin Gothic"><SUP>80</SUP></FONT>
Net-zero commitments should also incorporate interim targets and milestones that allow accelerated emissions reduction between now and
2030 rather than delaying the hard task of emissions reduction until after that date. Net zero commitments must cover projects on a full
equity share basis, such that all joint ventures and subsidiaries are covered by the company-wide target. Companies should achieve net
zero by 2050 with limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and
storage (CCUS). Relying on CCUS&#8211;rather than phasing out the production of fossil fuels&#8211;is a risky strategy<FONT STYLE="font-family: Franklin Gothic"><SUP>81</SUP></FONT>;
even pro-CCUS sources acknowledge that many proposed CCUS technologies are as yet unproven, and a massive infrastructure investment and
buildout would be required to capture enough carbon to limit warming to 1.5&deg;C.<FONT STYLE="font-family: Franklin Gothic"><SUP>82</SUP></FONT>
Oil and gas companies should clearly disclose specific plans to use offsets or negative emissions to achieve net zero emissions by 2050,
so that investors may assess the quality and credibility of their plans.</P>

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">CDP (formerly Carbon Disclosure Project), company survey responses<FONT STYLE="font-family: Franklin Gothic"><SUP>83</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Science-Based Targets Initiative, Companies list<FONT STYLE="font-family: Franklin Gothic"><SUP>84</SUP></FONT>
and Sector Guidance<FONT STYLE="font-family: Franklin Gothic"><SUP>85</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Climate Action 100+, Disclosure Indicators 1-4<FONT STYLE="font-family: Franklin Gothic"><SUP>86</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 15pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Oil Change International, Big Oil Reality Check<FONT STYLE="font-family: Franklin Gothic"><SUP>87</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Capital allocation</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Given that oil supplies currently in production already exceed the carbon budget
for limiting warming to 1.5&deg;C, oil and gas companies must immediately cease approving investment in new projects that fall outside
the carbon budget. At minimum, Arctic and oil sands projects should be halted because they are inconsistent with limiting warming to 1.5&deg;C<FONT STYLE="font-family: Franklin Gothic"><SUP>88</SUP></FONT>,
economically marginal due to elevated production costs, and carry additional environmental and human rights risks.<FONT STYLE="font-family: Franklin Gothic"><SUP>89</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Oil production in the Permian Basin in Texas and New Mexico &#8211; almost
entirely fracking<FONT STYLE="font-family: Franklin Gothic"><SUP>90</SUP></FONT>&#8211;has
nearly quadrupled from 2010 to today,<FONT STYLE="font-family: Franklin Gothic"><SUP>91 </SUP></FONT>while
natural gas production has more than tripled.<FONT STYLE="font-family: Franklin Gothic"><SUP>92 </SUP></FONT>According
to an analysis conducted by Oil Change International, carbon emissions from Permian oil and gas production through 2050 could alone
exhaust nearly 10% of the global 1.5&deg;C carbon budget.<FONT STYLE="font-family: Franklin Gothic"><SUP>93 </SUP></FONT>The
climate impact of Permian oil and gas is even greater than coal based on the amount of methane that escapes into the atmosphere
during hydraulic fracking.<FONT STYLE="font-family: Franklin Gothic"><SUP>94 </SUP></FONT>It
is estimated that the Permian Basin has a 60% higher methane leakage rate than other U.S oil and gas regions.<FONT STYLE="font-family: Franklin Gothic"><SUP>95 </SUP></FONT>Given
that the vast majority of these emissions would come from wells not yet in production at the end of 2020, much of these emissions
could be avoided if companies simply halted all drilling of new wells.<FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>96</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP></SUP></FONT></P></DIV>

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<DIV><P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt"><FONT STYLE="font-family: Franklin Gothic; font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Investors should use the NZE scenario as a floor to assess companies&#8217; climate
