<SEC-DOCUMENT>0001214659-23-005978.txt : 20230426
<SEC-HEADER>0001214659-23-005978.hdr.sgml : 20230426
<ACCEPTANCE-DATETIME>20230426111406
ACCESSION NUMBER:		0001214659-23-005978
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230426
DATE AS OF CHANGE:		20230426
EFFECTIVENESS DATE:		20230426

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:		23847867

	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:			General Board of Pension & Health Benefits of The United Methodist Church, Inc in Illinois
		CENTRAL INDEX KEY:			0001926679
		IRS NUMBER:				362166979
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1901 CHESTNUT AVENUE
		CITY:			GLENVIEW
		STATE:			IL
		ZIP:			60025
		BUSINESS PHONE:		8478664663

	MAIL ADDRESS:	
		STREET 1:		1901 CHESTNUT AVENUE
		CITY:			GLENVIEW
		STATE:			IL
		ZIP:			60025
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">&nbsp;<IMG SRC="wespath_logo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0"><B>NOTICE OF EXEMPT SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0.75in; text-indent: -0.75in"><B>NAME OF REGISTRANT: </B>Chevron
Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>NAME OF PERSON RELYING ON EXEMPTION:
</B></FONT>General Board of Pension and Health Benefits of The United Methodist Church, Incorporated in Illinois d/b/a Wespath Benefits
and Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>1901 Chestnut Ave, Glenview,
IL 60025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.3pt 0pt 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><B>To:</B></TD>
    <TD STYLE="width: 92%">Chevron Corporation Shareholders</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Subject:</B></TD>
    <TD>2023 Proxy Statement&mdash;Item No. 1: Election of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Date:</B>&nbsp;</TD>
    <TD>April 25, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Contact:</B></TD>
    <TD>Jake Barnett, Director of Sustainable Investment Stewardship, Wespath Benefits and Investments, <FONT STYLE="color: #1155CC"><U>jbarnett@wespath.org</U></FONT>&nbsp;&nbsp;</TD></TR>
  </TABLE>
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<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"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;</B></P>

