<SEC-DOCUMENT>0001214659-23-008068.txt : 20230531
<SEC-HEADER>0001214659-23-008068.hdr.sgml : 20230531
<ACCEPTANCE-DATETIME>20230530185247
ACCESSION NUMBER:		0001214659-23-008068
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230531
DATE AS OF CHANGE:		20230530
EFFECTIVENESS DATE:		20230531

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:		23978377

	BUSINESS ADDRESS:	
		STREET 1:		6001 BOLLINGER CANYON ROAD
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583
		BUSINESS PHONE:		925-842-1000

	MAIL ADDRESS:	
		STREET 1:		6001 BOLLINGER CANYON ROAD
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEVRONTEXACO CORP
		DATE OF NAME CHANGE:	20011009

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEVRON CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STANDARD OIL CO OF CALIFORNIA
		DATE OF NAME CHANGE:	19840705

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>s530230px14a6g.htm
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</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">Name of the Registrant: Chevron Corporation (CVX)<BR>
Name of persons relying on exemption:&nbsp;As You Sow<BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 751, Berkeley, CA 94704</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Addendum<SUP>1</SUP></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chevron Corporation (CVX)<BR>
Vote Yes: Item #7 &ndash; Stockholder Proposal to Recalculate Emissions<BR>
Baseline to Exclude Emissions from Material Divestitures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Annual Meeting:
May 31, 2023 </FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4">THE RESOLUTION</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>BE IT RESOLVED:</B> Shareholders request that Chevron, at reasonable
cost and omitting proprietary information, 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.</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>SUPPORTING STATEMENT:</B> Proponents recommend disclosing, at management
discretion:</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>The emissions associated with Chevron&rsquo;s material asset divestments since 2016;</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>What portion, if any, of Chevron&rsquo;s current emissions reduction targets relies on accounting for asset transfers as emissions
reductions;</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>A base year emissions recalculation policy establishing a threshold for future recalculations related to divestitures.</TD></TR></TABLE>

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

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




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4">SUMMARY</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">We write to provide further support for a <B>&ldquo;YES&rdquo;</B>
vote on Item <B>7: Stockholder Proposal to Recalculate Emissions Baseline to Exclude Emissions from Material Divestitures </B>and to clarify
certain questions raised about the Proposal.</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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> This filing is intended to be an addendum to the&nbsp;prior
memo filed by&nbsp;<I>As You Sow</I>&nbsp;relating to this Proposal.</P>


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



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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corp | Stockholder Proposal to Recalculate Emissions Baseline to Exclude Emissions from Material
Divestitures</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<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">&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">To ensure more accurate reporting of Chevron&rsquo;s progress toward
meeting its greenhouse gas (GHG) emissions reduction targets, this Proposal requests that Chevron exclude material asset divestitures
from its 2016 baseline, against which it measures its success in reducing GHG emissions.</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">When Chevron transfers assets to other companies, where they are retained
in operation, such transfer has not resulted in real-world emission reductions. To avoid the appearance of having decreased emissions,
when in fact emissions are merely transferred from one company to another, Chevron should remove divested assets from its baseline when
comparing total emissions to its baseline.</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">An example clarifies why re-baselining ensures accuracy in reporting:</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">Assume that a company has 200 tons of Scope 1 and 2 emissions, it transfers
assets that emit 80 tons to another company where they will continue to be operated, and it reduces 20 tons of emissions through onsite
actions at the assets that it has retained. By comparing emissions reductions plus transferred emissions (100 tons) against its baseline
of 200, <B>the company would appear to have achieved a 50% emissions reduction. This isn&rsquo;t the case</B>, however, as only 20 tons
have actually been reduced and 80 tons are being emitted by another company. Re-baselining (in which the 80 tons of transferred assets
are subtracted from both the company&rsquo;s baseline and the emissions reductions counted toward the company&rsquo;s target) produces
a more accurate report: Comparing a 120-ton baseline to a 20-ton reduction yields <B>an accurate 17% emissions reduction</B>.</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B><U>The GHGRP Does Not Obviate the Need for the Proposal</U>. </B>There appears to be some confusion as to whether compliance with
the EPA&rsquo;s Greenhouse Gas Reporting Program (&ldquo;GHGRP&rdquo;) satisfies the purpose of this proposal. <U>It does not</U>. The
EPA program is limited in the scope of emissions covered and is not intended to address companywide reporting on GHG targets. Compliance
with such standard, as described below, is therefore wholly inadequate to address the Proposal.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B><U>Re-baselining Will Not Impact a Company&rsquo;s Decision to Acquire or Divest Assets</U>. </B>Resetting baselines to include
divestitures is highly unlikely to impact a company&rsquo;s decision to acquire or divest assets. Companies typically have operational
and economic reasons for transferring assets. There is no evidence that ensuring accurate GHG target reporting would outweigh the operational
and economic basis for acquiring or divesting assets. In fact, relevant industry practice supports adjusting baselines to ensure the accuracy
of a company&rsquo;s GHG target reporting, without an impact on rates of acquiring or divesting assets.</TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B><U>The Proposal Does Not Prohibit Re-Baselining to Include Acquisitions</U>. </B>Finally, the fact that the Proposal does not require
re-baselining for asset additions in no way prohibits the company from doing so.</TD></TR></TABLE>

