<SEC-DOCUMENT>0001214659-22-006189.txt : 20220503
<SEC-HEADER>0001214659-22-006189.hdr.sgml : 20220503
<ACCEPTANCE-DATETIME>20220503145756
ACCESSION NUMBER:		0001214659-22-006189
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220503
DATE AS OF CHANGE:		20220503
EFFECTIVENESS DATE:		20220503

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:		22886191

	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:			Unitarian Universalist Common Endowment Fund LLC
		CENTRAL INDEX KEY:			0001737248
		IRS NUMBER:				461269485
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		24 FARNSWORTH STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		(617) 948-4305

	MAIL ADDRESS:	
		STREET 1:		24 FARNSWORTH STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chevron Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ticker: CVX)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2022 Proxy Memorandum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item #8 &ndash; Report on business with conflict-complicit governments</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholder Proposal to Report on Business With Conflict-complicit
Governments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item #8 on the Proxy Card, page 96</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2022 Annual Meeting of Stockholders:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8:00am PDT on Wednesday, May 25, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Online by live audio webcast</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cbohlen@riverwaterllc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">414.858.8000&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Dominican Sisters of Hope, Riverwater Partners, and the Unitarian
Universalist Common Endowment Fund LLC urge shareholders to vote FOR Item 8 at the Chevron shareholder meeting on May 25, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This notice of exempt solicitation is being provided on a voluntary
basis.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">On March 21<SUP>st</SUP>, 2022,
the U.S. Secretary of State Antony Blinken announced that the U.S. Administration had </FONT><FONT STYLE="color: #404040">formally determined
that violence committed against the Rohingya ethnic minority by Myanmar's military amounts to genocide and crimes against humanity. </FONT><FONT STYLE="background-color: white">The
U.S. Holocaust Memorial Museum has reported that the Rohingya remain &ldquo;at grave risk of additional mass atrocities and even genocide.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Chevron is the largest US investor
in Myanmar (Burma) and holds equity in the Yadana gas field and pipeline project. Since its inception, the Yadana project has generated
billions of dollars for the Myanmar military junta. In Myanmar, foreign participation in the energy sector takes place through joint ventures
with the Myanmar government. Since it seized power in the February 1<SUP>st</SUP>, 2021, coup d&rsquo;etat, the Myanmar military now holds
total control over the Myanmar government.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The resolution proponents request
the Board to publish a report six months following the 2022 annual general meeting, omitting proprietary information and prepared at reasonable
cost, evaluating the feasibility of adopting a policy of not doing business with governments that are complicit in genocide and/or crimes
against humanity as defined in international law.&nbsp;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Over of the course of its investment
and operations in Myanmar, Chevron has incurred mounting financial and reputational damage from its partnerships with the Myanmar military
junta. Since the February 2021 military coup, Chevron has been forced to exit Myanmar following the military&rsquo;s seizure of Chevron&rsquo;s
equity partner in the Yadana project: Myanma Oil and Gas Enterprise (MOGE).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">As shareholders, we believe that
our company has the duty to avoid both the mounting damages as well as the increasing moral, legal, financial, reputational, and operational
risks posed by doing business with governments complicit in genocide and/or crimes against humanity. It is incumbent that our board adopt
policies that monitor these damages and risks and protect shareholder value from them. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">There is nothing in either Chevron&rsquo;s
&ldquo;Human Rights Policy&rdquo; or its &ldquo;Business Conduct and Ethics Code&rdquo; to indicate that Chevron does any prior or ongoing
due diligence on the governments for the risks - moral, legal, financial, reputational, and operational - posed by doing business with
those governments</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">As part of adopting such a policy,
Chevron management should develop procedures for monitoring governments, with which they do business or may do business in the future,
which are at risk of engaging on genocide and/or crimes against humanity. Furthermore, Chevron should develop both guidelines for screening
potential government business partners and as well as procedures for responsible disinvestment from countries as warranted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Therefore,
Please Vote&nbsp;<U>FOR</U>&nbsp;Item #8, Report on Business With Conflict-complicit Governments</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This is not a solicitation of authority to
vote your proxy.&nbsp; Please DO NOT send us your proxy card; The Dominican Sisters of Hope, Riverwater Partners, and the Unitarian Universalist
Common Endowment Fund are not able to vote your proxies, nor does this communication contemplate such an event.&nbsp; The proponents urge