policies, transition scenarios and capital allocation alignment. Importantly, no new oil or gas fields should be approved for development
under a 1.5&deg;C pathway; no investment in new oil and gas production should be undertaken;<FONT STYLE="font-family: Franklin Gothic"><SUP>97</SUP></FONT>
and production levels must fall by the 2030s.<FONT STYLE="font-family: Franklin Gothic"><SUP>98</SUP></FONT>
Under such a scenario, asset stranding of additional production assets as well as existing assets is a major risk to investors.<FONT STYLE="font-family: Franklin Gothic"><SUP>99</SUP></FONT></P>

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Rainforest Action Network, Banking on Climate Chaos<FONT STYLE="font-family: Franklin Gothic"><SUP>100</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Carbon Tracker, Fault Lines (2020)<FONT STYLE="font-family: Franklin Gothic"><SUP>101</SUP></FONT>
and Adapt to Survive (2021)<FONT STYLE="font-family: Franklin Gothic"><SUP>102</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Carbon Tracker, Company Profiles: Oil &amp; Gas Companies<FONT STYLE="font-family: Franklin Gothic"><SUP>103</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 15pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Climate Action 100+, Climate Action 100+ Net-Zero Company Benchmark: Company assessments, see Disclosure
Indicator 6<FONT STYLE="font-family: Franklin Gothic"><SUP>104</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Policy influence</P>

<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">Oil and gas companies must fully align their policy influence activities, including
political spending and lobbying, with the policy settings required to accelerate sector-wide emissions reductions on a timeline necessary
to limit warming to 1.5&deg;C. Oil and gas companies must provide full disclosure of all political and lobbying spending in all jurisdictions
to allow investors to assess this alignment. Finally, companies must ensure the alignment of the policy influence activities of any trade
associations or similar entities of which they are members or to which they contribute with 1.5&deg;C outcomes, or cease membership of
such organizations.</P>

<P STYLE="color: #0072BD; font: 13pt Franklin Gothic; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES: </B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Climate Action 100+ Net-Zero Company Benchmark: Company assessments, see Disclosure Indicator 7<FONT STYLE="font-family: Franklin Gothic"><SUP>105</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Franklin Gothic; margin-top: 0; margin-bottom: 15pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">InfluenceMap, List of companies and influencers<FONT STYLE="font-family: Franklin Gothic"><SUP>106</SUP></FONT></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Summary table&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Franklin Gothic; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3" STYLE="width: 19%; border: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>TARGET SETTING </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="width: 72%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-size: 9pt; color: white">Net zero by 2050 commitment that covers all relevant emissions sources, in particular scope 3 emissions from the burning of products sold, and on a full equity share basis </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-size: 9pt; color: white">Net zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-size: 9pt; color: white">Company has adopted robust interim targets, including substantial reductions by 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>CAPITAL ALLOCATION</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-size: 9pt; color: white">Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>POLICY INFLUENCE</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #F25025; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; background-color: #0072BD; padding-top: 12.15pt; padding-right: 12.15pt; padding-left: 12.15pt"><FONT STYLE="font-size: 9pt; color: white">Alignment of policy influence activities with net zero target and limiting warming to 1.5&deg;C</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Franklin Gothic; margin: 0 0 15pt">&nbsp;</P>





<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>1</SUP></FONT>
