<SEC-DOCUMENT>0001839882-23-012286.txt : 20230508
<SEC-HEADER>0001839882-23-012286.hdr.sgml : 20230508
<ACCEPTANCE-DATETIME>20230508152039
ACCESSION NUMBER:		0001839882-23-012286
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230508
DATE AS OF CHANGE:		20230508
EFFECTIVENESS DATE:		20230508

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:		23897361

	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-050823.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: right; color: Red">&nbsp;</P>

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    <P STYLE="font: 8.5pt Arial; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial; font-size: 8.5pt">NAME OF REGISTRANT:
    </FONT><FONT STYLE="font-size: 8pt">Chevron Corporation </FONT></P>
    <P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial">NAME OF PERSON RELYING ON EXEMPTION:
    </FONT>Majority Action</P>
    <P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial">ADDRESS OF PERSON RELYING ON
    EXEMPTION: </FONT>PO Box 4831, Silver Spring, MD 20914</P>
    <P STYLE="font: 8.5pt Arial; margin: 0">&nbsp;</P>
    <P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; 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>
    <TD STYLE="width: 11%; padding: 5pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
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<P STYLE="font: 26pt Georgia, Times, Serif; margin: 10pt 0 3pt; color: #0072BD"><FONT STYLE="font-size: 13pt"><B>Chevron Corp NYSE: CVX</B></FONT><B><FONT STYLE="font-size: 12pt">:
Due to the company&#8217;s FAILURE to:</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt">Set a net zero by 2050 greenhouse gas (GHG) emissions reduction target
that covers at least 95% of scope 1 and 2 emissions and most relevant scope 3 GHG emissions,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt">Align its capital allocation with limiting warming to 1.5&deg;C, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt">Commit to conduct all of its lobbying in line with the goals of the Paris
Agreement, and its general opposition to U.S. federal and state climate policy, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt">Adequately respond to a recent majority-supported shareholder proposal;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Vote AGAINST:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt"><B>Michael K. Wirth, </B>Chairman and CEO (Item 1l), </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt"><B>Wanda M. Austin, </B>Lead Director (Item 1a), </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt"><B>Enrique Hernandez, Jr., </B>Public Policy and Sustainability Chair
(Item 1d), and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; 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-family: Arial; font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 12pt"><B>Directors John B. Frank, </B>(Item 1b), <B>Alice P. Gast, </B> (Item
1c), <B>Marillyn A. Hewson </B>(Item 1e), <B>Jon M. Huntsman, Jr. </B>(Item 1f), <B>Charles W. Moorman </B>(Item 1g), <B>Dambisa F. Moyo
</B>(Item 1h), <B>Debra Reed-Klages </B>(Item 1i), <B>D. James Umpleby III </B>(Item 1j), <B>Cynthia J. Warner </B>(Item 1k) </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial; margin: 0 0 0 0.5in; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="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> Therefore, the actions of companies that fail to
align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&#8217; entire portfolios. See
<FONT STYLE="color: #1155CC"><U>www.proxyvoting.majorityaction.us</U></FONT> for more information regarding Majority Action&#8217;s Proxy
Voting for a 1.5&deg;C World initiative and the transformation required in key industries.</P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="color: #0072BD"><B>Chevron is the second largest oil producer in the U.S.
and among the top producers in the world.<A HREF="#a_edn1" NAME="a_ednref1" TITLE="" STYLE="mso-endnote-id: edn1"></A><SUP>1</SUP></B></FONT>
Chevron is one of the 166 target companies named by Climate Action 100+ as the largest global emitters and &#8220;key to driving the global
net zero emissions transition.&#8221;</P>