shareholders to vote FOR Item number 8 following the instructions provided on the management&rsquo;s proxy mailing.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Case for the Resolution</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&ldquo;Resolved</B></FONT><B>:
</B><FONT STYLE="background-color: white">The shareholders request the Board to publish a report six months following the 2022 annual
general meeting, omitting proprietary information and prepared at reasonable cost, evaluating the feasibility of adopting a policy of
not doing business with governments that are complicit in genocide and/or crimes against humanity as defined in international law.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">As a company in the oil and gas
sector, Chevron is required to do business with governments where it explores for, extracts, and transports oil and gas. Typically, oil
and gas companies pay millions of dollars in &ldquo;signing bonuses&rdquo; for the right to explore in certain sectors. In oil and gas-extracting
projects, companies often sign a &ldquo;production sharing contract&rdquo; giving the government a share of the project revenues. Projects
are often structured as joint ventures that include as equity partners a government-owned or controlled entity or company. This gives
the government an additional share of the project profits. Security for production facilities and pipelines is invariably provided by
the government. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Many governments worldwide rely
on the oil and gas sector for a significant proportion of government revenues. There is a documented &ldquo;resource curse&rdquo; showing
that governments that rely disproportionately on revenues from resource extraction are more likely to be autocratic in nature and to commit
mass atrocities, including crimes against humanity and genocide.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The International Coalition for
the Responsibility to Protect (ICRtoP) monitors countries worldwide for instances of serious crimes under international law including
genocide, war crimes, ethnic cleansing, and crimes against humanity.&nbsp;ICRtoP lists several countries, cited by the United Nations
and civil society organizations, in which Chevron is currently producing oil and gas: Burma (Myanmar), Democratic Republic of Congo, and
Nigeria.&nbsp;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">As shareholders, we believe that
our company has the duty to avoid both the mounting damages as well as the increasing moral, legal, financial, reputational, and operational
risks posed by doing business with governments complicit in genocide and/or crimes against humanity. It is incumbent that our board adopt
policies that monitor these damages and risks and protect shareholder value from them. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">As part of adopting such a policy,
Chevron management should develop procedures for monitoring governments, with which they do business or may do business in the future,
which are at risk of engaging on genocide and/or crimes against humanity. Furthermore, Chevron should develop guidelines for screening
potential government business partners and policy regarding responsible dis-investment from countries as warranted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Chevron&rsquo;s current policies
are insufficient</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Chevron cites its &ldquo;Human
Rights Policy&rdquo; and &ldquo;Business Conduct and Ethics Code&rdquo; as proof that it has &ldquo;the right processes and governance
to ensure that we make the right decisions about where and how we conduct our business.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Both of Chevron&rsquo;s policies
do address how the company ensures respect for human rights in its sphere of operations, including in regions of conflict. However, there
is nothing in either its &ldquo;Human Rights Policy&rdquo; or its &ldquo;Business Conduct and Ethics Code&rdquo; to indicate that Chevron
does any prior or ongoing due diligence on the governments for the risks - moral, legal, financial, reputational, and operational - posed
by doing business with governments engaged in genocide and/or crimes against humanity.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Chevron muddies this distinction
in its mischaracterization of the resolution as dealing with the company&rsquo;s &ldquo;business with conflict-complicit governments.&rdquo;
That is not the subject of the resolution. To reiterate, the resolution asks Chevron to address the risks of &ldquo;doing business with
governments that are complicit in genocide and/or crimes against humanity as defined in international law.&rdquo; Chevron&rsquo;s mischaracterization
of the resolution should not obscure the fact that it lacks both the policy and the procedures to address the moral, legal, financial,
reputational, and operational risks to shareholders of its doing business with governments engaged in genocide and/or crimes against humanity
as is the case in Myanmar.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Chevron has suffered reputational,
financial, and operational damages from its partnership with the Myanmar military and risks more as it continues that partnership.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Over of the course of its investment
and operations in Myanmar, Chevron has incurred financial and reputational damage from its partnerships with the Myanmar military junta.
Following the February 2021 military coup, Chevron has been forced to exit Myanmar following the military&rsquo;s seizure of Chevron&rsquo;s
equity partner in the Yadana project: Myanma Oil and Gas Enterprise (MOGE).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Chevron, in partnership with