Mehta, Angeli. &#8220;Oil and Gas Industry Emissions Reduction Pledges Under Scrutiny,&#8221; November 9, 2021, https://www.chemistryworld.com/news/oil-and-gas-industry-emissions-reduction-pledges-under-scrutiny/4014721.article</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>2</SUP></FONT>
Analysis using Urgewald&#8217;s Global Oil and
Gas Exit List (GOGEL), available at https://gogel.org/ Expenditure is a 3-year average from 2019-2021.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>3</SUP></FONT>
Climate Action 100+, &#8220;Companies,&#8221; https://www.climateaction100.org/whos-involved/companies/
, accessed March 16, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>4</SUP></FONT>
US Energy Information Administration, &#8216;Total Energy.&#8217; Data browser. https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13,
accessed March 1, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>5</SUP></FONT>
US Energy Information Administration, &#8220;United States Remains Largest
Producer of Petroleum and Natural Gas Hydrocarbons,&#8221; https://www.eia.gov/todayinenergy/detail.php?id=26352, accessed March 1,
2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>6</SUP></FONT>
International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>7</SUP></FONT>
IEA, &#8216;Net Zero by 2050,&#8217; Figure 3.4, p. 103</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>8</SUP></FONT>
Majority Action, Form PX14-A, filed March 8, 2022, https://www.sec.gov/Archives/edgar/data/0000093410/000138713122003291/cvx-px14a6g_030822.htm</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>9</SUP></FONT>
Chevron, <I>Climate Change Resilience</I>, https://www.chevron.com/-/media/chevron/sustainability/documents/climate-change-resilience-report.pd,
p. 5</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>10</SUP></FONT>
Chevron, &#8220;Chevron Sets Net Zero Aspiration and New GHG Intensity Target,&#8221; October 11, 2021, https://www.chevron.com/stories/chevron-sets-net-zero-aspiration-and-new-ghg-intensity-target</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>11</SUP></FONT>
Climate Action 100+, &#8220;Chevron - Company Assessment,&#8221; March 30, 2022. https://www.climateaction100.org/company/chevron-corporation/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>12</SUP></FONT>
Climate Action 100+, &#8220;Chevron - Company Assessment,&#8221; March 30, 2022. https://www.climateaction100.org/company/chevron-corporation/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>13</SUP></FONT>
Climate Action 100+, https://www.climateaction100.org/company/chevron-corporation/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>14</SUP></FONT>
Carbon Tracker, <I>Adapt to Survive, </I>September 2021, https://carbontracker.org/reports/adapt-to-survive/full-report/,
p. 35 (Table 1)</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>15</SUP></FONT>
Carbon Tracker, <I>Adapt to Survive, </I>September 2021, https://carbontracker.org/reports/adapt-to-survive/full-report/,
p. 7</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>16</SUP></FONT>
Chevron, <I>Climate Change Resilience Report, </I>https://www.chevron.com/-/media/chevron/sustainability/documents/2021-climate-change-resilience-report.pdf
p. 32</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>17</SUP></FONT>
Chevron, <I>Climate Change Resilience Report, </I>https://www.chevron.com/-/media/chevron/sustainability/documents/2021-climate-change-resilience-report.pdf
p. 33</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>18</SUP></FONT>
Doshi, Tilak &#8220;IEA&#8217;s net zero by 2050 report: Credible roadmap or unhinged advocacy?,&#8221;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><I>Forbes</I>, June 2021, forbes.com/sites/tilakdoshi/2021/06/18/ieas-net-zero-by-2050-report-credible-roadmap-or-unhinged-advocacy/?sh=18569c7c1dff</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>19</SUP></FONT>
Chevron, &#8220;Chevron Announces Fourth Quarter 2021 Results,&#8221; January 28, 2022, https://chevroncorp.gcs-web.com/news-releases/news-release-details/chevron-announces-fourth-quarter-2021-results</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>20</SUP></FONT>
Chevron, &#8220;Michael Wirth on Q4 2021 Results - Earnings Call Transcript,&#8221; January 28, 2022, https://seekingalpha.com/article/4482583-chevron-corporation-cvx-ceo-michael-wirth-on-q4-2021-results-earnings-call-transcript</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>21</SUP></FONT>
