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CHEVRON CORP — Annual Report 2023
Jun 23, 2023
29758_rns_2023-06-23_abf79cf4-43c1-4faa-8ab3-e583fb9224e8.zip
Annual Report
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11-K 1 a2023form11-k.htm 11-K Document created using Wdesk Copyright 2023 Workiva Document
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D. C. 20549 | |
| ______ | |
| FORM 11-K | |
| ______ | |
| [X] | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES |
| EXCHANGE ACT OF 1934 | |
| For the fiscal year ended December 31, 2022 | |
| OR | |
| [ ] | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES |
| EXCHANGE ACT OF 1934 | |
| For the transition period from ____ to ______ | |
| Commission file number 001-00368 | |
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
| CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN | |
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
| Chevron Corporation | |
| 6001 Bollinger Canyon Road | |
| San Ramon, CA 94583 |
PN:001
CHEVRON
EMPLOYEE SAVINGS INVESTMENT PLAN
FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULE
TOGETHER WITH REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
DECEMBER 31, 2022 AND 2021
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
TABLE OF CONTENTS
| PAGE | |
|---|---|
| Report of Independent Registered Public Accounting Firm | 1 |
| Financial Statements: | |
| Statements of Net Assets Available for Benefits as of December 31, 2022 and 2021 | 2 |
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2022 | 3 |
| Notes to Financial Statements | 4 - 15 |
| Supplemental Schedule: | |
| Schedule of Assets (Held at End of Year) | 16 - 23 |
| Exhibit 23.1 - Consent of Grant Thornton LLP | 24 |
| Signature | 25 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Administrator and Plan Participants
Chevron Employee Savings Investment Plan
Opinion on the financial statements
We have audited the accompanying statements of net assets available for benefits of Chevron Employee Savings Investment Plan (the “Plan”) as of December 31, 2022 and 2021, the related statement of changes in net assets available for benefits for the year ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the year ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental information
The supplemental information in the accompanying schedule, Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ GRANT THORNTON LLP
We have served as the Plan’s auditor since 2021.
Bellevue, Washington
June 23, 2023
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2022 AND 2021
(thousands of dollars)
| 2022 | 2021 | |
|---|---|---|
| Assets | ||
| Cash | $ 91,419 | $ — |
| Investments - at fair value: | ||
| Chevron Corporation common stock | 6,192,864 | 5,355,945 |
| Registered investment companies | 3,804,333 | 3,605,517 |
| Fidelity BrokerageLink | 358,624 | 382,265 |
| Stable value collective investment funds | 6,407 | — |
| Other collective investment funds | 7,693,554 | 9,581,896 |
| Separate account | 349,652 | 409,169 |
| Total investments | 18,405,434 | 19,334,792 |
| Notes receivable from brokers | 662 | 602 |
| Notes receivable from participants | 112,383 | 110,668 |
| Total assets | 18,609,898 | 19,446,062 |
| Liabilities | — | — |
| Net assets available for benefits | $ 18,609,898 | $ 19,446,062 |
| The accompanying notes are an integral part of these financial statements. |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2022
(thousands of dollars)
| Additions | |
|---|---|
| Contributions: | |
| Employer contributions | $ 290,375 |
| Participant contributions | 348,161 |
| Participant rollovers | 103,620 |
| Total contributions | 742,156 |
| Investment income: | |
| Net appreciation in fair value of investments | 228,434 |
| Interest and dividends | 349,366 |
| Total investment income | 577,800 |
| Other additions: | |
| Interest on notes receivable from participants | 4,793 |
| Total additions | 1,324,749 |
| Deductions | |
| Distribution to participants | 2,256,944 |
| Administrative fees | 3,761 |
| Total deductions | 2,260,705 |
| Transfers of Employees' Savings Plans | |
| Transfer from Pasadena Refining System, Inc. | 27,583 |
| Transfer from Renewable Energy Group | 72,209 |
| Net Decrease | (836,164) |
| Net assets available for benefits: | |
| Beginning of year | 19,446,062 |
| End of year | $ 18,609,898 |
| The accompanying notes are an integral part of these financial statements. |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 1 - Description of the Plan
The following description of the Chevron Employee Savings Investment Plan (ESIP or the Plan) provides only general information. Participants should refer to the Plan document or Summary Plan Description for a more complete description of the Plan’s provisions.
The Plan is a defined contribution plan that is intended to be a qualified profit-sharing plan under section 401(a) of the Internal Revenue Code (the Code), a qualified cash or deferred arrangement under section 401(k) of the Code, and, effective December 1, 1989, to include a leveraged Employee Stock Ownership Plan (ESOP) qualified under section 4975(e)(7) of the Code.
Plan Sponsor/Administrator . Chevron Corporation (the Corporation) is the Plan Sponsor and the Plan Administrator of the ESIP. It has the authority to appoint one or more trustees to hold the assets of the Plan and to appoint a recordkeeper. In its capacity as fiduciary and administrator, the Corporation makes such rules, regulations and computations and takes whatever action is necessary to administer the Plan in accordance with provisions of the Code and the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Eligibility. Employees of the Corporation and each other participating company (Company) or employees who are represented by a labor organization that has bargained for and agreed to participation in the Plan are eligible to join the Plan if they are on the U.S. payroll.
Contributions. Participants may contribute up to 75 percent of regular pay as combined basic (1 or 2 percent) and supplemental (up to 73 percent) contributions. For 2022, the maximum contribution amount on a before-tax and Roth 401(k) basis was the annual Code limit of $20,500 for participants under age 50 and $27,000 for participants aged 50 and up. The Plan has a fixed match feature. The Company will match 4 percent of regular pay to participants making basic contributions of 1 percent to the Plan or 8 percent of regular pay to participants making basic contributions of 2 percent to the Plan. Both participant and company match contributions to the Plan ceased when a participant reached regular pay of $305,000 for the year 2022.
The Company matching contribution is made in cash and distributed according to the participants’ current payroll deduction distribution elections. Participants may elect to receive dividends on shares in their Chevron Stock and Chevron ESOP accounts as a taxable distribution or reinvest the dividends into their Chevron Stock account.
Vesting . Employees are always fully vested in all contributions to their accounts, as well as the investment income earned from all contributions to the Plan.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 1 - Description of the Plan (Continued)
Participant Accounts . Contributions are invested in various investment options offered within the Plan. Employee contributions are comprised of basic and supplemental contributions and rollover contributions from other qualified retirement plans or from a rollover IRA, on a pre-tax, after-tax, or Roth 401(k) basis.
Trustee . Fidelity Management Trust Company and Fidelity Workplace Services, LLC are the Plan’s trustee and recordkeeper, respectively (collectively referred to as Fidelity). Fidelity also performs the custodial and administrator functions for the Dodge & Cox Income Separate Account (Separate Account). The trustee has the authority to manage the assets of the Plan in accordance with the terms of the service agreements.
Notes Receivable from Participants. The Plan loan provision allows participants to borrow funds from their Plan account, subject to certain restrictions and limitations. Participants may borrow up to the lesser of $50,000 or 50% of their total account balance or the value of the account(s) used to fund the loan. The minimum loan is $1,000. The minimum term for repayment of any loan is 6 months and the maximum term is 5 years. However, the maximum term for repayment of a loan to purchase the participant’s principal residence is 25 years. Loans bear a reasonable fixed rate of interest. Interest rates charged during 2022 and 2021 on new and carried loans ranged from 2.23% to 9.50% with maturities extending to 2048. Most loan repayments are made through payroll deductions and the principal and interest paid by the participants are reinvested in the participants’ accounts. Notes receivable from participants totaled $112,383,139 and $110,668,850 as of December 31, 2022 and 2021, respectively.
Plan Termination. The Corporation expects to continue the ESIP indefinitely but has the authority to amend or terminate the ESIP at any time. In the event of a plan termination, the trust fund shall continue until any previously unallocated assets of the Plan are allocated to accounts and distributed to participants or beneficiaries in accordance with applicable law and pursuant to written rules and procedures adopted by the Corporation prior to such termination. In addition, upon plan termination, neither the Corporation nor any other person shall have a liability or obligation to provide additional benefits. Participants or beneficiaries shall obtain benefits solely from the trust fund.