TotalEnergies, PTT, and Myanma Oil and Gas Enterprise (MOGE), holds equity in one of the largest investment projects in Myanmar (Burma):
the Yadana gas field and pipeline that has generated billions of dollars for the Myanmar military junta. Together, TotalEnergies and Chevron
have a majority controlling interest in Yadana project.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">In Myanmar, foreign participation
in the energy sector takes place through joint ventures with the MOGE, which is a department of the Myanmar government. Since it seized
power in the February 1<SUP>st</SUP>, 2021, coup d&rsquo;etat, the Myanmar military now holds total control over MOGE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Myanmar military has a long
history of egregious human rights abuses, particularly against ethnic minorities. In August 2017, a military crackdown caused an estimated
more than 700,000 Rohingya to flee to neighboring Bangladesh where they remain to this day. The U.S. Holocaust Memorial Museum has reported
that the Rohingya remain &ldquo;at grave risk of additional mass atrocities and even genocide.&rdquo; On March 21<SUP>st</SUP>, 2022,
the U.S. Administration </FONT><FONT STYLE="color: #404040">formally determined that violence committed against the Rohingya minority
by Myanmar's military amounts to genocide and crimes against humanity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Koumjian, head of the United Nations Independent Investigative
Mechanism for Myanmar, stated in November, 2021, that preliminary evidence collected since the military coup shows a widespread and systematic
attack on civilians &ldquo;amounting to crimes against humanity.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The National Unity Government of Myanmar,
made up of elected officials and civil society leaders, has called on the oil companies operating in Myanmar to withhold from the military
junta and place in escrow any payments due to the Myanmar government.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron is exposed to regulatory and political risk from potential
sanctions on Myanmar from the U.S. government. The United States and United Kingdom have imposed sanctions against Myanmar military-owned
companies. The European Union has imposed sanctions on Chevron&rsquo;s equity partner in the Yadana project: Myanma Oil and Gas Enterprise
(MOGE). There are indications that the U.S. may follow suit. A bipartisan group of senators have urged the US administration to place
sanctions on MOGE. In April 2022, the U.S. House of Representatives passed by unanimous consent the BURMA Act that addresses U.S. sanctions
on MOGE</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chevron has also suffered damage to its reputation
and brands from a global campaign of boycotts and media pressure against foreign companies that do business with the Myanmar military.
Since the February 2021 military coup, the &ldquo;Blood Money Campaign&rdquo; by Myanmar and international civil society organizations
has organized protests, consumer boycotts, and media pressure against companies, including Chevron, that provide financial support to
the military junta. These have included protests outside Chevron&rsquo;s California headquarters, Washington (DC) office, and other company
facilities. Over 200,000 people worldwide have signed a petition organized by No Business With Genocide calling on Chevron to stop its
payments to the Myanmar military.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, dozens of oil workers in Myanmar
have petitioned oil companies to suspend payments to the ruling junta. These protests have been joined by unions outside of Myanmar which
represent Chevron employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In response to both the mounting damage and
significant threats to Chevron&rsquo;s reputation, business, and operations stemming from its partnerships with the Myanmar military,
Chevron has announced that it plans to exit the country. However, at this stage, this raises financial and operations risks to Chevron
as it is unclear whether the company can find a buyer for its share of the Yadana project even at a significantly lower &ldquo;fire-sale&rdquo;
price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Chevron must now disinvest rapidly and
responsibly from Myanmar to minimize the mounting damage and risks to shareholder value</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Pursuant to international human rights law,
the U.N. Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises (OECD Guidelines),
Chevron has an obligation to disinvest responsibly from Myanmar. In so doing, it should take all reasonable steps to prevent revenues
from reaching the military junta in order to minimize Chevron&rsquo;s complicity in the military&rsquo;s atrocity crimes as well as the
consequent mounting damages and risks to its shareholder value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">With this in mind, we have recommended that
Chevron take the following measures:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Stop treating the military junta as if it is the government of Myanmar and
a legitimate party to the Yadana contracts. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Yadana gas project is governed by contracts
between TotalEnergies, Chevron, PTTEP, and the government of Myanmar (through MOGE, itself a government department). Although the military
junta has seized control of MOGE&rsquo;s accounts, it has not been recognized as the legitimate government of Myanmar by the international
community and is therefore not a legitimate counterparty to these contracts. <SUP>1</SUP> It faces competing claims from the National
Unity Government &ndash; composed of democratically elected leaders of Myanmar &ndash; to be the legitimate government and party to the