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

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="color: #0072BD"><B>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.<A HREF="#a_edn2" NAME="a_ednref2" TITLE="" STYLE="mso-endnote-id: edn2"></A><SUP>2
</SUP></B></FONT>In 2021, the International Energy Agency (IEA) released its Net Zero Emissions by 2050 Scenario (NZE), which sets out
a pathway to reduce emissions from the global energy system aligned with limiting warming to 1.5&deg;C. Under the NZE, fossil fuel use
falls dramatically in the next decade, and remaining fossil fuel demand can be met through existing supplies and infrastructure. Approving
new oil and gas fields is incompatible with this pathway.</P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="font-size: 10pt; color: #0072BD"><B>Failure to set ambitious decarbonization
targets in line with </B></FONT><B><FONT STYLE="font-size: 10.5pt; color: #0072BD; background-color: white">1.5&deg;C</FONT></B><B> <FONT STYLE="font-size: 10pt; color: #0072BD">pathways,
and to 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. </FONT></B><FONT STYLE="font-size: 10pt">At companies where the production,
processing, sale, and/or consumption of fossil fuels is central to their core business, GHG emissions reductions have profound strategic
implications. Where the company has failed to take the initial step of committing to net zero emissions by 2050, the entire board should
be held accountable. </FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="color: #0072BD"><B>In 2023, we have updated our metrics to more closely
align with the Climate Action 100+ Net Zero Benchmark Indicators</B></FONT> for the oil and gas sector, while still focusing on the three
core pillars of target setting, capital allocation, and policy influence. This allows for a more standardized assessment across companies
that is broadly accepted by investors.</P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>Target setting</B></P>

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    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has set an ambition to achieve net zero GHG emissions by 2050 or sooner.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; width: 7%; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; border-right: #0072BD 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator&nbsp;&nbsp;1.1A</FONT></TD>
    <TD STYLE="vertical-align: top; width: 67%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has made a qualitative net zero GHG emissions ambition statement that explicitly includes at least 95% of its scope 1 and 2 emissions.</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company&rsquo;s net zero GHG emissions ambition covers the most relevant scope 3 GHG emissions categories for the company&rsquo;s sector, where applicable.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 14pt; color: white"><B>X</B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has set a target for reducing its GHG emissions by between 2026 and 2035 on a clearly defined scope of emissions.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&check;</B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The medium-term (2026 to 2035) GHG reduction target covers at least 95% of scope 1 &amp; 2 emissions and the most relevant scope 3 emissions (where applicable).</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&check;</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company has specified that this target covers at least 95% of its total scope 1 and 2 emissions.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&check;</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">If the company has set a scope 3 GHG emissions target, it covers the most relevant scope 3 emissions categories for the company&rsquo;s sector (for applicable sectors), and the company has published the methodology used to establish any scope 3 target.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>&check;</B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The target (or, in the absence of a target, the company&rsquo;s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5&deg;C.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial; margin: 0 0 15pt">In October 2021, Chevron published updated GHG emissions 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.<A HREF="#a_edn3" NAME="a_ednref3" TITLE="" STYLE="mso-endnote-id: edn3"></A><SUP>3</SUP>
According to the Climate Action 100+ Net Zero Company Benchmark, Chevron&#8217;s net zero &#8220;aspiration&#8221; does not meet the criteria
for a net zero by 2050 ambition<A HREF="#a_edn4" NAME="a_ednref4" TITLE="" STYLE="mso-endnote-id: edn4"></A><SUP>4</SUP>, as it does
not explicitly commit to a net zero target that covers 95 percent of its scope 1 and 2 emissions, nor does its net zero target cover its
most relevant scope 3 emissions.<A HREF="#a_edn5" NAME="a_ednref5" TITLE="" STYLE="mso-endnote-id: edn5"></A><SUP>5</SUP></P>

<P STYLE="font: 10pt Arial; 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.<A HREF="#a_edn6" NAME="a_ednref6" TITLE="" STYLE="mso-endnote-id: edn6"></A><SUP>6</SUP>
Both targets are also intensity only reductions, which provides no guarantee that the company&#8217;s scope 3 emissions will fall in absolute
terms.<A HREF="#a_edn7" NAME="a_ednref7" TITLE="" STYLE="mso-endnote-id: edn7"></A><SUP>7</SUP></P>