Benefit Payment / Distribution. At the request of the participant, distributions can be received in installment payments, partial distribution, or single lump-sum payment, after termination of employment. While employed, a participant may make withdrawals from his or her employer or employee contribution accounts (as allowed under IRS regulations) subject to certain restrictions described in the Plan. Certain restrictions associated with withdrawals may be waived in the event a participant demonstrates a financial hardship. The Plan requires automatic cash outs of account balances less than $1,000 upon termination of employment. Benefit payments to participants are recorded when paid.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 1 - Description of the Plan (Continued)
Plan Expenses. In accordance with the Department of Labor’s (DOL) rules under ERISA section 408(b)(2), total all-in fees are disclosed by the service provider. In accordance with these DOL rules, recordkeeping and trustee fees are unbundled and paid by the participants. Other administrative expenses relating to the Plan, including audit fees and participant education retirement services are paid by the Plan to the extent Plan forfeiture funds or Interest Credit Account funds are sufficient. If not, such fees are paid by the Corporation. Certain Chevron employee labor and administrative costs for Plan-related services are being reimbursed to the Corporation by the Plan.
Diversification. Each participant is permitted to direct any contributions made to their account to be invested in investment options available under the Plan. Participants are not subject to any restriction, holding periods or otherwise, when moving assets other than those noted below under Stable Value Funds Equity Wash.
Put Option. For so long as the Company’s shares are readily tradable on an established market, the Company shall not be required to provide the Participant or Beneficiary with an option to put the shares to the Company, in accordance with Section 409(h) of the Code.
Plan Mergers. Effective December 31, 2022, the Pasadena Refining System, Inc. Union Employees Savings Plan (PRSI Union Plan) merged into the ESIP. Total investments in the T.RowePrice (TRP) Stable Value Fund of $3,307,259 were transferred within Fidelity from the PRSI Union Plan trust to this Plan’s trust, as of December 30, 2022. The remaining investments of $23,490,667 and employee loans of $785,433 were transferred on January 3, 2023.
Effective December 31, 2022, the Restated Thrift/Profit Sharing Plan for Cooperatives (REG Plan) assets were transferred into the ESIP. Total investments in the Associated Benefits Corporation (ABC) Stable Value Fund of $3,100,117 were transferred to Fidelity from the REG Plan trust to this Plan’s trust, as of December 30, 2022. The remaining investments of $67,927,965 and employee loans of $1,180,899 were transferred on January 3, 2023.
Stable Value Fund Equity Wash . Following the PRSI Union Plan and REG Plan mergers, two stable value funds were introduced into the ESIP. Per agreement with the fund managers, to discourage market timing and other forms of speculative behavior, investors are restricted from moving assets from these funds directly into existing ESIP money market funds. All assets moving out of these stable value funds must be moved to another non-money market ESIP investment for at least 90 days before moving to a money market investment.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 2 - Summary of Significant Accounting Policies
The following are the significant accounting policies followed by the Plan:
Basis of Accounting. The financial statements of the ESIP are presented on the accrual basis of accounting.
Investment Valuation and Income Recognition. Investments are reported at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments in the core and supplemental options are valued on each business day on which the New York Stock Exchange is open for trading to reflect contributions, distributions, income, expenses, gains and losses. The difference between cost and market value represents unrealized appreciation or depreciation as of the reporting date. The valuation of the underlying securities in Fidelity Brokerage Link are determined by Fidelity Brokerage Service daily.
Net appreciation (depreciation) in fair value of investments includes realized gains (losses) and unrealized appreciation (depreciation).
Realized gains (losses) on investments are based on sales proceeds less average cost. Sales and purchases between participants are included in realized gains (losses). Security purchases and sales are recorded as of the trade date for such transactions.
Dividend income earned on investments held and interest income earned on funds pending investment are recorded on an accrual basis.
Notes Receivable from Participants. Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the Plan rules. There was no allowance for credit losses recorded in 2022 or 2021.
Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 3 - Fair Value Measurements
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
Level 2: Inputs to the valuation methodology include:
• Quoted prices for similar assets or liabilities in active markets;
• Quoted prices for identical or similar assets or liabilities in inactive markets;
• Inputs other than quoted prices that are observable for the asset or liability; and
• Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Net Asset Value (NAV) as a practical expedient: Inputs to the valuation methodology are allowed as a practical expedient to measure certain investments at NAV provided:
• The investment doesn't have a readily determinable fair value;
• The investee is an investment company within the scope of ASC Topic 946, Financial Services - Investment Companies.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. There have been no changes in the methodologies used at December 31, 2022 and 2021.
• Common stocks are valued at the closing price reported on the active market on which the individual securities are traded.
• Preferred stock held in a separate account fund values are derived from both dealer-supplied valuations and pricing models at year-end.
• Shares of registered investment companies are valued at the closing price reported on the active market on which the individual securities are traded.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 3 - Fair Value Measurements (Continued)
• Corporate bonds held in a separate account fund values are derived from both dealer-supplied valuations and pricing models at year-end.
• Other collective investment fund values are reported at NAV of units of the collective trust as provided by the fund managers as of the financial statement dates. NAV is a readily determinable fair value and is the basis for current transactions but is not a direct quote from an active market so it is classified as Level 2.
• Mortgage-backed securities held in a separate account fund are valued on the basis of their future principal and interest payments discounted at prevailing interest rates for similar investments.
• U.S. government securities held in a separate account fund values are derived from both dealer supplied valuations and pricing models at year-end.
• Asset-backed securities are priced based on a compilation of primarily observable market information.
• Cash equivalents are valued at cost, which approximates fair value.
• Investments in Fidelity BrokerageLink hold shares of registered investment companies and are valued at the closing price reported on the active market on which the individual securities are traded.
• Stable value collective trusts are stated at fair value based on the NAV of the underlying investments, as reported to the Plan by the contract issuer. The NAV, as provided by Fidelity Management Trust Company, is used as a practical expedient to estimate fair value.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2022 and 2021:
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 3 - Fair Value Measurements (Continued)
| Investments at Fair Value (in thousands) as of December 31, 2022 — Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Common stocks | $ 6,192,864 | $ — | $ — | $ 6,192,864 |
| Registered investment companies | 3,804,333 | — | — | 3,804,333 |
| Fidelity BrokerageLink | 358,624 | — | — | 358,624 |
| Other collective investment funds | — | 7,693,554 | — | 7,693,554 |
| Separate Account: | ||||
| Preferred stock | — | 4,585 | — | 4,585 |
| Corporate bonds | — | 152,245 | — | 152,245 |
| Mortgages | — | 136,257 | — | 136,257 |
| Government securities | — | 27,836 | — | 27,836 |
| Asset-backed securities | — | 20,055 | — | 20,055 |
| Cash equivalents | — | 11,888 | — | 11,888 |
| Unsettled sales | — | 3,218 | — | 3,218 |
| Unsettled purchases | — | (6,432) | — | (6,432) |
| Total investments in the fair value hierarchy | $ 10,355,821 | $ 8,043,206 | $ — | $ 18,399,027 |
| Investments at NAV (a) | 6,407 | |||
| Total investments at fair value | $ 18,405,434 |
(a) In accordance with Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.
The following table summarizes investments for which fair value is measured using NAV per share practical expedient as of December 31, 2022. Redemption restrictions are reported above in Note 1, Stable Value Fund Equity Wash; the redemption notice period is applicable only to the Plan.