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



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    <TD STYLE="white-space: nowrap; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corp | Stockholder Proposal to Recalculate Emissions Baseline to Exclude Emissions from Material
Divestitures</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<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">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: #B8CCE4">DISCUSSION</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>EPA&rsquo;s GHGRP does not obviate the need for the Proposal. It requires reporting of limited U.S. based emissions and is NOT
intended to address a company&rsquo;s greenhouse gas target reporting. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some analysts have noted that the EPA does not recommend resetting
baseline emissions for divestitures or acquisitions. <U>While true, this is irrelevant to the Proposal</U>. The GHGRP does not reach the
issue of accurate reporting against a GHG target.</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">First, the GHGRP addresses only a subset of Chevron&rsquo;s total emissions
&ndash; U.S. based, large facility emissions. As set forth by the EPA, &ldquo;The GHGRP regulations requires reporting of greenhouse gas
(GHG) data and other relevant information from large GHG emission sources . . . in the United States.&rdquo;<SUP>2</SUP> Approximately
80% of Chevron&rsquo;s equity production is from outside the United States according to Rystad, leaving a significant and material portion
of the company&rsquo;s production, and therefore its emissions, unaccounted for in its GHGRP reporting. Second, the purpose of GHGRP reporting
is distinct from the Proposal&rsquo;s requested action. While the Proposal seeks to ensure accuracy in Chevron&rsquo;s reporting of progress
toward its announced Net Zero, <U>company-wide</U> GHG reduction targets, the GHGRP seeks information as to facility-level,<SUP>3</SUP>
U.S. based emissions with the goal of improving reporting on the U.S. GHG inventory:</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 36pt">With&nbsp;11 consecutive years of reporting for most sectors,
GHGRP data are providing important new information on industrial emissions&mdash;showing variation in emissions across facilities within
an industry, variation in industrial emissions across geographic areas, and changes in emissions over time at the sector and facility
level. <B>The EPA is using this facility-level data to improve estimates of national greenhouse gas emissions in&nbsp;the <U>U.S. Greenhouse
Gas Inventory</U></B> . . . The GHGRP data collected from direct emitters represent&nbsp;<B>about half of all U.S. emissions</B>.<SUP>45
</SUP>(emphasis added).</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>2</SUP> <FONT STYLE="font-size: 10pt">https://www.epa.gov/ghgreporting</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-size: 10pt"><I>See e.g., </I>Subpart
W Overview: Subpart W consists of emission sources in ten segments of the petroleum and natural gas industry.&rdquo; Subpart W FAQs: This
rule making requires reporting from onshore petroleum and natural gas production, offshore petroleum and natural gas production, onshore
natural gas processing, natural gas transmission compression, underground natural gas storage, liquefied natural gas (LNG) storage and
LNG import and export.&nbsp;Facilities that contain petroleum and natural gas systems that emit 25,000 metric tons or more of CO2 equivalent
per year are required to report annual GHG emissions to EPA.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 10pt">https://www.epa.gov/ghgreporting/ghgrp-reported-data</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="font-size: 10pt">https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas-emissions-and-sinks
</FONT></P>