<P STYLE="font: 10pt Arial; margin: 0 0 15pt">In Chevron&#8217;s 2021 <I>Climate Change Resilience </I>report, the company states,&#8220;narrow
sectoral or geographic metrics are less efficient than broad economywide solutions, which are uniquely able to incentivize the most efficient
and cost-effective reductions. Chevron supports a price on carbon, applied as widely and broadly as possible, as the best approach to
reduce emissions.&#8221;<A HREF="#a_edn8" NAME="a_ednref8" TITLE="" STYLE="mso-endnote-id: edn8"></A><SUP>8</SUP> This market based
approach fails to recognize the importance of companies like Chevron adopting rigorous and comprehensive emissions targets, as requested
by its shareholders. <A HREF="#a_edn9" NAME="a_ednref9" TITLE="" STYLE="mso-endnote-id: edn9"></A><SUP>9</SUP> <A HREF="#a_edn10" NAME="a_ednref10" TITLE="" STYLE="mso-endnote-id: edn10"></A><SUP>10</SUP></P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0 0 15pt; color: #0072BD"><B>Capital allocation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1</FONT></TD>
    <TD STYLE="vertical-align: top; width: 59%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company is working to decarbonise its capital expenditures.</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with its long-term GHG reduction target OR to phase out planned expenditure in unabated carbon intensive assets or products.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with the Paris Agreement&rsquo;s objective of limiting global warming to 1.5&deg; C AND to phase out investment in unabated carbon intensive assets or products.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 1: Company&rsquo;s Recent Actions</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">In the most recent full year (2021), were all the company&rsquo;s upstream oil and gas CAPEX projects consistent with the IEA&rsquo;s Beyond 2&deg;C Scenario (B2DS)? </FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 2: Capex Analysis</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">What percentage of the company's potential future (2022-2030) unsanctioned oil and gas CAPEX is inconsistent with the IEA's B2DS? </FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 15pt; color: white"><B>71%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 4: Net Zero Analysis</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">What is the company&rsquo;s oil and gas production level in the 2030s (against a 2022 baseline) assuming no new oil and gas projects are sanctioned as stated by the IEA's NZE? </FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 15pt; color: white"><B>-58%</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial; margin: 0 0 15pt">According to the Climate Action 100+ Net Zero Company Benchmark, Chevron had not,
as of October 2022, met any of the indicators for capital allocation alignment.<A HREF="#a_edn11" NAME="a_ednref11" TITLE="" STYLE="mso-endnote-id: edn11"></A><SUP>11</SUP>
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: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial; font-size: 10pt">According to
Carbon Tracker data provided through the Climate Action 100+ Net Zero Benchmark, Chevron&#8217;s oil and gas production must fall by 58%
from its 2022 level to be aligned with the IEA NZE.<A HREF="#a_edn12" NAME="a_ednref12" TITLE="" STYLE="mso-endnote-id: edn12"></A><SUP>12</SUP>
Chevron ranked second among U.S oil and gas producers and ninth among global producers for resources under development in 2022 (with 41
percent of that in unconventional sources)<A HREF="#a_edn13" NAME="a_ednref13" TITLE="" STYLE="mso-endnote-id: edn13"></A><SUP>13</SUP>,
and ranked ninth amongst global oil and gas producers for exploration capital expenditure between 2020 to 2022.<A HREF="#a_edn14" NAME="a_ednref14" TITLE="" STYLE="mso-endnote-id: edn14"></A><SUP>14</SUP>
Carbon Tracker finds that 71% of Chevron&#8217;s future potential capex between 2022 and 2030 is outside of the IEA&#8217;s B2DS (limiting
warming to 1.75</FONT><FONT STYLE="font-size: 11.5pt">&deg;</FONT><FONT STYLE="font-family: Arial; font-size: 10pt">C, net zero
by 2060), let alone the NZE.<A HREF="#a_edn15" NAME="a_ednref15" TITLE="" STYLE="mso-endnote-id: edn15"></A><SUP>15</SUP></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0 0 15pt"><FONT STYLE="background-color: white">According to the company&#8217;s <I>2022
Annual Report</I>, Chevron increased investment by more than 75% over 2021, making it the company&#8217;s highest year for U.S. production,
at 1.2 million barrels of oil&#45;equivalent per day.<A HREF="#a_edn16" NAME="a_ednref16" TITLE="" STYLE="mso-endnote-id: edn16"></A><SUP>16</SUP>
Chevron also produced 3 million oil-equivalent barrels per day in upstream operations and increased upstream capital expenditures by over
40% relative to 2021.<A HREF="#a_edn17" NAME="a_ednref17" TITLE="" STYLE="mso-endnote-id: edn17"></A><SUP>17</SUP> Chevron&#8217;s continued
expansion in production is incompatible with substantial scope 3 emissions reductions and the IEA NZE. Chevron also announced $10 billion
in investments for energy transition activities or 10% of its total CAPEX through 2028 which focus on carbon capture technology and offsets,
renewable fuels, hydrogen, and internal GHG reduction activities, rather than energy efficient alternatives such solar or wind power.<A HREF="#a_edn18" NAME="a_ednref18" TITLE="" STYLE="mso-endnote-id: edn18"></A><SUP>18</SUP></FONT></P>