| Dec 31, 2022 Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | |
|---|---|---|---|---|
| Stable value collective investment funds | $ 6,407 | N/A | Daily | 12 months |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 3 - Fair Value Measurements (Continued)
| Investments at Fair Value (in thousands) as of December 31, 2021 — Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Common stocks | $ 5,355,945 | $ — | $ — | $ 5,355,945 |
| Registered investment companies | 3,605,517 | — | — | 3,605,517 |
| Fidelity BrokerageLink | 382,265 | — | — | 382,265 |
| Other collective investment funds | — | 9,581,896 | — | 9,581,896 |
| Separate Account: | ||||
| Preferred stock | — | 4,497 | — | 4,497 |
| Corporate bonds | — | 144,136 | — | 144,136 |
| Mortgages | — | 145,429 | — | 145,429 |
| U.S. government securities | — | 87,197 | — | 87,197 |
| Asset-backed securities | — | 19,962 | — | 19,962 |
| Cash equivalents | — | 24,624 | — | 24,624 |
| Unsettled sales | — | 25,992 | — | 25,992 |
| Unsettled purchases | — | (42,668) | — | (42,668) |
| Total investments, at fair value | $ 9,343,727 | $ 9,991,065 | $ — | $ 19,334,792 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 4 - Investments
At December 31, 2022 and 2021, the following broad range of investment options were available to participants:
Target Date Retirement Funds
| Fund Name | Fund Type |
|---|---|
| Vanguard Target Retirement Income Trust Select | Balanced |
| Vanguard Target Retirement 2015 Trust Select + | Balanced |
| Vanguard Target Retirement 2020 Trust Select | Balanced |
| Vanguard Target Retirement 2025 Trust Select | Balanced |
| Vanguard Target Retirement 2030 Trust Select | Balanced |
| Vanguard Target Retirement 2035 Trust Select | Balanced |
| Vanguard Target Retirement 2040 Trust Select | Balanced |
| Vanguard Target Retirement 2045 Trust Select | Balanced |
| Vanguard Target Retirement 2050 Trust Select | Balanced |
| Vanguard Target Retirement 2055 Trust Select | Balanced |
| Vanguard Target Retirement 2060 Trust Select | Balanced |
| Vanguard Target Retirement 2065 Trust Select | Balanced |
| Vanguard Target Retirement 2070 Trust Select ++ | Balanced |
- Fund no longer offered for investment effective June 30, 2022.
++ Fund available for investment effective July 1, 2022.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 4 - Investments (Continued)
Core Funds
| Fund Name | Fund Type |
|---|---|
| Vanguard Federal Money Market Fund | Money Market |
| Vanguard Institutional Total Bond Market Index Trust | Fixed Income |
| Vanguard Short-Term Bond Index Fund | Fixed Income |
| Vanguard Institutional 500 Index Trust | Large-Cap Stock |
| Vanguard Institutional Extended Market Trust | Small & Mid-Cap Growth Stock |
| Vanguard Developed Markets Index Fund* | International Stock |
| Vanguard Developed Markets Index Trust** | International Stock |
| Vanguard REIT Index Fund | Real Estate |
| Vanguard Emerging Markets Stock Index Fund | International Stock |
| SSgA US Inflations Protected Bond Fund | Fixed Income |
| Dodge & Cox Income Separate Account | Fixed Income |
| Vanguard PRIMECAP Fund | Large-Cap Growth Stock |
| Vanguard Value Index Fund | Large-Cap Value Stock |
| Capital Group EuroPacific Growth Trust | International Stock |
| TRP Stable Value Fund *** | Fixed Income |
| ABC Stable Value Fund *** | Fixed Income |
- Fund no longer offered for investment effective December 7, 2021.
** Fund available for investment effective December 8, 2021.
*** Funds transferred to Chevron ESIP from PRSI Union Plan and REG Plan on December 30, 2022.
Chevron Stock
| Fund Name | Fund Type |
|---|---|
| Chevron Leveraged ESOP | Company Stock |
| Chevron Stock | Company Stock |
Fidelity BrokerageLink
Through the Fidelity Brokerage Services, LLC, a participant may choose from approximately 10,000 mutual funds from Fidelity and other companies, and Exchange-Traded Funds that are not included in the core or supplemental investment funds. There is no annual fee charged to participants who use this option. Within each fund offered in the Fidelity BrokerageLink, additional fees may be charged, either accrued within a fund’s pooled price or charged directly on deposits or withdrawals depending upon the investment.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 5 - Income Taxes
The Plan received a determination letter dated October 23, 2013 from the Internal Revenue Service (IRS) stating that the Plan is qualified with the applicable requirements of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. Subsequent to this issuance of the determination letter, the Plan was restated and amended. The Corporation believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as restated and amended, is qualified and the related trust is tax exempt.
The Corporation has reviewed the Plan’s administrative procedures and is of the opinion that they are in accordance with technical compliance requirements of ERISA.
U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that would not meet the more likely than not standard and be-sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2022 and December 31, 2021, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2019.
NOTE 6 - Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes, both positive and negative, in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.
NOTE 7 - Related Party Transactions