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



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    <TD STYLE="white-space: nowrap; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corp | Stockholder Proposal to Recalculate Emissions Baseline to Exclude Emissions from Material
Divestitures</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<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">&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">The limited data remitted to the GHGRP, and its purpose as a tool for
comparing facility emissions and ensuring accurate facility reporting, does not obviate the need for the Proposal, which addresses accurate
reporting against a GHG reduction target.</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"><B>2.</B></TD><TD><B>Resetting baseline emissions does not discourage divestitures or assets; industry best practice is already to re-baseline acquisitions
and divestitures.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As set forth in the examples below, there is ample evidence to show
that leading companies are already taking steps to baseline emissions in the event of divestitures and acquisitions, without discouraging
mergers and acquisitions.</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>Devon&rsquo;s</B> <U>2021 Climate Change Assessment Report</U> provides details on the impact of overall M&amp;A activity on absolute
and intensity GHG and methane emissions, with specific insight into the impact of each individual transaction on emissions.<SUP>6</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>Shell&rsquo;s </B><U>2021 Sustainability Report</U> discloses how absolute Scope 1 and 2 emissions have changed from 2020 to 2021
as a result of M&amp;A activity, including how M&amp;A contributed to progress against its absolute emissions reduction target.<SUP>7</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>bp&rsquo;s</B> <U>2021 Sustainability Report</U> discloses how divestments have contributed to the total reduction in Scope 1 and
2 emissions using absolute figures.<SUP>8</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, it is abundantly clear from industry leading standard
setters that best practice is to re-baseline emissions in the event of acquisitions and divestments to provide investors and external
stakeholders with clear, transparent, and useful information to appropriately assess climate related risks and the role played by acquisitions
and divestments in company transition strategies and targets.</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>American Petroleum Institute &amp; Ipieca,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;</U></FONT><U>Petroleum
industry guidelines for reporting greenhouse gas emissions</U>; Second edition:</B> &ldquo;To track emissions from a consistent set of
activities, adjustments to the base year emissions are necessary to ensure that comparisons of annual emissions to the base year emissions
are valid. These situations involve the transfer of emission sources that existed at the time the base year was established from one company
to another. <I>Unless adjustments to the base year emissions are made, such changes could give the appearance of increases or decreases
in emissions, when in fact no changes occurred for the same set of activities</I>; rather, emissions would merely be transferred from
one company to another. To prevent this problem, the base year emissions should be adjusted when the following situations occur&hellip;
Significant structural changes to the organization including mergers, acquisitions, and divestitures.&rdquo;<SUP>9</SUP> (emphasis added)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="font-size: 10pt">https://dvnweb.azureedge.net/assets/documents/Sustainability/Environment/Climate-Change/DVN_CCAR21.pdf#page=23,
pg. 23</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> <FONT STYLE="font-size: 10pt">https://reports.shell.com/sustainability-report/2021/_assets/downloads/shell-sustainability-report-2021.pdf#page=27,
pg. 25</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="font-size: 10pt">https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/group-reports/bp-sustainability-report-2021.pdf#page=24,
pg. 24</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>9</SUP> </FONT><FONT STYLE="font-size: 10pt">https://www.ipieca.org/resources/petroleum-industry-guidelines-for-reporting-greenhouse-gas-emissions-2nd-edition
</FONT></P>