Holland, Bill. &#8220;Chevron&#8217;s 10b plan for energy change is high-risk break from the pack.&#8217; <I>Bloomberg, </I>September
16 2021, https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/chevron-s-10b-plan-for-energy-change-is-high-risk-break-from-the-pack-66621281</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>22</SUP></FONT>
InfluenceMap, &#8220;Chevron&#8221; (company profile), https://lobbymap.org/company/Chevron-f4b47c4ea77f0f6249ba7f77d4f210ff/projectlink/Chevron-In-Climate-Change,
accessed March 8, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>23</SUP></FONT>
InfluenceMap, &#8216;Chevron (company profile).&#8217;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>24</SUP></FONT>
American Petroleum Institute, &#8220;Chevron Chairman and CEO Mike Wirth Elected Chairman of API Board,&#8221; February 2, 2022, https://www.api.org/news-policy-and-issues/news/2022/02/02/chevron-chairman-and-ceo-mike-wirth-elected-chairman-of-api-board</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>25</SUP></FONT>InfluenceMap,
&#8220;American Petroleum Institute&#8221; (company profile), https://lobbymap.org/influencer/American-Petroleum-Institute-API,
accessed April 15, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>26</SUP></FONT>
AccountableUS. &#8220;API Spending Millions Lobbying Against climate Solutions.&#8221; October 6, 2021. https://www.accountable.us/news/api-spending-millions-lobbying-against-climate-solutions/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>27</SUP></FONT>
InfluenceMap, &#8216;Chevron (company profile).&#8217;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

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<HR ALIGN="LEFT" SIZE="1" STYLE="width: 100%">
<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>28</SUP></FONT>
U.S. House Committee on Oversight and Reform, &#8220;Fueling the Climate Crisis: Exposing Big Oil&#8217;s Disinformation Campaign to Prevent
Climate Action,&#8221; <FONT STYLE="color: #1155CC">https://oversight.house.gov/legislation/hearings/fueling-the-climate-crisis-exposing-big-oil-s-disinformation-campaign-to</FONT>,
accessed April 15, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>29</SUP></FONT>
Hearing before the U.S. House of Representatives Committee on Oversight and Reform, Testimony of Michael K. Wirth, Chairman of the Board
and Chief Executive Officer, Chevron Corporation. October 28, 2021. &#8220;https://oversight.house.gov/sites/democrats.oversight.house.gov/files/Wirth%20Testimony.pdf</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>30</SUP></FONT>
U.S. House Committee on Oversight and Reform, &#8216;Letter to Mr. Enrique Hernandez,&#8217; January 20, 2022, https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2022-01-20.CBM%20Khanna%20to%20Hernandez-Chevron%20re%20Witness%20Invitation.pdf</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>31</SUP></FONT>U.S.
House Committee on Oversight and Reform, &#8216;Letter to Mr. Michael Wirth,&#8217; September 16, 2021 https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2021-09-16.CBM%20Khanna%20to%20Wirth-Chevron%20re%20Disinformation%20FINAL%20v2.pdf</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>32</SUP></FONT>
See, for example, Union of Concerned Scientists, <I>The Climate Deception Dossiers, </I>July 2015, https://www.ucsusa.org/sites/default/files/attach/2015/07/The-Climate-Deception-Dossiers.pdf</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>33</SUP></FONT>
U.S. House Committee on Oversight and Reform, &#8220;Fueling the Climate Crisis: Exposing Big Oil&#8217;s Disinformation Campaign to Prevent
Climate Action,&#8221; https://oversight.house.gov/legislation/hearings/fueling-the-climate-crisis-examining-big-oils-climate-pledges
accessed April 15, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>34</SUP></FONT>
House Committee on Oversight and Reform, &#8216;Letter to Mr. Michael Sommers,&#8217; September 16, 2021, https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2021-09-16.CBM%20Khanna%20to%20Sommers-API%20re%20Disinformation%20FINAL%20PDF%20v2.pdf
p. 3 (sources for public reporting included in original document footnotes)</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>35</SUP></FONT>
Chevron, Form 8-K, filed May 28, 2021, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000093410/000009341021000020/cvx-20210526.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0000093410/000009341021000020/cvx-20210526.htm</A>.
