<SEC-DOCUMENT>0001193125-24-080611.txt : 20240603
<SEC-HEADER>0001193125-24-080611.hdr.sgml : 20240603
<ACCEPTANCE-DATETIME>20240328161007
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ACCESSION NUMBER:		0001193125-24-080611
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEVRON CORP
		CENTRAL INDEX KEY:			0000093410
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				940890210
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5001 EXECUTIVE PARKWAY
		STREET 2:		SUITE 200
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583
		BUSINESS PHONE:		925-842-1000

	MAIL ADDRESS:	
		STREET 1:		5001 EXECUTIVE PARKWAY
		STREET 2:		SUITE 200
		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
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHEVRON CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6001 Bollinger Canyon Road </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Ramon, California 94583 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;28, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp; Transportation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tim Levenberg, Special Counsel </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Karina Dorin, Special Counsel </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Chevron Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;26, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277356</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Levenberg and Ms.&nbsp;Dorin: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth the response of Chevron Corporation (the &#147;Registrant&#148;) to the comment letter of the staff of the Division of
Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;), issued to the Registrant on March&nbsp;18, 2024, with respect to the above-referenced Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-4</FONT> (as amended, the &#147;Registration Statement&#148;). In connection with this letter, an amendment to the Registration Statement (&#147;Amendment No.&nbsp;1&#148;) has been submitted to the Commission on the
date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, the Staff&#146;s comments are set forth in bold, followed by responses on behalf of the Registrant.
Unless otherwise indicated, all page references in the responses set forth below are to the pages of Amendment No.&nbsp;1. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in Amendment
No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Background of the Merger, page 41 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>You disclose that on October&nbsp;19, 2023, the Hess board &#147;revisited its prior discussion during its
October&nbsp;6, 2023 meeting concerning the potential benefits and risks of contacting other potential transaction counterparties, and confirmed its view that it would not be in the best interests of Hess and its stockholders to initiate any such
outreach.&#148; Revise to clarify, if true, that Hess did not explore a business combination with any entity other than Chevron during 2023. </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> In response to the Staff&#146;s comment, Amendment No.&nbsp;1 has been
revised on page&nbsp;42. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that in recommending the merger, the Hess board considered in detail &#147;the opportunities and
risks of various potential strategic alternatives available to Hess, including the transaction with Chevron [and] other potentially available strategic transactions....&#148; Please identify any &#147;potentially available strategic
transactions&#148; or counterparties which were considered as part of this detailed consideration. We also note you disclose that the Chevron merger offered &#147;superior value ... compared with other potential alternative transactions, including
the [board&#146;s belief], after analysis and discussion with its financial advisors and Hess management, that the limited number of counterparties who could acquire Hess were unlikely to be willing or able to offer more attractive value to
Hess&#146; stockholders than Chevron....&#148; Expand the discussion to clarify what basis the board had for this belief, including whether it specifically considered any other entities of similar or larger size than Chevron in reaching its
conclusion that such potential counterparties would be unwilling to offer more attractive value. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> In
response to the Staff&#146;s comment, Amendment No.&nbsp;1 has been revised on page 51. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Regulatory Approvals Required for the Merger, page 77
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please provide updated disclosure regarding the status of the FTC review and the need for any approvals from
any Guyanese governmental body, agency, or authority of competent jurisdiction. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> In response to the
Staff&#146;s comment, Amendment No.&nbsp;1 has been revised on pages 19, 20, 79 and 107. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Stabroek JOA, page 80 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please provide updated disclosure in this section and, as appropriate, in the Risk Factors section,
regarding any arbitration or litigation concerning the transaction. In that regard, we note the communication filed by Hess Corporation pursuant to Rule 425 on March&nbsp;7, 2024 in which Hess discloses that ExxonMobil announced that it is filing
for arbitration regarding the applicability of a right of first <FONT STYLE="white-space:nowrap">refusal/pre-emption</FONT> provision in the Stabroek joint operating agreement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> In response to the Staff&#146;s comment, Amendment No.&nbsp;1 has been revised on pages 29, 32, 38, 81, 82, 83, 84 and 118.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Material U.S. Federal Income Tax Consequences, page 82 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note the Wachtell form of opinion filed as exhibit 8.1 states: &#147;Because this opinion is required to
be delivered in connection with the effectiveness of the Registration Statement, there can be no assurance that it will continue to be valid at the Effective Time.&#148; As the discussion of tax consequences in the prospectus relies on the
Section&nbsp;368(a) opinion and the receipt of the opinion appears to be a waivable condition, please have counsel revise its opinion to remove this disclaimer and file an executed opinion of counsel before effectiveness. Please also make clear that
you will recirculate and resolicit if the condition is waived and the change in tax consequences is material. See Section III.D.3 of Staff Legal Bulletin No.&nbsp;19 (Corp. Fin., October&nbsp;14, 2011). </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> In response to the Staff&#146;s comment, Amendment No.&nbsp;1 has been revised on page&nbsp;86 and Exhibit&nbsp;8.1 to
Amendment No.&nbsp;1 has also been revised. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Where You Can Find More Information, page 152 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note Hess Corporation&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the
fiscal year ended December&nbsp;31, 2023 is incorporated by reference. However, the Form <FONT STYLE="white-space:nowrap">10-K</FONT> incorporates information from its proxy statement which has not yet been filed. Prior to requesting acceleration of
the effectiveness of this registration statement, please either amend the Form <FONT STYLE="white-space:nowrap">10-K</FONT> to include information required by Part III of Form <FONT STYLE="white-space:nowrap">10-K</FONT> or file the definitive proxy
statement. Please refer to Question 123.01 of Securities Act Forms Compliance and Disclosure Interpretations for guidance. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> The Registrant acknowledges the Staff&#146;s comment and advises the Staff that Part III of Form <FONT
STYLE="white-space:nowrap">10-K</FONT> will be included in Hess&#146; definitive proxy statement, which will be filed with the Commission on Schedule 14A prior to the Registrant submitting a request for acceleration of effectiveness of the
Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please update this section to incorporate by reference Hess Corporation&#146;s Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed on March&nbsp;8, 2024. For guidance, refer to Question 123.05 of the Securities Act Forms Compliance and Disclosure Interpretations. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> In response to the Staff&#146;s comment, Amendment No.&nbsp;1 has been revised on page 153. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annex D, page <FONT STYLE="white-space:nowrap">D-1</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note Chevron Corporation&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the fiscal year ended December&nbsp;31, 2023 is included as Annex D. However, the Form <FONT STYLE="white-space:nowrap">10-K</FONT> incorporates certain Part III information from its proxy statement which has not been filed. Please revise your
registration statement to include all information required by Form <FONT STYLE="white-space:nowrap">S-4</FONT> and Part III of Form <FONT STYLE="white-space:nowrap">10-K,</FONT> including Items 401, 402, and 404 of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> The Registrant acknowledges the Staff&#146;s comment and advises the Staff
that Part III of Form <FONT STYLE="white-space:nowrap">10-K</FONT> will be included in the Registrant&#146;s definitive proxy statement, which will be filed with the Commission on Schedule 14A prior to the Registrant submitting a request for
acceleration of effectiveness of the Registration Statement. Such Part III information will be included as Annex E to the Registration Statement prior to submitting a request for acceleration of effectiveness of the Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or require any additional information in connection with the filing, please do not hesitate to contact the
undersigned at (925) 842-1000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mary A. Francis</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mary A. Francis, Corporate Secretary and<BR>Chief Governance Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cc: Kyle Seifried, Esq., of Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison </P>
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