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

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: rgb(0,114,189)"><B>Policy influence</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (InfluenceMap) 1: Organization Score</FONT></TD>
    <TD STYLE="vertical-align: top; width: 60%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The level of company support for (or opposition to) Paris Agreement-aligned climate policy.<A HREF="#a_edn1" NAME="a_ednref1" TITLE="" STYLE="mso-endnote-id: edn1"></A><SUP>19</SUP></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 14pt; color: white"><B>40%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (InfluenceMap) 2: Relationship Score</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt; color: white">The level of a company&rsquo;s industry associations&rsquo; support for (or opposition to) Paris Agreement-aligned climate policy.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Franklin Gothic; font-size: 14pt; color: white"><B>40%</B></FONT></TD></TR>
  </TABLE>



<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0; color: rgb(0,114,189)"><B></B></P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">According to InfluenceMap, the company receives
a &#8220;D-&#8221; grade for its obstructive engagement on climate policy.<A HREF="#a_edn20" NAME="a_ednref20" TITLE="" STYLE="mso-endnote-id: edn20"></A><SUP>20</SUP>
InfluenceMap notes numerous examples of Chevron&#8217;s obstructionist climate lobbying and public relations. For example, in its 2021
<I>Climate Change Resilience</I> report, the company refers to subsidies for clean technologies as an approach that could lead to &#8220;harmful
market distortions&#8221; and create unfair competition.<A HREF="#a_edn21" NAME="a_ednref21" TITLE="" STYLE="mso-endnote-id: edn21"></A><SUP>21</SUP></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">According to InfluenceMap, Chevron opposed the U.S.
Environmental Protection Agency's proposed methane standards in a January 2022 comment.<A HREF="#a_edn22" NAME="a_ednref22" TITLE="" STYLE="mso-endnote-id: edn22"></A><SUP>22 </SUP>This
included support for American Petroleum Institute&#8217;s (API) comment that contested the EPA&#8217;s legal authority to regulate
methane emissions from existing sources.<A HREF="#a_edn23" NAME="a_ednref23" TITLE="" STYLE="mso-endnote-id: edn23"></A><SUP>23 </SUP>In
April 2022 testimony, Wirth also appeared to support new energy exploration and streamlined permitting processes for energy
infrastructure to grow the U.S energy supply.<A HREF="#a_edn24" NAME="a_ednref24" TITLE="" STYLE="mso-endnote-id: edn24"></A><FONT STYLE="font-family: Arial; font-size: 10pt"><SUP>24</SUP></FONT></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"></P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">In December 2022, the U.S. House Committee on Oversight
and Accountability concluded its investigation on the role of the fossil fuel industry in promoting decades of climate disinformation
and preventing meaningful action on climate change.<A HREF="#a_edn25" NAME="a_ednref25" TITLE="" STYLE="mso-endnote-id: edn25"></A><SUP>25</SUP>
A key finding revealed a &#8220;strategy slide presented to the Chevron Board of Directors in which Chief Executive Officer (CEO) Mike
Wirth explains that while Chevron sees &#8216;traditional energy business competitors retreating&#8217; from oil and gas, &#8220;Chevron&#8217;s
strategy&#8221; is to &#8220;continue to invest&#8221; in fossil fuels to take advantage of consolidation in the industry.&#8221;<A HREF="#a_edn26" NAME="a_ednref26" TITLE="" STYLE="mso-endnote-id: edn26"></A><SUP>26</SUP></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">Chevron does list its trade association memberships
in its 2023 <I>Lobbying and Trade Associations</I> report.<A HREF="#a_edn27" NAME="a_ednref27" TITLE="" STYLE="mso-endnote-id: edn27"></A><SUP>27</SUP>
The report stated that the company does not always agree with the positions its trade associations take.<A HREF="#a_edn28" NAME="a_ednref28" TITLE="" STYLE="mso-endnote-id: edn28"></A><SUP>28</SUP>
The API, however, is listed as one of its key industry
trade associations.<A HREF="#a_edn29" NAME="a_ednref29" TITLE="" STYLE="mso-endnote-id: edn29"></A><SUP>29</SUP> InfluenceMap assigned
API a failing grade (F) for its obstructive policy engagement and labeled it an association that is &#8220;broadly hostile to climate
policy in the US&#8221;.<A HREF="#a_edn30" NAME="a_ednref30" TITLE="" STYLE="mso-endnote-id: edn30"></A><SUP>30</SUP></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">As of October 2022, Chevron had not met the requirements
of the Climate Action 100+ Net Zero Company Benchmark for climate policy engagement; the company does not have a Paris Agreement- aligned
climate lobbying position, Paris Agreement-aligned lobbying expectations for its trade associations or a commitment to ensure that the
trade associations to which it belongs lobby in line with the goals of the Paris Agreement.<A HREF="#a_edn31" NAME="a_ednref31" TITLE="" STYLE="mso-endnote-id: edn31"></A><SUP>31</SUP></FONT></P>