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

</DIV>

<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">Wespath Benefits and Investments urges shareholders to vote AGAINST
the election of Director Austin and Director Hernandez, Jr. pursuant to Item No. 1: Election of Directors. The proposal will be voted
on at the May 31, 2023 Annual Meeting of Chevron Corporation (&ldquo;Company&rdquo;).</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"><B>Support for Votes Against Directors Austin and Hernandez , Jr.</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">Wespath Benefits and Investments (Wespath) urges shareholders to vote
against Chevron&rsquo;s Lead Independent Director Wanda Austin and Director Enrique Hernandez, Jr. for failing to provide proper governance
over the company&rsquo;s management of climate change-related lobbying activities. As current and former chairs of the Public Policy Committee,
Directors Austin and Hernandez, Jr., respectively, bear responsibility for governance oversight of Chevron&rsquo;s climate policy and
lobbying activities. The Directors failed to ensure that the company provided a meaningful response to a shareholder resolution approved
by a majority of the company&rsquo;s shareholders concerning climate-related lobbying and failed to establish sufficient governance to
address risks from misalignment between the company&rsquo;s lobbying practices and its stated support of the Paris Agreement.<SUP>1</SUP></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">Wespath recognizes that climate lobbying is only one measure of Chevron&rsquo;s
overall management of climate risk, and we believe that the company is lagging in other key areas of climate risk management. As an example,
Chevron does not align with the majority of best-practice assessment criteria in the Climate Action 100+ Benchmark.<SUP>2</SUP> Among
key areas of climate risk management, Wespath believes that failure to address corporate climate lobbying is a heightened risk that is
material to the long-term success of companies like Chevron and of particular relevance for diversified investors.<SUP>3</SUP> Clarification
on Chevron&rsquo;s lobbying alignment is crucial for investors as the long-term objectives of oil and gas companies will fall under increasingly
intense public scrutiny.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.chevron.com/sustainability/environment/climate-policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.climateaction100.org/company/chevron-corporation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.pionline.com/industry-voices/commentary-collaboration-key-corporate-climate-engagement</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"></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="wespath_logo.jpg" ALT="">&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">As diversified long-term investors, we recognize that Chevron and other
oil and gas companies perform an economically critical role in supplying energy resources and that removing this supply abruptly would
lead to undue social harm. However, we also recognize that climate change poses significant risks to the health of the economic system.
Major economic disruption jeopardizes investors&rsquo; ability to attain the returns required to meet investment objectives. Addressing
these risks while responsibly managing the social impacts of a transition to a Paris-aligned energy system requires a systemic approach.
This approach needs to include reducing reliance on traditional energy sources like oil and gas through innovation and efficiency efforts
and increasing alternative supplies of affordable and reliable renewable energy. In turn, these actions must be supported and enabled
by sensible and ambitious climate policy.</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">While Chevron continues to meet society&rsquo;s current demand for
oil and gas, it also needs to demonstrate clear support for this transition approach as both public demands to address climate risk and
the physical impacts of climate change continue to rise. This includes increased transparency and accountability at the board and management
level on how Chevron aligns with the commitment to support the Paris Agreement in its lobbying and policy engagement. Our analysis finds
that the company has not made its lobbying alignment with Paris clear, despite strong investor interest and engagement. Increased attention
to and management of this issue will help Chevron avoid intense regulatory scrutiny and maintain its social license to operate.</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">Investors have repeatedly engaged Chevron without meaningful observable
progress. Accordingly, we must publicly state our intention to vote against Directors Austin and Hernandez, Jr. to underscore the materiality
and urgency of action to address this issue.</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">Furthermore, we acknowledge that the inconsistencies related to Chevron&rsquo;s
lobbying activities are symptomatic of broader misalignment throughout the oil and gas sector. We are inclined to vote similarly against
directors responsible for oversight of lobbying at other Climate Action 100+ focus companies that appear to demonstrate insufficient progress
addressing climate lobbying alignment. We encourage other investors to do the same.</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>Insufficient Response to Shareholder Request</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">At the 2020 Annual Meeting, Chevron shareholders delivered majority
support for Item No. 6: Stockholder Proposal Regarding report on Climate Lobbying:</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 0pt 38.25pt"><I>Shareholders request that the Board of Directors conduct
an evaluation and issue a report within the next year (at reasonable cost, omitting proprietary information) describing if, and how, Chevron&rsquo;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&rsquo;s goal). The report should also address the risks presented by any misaligned lobbying and
the company&rsquo;s plans, if any, to mitigate these risks. <SUP>4</SUP></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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.chevron.com/-/media/shared-media/documents/chevron-proxy-statement-2020.pdf</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"></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="wespath_logo.jpg" ALT=""></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 proposal received a historic 53% support level in its first year
on the ballot, signaling strong investor interest in the company&rsquo;s approach to climate-related lobbying.<SUP>5</SUP> In response,
Chevron issued a lobbying report later that year.<SUP>6</SUP> However, in the view of Wespath, this report did not substantively address
multiple elements of the proposal. Crucial missing elements include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Lack of Explicit Clarity on Paris Alignment</B>: The Chevron 2020 Climate Lobbying Report mentions the Paris Agreement 14 times.
However, many of these mentions referred to Chevron&rsquo;s broad energy transition strategy or high-level statements made by trade associations.
Wespath&rsquo;s analysis of the report concludes that not once did Chevron explicitly state if and how the company&rsquo;s lobbying activities
align with the Paris Agreement, which was the central element of the resolution&rsquo;s requests.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Insufficient Analysis of Trade Association Alignment: </B>The report&rsquo;s evaluation of alignment by its trade associations
consisted primarily of &ldquo;select climate-related work by U.S. trade associations,&rdquo; with no critical insights provided by the
company on its alignment with trade associations&rsquo; aggregate positions on climate policy. This selective approach to analysis undermines
its decision usefulness for investors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>No Clear Insight on Governance for Misalignment: </B>Chevron acknowledged that trade associations may take positions that Chevron
&ldquo;may not always agree with,&rdquo; stated a general commitment to engage with trade associations and provided four brief highlights
of such engagement. However, Wespath believes these high-level statements&mdash;combined with the insufficient analysis described above&mdash;provide
insufficient insight into Chevron&rsquo;s governance processes for managing the risks associated with misaligned climate-related lobbying
by trade associations.</TD></TR></TABLE>