Yadana contracts. The Myanmar government is the legitimate party to the gas contracts. In continuing payments to junta-controlled accounts,
Chevron is electing to treat the junta both as a party to their contracts and as the legitimate government.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> This has manifested, for example, in the U.N. General
Assembly rejected the junta&rsquo;s attempt to appoint an ambassador, retaining an appointee loyal to the National Unity Government. The
International Labor Organization and World Health Organization have both refused to accredit the regime. This reflects both the junta&rsquo;s
lack of effective control over large parts of Myanmar and the trend towards legitimacy as an operative principle of international law
in recognizing governments. See e.g., Marc Weller, &ldquo;Is the ICJ at Risk of Providing Cover for the Alleged Genocide in Myanmar?,&rdquo;
European Journal of International Law &ndash; Blog, 11 Feb. 2022, https://www.ejiltalk.org/is-the-icj-at-risk-of-providing-cover-for-the-alleged-genocide-inmyanmar/?utm_source=mailpoet&amp;utm_medium=email&amp;utm_campaign=ejil-talk-newsletter-post-title_2</P>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rely on existing sanctions and contractual obligations to immediately begin
diverting revenues from the junta as part of a planned exit. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If Chevron acknowledges that it faces competing
claims from parties claiming to be the government of Myanmar and it considers that it cannot determine which party is legitimate, then
it cannot continue to direct funds into accounts controlled by one of the parties (i.e. the junta). It must instead divert payments into
a trust account for the benefit of the government of Myanmar until these competing claims can be resolved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Gas companies must also receive approvals
from the government of Myanmar to exit Myanmar, and the junta is unable to provide these approvals because it is not the recognized government.
Chevron has obligations to delay its exit until there is a recognized government and to continue diverting revenues in the meantime.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Respect demands from Myanmar stakeholders not to facilitate the entry of
a new operator for the Yadana gas project. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Given the uncertainty over who represents
the government of Myanmar and the need for approvals from the government of Myanmar, Chevron has contractual grounds to refuse the appointment
of a new operator. This includes any transfers of data, equipment, or supplies from the Yadana project to a new operator, as well as any
measures to contractually hand the project over to a new operator without measures to divert revenues. Failing to take these actions and
instead increasing the share of revenues that the military can seize and providing a new operator the technical means and contractual
right to help it seize them may itself be a form of legal complicity in human rights abuses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The National Unity Government has stated that
bringing in a new operator constitutes collusion with the junta. Responsible disinvestment in this context includes taking all reasonable
steps to avoid bringing in a new operator that would enable the junta to continue accessing gas revenues. If Chevron remains as an investor
after TotalEnergies withdraws as an investor, it has contractual rights to veto a change of operator.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Initiate international arbitration to facilitate these steps.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chevron should utilize the international arbitration
clauses in its contracts to facilitate the contractual steps described above. Chevron could proactively commence arbitration proceedings,
requesting that a tribunal decide whether they should treat the military junta, the National Unity Government, or neither as its contractual
counterparty. While arbitration proceedings are pending, Chevron should require the gas buyer, PTT, to divert all revenue payments away
from the junta into a trust account to be held for the benefit of the government of Myanmar (requesting the tribunal to issue an interim
order to this effect).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Meaningfully engage with Myanmar civil society and the National Unity Government
throughout this process. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chevron&rsquo;s decisions on responsible disinvestment,
particularly on whether to facilitate the entry of a new operator, should be determined through meaningful consultation with stakeholders
from Myanmar, including civil society and the National Unity Government, which has a credible claim to be a party to Chevron&rsquo;s contracts.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Please
Vote&nbsp;<U>FOR</U>&nbsp;Item #8, Report on Business With Conflict-complicit Governments</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This is not a solicitation of authority to
vote your proxy.&nbsp; Please DO NOT send us your proxy card; The Dominican Sisters of Hope, Riverwater Partners, and the Unitarian Universalist
Common Endowment Fund are not able to vote your proxies, nor does this communication contemplate such an event.&nbsp; The proponents urge
shareholders to vote FOR Item number 8 following the instructions provided on the management&rsquo;s proxy mailing.</I></P>

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

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

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

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

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