Plan investments include a Separate Account managed by Fidelity and shares of common stock of the Corporation. Transactions with Fidelity, as the trustee and recordkeeper and the Corporation as the Plan Sponsor and Plan Administrator, qualify as party-in-interest transactions. Certain internal and external administrative costs are reimbursed by the Plan to Chevron. In 2022, $139,588 was reimbursed.
As of June 22, 2023, the price of the Corporation's common stock was $152.64 per share, which represents a nearly 15% decrease from the price of the common stock of $179.49 per share at year-end 2022.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2022 AND 2021
NOTE 8 - Subsequent Events
The Plan has evaluated subsequent events through June 23, 2023, the date the financial statements were available to be issued. Due to the international conflict in the Ukraine, there has been increased volatility in overall financial markets including Chevron stock.
The ESIP Investment Committee, after a thorough review, decided in November 2022 to make notable changes to the lineup of Plan investment options, including transitioning all target date and most index funds, from Vanguard to BlackRock. These changes took effect on May 31, 2023.
On January 3, 2023, Chevron closed its acquisition of full ownership of Beyond6, LLC and its nationwide network of compressed natural gas stations from Mercuria Energy Trading and Beyond6 founder Andrew West. Impact on the Chevron ESIP is being evaluated.
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| * | COMMON STOCK — Chevron Corporation | Common Stock | 34,502,324 | $ 2,692,714 | $ 6,192,864 |
|---|---|---|---|---|---|
| TOTAL COMMON STOCK | 2,692,714 | 6,192,864 | |||
| REGISTERED INVESTMENT COMPANIES | |||||
| Vanguard PRIMECAP Fund | 9,302,123 | ^ | 1,217,184 | ||
| Vanguard Federal Money Market Fund | 1,375,609,454 | ^ | 1,375,609 | ||
| Vanguard Short-Term Bond Fund Index | 16,931,786 | ^ | 167,117 | ||
| Vanguard REIT Index Fund | 5,864,090 | ^ | 106,081 | ||
| Vanguard Emerging Market Stock Index Fund | 2,447,375 | ^ | 200,636 | ||
| Vanguard Value Index Fund | 13,471,628 | ^ | 737,706 | ||
| TOTAL REGISTERED INVESTMENT COMPANIES | 3,804,333 | ||||
| * | FIDELITY BROKERAGELINK | ^ | 358,624 | ||
| STABLE VALUE COLLECTIVE INVESTMENT FUNDS | |||||
| TRowePrice Stable Value Fund (Transfer from PRSI) | 3,307,259 | ^ | 3,307 | ||
| Associated Benefits Corporation Stable Value Fund (Transfer from REG) | 238,052 | ^ | 3,100 | ||
| TOTAL STABLE VALUE FUNDS | 6,407 | ||||
| OTHER COLLECTIVE INVESTMENT FUNDS | |||||
| Capital Group EuropPacific Growth Trust | 20,175,726 | ^ | 214,670 | ||
| Vanguard Developed Market Index Trust (New in 2021) | 7,154,061 | ^ | 612,531 | ||
| Vanguard Institutional 500 Index Trust | 14,238,491 | ^ | 3,054,898 | ||
| Vanguard Institutional Total Bond Market Index Trust | 6,503,523 | ^ | 655,750 | ||
| Vanguard Institutional Extended Market Trust | 5,976,854 | ^ | 1,075,595 | ||
| Vanguard Target Date Retirement Trust Select | 2,998,597 | ^ | 114,215 | ||
| Vanguard Target Date Retirement Trust 2020 Select | 4,382,230 | ^ | 183,090 | ||
| Vanguard Target Date Retirement Trust 2025 Select | 6,889,271 | ^ | 298,030 | ||
| Vanguard Target Date Retirement Trust 2030 Select | 6,210,731 | ^ | 276,191 | ||
| Vanguard Target Date Retirement Trust 2035 Select | 5,694,631 | ^ | 261,270 | ||
| Vanguard Target Date Retirement Trust 2040 Select | 4,984,475 | ^ | 235,168 | ||
| Vanguard Target Date Retirement Trust 2045 Select | 4,757,143 | ^ | 230,103 | ||
| Vanguard Target Date Retirement Trust 2050 Select | 3,777,493 | ^ | 183,057 | ||
| Vanguard Target Date Retirement Trust 2055 Select | 2,168,698 | ^ | 105,052 | ||
| Vanguard Target Date Retirement Trust 2060 Select | 1,076,928 | ^ | 52,242 | ||
| Vanguard Target Date Retirement Trust 2065 Select | 745,760 | ^ | 21,746 | ||
| Vanguard Target Date Retirement Trust 2070 Select | 70,310 | ^ | 1,248 | ||
| SSgA Inflation Prot Bond Index | 7,819,913 | ^ | 118,698 | ||
| TOTAL OTHER COLLECTIVE INVESTMENT FUNDS | 7,693,554 | ||||
| SEPARATE ACCOUNT | |||||
| Preferred Stock | |||||
| Citigroup | Capital XIII Preferred Stock 7.875% | 161,450 | ^ | 4,585 | |
| Corporate Debt | |||||
| AT&T INC | 4.5% 03/09/2048 | 1,989,000 | ^ | 1,620 | |
| AT&T INC | STEP 11/15/2031 | 494,000 | ^ | 334 | |
| AT&T INC | 3.55% 09/15/2055 | 560,000 | ^ | 375 | |
| AT&T INC | 3.65% 09/15/2059 | 2,735,000 | ^ | 1,832 | |
| AT&T INC | 2.55% 12/01/2033 | 500,000 | ^ | 384 | |
| ABBVIE INC | 4.05% 11/21/2039 | 825,000 | ^ | 706 | |
| ANHEUSER BUSCH INBEV WORLD INC | 5.55% 01/23/2049 | 1,075,000 | ^ | 1,063 | |
| BAT CAPITAL CORP | 4.39% 08/15/2037 | 175,000 | ^ | 136 | |
| BAT CAPITAL CORP | 4.54% 08/15/2047 | 600,000 | ^ | 424 | |
| BAT CAPITAL CORP | 2.259% 03/25/2028 | 325,000 | ^ | 270 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| BAT CAPITAL CORP | 2.726% 03/25/2031 | 925,000 | ^ | 722 |
|---|---|---|---|---|
| BAT CAPITAL CORP | 3.734% 09/25/2040 | 125,000 | ^ | 85 |
| BAT CAPITAL CORP | 5.65% 03/16/2052 | 350,000 | ^ | 289 |
| BAT CAPITAL CORP | 4.742% 03/16/2032 | 1,975,000 | ^ | 1,752 |
| BNP PARIBAS | 4.375% 05/12/2026 144A | 2,000,000 | ^ | 1,906 |
| BURLINGTON NO SF | 5.72% 1/15/24 | 27715 | ^ | 28 |
| BNP PARIBAS | 4.25% 10/15/2024 | 1,600,000 | ^ | 1,564 |
| BNP PARIBAS | 4.375% 09/28/2025 144A | 1,300,000 | ^ | 1,262 |
| BNP PARIBAS | 4.625% 03/13/2027 144A | 600,000 | ^ | 569 |
| BANK OF AMERICA CORPORATION | 4.2% 08/26/2024 | 400,000 | ^ | 394 |
| BANK OF AMERICA CORPORATION | 4.25% 10/22/2026 | 875,000 | ^ | 845 |
| BANK OF AMERICA CORPORATION | 2.496/VAR 02/13/2031 | 1,350,000 | ^ | 1,097 |