<P STYLE="font: 11pt Arial; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">In 2021, holders of 60.7 percent of shares voted
at the meeting<A HREF="#a_edn32" NAME="a_ednref32" TITLE="" STYLE="mso-endnote-id: edn32"></A><SUP>32</SUP> 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;<A HREF="#a_edn33" NAME="a_ednref33" TITLE="" STYLE="mso-endnote-id: edn33"></A><SUP>33</SUP> As a response, according
to the <I>2022 Annual Report</I>, the company introduced the 2028 Portfolio Carbon Intensity (PCI) Target, based on the PCI metric that
measures intensity across Chevron&#8217;s business.<A HREF="#a_edn34" NAME="a_ednref34" TITLE="" STYLE="mso-endnote-id: edn34"></A><SUP>34</SUP>
The metric is an intensity only target, is <B>not responsive </B>to the key elements of the majority vote proposal and limits Scope 3
emissions reporting, even though the company concedes that &#8220;Scope 3 is the largest category of emissions associated with Chevron&#8217;s
activities.&#8221;<A HREF="#a_edn35" NAME="a_ednref35" TITLE="" STYLE="mso-endnote-id: edn35"></A><SUP>35</SUP></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">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 GHG emissions
intensity across scopes 1, 2, and 3 by 5 percent by 2028.<A HREF="#a_edn36" NAME="a_ednref36" TITLE="" STYLE="mso-endnote-id: edn36"></A><SUP>36</SUP>
These targets are also not responsive to the key elements of the majority-supported shareholder 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.<A HREF="#a_edn37" NAME="a_ednref37" TITLE="" STYLE="mso-endnote-id: edn37"></A><SUP>37</SUP> The medium-term 5 percent intensity
reduction target does not guarantee any reduction in absolute scope 3 emissions if production continues to rise. 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;<A HREF="#a_edn38" NAME="a_ednref38" TITLE="" STYLE="mso-endnote-id: edn38"></A><SUP>38</SUP></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"></P>

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

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><FONT STYLE="background-color: white"><B>Shareholder Proposals
Related to Climate and Racial Equity in 2023</B></FONT></P>