Votes for calculated using for/(for + against).</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>36</SUP></FONT>
Chevron, Schedule 14A, filed April 8, 2021, <A HREF="https://www.sec.gov/Archives/edgar/data/0000093410/000119312521109793/d74377ddef14a.htm#toc74377_61">https://www.sec.gov/Archives/edgar/data/0000093410/000119312521109793/d74377ddef14a.htm#toc74377_61</A>
p. 81</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>37</SUP></FONT>
Chevron, &#8220;Chevron Sets Net Zero Aspiration and New GHG Intensity Target, &#8221;October 11, 2021, https://www.chevron.com/stories/chevron-sets-net-zero-aspiration-and-new-ghg-intensity-target</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>38</SUP></FONT>
Majority Action, Form PX14A6G, <A HREF="https://www.sec.gov/Archives/edgar/data/93410/000138713122003291/cvx-px14a6g_030822.htm">https://www.sec.gov/Archives/edgar/data/93410/000138713122003291/cvx-px14a6g_030822.htm</A>,
see &#8216;Endnotes,&#8217; (information sourced from company announcements)</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>39</SUP></FONT>
Crowley, Kevin. &#8220;Chevron Targets Net Zero Emissions from Own Operations by 2050,&#8221; <I>Bloomberg </I></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">October 11,2021, https://www.bloomberg.com/news/articles/2021-10-11/chevron-targets-net-zero-emissions-from-own-operations-by-2050,</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>40</SUP></FONT>
Chevron, Schedule 14A, filed April 7, 2022, <A HREF="https://www.sec.gov/Archives/edgar/data/93410/000119312522098301/d292137ddef14a.htm#toc292137_65a">https://www.sec.gov/Archives/edgar/data/93410/000119312522098301/d292137ddef14a.htm#toc292137_65a</A>,
p. 35-38</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>41</SUP></FONT>
Chevron, &#8216;Schedule 14A&#8217; (2022), p. 35</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>42</SUP></FONT>
Chevron, &#8216;Schedule 14A&#8217; (2022), p. 35</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>43</SUP></FONT>
Chevron, &#8216;Schedule 14A&#8217; (2022), p. 34</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>44</SUP></FONT>
Chevron, Form 8-K, filed May 29, 2020, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000093410/000009341020000028/a20200527form8-kvotere.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0000093410/000009341020000028/a20200527form8-kvotere.htm</A>.
Votes for calculated using for/(for + against)</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>45</SUP></FONT>
Chevron, Schedule 14A, filed April 7, 2020, https://www.sec.gov/Archives/edgar/data/0000093410/000119312520100407/d838093ddef14a.htm
p. 78</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>46</SUP></FONT>
Chevron, Chevron 2020 Climate Lobbying Report. https://www.chevron.com/-/media/chevron/sustainability/documents/chevron-climate-lobbying-report.pdf</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>47</SUP></FONT>
Influence Map, &#8220;The CA100+ Target Companies: Scoring and Analysis of Corporate Climate Policy Engagement,&#8221; https://lobbymap.org/filter/List-of-Companies-and-Influencers#8,
Accessed April 12, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>48</SUP></FONT>
InfluenceMap, &#8220;Detailed assessment of Chevron&#8217;s corporate industry association review,&#8221; October 2021, https://lobbymap.org/site//data/000/856/Chevron-Review-Scorecard-Oct21.pdf,</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>49</SUP></FONT>
Majority Action, &#8216;Form PX14A6G&#8217; (March 8, 2022), in endnotes.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>50</SUP></FONT>
Chevron, &#8216;Climate Change Resilience Report,&#8217; p. 5</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>51</SUP></FONT>
Chevron, &#8220;Ronald D. Sugar&#8221; (leadership bio). https://www.chevron.com/about/leadership/ronald-sugar, accessed April 11, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>52</SUP></FONT>
Chevron, &#8220;Ronald D. Sugar&#8221; (leadership bio). https://www.chevron.com/about/leadership/ronald-sugar, accessed April 11, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>53</SUP></FONT>
Analysis of voting rationales for 2019, 2020, and 2021, accessed via Insightia (formerly ProxyInsight), as of April 2021 (for 2019 and
2020 rationales), and April 2022 (for 2021 rationales).</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>54</SUP></FONT>
Air Lease, Schedule 14A, 2020. https://sec.report/Document/0001193125-20-079303/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>55</SUP></FONT>
Current company proxy statements</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>56</SUP></FONT>
Analysis via Insightia (formerly ProxyInsight), February 28 2022.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>57</SUP></FONT>
Chevron, &#8216;Schedule 14A&#8217; (2022), p. 90</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>58</SUP></FONT>