<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"><B>Continued Analysis of Misalignment in Chevron Lobbying Practices</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">Third-party analysis on Chevron&rsquo;s ongoing climate lobbying compounds
our concerns about its insufficient response to the 2020 resolution.</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">For example, the Climate Action 100+ Net-Zero Company Benchmark (CA100+
Benchmark) concludes that Chevron is misaligned on multiple indicators, including climate policy engagement, where it fails to meet several
criteria.<SUP>7</SUP> Many of these criteria are aligned with the shortcoming of the lobbying report mentioned above. The CA100+ Benchmark
analysis also highlights the company&rsquo;s failure to publicly disclose all climate-related lobbying activities.</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">Likewise, InfluenceMap&mdash;a leading investor resource for analyzing
companies&rsquo; climate policy engagement&mdash;scores Chevron in the &ldquo;D- &rdquo; performance band.<SUP>8</SUP> While InfluenceMap
notes that &ldquo;Chevron&rsquo;s high-level communications appear to support climate action,&rdquo; it also points out that the company&rsquo;s
lobbying practices indicate opposition to multiple climate-related policies and regulations and include membership in trade associations
involved in &ldquo;obstructive climate lobbying.&rdquo; Furthermore, Chevron holds membership in the American Petroleum Institute (API),
which received an &ldquo;F&rdquo; score and was described as &ldquo;broadly hostile to climate policy in the U.S.&rdquo; by InfluenceMap.<SUP>9</SUP></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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.ceres.org/news-center/press-releases/annual-meeting-chevron-investors-achieve-historic-majority-vote-paris</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.chevron.com/-/media/chevron/sustainability/documents/chevron-climate-lobbying-report.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.climateaction100.org/company/chevron-corporation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://lobbymap.org/company/Chevron-f4b47c4ea77f0f6249ba7f77d4f210ff</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://lobbymap.org/influencer/American-Petroleum-Institute-API</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"></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="wespath_logo.jpg" ALT=""></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">Concerns about Chevron&rsquo;s participation with the API are amplified
by recent examples of the association&rsquo;s influence on climate policy debates in the U.S. For example, the API adopted strong rhetoric
in its opposition of the SEC&rsquo;s proposed climate change disclosure rules. The association described the proposals as &ldquo;a solution
in search of an information problem that doesn&rsquo;t exist&rdquo;<SUP>10</SUP> and framed its opposition in part around &ldquo;serious
First Amendment concerns&rdquo;<SUP>11</SUP> related to compelled speech. This opposition is in contrast to evidence that investors largely
support further disclosure on climate risk.<SUP>12</SUP> Chevron Chairman and CEO Michael Wirth is current Chair of API, closely associating
the company with any positions taken by the group.</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">In addition to potential trade association misalignment, Chevron has
contributed over the last decade to the American Legislative Exchange Council (ALEC),<SUP>13</SUP> which is currently modelling and encouraging
passage of legislation such as the &ldquo;Energy Discrimination Elimination Boycott Act.&rdquo; Tom Sanzillo, <FONT STYLE="background-color: white">director
of financial analysis at the Institute for Energy Economics and Financial Analysis, describes this proposed legislation as &ldquo;bringing
a social cost &mdash; the survival of fossil fuels &mdash; into the investment process, because left to their own devices the markets
would be choosing other than fossil fuels. You&rsquo;re asking [the markets] to perform financial malpractice.&rdquo;<SUP>14</SUP> Wespath
and many other investors believe strongly that such legislation does not align with </FONT>the interests of institutional investors and
can act as a distortion of capital markets.</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">Despite these examples of strong misalignment, Chevron does not include