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

<P STYLE="font: 10pt Arial; margin: 0"><FONT STYLE="background-color: white">In addition to voting against all directors, we
encourage shareholders to support the following climate-related shareholder proposals:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 10pt">Follow This filed a proposal (Item 6) requesting
that the company set a medium-term reduction target covering the GHG emissions of the use of its energy products (scope 3) consistent
with the goal of the Paris Climate Agreement: to limit global warming to well below 2&deg;C above pre-industrial levels and to pursue
efforts to limit the temperature increase to 1.5&deg;C.<A HREF="#a_edn39" NAME="a_ednref39" TITLE="" STYLE="mso-endnote-id: edn39"></A><SUP>39</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 10pt">As You Sow filed a proposal (Item 7) asking the
company to disclose a recalculated emissions baseline that excludes the aggregated GHG emissions from material asset divestitures occurring
since 2016, the year Chevron uses to baseline its emissions.<A HREF="#a_edn40" NAME="a_ednref40" TITLE="" STYLE="mso-endnote-id: edn40"></A><SUP>40</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial; font-size: 10pt">American Baptist Home Mission Society filed a
proposal (Item 10) requesting that the Chevron board commission and publicly disclose the findings of an independent racial equity audit,
analyzing the adverse impacts of Chevron&#8217;s policies and practices that discriminate against or disparately impact communities of
color, above and beyond legal and regulatory matters.<A HREF="#a_edn41" NAME="a_ednref41" TITLE="" STYLE="mso-endnote-id: edn41"></A><SUP>41</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; 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,
or adequately respond to a recent majority-supported shareholder proposal. Therefore, we recommend that shareholders vote AGAINST all
directors facing reelection at the annual meeting on May 31, 2023, including </B></FONT><B>Michael K. Wirth, Chairman and CEO (Item 1l),
Wanda M. Austin, Lead Director (Item 1a), and Enrique Hernandez, Jr., Public Policy and Sustainability Chair (Item 1d).</B></P>