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



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    <!-- Field: /Page -->







<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corp | Stockholder Proposal to Recalculate Emissions Baseline to Exclude Emissions from Material
Divestitures</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<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">&nbsp;</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>Ipieca, API, and IOGP <U>Sustainability Reporting Guidance</U>, March 2020:</B> &ldquo;Establishing baselines: &hellip; Acquisitions
and divestments can cause unnatural breaks in data, making performance trends difficult to interpret. Incorporating baseline adjustments
can help your reader understand your data.&rdquo;<SUP>10</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>GHG Protocol, <U>Corporate Standard</U>, Revised Edition: </B>&ldquo;A meaningful and consistent comparison of emissions over time
requires that companies set a performance datum with which to compare current emissions. This performance datum is referred to as the
base year emissions. For consistent tracking of emissions over time, the base year emissions may need to be recalculated as companies
undergo significant structural changes such as acquisitions, divestments, and mergers.&rdquo; And &ldquo;Structural changes trigger recalculation
because they merely transfer emissions from one company to another without any change of emissions released to the atmosphere, for example,
an acquisition or divestment only transfers existing GHG emissions from one company&rsquo;s inventory to another.&rdquo;<SUP>11</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>Science-Based Targets Initiative, <U>SBTi Criteria</U>: &ldquo;</B>Targets should be recalculated, as needed, to reflect significant
changes that could compromise relevance and consistency of the existing target. The following changes should trigger a target recalculation:
&hellip; Significant changes in company structure and activities (e.g., acquisition, divestiture, merger, insourcing or outsourcing, shifts
in goods or service offerings).&rdquo;<SUP>12</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, as these frameworks are already utilized by Chevron, it is
reasonable for the company to adopt this best practice.</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><U>Chevron Sustainability Performance Data</U>: &ldquo;We consider reporting guidelines, indicators and terminology in the frameworks
of Sustainability Accounting Standards Board (SASB), Task Force for Climate-related Financial Disclosures (TCFD), the Sustainability Reporting
Guidance for the Oil &amp; Gas Industry (2020) by&nbsp;<B>Ipieca</B>, the <B>International Association of Oil and Gas Producers</B> (IOGP)
and&nbsp;the <B>American Petroleum Institute</B>&nbsp;(API), as well as other reporting frameworks, to determine which data to include
in our tables.&rdquo;<SUP>13</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acquisitions, divestitures, and mergers are a reflection of business-related
operational and economic decisions. There is no indication from industry standards or actual company behavior that accurate GHG target
reporting would affect the rate at which such business changes occur.</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"><U>_____________________________</U></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> <FONT STYLE="font-size: 10pt">https://www.ipieca.org/work/sustainability/performance-reporting/sustainability-reporting-guidance
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> <FONT STYLE="font-size: 10pt">https://ghgprotocol.org/sites/default/files/standards/ghg-protocol-revised.pdf
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> <FONT STYLE="font-size: 10pt">https://sciencebasedtargets.org/resources/files/SBTi-criteria.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP> </FONT><FONT STYLE="font-size: 10pt">https://www.chevron.com/-/media/shared-media/documents/2022-sustainabilty-performance-data.pdf</FONT></P>

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



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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2023
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Chevron Corp | Stockholder Proposal to Recalculate Emissions Baseline to Exclude Emissions from Material
Divestitures</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<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">&nbsp;</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"><B>3.</B></TD><TD><B>Re-baselining emissions to exclude divestitures does not preclude Chevron from re-baselining to include acquisitions.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fact that the Proposal specifically asks Chevron to re-baseline
for asset divestments does not prohibit the Company from also including asset acquisitions in its re-baselining. The Proposal focuses
on re-baselining asset divestitures to avoid the Company claiming reduction progress that has not occurred, and thereby inaccurately suggesting
risk reduction has occurred. There is nothing in the Proposal, however, that would preclude Chevron from including asset acquisitions
in its re-baselining which would show even lower emissions reductions. In fact, it would be most accurate, and therefore most beneficial
to investors, for the companies to re-baseline both. The Proposals does not, however, ask the Company to do more than is necessary to
avoid misleading investors.</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><I>Given the evidence above, we urge you to support Proposal 7.
</I></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Danielle Fugere, As You Sow, dfugere@asyousow.org
</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">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

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

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">6&nbsp;</P>

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

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