Chevron, &#8216;Schedule 14A&#8217; (2022), p. 92</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>59</SUP></FONT>
Chevron, &#8216;Schedule 14A&#8217; (2022), p. 94</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>60</SUP></FONT>
IPCC, <I>Special Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I>https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf
, pp. v, 5, 7-10, 95-97 and 116</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>61</SUP></FONT>
International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector, </I>May 2021. https://www.iea.org/reports/net-zero-by-2050,
Slide 8.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>62</SUP></FONT>
IPCC. <I>Special Report on Climate Change and Land, Summary for Policy Makers</I>,January, 2020, https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf,
pp 23-24 and 26.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>63</SUP></FONT>
Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>64</SUP></FONT>
US Energy Information Administration, &#8216;Carbon Dioxide Emissions from Energy Consumption by Source&#8217;, https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13,
accessed March 19, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>65</SUP></FONT>
US Energy Information Administration, &#8220;The U.S. leads global petroleum
and natural gas production with record growth in 2018,&#8221; https://www.eia.gov/todayinenergy/detail.php?id=40973,
accessed March 16, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>66</SUP></FONT>
Luhavalja, Amanda, et al. &#8220;Path to Net Zero: European Oil Majors Outpace US Companies on Climate Goals,&#8221; <I>S&amp;P Global
Market Intelligence, </I>July 28, 2020, https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/path-to-net-zero-european-oil-majors-outpace-us-companies-on-climate-goals-59543423,
accessed March 16, 2022</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>67</SUP></FONT>
Quinson, Tim, &#8220;US Oil Companies Lag Far Behind Greener European Rivals,&#8221; Bloomberg, March 24, 2021, https://www.bloomberg.com/news/articles/2021-03-24/u-s-oil-companies-lag-far-behind-greener-europe-rivals-green-insight</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>68</SUP></FONT>
IEA, &#8216;Net Zero by 2050 Scenario&#8217;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>69</SUP></FONT>
IEA, &#8216;Net Zero by 2050 Scenario&#8217;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>70</SUP></FONT>
IEA, &#8216;Energy Technology Perspectives 2017.&#8217; https://www.iea.org/reports/energy-technology-perspectives-2017</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>71</SUP></FONT>
IEA, &#8216;Sustainable Development Scenario.&#8217; https://www.iea.org/reports/world-energy-model/sustainable-development-scenario-sds</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>72</SUP></FONT>
IEA, &#8216;Net Zero by 2050 Scenario.&#8217; pp. 21 -22.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>73</SUP></FONT>
Carbon Tracker, &#8216;Adapt to Survive.&#8217; p. 4 and pp.14-16</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

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<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>74</SUP></FONT>
International Energy Agency, <I>World Energy Outlook 2021, </I> https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf
p. 19.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>75</SUP></FONT>
Deloitte, 2022 Oil and Gas Industry Outlook, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-2022-outlook-oil-and-gas.pdf
p. 4.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>76</SUP></FONT>
Oil Change International et al, <I>The Sky&#8217;s the Limit: Why the Paris Climate Goals Require A Managed Decline of Fossil Fuel Production,
</I></P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://priceofoil.org/content/uploads/2016/09/OCI_the_skys_limit_2016_FINAL_2.pdf,
pp. 19-21 and 24.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>77</SUP></FONT>
Carbon Tracker, &#8216;Adapt to Survive.&#8217; p. 6 and p. 15.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>78</SUP></FONT>
Oil Change International<I>. Drilling Towards Disaster: Why US Oil and Gas Expansion Is Incompatible With Climate Limits,</I> January,
2019, https://priceofoil.org/content/uploads/2019/01/Drilling-Towards-Disaster-Web-v2.pdf, p. 7.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>79</SUP></FONT>
Collier, Kiah. &#8220;As Oil and Gas Exports Surge, West Texas Becomes the World&#8217;s &#8216;extraction colony&#8217;&#8221; <I>Texas
Tribune, </I>August 10, 2018, https://www.texastribune.org/2018/10/11/west-texas-becomes-worlds-extraction-colony-oil-gas-exports-surge/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>80</SUP></FONT>
IPCC. &#8216;Special Report on Global Warming of 1.5.&#8217; 2018</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>81</SUP></FONT>