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





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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref1" NAME="a_edn1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 10pt">Urgewald, &#8220;Global Oil &amp; Gas Exit List (GOGEL),&#8221; (analysis using GOGEL data), https://gogel.org/
(Expenditure is a 3-year average from 2020-2022)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref2" NAME="a_edn2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT>
U.S. Energy Information Administration, &#8220;Total Energy,&#8221; (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 May 3, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref3" NAME="a_edn3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3
</SUP></FONT>Chevron, <I>Climate Change Resilience</I>, October 2021, <U>https://www.chevron.com/-/media/chevron/sustainability/documents/2021-climate-change-resilience-report.pdf</U>,
pp. 2 and 44</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref4" NAME="a_edn4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT>
Climate Action 100+, <I>Disclosure Framework (Assessed by TPI) &#8211; Assessment Methodology</I>, October 2022, https://www.climateaction100.org/wp-content/uploads/2021/10/V1.1-Disclosure-Framework-assessment-methodology-Oct21.pdf,
pg. 5, Note: Net zero commitments are effectively a special case of GHG emissions targets where companies are pledging a 100% reduction
in net carbon emissions. Companies can make net zero commitments through a disclosure that explicitly commits the company to a net zero
ambition (e.g., stating that the company will &#8216;reach&#8217;, &#8216;achieve&#8217; or &#8216;become&#8217; &#8216;net zero by&#8217;,
&#8216;carbon-neutral by&#8217; or &#8216;eliminate all emissions by&#8217;). Companies that have set a GHG reduction target that cuts
(absolute) emissions by 100% by 2050 or earlier are also positively assessed on this Metric.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref5" NAME="a_edn5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>5
</SUP></FONT>Climate Action 100+, &#8220;Chevron Corp.,&#8221; Company Assessment, <U>https://www.climateaction100.org/company/chevron-corporation/</U>,
accessed May 3, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref6" NAME="a_edn6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>6</SUP></FONT>
Climate Action 100+, &#8220;Chevron Corp.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref7" NAME="a_edn7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>7</SUP></FONT>
<FONT STYLE="background-color: white">Jack Arnold and Perrine Toledano, &#8220;Corporate Net-Zero Pledges: The Bad and the Ugly,&#8221;
<I>Columbia Center on Sustainable Investment, December 1, 2021, https://ccsi.columbia.edu/news/corporate-net-zero-pledges-bad-and-ugly</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref8" NAME="a_edn8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>8</SUP></FONT>
Chevron, <I>Climate Change Resilience</I>, October 2021, p. 14</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref9" NAME="a_edn9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>9
</SUP></FONT>Chevron Corporation, <I>2023 Proxy Statement,</I>AApril 8, 2021, <U>https://www.sec.gov/Archives/edgar/data/93410/000119312521109793/d74377ddef14a.htm#toc74377_6
</U>p. 81</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref10" NAME="a_edn10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>10
</SUP></FONT>Chevron Corporation, SEC filing on Form 8-K, filed May 26, 2021<FONT STYLE="background-color: white">, </FONT><U>https://www.sec.gov/ix?doc=/Archives/edgar/data/0000093410/000009341021000020/cvx-20210526.htm
</U>(Item 5.07 (4), &#8220;The Stockholder Proposal Regarding Reducing Scope 3 emissions&#8221;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref11" NAME="a_edn11" TITLE="" STYLE="mso-endnote-id: edn11"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>11</SUP></FONT>
Climate Action 100+, &#8220;Chevron Corp.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref12" NAME="a_edn12" TITLE="" STYLE="mso-endnote-id: edn12"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>12
</SUP></FONT>Climate Action 100+, <I>Climate Action 100+ Net Zero Company Benchmark</I>, Carbon Tracker data, October 2022, <U>https://www.climateaction100.org/wp-content/uploads/2022/12/Downloadable-Excel_CA100-Benchmark_Dec-2022_CAAA-scores-v1.1.xlsx
</U>(Oil &amp; Gas Assessments tab)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref13" NAME="a_edn13" TITLE="" STYLE="mso-endnote-id: edn13"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>13</SUP></FONT>
Urgewald, &#8220;Global Oil &amp; Gas Exit List (GOGEL)&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref14" NAME="a_edn14" TITLE="" STYLE="mso-endnote-id: edn14"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>14</SUP></FONT>
Urgewald, &#8220;Global Oil &amp; Gas Exit List (GOGEL)&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref15" NAME="a_edn15" TITLE="" STYLE="mso-endnote-id: edn15"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>15</SUP></FONT>
Climate Action 100+, <I>Climate Action 100+ Net Zero Company Benchmark</I>, Carbon Tracker data</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref16" NAME="a_edn16" TITLE="" STYLE="mso-endnote-id: edn16"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>16
</SUP></FONT>Chevron, <I>2022 Annual Report</I>, April 2023, <U>https://www.chevron.com/-/media/chevron/annual-report/2022/documents/2022-Annual-Report.pdf</U>,
p IV</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref17" NAME="a_edn17" TITLE="" STYLE="mso-endnote-id: edn17"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>17</SUP></FONT>
Chevron, <I>2022 Annual Report</I>, p VI</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref18" NAME="a_edn18" TITLE="" STYLE="mso-endnote-id: edn18"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>18
</SUP></FONT>Bill Holland, &#8220;Chevron's $10B plan for energy change is high-risk break from the pack&#8217; <I>S&amp;P Global, </I>September
16, 2021, <U>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</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref19" NAME="a_edn19" TITLE="" STYLE="mso-endnote-id: edn19"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>19
</SUP></FONT>InfluenceMap, &#8220;About Our Scores,&#8221; LobbyMap, <U>https://lobbymap.org/page/About-our-Scores</U>, accessed May
5, 2023 Note: According to InfluenceMap&#8217;s methodology &#8220;Organisation Score&#8221; and &#8220;Relationship Score&#8221; (expressed