| BANK OF AMERICA CORPORATION | 3.846%/VAR 03/08/2037 | 2,250,000 | ^ | 1,863 |
| BANK OF AMERICA CORPORATION | 4.948/VAR 07/22/2028 | 1,000,000 | ^ | 977 |
| JPMORGAN CHASE & CO | 8.75% 09/01/2030 | 450,000 | ^ | 524 |
| BARCLAYS PLC (UNGTD) | 4.375% 09/11/2024 | 525,000 | ^ | 513 |
| BARCLAYS PLC (UNGTD) | 4.836% 05/09/2028 | 1,525,000 | ^ | 1,406 |
| BARCLAYS PLC (UNGTD) | 5.501%/VAR 08/09/2028 | 600,000 | ^ | 581 |
| BAYER US FIN II LLC | 4.25% 12/15/2025 144A | 700,000 | ^ | 678 |
| BAYER US FIN II LLC | 4.375% 12/15/2028 144A | 1,100,000 | ^ | 1,033 |
| BOSTON PPTYS LTD PARTNERSHIP | 3.65% 02/01/2026 | 2,275,000 | ^ | 2,156 |
| CCO HLDGS LLC/CAP CORP | 4.5% 06/01/2033 144A | 1,750,000 | ^ | 1,343 |
| CCO HLDGS LLC/CAP CORP | 4.5% 05/01/2032 | 500,000 | ^ | 398 |
| CCO HLDGS LLC/CAP CORP | 4.25% 01/15/2034 144A | 750,000 | ^ | 554 |
| CIGNA CORP | 3.75% 07/15/2023 | 215,000 | ^ | 214 |
| CIGNA CORP | 4.125% 11/15/2025 | 425,000 | ^ | 415 |
| CIGNA CORP | 7.875% 05/15/2027 | 234,000 | ^ | 258 |
| CSX TRANSN INC | 6.251% 01/15/2023 | 81,870 | ^ | 82 |
| CVS HEALTH CORP | 4.78% 03/25/2038 | 900,000 | ^ | 820 |
| CVS HEALTH CORP | 5.05% 03/25/2048 | 1,900,000 | ^ | 1,705 |
| CVS HEALTH CORP | 3.75% 04/01/2030 | 275,000 | ^ | 249 |
| CAPITAL ONE FINANCIAL CORP | 3.9% 01/29/2024 | 775,000 | ^ | 765 |
| CAPITAL ONE FINANCIAL CORP | 4.927/VAR 05/10/2028 | 1,725,000 | ^ | 1,670 |
| CAPITAL ONE FINANCIAL CORP | 5.268/VAR 05/10/2033 | 450,000 | ^ | 418 |
| CEMEX SAB DE CV | 7.375% 06/05/2027 144A | 2,500,000 | ^ | 2,559 |
| CEMEX SAB DE CV | 5.2% 09/17/2030 144A | 925,000 | ^ | 860 |
| CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | 3,905,000 | ^ | 3,521 | |
| CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | 950,000 | ^ | 778 | |
| CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | 275,000 | ^ | 235 | |
| CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | 1,300,000 | ^ | 1,003 | |
| Citigroup Inc | 3.785%/VAR 03/17/2033 | 1,125,000 | ^ | 962 |
| COCA COLA CO | 1.65% 06/01/2030 | 950,000 | ^ | 777 |
| Comcast Corp New | 5.5% 11/15/2032 | 850,000 | ^ | 886 |
| COX COMMUNICATIONS INC | 3.35% 09/15/2026 144A | 775,000 | ^ | 725 |
| COX COMMUNICATIONS INC | 3.5% 08/15/2027 144A | 400,000 | ^ | 371 |
| COX COMMUNICATIONS INC | 1.8% 10/01/2030 144A | 675,000 | ^ | 513 |
| DELL INTL/EMC CORP | 6.02% 06/15/2026 | 475,000 | ^ | 485 |
| DILLARDS INC | 7.75% 07/15/2026 | 210,000 | ^ | 218 |
| DILLARDS INC | 7.75% 05/15/2027 | 125,000 | ^ | 131 |
| DILLARDS INC | 7% 12/01/2028 | 280,000 | ^ | 286 |
| DOMINION RESOURCE INC | 5.75/VAR 10/01/2054 | 2,075,000 | ^ | 1,944 |
| DOW CHEMICAL CO | 9.4% 05/15/2039 | 985,000 | ^ | 1,298 |
| ELANCO ANIMAL HEALTH INC | VAR 08/28/2023 | 250,000 | ^ | 248 |
| ELANCO ANIMAL HEALTH INC | VAR 08/28/2028 | 975,000 | ^ | 928 |
| ENEL SOCIETA PER AZIONI STEP | 09/24/2073 144A | 325,000 | ^ | 325 |
| ENEL FINANCE INTL NV | 6.8% 09/15/2037 144A | 875,000 | ^ | 867 |
| ENEL FINANCE INTL NV | 6% 10/07/2039 144A | 825,000 | ^ | 751 |
| ENEL FINANCE INTL NV | 7.5% 10/14/2032 144A | 500,000 | ^ | 528 |
| ENEL FINANCE INTL NV | 7.75% 10/14/2052 144A | 200,000 | ^ | 214 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| EXXON MOBIL CORP | 2.61% 10/15/2030 | 775,000 | ^ | 677 |
|---|---|---|---|---|
| FEDEX CORP | 4.05% 02/15/2048 | 500,000 | ^ | 379 |
| FEDEX CORP | 5.25% 05/15/2050 | 300,000 | ^ | 273 |
| FORD MTR CR CO LLC | 3.087% 01/09/2023 | 619,000 | ^ | 618 |
| FORD MTR CR CO LLC | 3.375% 11/13/2025 | 1,275,000 | ^ | 1,153 |
| FORD MTR CR CO LLC | 2.7% 08/10/2026 | 925,000 | ^ | 803 |
| FORD MTR CR CO LLC | 7.35% 11/04/2027 | 675,000 | ^ | 692 |
| FORD MTR CR CO LLC | 4.375% 08/06/2023 | 450,000 | ^ | 445 |
| FORD MTR CR CO LLC | 3.81% 01/09/2024 | 1,575,000 | ^ | 1,532 |
| FORD MTR CR CO LLC | 4.14% 02/15/2023 | 1,050,000 | ^ | 1,045 |
| FORD MTR CR CO LLC | 4.542% 08/01/2026 | 1,144,000 | ^ | 1,054 |
| FORD MTR CR CO LLC | 4.063% 11/01/2024 | 525,000 | ^ | 504 |
| GE HEALTHCARE TECHNOLOGIES INC | 5.857% 03/15/2030 1 | 400,000 | ^ | 409 |
| GE HEALTHCARE TECHNOLOGIES INC | 5.905% 11/22/2032 1 | 1,150,000 | ^ | 1,192 |
| GOLDMAN SACHS GROUP INC (THE) | 3.615/VAR 03/15/2028 | 3,400,000 | ^ | 3,167 |
| HCA INC | 3.375% 03/15/2029 144A | 650,000 | ^ | 571 |
| HCA INC | 3.625% 03/15/2032 144A | 2,025,000 | ^ | 1,713 |
| HSBC HOLDINGS PLC | 6.5% 05/02/2036 | 1,360,000 | ^ | 1,373 |
| HSBC HOLDINGS PLC | 6.5% 09/15/2037 | 1,300,000 | ^ | 1,325 |
| HSBC HOLDINGS PLC | 4.3% 03/08/2026 | 550,000 | ^ | 532 |
| HSBC HOLDINGS PLC | 4.95% 03/31/2030 | 1,300,000 | ^ | 1,240 |
| HSBC HOLDINGS PLC | SOFR 2.848/VAR 06/04/2031 | 600,000 | ^ | 479 |
| HSBC HOLDINGS PLC | 0.976/VAR 05/24/2025 | 925,000 | ^ | 856 |
| HSBC HOLDINGS PLC | 4.762/VAR 03/29/2033 | 1,525,000 | ^ | 1,322 |
| HSBC HOLDINGS PLC | 4.755/VAR 06/09/2028 | 600,000 | ^ | 567 |
| HSBC HOLDINGS PLC | 8.113%/VAR 11/03/2033 | 350,000 | ^ | 370 |
| IMPERIAL BRANDS FINANCE PLC | 3.875% 07/26/2029 144A | 1,200,000 | ^ | 1,026 |
| IMPERIAL BRANDS FINANCE PLC | 4.25% 07/21/2025 144A | 3,550,000 | ^ | 3,390 |
| JPMORGAN CHASE & CO | 4.25% 10/01/2027 | 900,000 | ^ | 867 |
| JPMORGAN CHASE & CO | 3.797%/VAR 07/23/2024 | 1,250,000 | ^ | 1,238 |
| JPMORGAN CHASE & CO | 4.493%/VAR 03/24/2031 | 525,000 | ^ | 490 |
| JPMORGAN CHASE & CO | 2.522/VAR 04/22/2031 | 900,000 | ^ | 736 |
| JPMORGAN CHASE & CO | 2.956/VAR 05/13/2031 | 1,875,000 | ^ | 1,545 |
| JPMORGAN CHASE & CO | 5.717%/VAR 09/14/2033 | 875,000 | ^ | 854 |
| KINDER MORGAN ENERGY PTNRS LP | 6.95% 01/15/2038 | 1,050,000 | ^ | 1,111 |