Oil Change International, <I>Big Oil Reality Check, </I>September 2020. http://priceofoil.org/content/uploads/2020/09/OCI-Big-Oil-Reality-Check-vF.pdf,
pp. 8, 9, and 18.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>82</SUP></FONT>
Global CCS Institute, <I>Global Status of CCS 2021, </I>https://www.globalccsinstitute.com/wp-content/uploads/2021/11/Global-Status-of-CCS-2021-Global-CCS-Institute-1121.pdf
p. 35</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>83</SUP></FONT>
https://www.cdp.net/en/responses?queries%5Bname%5D=&amp;utf8=%E2%9C%93</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>84</SUP></FONT>
https://sciencebasedtargets.org/companies-taking-action</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>85</SUP></FONT>
https://sciencebasedtargets.org/sectors</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>86</SUP></FONT>
https://www.climateaction100.org/progress/net-zero-company-benchmark/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>87</SUP></FONT>
Oil Change International, &#8216;Big Oil Reality Check&#8217;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>88</SUP></FONT>
Carbon Tracker, <I>Breaking the Habit: Why None of the Large Oil Companies are &#8220;Paris-aligned&#8221;, and What They Need to Do to
Get There, </I>September 2019, https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf,</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>89</SUP></FONT>
BankTrack, Oil Change International, Rainforest Action Network, Sierra Club. <I>Banking on Climate Change: Fossil Fuel Finance Reportcard
2017 </I>https://priceofoil.org/content/uploads/2017/06/Banking_On_Climate_Change_2017.pdf, pp.4, 13 and 20</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>90</SUP></FONT>
Oil Change International. &#8216;Drilling Towards Disaster.&#8217; p. 26</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>91</SUP></FONT>
Please see chart: Total Oil Production in the Permian Basin</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://www.dallasfed.org/research/energy11/permian.aspx#Oil</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>92</SUP></FONT>
Natural Gas Production in Permian Basin chart</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://www.dallasfed.org/research/energy11/permian.aspx#Gas</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>93</SUP></FONT>
Oil Change International. &#8216;Drilling Towards Disaster.&#8217; pp. 7 and 26</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>94</SUP></FONT>
https://thehill.com/policy/energy-environment/155101-report-gas-from-fracking-worse-than-coal-on-climate</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>95</SUP></FONT>
Zhang, Y. et al. &#8220;Quantifying methane emissions from the largest oil-producing basin in the United States from space.&#8221; <I>Science
Advances: </I>22 Apr 2020<B>. </B>https://www.science.org/doi/10.1126/sciadv.aaz5120</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>96</SUP></FONT>
Oil Change International, Earthworks, and the Center for International Environmental Law, <I>The Permian Climate Bomb. </I>https://www.permianclimatebomb.org/chapter-2</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>97</SUP></FONT>
Carbon Tracker. &#8216;Adapt to Survive.&#8217; pp. 4-5, 8-10</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>98</SUP></FONT>
Carbon Tracker. &#8216;Adapt to Survive.&#8217; p. 6.</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>99</SUP></FONT>
Carbon Tracker. &#8216;Adapt to Survive.&#8217;, pp. 4-5, 8-10</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>100</SUP></FONT>
Rainforest Action Network, <I>Banking on Climate Chaos. </I>March 2021. https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>101</SUP></FONT>
Carbon Tracker, <I>Fault Lines: How Diverging Oil and Gas Company Strategies link to Stranded Asset Risk, </I>October 2020,</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">https://carbontracker.org/reports/fault-lines-stranded-asset/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>102</SUP></FONT>
Carbon Tracker. &#8216;Adapt to Survive.&#8217;</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>103</SUP></FONT>
https://carbontracker.org/company-profiles/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>104</SUP></FONT>
https://www.climateaction100.org/progress/net-zero-company-benchmark/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>105</SUP></FONT>
https://www.climateaction100.org/progress/net-zero-company-benchmark/</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0"><FONT STYLE="font-family: Franklin Gothic; font-size: 7pt"><SUP>106</SUP></FONT>
https://influencemap.org/filter/List-of-Companies-and-Influencers#</P>

<P STYLE="font: 7pt Franklin Gothic; margin: 0">&nbsp;</P>

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