as a percentage from 0 to 100) is a measure of how supportive or obstructive the company&#8217;s or its industry associations&#8217;
engagement is with climate policy aligned with the Paris Agreement, with 0% being fully opposed and 100% being fully supportive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref20" NAME="a_edn20" TITLE="" STYLE="mso-endnote-id: edn20"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>20
</SUP></FONT>InfluenceMap, &#8220;Chevron,&#8221; LobbyMap, <U>https://lobbymap.org/company/Chevron-f4b47c4ea77f0f6249ba7f77d4f210ff</U>,
accessed May 3, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref21" NAME="a_edn21" TITLE="" STYLE="mso-endnote-id: edn21"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>21</SUP></FONT>
Chevron, <I>Climate Change Resilience</I>, p. 55</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref22" NAME="a_edn22" TITLE="" STYLE="mso-endnote-id: edn22"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>22</SUP></FONT>
InfluenceMap, &#8220;Chevron&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref23" NAME="a_edn23" TITLE="" STYLE="mso-endnote-id: edn23"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>23</SUP></FONT>
InfluenceMap, &#8220;Chevron&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref24" NAME="a_edn24" TITLE="" STYLE="mso-endnote-id: edn24"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>24</SUP></FONT>
InfluenceMap, &#8220;Chevron&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref25" NAME="a_edn25" TITLE="" STYLE="mso-endnote-id: edn25"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>25
</SUP></FONT>Committee on Oversight and Accountability, &#8220;Oversight Committee Releases New Documents Showing Big Oil&#8217;s Greenwashing
Campaign and Failure to Reduce Emissions,&#8221; (press release), December 9, 2022, <U>https://oversightdemocrats.house.gov/news/press-releases/oversight-committee-releases-new-documents-showing-big-oil-s-greenwashing</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref26" NAME="a_edn26" TITLE="" STYLE="mso-endnote-id: edn26"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>26</SUP></FONT>
Committee on Oversight and Accountability, &#8220;Oversight Committee Releases New Documents Showing Big Oil&#8217;s Greenwashing Campaign
and Failure to Reduce Emissions&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref27" NAME="a_edn27" TITLE="" STYLE="mso-endnote-id: edn27"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>27
</SUP></FONT>Chevron, <I>Lobbying and Trade Associations</I>, 2023, <U>https://www.chevron.com/-/media/chevron/investors/documents/2023-lobbying-and-trade-associations.pdf</U>,
p. 14</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref28" NAME="a_edn28" TITLE="" STYLE="mso-endnote-id: edn28"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>28</SUP></FONT>
Chevron, <I>Lobbying and Trade Associations</I>, 2023, p. 7</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref29" NAME="a_edn29" TITLE="" STYLE="mso-endnote-id: edn29"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>29</SUP></FONT>
Chevron, <I>Lobbying and Trade Associations</I>, 2023, p. 8</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref30" NAME="a_edn30" TITLE="" STYLE="mso-endnote-id: edn30"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>30</SUP></FONT>InfluenceMap,
&#8220;American Petroleum Institute (API),&#8221; LobbyMap, <U>https://lobbymap.org/influencer/American-Petroleum-Institute-API</U>,
accessed May 3, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref31" NAME="a_edn31" TITLE="" STYLE="mso-endnote-id: edn31"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>31</SUP></FONT>
Climate Action 100+, &#8220;Chevron Corp.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref32" NAME="a_edn32" TITLE="" STYLE="mso-endnote-id: edn32"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>32</SUP></FONT>
Chevron Corporation, SEC filing on Form 8-K, filed May 26, 2021</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref33" NAME="a_edn33" TITLE="" STYLE="mso-endnote-id: edn33"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>33 </SUP></FONT>Chevron
Corporation, <I>2021 Proxy Statement,</I>April 8, 2021, <U>https://www.sec.gov/Archives/edgar/data/93410/000119312521109793/d74377ddef14a.htm#toc74377_6</U>
pg. 81</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref34" NAME="a_edn34" TITLE="" STYLE="mso-endnote-id: edn34"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>34</SUP></FONT>
Chevron, <I>2022 Annual Report, </I>p. 34</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref35" NAME="a_edn35" TITLE="" STYLE="mso-endnote-id: edn35"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>35</SUP></FONT>
Chevron, <I>Climate Change Resilience</I>, October 2021, p. 38</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref36" NAME="a_edn36" TITLE="" STYLE="mso-endnote-id: edn36"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>36</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref37" NAME="a_edn37" TITLE="" STYLE="mso-endnote-id: edn37"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>37</SUP></FONT>
Chevron, <I>Climate Change Resilience</I>, p. 46</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref38" NAME="a_edn38" TITLE="" STYLE="mso-endnote-id: edn38"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>38</SUP></FONT>
Kevin Crowley, &#8220;Chevron Adopts Operational Net Zero &#8216;Aspiration&#8217; by 2050,&#8221; <I>Bloomberg </I>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: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref39" NAME="a_edn39" TITLE="" STYLE="mso-endnote-id: edn39"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>39
</SUP></FONT>Chevron, <I>2023 Proxy Statement</I>, April 12, 2023, <U>https://www.chevron.com/-/media/shared-media/documents/chevron-proxy-statement-2023.pdf</U>,
p. 110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref40" NAME="a_edn40" TITLE="" STYLE="mso-endnote-id: edn40"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>40</SUP></FONT>
Chevron, <I>2023 Proxy Statement</I>, p. 112</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref41" NAME="a_edn41" TITLE="" STYLE="mso-endnote-id: edn41"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>41</SUP></FONT>
Chevron, <I>2023 Proxy Statement, </I><FONT STYLE="background-color: white">p. 118</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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