| KINDER MORGAN ENERGY PTNRS LP | 6.5% 09/01/2039 | 1,575,000 | ^ | 1,587 |
| KINDER MORGAN INC DEL | 5.55% 06/01/2045 | 825,000 | ^ | 752 |
| LLOYDS BANKING GROUP PLC | 4.582% 12/10/2025 | 500,000 | ^ | 484 |
| LLOYDS BANK PLC | 7.953%/VAR 11/15/2033 | 750,000 | ^ | 794 |
| LLOYDS BANKING GROUP PLC | 4.5% 11/04/2024 | 1,445,000 | ^ | 1,410 |
| LLOYDS BANKING GROUP PLC | 4.65% 03/24/2026 | 850,000 | ^ | 814 |
| PROSUS NV | 4.85% 07/06/2027 144A | 2,100,000 | ^ | 1,992 |
| NATWEST GRP PLC(UNGTD) | 1.642/VAR 06/14/2027 | 1,700,000 | ^ | 1,471 |
| NORDSTROM INC | 6.95% 03/15/2028 | 125,000 | ^ | 115 |
| OCCIDENTAL PETROLEUM CORP | 2.9% 08/15/2024 | 1,205,000 | ^ | 1,154 |
| ORACLE CORP | 2.95% 04/01/2030 | 525,000 | ^ | 448 |
| ORACLE CORP | 3.6% 04/01/2040 | 425,000 | ^ | 312 |
| ORACLE CORP | 3.95% 03/25/2051 | 600,000 | ^ | 427 |
| ORACLE CORP | 6.9% 11/09/2052 | 375,000 | ^ | 401 |
| PETROLEOS MEXICANOS | 6.625% 06/15/2035 | 1,425,000 | ^ | 1,028 |
| PETROLEOS MEXICANOS | 6.7% 02/16/2032 144A | 2,462,000 | ^ | 1,930 |
| PETROBRAS GLOBAL FINANCE BV | 6.9% 03/19/2049 | 875,000 | ^ | 782 |
| PETROBRAS GLOBAL FINANCE BV | 5.093% 01/15/2030 | 138,000 | ^ | 129 |
| PETROBRAS GLOBAL FINANCE BV | 6.75% 06/03/2050 | 1,200,000 | ^ | 1,043 |
| PETROLEOS MEXICANOS | 7.69% 01/23/2050 | 7,050,000 | ^ | 4,873 |
| PROSUS NV | 3.68% 01/21/2030 144A | 550,000 | ^ | 456 |
| PROSUS NV | 3.832% 02/08/2051 144A | 1,173,000 | ^ | 717 |
| PROSUS NV | 3.061% 07/13/2031 144A | 2,200,000 | ^ | 1,705 |
| PROSUS NV | 4.193% 01/19/2032 144A | 775,000 | ^ | 642 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| 4.987% 01/19/2052 144A | 1,750,000 | ^ | 1,278 | |
|---|---|---|---|---|
| UNUM GROUP | 7.25% 03/15/2028 | 185,000 | ^ | 194 |
| RELX CAPITAL INC | 4.75% 05/20/2032 | 425,000 | ^ | 408 |
| RIO OIL FIN TR STEP | 07/06/2024 144A | 1,119,813 | ^ | 1,131 |
| RIO OIL FINANCE TRUST SERIES | 2014-3 9.75% 01/06/20 | 1,108,714 | ^ | 1,143 |
| RIO OIL FINANCE TR SER | 2018-1 8.2% 04/06/2028 144A | 1,021,440 | ^ | 1,038 |
| SOUTHERN COMPANY | STEP 08/01/2027 | 1,100,000 | ^ | 1,096 |
| SOUTHERN COMPANY | 4%/VAR 01/15/2051 | 1,875,000 | ^ | 1,706 |
| SOUTHERN COMPANY | 3.75/VAR 09/15/2051 | 1,125,000 | ^ | 908 |
| T-MOBILE USA INC | 4.375% 04/15/2040 | 375,000 | ^ | 320 |
| T-MOBILE USA INC | 4.5% 04/15/2050 | 250,000 | ^ | 206 |
| T-MOBILE USA INC | 3.875% 04/15/2030 | 1,175,000 | ^ | 1,064 |
| T-MOBILE USA INC | 3.375% 04/15/2029 144A | 600,000 | ^ | 528 |
| T-MOBILE USA INC | 3.5% 04/15/2031 144A | 1,075,000 | ^ | 929 |
| T-MOBILE USA INC | 3.4% 10/15/2052 | 800,000 | ^ | 538 |
| TELECOM ITALIA CAP | 7.2% 07/18/2036 | 425,000 | ^ | 345 |
| TELECOM ITALIA CAP | 7.721% 06/04/2038 | 1,275,000 | ^ | 1,058 |
| TELECOM ITALIA SPA | 5.303% 05/30/2024 144A | 2,575,000 | ^ | 2,440 |
| TIME WARNER CABLE LLC | 7.3% 07/01/2038 | 400,000 | ^ | 397 |
| TRANSCANADA TRUST | 5.625/VAR 05/20/2075 | 1,450,000 | ^ | 1,370 |
| TRANSCANADA TRUST | 5.875%/VAR 8/15/76 | 1,225,000 | ^ | 1,164 |
| TRANSCANADA TRUST | 5.3%/VAR 3/15/77 | 2,400,000 | ^ | 2,016 |
| TRANSCANADA TRUST | 5.5%/VAR 09/15/2079 | 1,725,000 | ^ | 1,489 |
| UNUM GROUP | 6.75% 12/15/2028 | 75,000 | ^ | 78 |
| ULTRAPAR INTERNATIONL SA | 5.25% 10/06/2026 144A | 700,000 | ^ | 670 |
| ULTRAPAR INTERNATIONL SA | 5.25% 06/06/2029 144A | 286,000 | ^ | 270 |
| UNICREDIT SPA | 7.296%/VAR 04/02/2034 | 1,675,000 | ^ | 1,535 |
| UNICREDIT SPA | 5.459/VAR 06/30/2035 144A | 1,575,000 | ^ | 1,280 |
| UNION PAC RR CO | 2006 1 PT TR 5.866% 7/02/30 | 148,819 | ^ | 153 |
| UNITEDHEALTH GROUP INC | 4.2% 05/15/2032 | 700,000 | ^ | 664 |
| UNITEDHEALTH GROUP INC | 4.75% 05/15/2052 | 300,000 | ^ | 277 |
| VERIZON COMMUNICATIONS INC | 4.272% 01/15/2036 | 825,000 | ^ | 734 |
| VERIZON COMMUNICATIONS INC | 2.987% 10/30/2056 | 525,000 | ^ | 320 |
| VODAFONE GROUP PLC | 7%/VAR 04/04/2079 | 1,375,000 | ^ | 1,382 |
| WELLS FARGO & CO NEW | 4.1% 06/03/2026 | 675,000 | ^ | 654 |
| WELLS FARGO & CO NEW | 4.3% 07/22/2027 | 1,600,000 | ^ | 1,540 |
| WELLS FARGO & CO NEW | 5.013%/VAR 04/04/2051 | 970,000 | ^ | 860 |
| WELLS FARGO & CO NEW | 4.897%/VAR 07/25/2033 | 375,000 | ^ | 356 |
| Total Corporate Bonds | 152,245 | |||
| Mortgage Backed Securities | ||||
| FHLG | 5.50% 1/35 #G01749 | 13,959 | ^ | 15 |
| FHLG | 6.50% 12/32 #G01767 | 10,995 | ^ | 13 |
| FHLG | 6.00% 2/35 #G01777 | 469,188 | ^ | 488 |
| FHLG | 5.50% 3/34 #G01665 | 31,680 | ^ | 33 |
| FNMA | ARM 2.322% 05/01/2052#841408 | 2,061,021 | ^ | 1,833 |
| FNMA | ARM 3.307% 06/01/2052#841422 | 4,628,055 | ^ | 4,295 |
| FHLG | 6.50% 10/26 #G30305 | 5,075 | ^ | 6 |
| FHLM | ARM 3.326% 9/33 #1B1150 | 15,533 | ^ | 17 |
| FHLM | ARM 2.74% 4/36 #847671 | 8,444 | ^ | 8 |
| FHLG | 30YR 6.5% 03/01/2038# | 18,018 | ^ | 19 |
| FHLG | 7.00% 11/38 #G05603 | 5,123 | ^ | 6 |
| FHLG | 30YR 5.5% 07/01/2035# | 19,713 | ^ | 20 |
| FHLG | 6.00% 1/38 #G06238 | 16,667 | ^ | 17 |
| FHLG | 6.00% 2/39 #G06570 | 21,265 | ^ | 22 |
| FHLG | 6.00% 1/39 #G06932 | 214,990 | ^ | 225 |
| FHLG | 5.50% 1/40 #G07074 | 355,258 | ^ | 368 |
| FHLG | 30YR 4.5% 09/01/2041#G07568 | 301,663 | ^ | 299 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| FHLG | 30YR 4.5% 11/01/2043#G07596 | 289,699 | ^ | 288 |
|---|---|---|---|---|
| FHLG | 15YR 6% 11/01/2023# | 750 | ^ | 1 |
| FHLG | 20YR 4% 11/01/2035#C91857 | 248,935 | ^ | 242 |
| FHLG | 20YR 3.5% 10/01/2035#C91853 | 388,088 | ^ | 371 |
| FHLG | 15YR 5% 08/23#J08788 | 9,498 | ^ | 9 |
| FHLM | ARM 2.37% 1/36 #1H2581 | 8,424 | ^ | 9 |
| FHLM | ARM 2.60% 3/37 #1G2667 | 7,387 | ^ | 7 |