any discussion of this misalignment between stated company policy on the Paris Agreement and lobbying activities by either API or ALEC
in its current disclosures.</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>Increasing Regulatory and Reputational Risk</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">Policymakers have been paying increasing attention to the activities
of oil and gas companies in influencing public discourse and conducting lobbying activities. As of August 2022, there were at least 20
pending lawsuits in the U.S. filed by cities and states alleging that oil and gas companies have misled the public on climate change.<SUP>15</SUP>
This concern around the role of oil and gas companies in influencing public discourse is also prominent globally, as evidenced by elevated
focus on this topic at the recent COP27 negotiations.<SUP>16</SUP></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">Wespath believes that both public scrutiny of and government attention
to the role of oil and gas companies in addressing the increasingly prominent effects of climate change will only continue to grow. In
turn, the regulatory and reputational risks associated with actual and/or perceived misalignment in climate lobbying will continue to
increase. This underscores the imperative for companies to maintain strong governance and procedures that address misalignment and mitigate
risk.</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>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.api.org/news-policy-and-issues/news/2022/06/17/api-urges-sec-to-consider-alternative-approaches-to-climate-related-reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://api.org/~/media/Files/misc/API-Comments-SEC-Climate-Disclosure-Rule-6-17-2022?_gl=1*w6m3ns*_ga*Mzc5NDg1MDU0LjE2NzUzNDg1OTg.*_ga_</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4GE2RKSLYW*MTY3NTY5MzEzMS4yLjEuMTY3NTY5MzU0NC4zNy4wLjA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.ceres.org/news-center/blog/analysis-shows-investors-strongly-support-secs-proposed-climate-disclosure-rule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.chevron.com/sustainability/governance/lobbying-and-trade-associations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.maplecroft.com/esg-weekly/us-anti-esg-laws-risk-falling-victim-to-market-forces/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.pbs.org/wgbh/frontline/article/us-cities-states-sue-big-oil-climate-change-lawsuits/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.theguardian.com/environment/2022/nov/10/big-rise-in-number-of-fossil-fuel-lobbyists-at-cop27-climate-summit</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"></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="wespath_logo.jpg" ALT=""></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"><B>Conclusion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to Chevron&rsquo;s governance documents, oversight of climate
policy and lobbying activities is the responsibility of the Public Policy Committee. Lead Independent Director Austin was Chair of this
committee in 2020 when the resolution in question was filed, and Director Hernandez, Jr. is the Chair today. Thus, both Directors bear
responsibility for the past and ongoing shortcomings of Chevron&rsquo;s lobbying disclosure and the lack of transparency to investors
about the management of lobbying misalignment. We encourage investors to vote against both Directors.</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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE PURPOSE OF THIS COMMUNICATION IS TO GIVE
SHAREHOLDERS INFORMATION FOR WHEN THEY REVIEW CHEVRON CORPORATION&rsquo;S PROXY STATEMENT. THE FOREGOING INFORMATION MAY BE DISSEMINATED
TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, EMAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT
ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING
BORNE ENTIRELY BY WESPATH BENEFITS AND INVESTMENTS. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROXY CARDS WILL NOT BE ACCEPTED. PLEASE DO
NOT SEND YOUR PROXY TO WESPATH BENEFITS AND INVESTMENTS. WESPATH BENEFITS AND INVESTMENTS IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS
COMMUNICATION CONTEMPLATE SUCH AN EVENT. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</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">&nbsp;</P>

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

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

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