| FHLM | ARM 5.31% 7/37 #1G2080 | 12,617 | ^ | 13 |
| FHLM | ARM 5.23% 2/38 #1Q0479 | 1,904 | ^ | 2 |
| FHLM | ARM 4.93% 6/38 #1Q0556 | 4,236 | ^ | 4 |
| FHLM | ARM 4.91% 4/38 #1Q0557 | 6,195 | ^ | 6 |
| FHLM | ARM 5.09% 4/38 #1Q0558 | 12,009 | ^ | 12 |
| FHLM | ARM 0% 07/38#1Q1400 | 68,678 | ^ | 69 |
| FHLG | 6.50% 9/37 #H09070 | 2,782 | ^ | 3 |
| FHLG | 6.00% 6/38 #H09203 | 912 | ^ | 1 |
| FHLM | ARM 5.43% 10/38 #848349 | 8,406 | ^ | 8 |
| FHLM | ARM 2.54% 01/01/2042#849254 | 60,653 | ^ | 61 |
| FHLM | ARM 0% 01/45#849625 | 98,360 | ^ | 98 |
| FHLM | ARM 0% 05/44#2B2591 | 45,100 | ^ | 45 |
| FHLM | ARM 2.896% 02/01/45#2B3797 | 98,005 | ^ | 97 |
| FHLG | 15YR 3.5% 06/01/2034#SB0019 | 1,274,351 | ^ | 1,229 |
| FHLG | 30YR 3% 04/01/2052#SD1000 | 12,576,449 | ^ | 11,129 |
| FHLG | 30YR 2.5% 11/01/2050#SD7530 | 4,594,628 | ^ | 3,943 |
| FHLG | 30YR 2.5% 05/01/2052# | 12,964,476 | ^ | 11,005 |
| FHLG | 30YR 4.5% 03/47#V83108 | 544,134 | ^ | 535 |
| FHLG | 30YR 4.5% 06/01/2047#Q48869 | 426,974 | ^ | 420 |
| FHLG | 30YR 4.5% 02/45#G60034 | 345,911 | ^ | 343 |
| FHLG | 30YR 4.5% 03/47#G61080 | 1,831,460 | ^ | 1,810 |
| FHLG | 30YR 2% 07/01/2050# | 6,621,310 | ^ | 5,470 |
| FHLG | 30YR 2% 09/01/2050#RA3454 | 983,771 | ^ | 812 |
| FHLG | 30YR 2% 12/01/2050#RA4119 | 3,366,451 | ^ | 2,785 |
| FHLG | 30YR 2.5% 11/01/2051#RA6337 | 13,744,520 | ^ | 11,742 |
| FHLG | 30YR 3.5% 07/01/2052#RA7656 | 10,776,440 | ^ | 9,844 |
| FHLM | ARM 0% 08/46#840380 | 241,102 | ^ | 241 |
| FHLM | ARM 0% 05/45#840402 | 553,441 | ^ | 552 |
| FHLM | ARM 2.37% 2/34 #781274 | 10,653 | ^ | 11 |
| FHLM | ARM 0% 09/36#782735 | 69,122 | ^ | 70 |
| Federal Nat Mtg Asn Gtd Rem Pa | 1ML+ 12/25/2043 | 204,114 | ^ | 201 |
| FNMA | 7.00% 11/37 #256985 | 11,377 | ^ | 12 |
| FNMA | 6.50% 2/38 #310048 | 7,505 | ^ | 8 |
| Federal Home Ln Mtg Mlt Ctf Gt | VAR 12/15/2043 | 195,718 | ^ | 191 |
| Federal Home Ln Mtg Mlt Ctf Gt | VAR 03/15/2044 | 377,806 | ^ | 370 |
| Federal Home Ln Mtg Mlt Ctf Gt | VAR 03/25/2026 | 642,022 | ^ | 22 |
| Federal Home Ln Mtg Mlt Ctf Gt | VAR 05/25/2026 | 260,845 | ^ | 9 |
| Federal Home Ln Mtg Mlt Ctf Gt | CSTR 04/25/2027 | 2,636,508 | ^ | 62 |
| Federal Home Ln Mtg Mlt Ctf Gt | CSTR 06/25/2027 | 2,282,479 | ^ | 61 |
| Federal Home Ln Mtg Mlt Ctf Gt | CSTR 07/25/2027 | 5,993,839 | ^ | 130 |
| Federal Home Ln Mtg Mlt Ctf Gt | K090 X1 VAR 02/25/2 | 16,292,061 | ^ | 595 |
| Federal Home Ln Mtg Mlt Ctf Gt | X1 CSTR 01/25/2030 | 7,323,223 | ^ | 608 |
| FNMA | 6.00% 3/33 #555285 | 22,288 | ^ | 23 |
| FNMA | ARM 5.79% 11/37 #AL0144 | 2,171 | ^ | 2 |
| FNMA | ARM 5.125 10/38 #AL1043 | 11,866 | ^ | 12 |
| FNMA | 15YR 5.00% #AL2439 | 2,276 | ^ | 2 |
| FNMA | 15YR 4.5% #AL4147 | 36,605 | ^ | 36 |
| FNMA | 20YR 4.5% #AL4165 | 819,579 | ^ | 813 |
| FNMA | ARM 0% 02/44#AL4831 | 201,422 | ^ | 201 |
| FNMA | ARM 2.99% 02/01/2044#AL4980 | 97,545 | ^ | 98 |
| FNMA | ARM 2.569% 04/01/2044#AL5129 | 150,213 | ^ | 150 |
| FNMA | 30YR 4.5% #AL5441 | 278,517 | ^ | 276 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| FNMA | 30YR 4.5% 07/01/2042#AL5749 | 315,912 | ^ | 313 |
|---|---|---|---|---|
| FNMA | ARM 2.719% 10/01/2044#AL5968 | 213,108 | ^ | 214 |
| FNMA | 15YR 3.5% 12/01/2029#AL7205 | 188,452 | ^ | 183 |
| FNMA | 30YR 4.5% 09/42#AL7306 | 499,143 | ^ | 495 |
| FNMA | 30YR 4.5% 09/45#AL7384 | 229,554 | ^ | 227 |
| FNMA | 30YR 4.5% 02/46#AL9781 | 420,466 | ^ | 417 |
| FNMA | 15YR 3.5% 09/01/2031#AL9063 | 515,159 | ^ | 499 |
| FNMA | 30YR 4.5% 02/01/2046#AL9128 | 93,481 | ^ | 93 |
| FNMA | 30YR 4.5% #AL9407 | 132,597 | ^ | 131 |
| FNMA | ARM 0% 11/01/2046# | 388,894 | ^ | 383 |
| FNMA | 30YR 4.5% 07/46#AL8816 | 325,952 | ^ | 323 |
| FNMA | ARM 4.031% 04/01/2042# | 125,031 | ^ | 126 |
| FNMA | ARM 12ML+1.565 03/01/2043#AR6900 | 112,825 | ^ | 113 |
| FNMA | ARM 2.907% 09/01/2044#AT7040 | 16,880 | ^ | 17 |
| FNMA | ARM 0% 05/44#AW4688 | 43,814 | ^ | 44 |
| FNMA | ARM 2.764% 12/01/2044#AX2197 | 74,229 | ^ | 74 |
| FNMA | 30YR 4% 10/45#AZ4765 | 1,846,084 | ^ | 1,779 |
| FNMA | 5.50% 2/33 #677709 | 21,906 | ^ | 22 |
| FNW | 2003-W2 1A2 7% 7/42 | 37,416 | ^ | 39 |
| FNW | 2004-W2 5A 7.5% 3/44 | 13,147 | ^ | 14 |
| FNW | 2004-W8 3A 7.5% 6/44 | 9,854 | ^ | 10 |
| FNW | 2005-W1 1A3 7 10/44 | 30,755 | ^ | 32 |
| FNR | 2009-53 QM 5.5 5/39 | 68 | ^ | — |
| Federal Nat Mtg Asn Gtd Rem Pa | 5.0% 05/25/2037 | 86,305 | ^ | 86 |
| FNW | 2007-W10 1A CSTR 8/47 | 32,692 | ^ | 33 |
| FNW | 2007-W10 2A CSTR 8/47 | 9,413 | ^ | 10 |
| FHR | 3312 AB 6.5 6/32 | 10,124 | ^ | 10 |
| FNR | 2008-24 GD 6.5 3/37 | 2,664 | ^ | 3 |
| FNR | 2009-40 TB 6 6/39 | 11,984 | ^ | 12 |
| FNR | 2010-123 WT 7% 11/40 | 111,793 | ^ | 119 |
| Federal Nat Mtg Asn Gtd Rem Pa | 3.5% 12/25/2030 | 654,689 | ^ | 630 |
| FNMA | 5.50% 2/34 #725206 | 7,443 | ^ | 8 |
| FNMA | 6.00% 3/34 #725228 | 86,384 | ^ | 89 |
| FNMA | 6.00% 3/34 #725330 | 119,789 | ^ | 124 |
| FNMA | 6.50% 12/32 #735415 | 49,943 | ^ | 52 |
| FNMA | ARM 4.83% 8/35 #735869 | 3,523 | ^ | 4 |
| FNMA | ARM 2.53% 1/36 #745303 | 8,076 | ^ | 8 |
| FNMA | 6.00% 6/35 #745398 | 12,755 | ^ | 13 |
| FNMA | 6.00% 4/34 #745942 | 15,739 | ^ | 16 |
| FNMA | ARM 2.20% 8/35 #832257 | 9,263 | ^ | 9 |
| FNMA | 30YR 4.5% 02/01/2041#BF0199 | 1,910,834 | ^ | 1,877 |
| FNMA | ARM 0% 10/47#BH9347 | 136,319 | ^ | 133 |
| FNMA | 30YR 4.5% 06/01/2048#BJ9262 | 667,924 | ^ | 654 |
| FNMA | 30YR 4.5% 01/43#BM1357 | 384,116 | ^ | 381 |
| FNMA | ARM 3.331% 03/01/2048#BM3572 | 792,478 | ^ | 772 |
| FNMA | 30YR 4% 02/01/2047#BM3386 | 905,409 | ^ | 872 |
| FNMA | ARM 3.359% 10/01/2049#BM6149 | 463,273 | ^ | 447 |
| FNMA | 30YR 4.5% 11/01/2048#CA2643 | 347,073 | ^ | 340 |
| FNMA | 30YR 2.5% 07/01/2050#CA6271 | 4,662,318 | ^ | 4,003 |
| FNMA | 30YR 2.5% 07/01/2050#CA6329 | 5,773,493 | ^ | 4,955 |
| FNMA | 30YR 2.5% 07/01/2050#CA6398 | 3,134,559 | ^ | 2,693 |
| FNMA | 30YR 2% 09/01/2050#CA6925 | 5,273,929 | ^ | 4,355 |
| FNMA | 30YR 2% 02/01/2051#FM5997 | 2,068,128 | ^ | 1,706 |
| FNMA | 30YR 3.5% 01/01/2051#FM7599 | 2,611,392 | ^ | 2,410 |
| FNMA | 30YR 2.5% 03/01/2051#FM8215 | 4,215,176 | ^ | 3635 |
| FNMA | 6.50% 11/37 #888891 | 9,552 | ^ | 10 |
| FNMA | 30YR 6.00% 3/36 #888956 | 30,252 | ^ | 31 |
| FNMA | 15YR 6.00% 3/23 #889390 | 1 | ^ | — |
| FNMA | 7.00% 12/37 #889886 | 15,693 | ^ | 17 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| ARM 2.979% 2/37 #907860 | 6,876 | ^ | 7 | |
|---|---|---|---|---|
| FNMA | 6.00% 8/37 #995487 | 11,338 | ^ | 12 |
| FNMA | 5.50% 9/36 #995575 | 8,724 | ^ | 9 |
| FNMA | 15YR 5.50% 3/24 #995597 | 180 | ^ | — |
| FNMA | ARM 5.289 10/38 #995005 | 1,832 | ^ | 2 |
| FNMA | 6.00% 5/36 #995212 | 33,963 | ^ | 35 |
| FNMA | 15YR 5.50% 10/23 #995405 | 2,069 | ^ | 2 |
| FNMA | 6.50% 12/38 #995694 | 6,981 | ^ | 7 |
| FNMA | 5.50% 9/36 #995788 | 132,581 | ^ | 135 |
| FNMA | 20YR 4.0% 11/1/30 #AB1763 | 97,391 | ^ | 95 |
| FNMA | 20YR 4.0% 03/01/2034#MA1814 | 650,835 | ^ | 632 |
| FNMA | 20YR 4.0% 09/01/2034 #MA2055 | 418,187 | ^ | 406 |
| FNMA | 20YR 4.0% 01/01/2035#MA2141 | 562,941 | ^ | 547 |
| FNMA | 20YR 4.0% 07/01/2035#MA2366 | 317,953 | ^ | 309 |
| FNMA | 20YR 3.5% 04/37#MA2962 | 505,343 | ^ | 480 |
| FNMA | 30YR 5% 03/01/2049#MA3617 | 198,434 | ^ | 199 |
| FNMA | 20YRS 4.00% 9/31 #MA3894 | 185,845 | ^ | 181 |
| FNMA | 5.50% 9/38 #AD0198 | 52,389 | ^ | 54 |
| FNMA | 5.50% 4/37 #AD0249 | 66,436 | ^ | 68 |
| FNMA | 5.50% 12/39 #AD0494 | 10,123 | ^ | 10 |
| FNMA | 5.50% 9/39 #AD0650 | 6,894 | ^ | 7 |
| FNMA | 5.50% 6/36 #AD0663 | 49,547 | ^ | 51 |
| FNMA | 5.50% 7/35 #AD0931 | 17,002 | ^ | 17 |
| FNMA | 15YR 5.50% 1/25 #AE0875 | 920 | ^ | 1 |
| FNMA | 6.50% 9/38 #AE0012 | 35,721 | ^ | 38 |
| FNMA | 15YR 5.50% 8/24 #AE0379 | 23 | ^ | — |
| FNMA | 15YR 5.50% 10/24 #AE0380 | 2,476 | ^ | 2 |
| FNMA | 15YR 5.50% 12/24 #AE0381 | 1,949 | ^ | 2 |
| FNMA | 15YR 5.50% 10/24 #AE0382 | 1,251 | ^ | 1 |
| FNMA | 6.50% 1/39 #AE0442 | 36,728 | ^ | 39 |
| FNMA | 15YR 5.50% 5/24 #AE0620 | 2,547 | ^ | 3 |
| Government Nat Mtg Assn Hecm | 12ML+15 12/20/2067 | 1,543,205 | ^ | 1,514 |
| Government Nat Mtg Assn Hecm | 2018-H02 FM 12ML+10 0 | 1,274,963 | ^ | 1,240 |
| Government Nat Mtg Assn Hecm | 12ML+ 09/20/2067 | 1,341,394 | ^ | 1,319 |
| GNR | 2018-H05 FE 12ML+7 02/68 | 2,203,256 | ^ | 2,149 |
| Government Nat Mtg Assn Hecm | 2018-H09 FA 12ML+ 04/ | 1,031,620 | ^ | 1,010 |
| Government Nat Mtg Assn Hecm | 2019-H04 FA 12ML+29 0 | 1,063,748 | ^ | 1,029 |
| Government Nat Mtg Assn Hecm | 1ML+35 05/20/2069 | 778,980 | ^ | 760 |
| Government Nat Mtg Assn Hecm | 12ML+ 05/20/2069 | 7,475,920 | ^ | 7,358 |
| Government Nat Mtg As Remic Pt | SOFR30A+ 12/20/2071 | 1,561,359 | ^ | 1,545 |
| GNR 2022-H09 FA | SOFR30A+67 04/20/2072 | 2,735,844 | ^ | 2,701 |
| Government Nat Mtg As Remic Pt | SOFR30A+97 05/20/20 | 1,335,591 | ^ | 1,330 |
| SBAP | 2007-20D 1 5.32% 4/27 | 10,838 | ^ | 11 |
| Us Dept Vets Aff Gtd Remi Pass | 7.5% 06/15/2027 | 21,210 | ^ | 22 |
| Total Mortgage Backed Securities | 136,257 | |||
| Government Securities (Municipal Bonds & Govt Obligations) | ||||
| California State | 7.55% 4/1/39 | 300,000 | ^ | 375 |
| California State | 7.3% 10/01/39 | 410,000 | ^ | 498 |
| California State | 7.625% 03/01/40 | 785,000 | ^ | 991 |
| Illinois State | TAXMUNI 5.1% 6/01/33 | 2,050,000 | ^ | 1,967 |
| New Jersey St Turnpike Auth. | Tpk Revbuild America Bonds- | 1,470,000 | ^ | 1,773 |
| Univ Ca Med Ctr | 4.563% 5/15/2053 | 625,000 | ^ | 547 |
| United States Treasury Bond | 2.875% 05/15/2052 | 6,345,000 | ^ | 5,107 |
| United States Treasury Bond | 3% 08/15/2052 | 4,203,000 | ^ | 3,483 |
| United States Treasury Bond | 3.375% 08/15/2042 | 6,532,000 | ^ | 5,838 |
| UST Notes | 4.125% 11/15/2032 | 6,195,000 | ^ | 6,322 |
| Colombia Republic Of | 5.625% 02/26/2044 | 1,275,000 | ^ | 935 |
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2022
(thousands of dollars)
| (a) | (c) | (d) | (e) | |
|---|---|---|---|---|
| Description of Investment Including | ||||
| Identity of Issue, Borrower, | Maturity Date, Rate of Interest, | Number of | ||
| Lessor, or Similar Party | Collateral, or Maturity Value | Shares / Units | Cost | Current Value |
| 27,836 | |||||
|---|---|---|---|---|---|
| Asset-Backed Securities | |||||
| BNSF Railway Company | 06-2 5.629% 4/01/24 | 32,234 | ^ | 32 | |
| BNSF Railway Company | 5.996% 4/01/24 | 112,961 | ^ | 113 | |
| SLC Student Loan Trust | 3ML+ 02/15/2045 | 7,942,773 | ^ | 7,615 | |
| SLC Student Loan Trust | 2007 1 A5 3ML+9 05/15/2037 | 1,603,000 | ^ | 1,440 | |
| SLM Student Loan Trust | 3ML+ 07/25/2040 | 8,449,000 | ^ | 7,920 | |
| SLM Student Loan Trust | 2006 8 3ML+01/25/2041 | 2,920,216 | ^ | 2,735 | |
| Small Business Administration | SBAP 2005-20E 1 4.84 5/25 | 3,090 | ^ | 3 | |
| Small Business Administration | SBAP 2005-20G 1 4.75 7/25 | 4,043 | ^ | 4 | |
| Small Business Administration | SBAP 2005-20I 1 4.76% 9/25 | 5,850 | ^ | 6 | |
| Small Business Administration | SBAP 2006-20A 1 5.21 1/26 | 4,499 | ^ | 4 | |
| Small Business Administration | SBAP2006-20C 1 5.57 3/26 | 5,689 | ^ | 6 | |
| Small Business Administration | SBAP 2006-20G 1 6.07% 7/26 | 10,104 | ^ | 10 | |
| Small Business Administration | SBAP 2007-20A 1 5.32 1/27 | 10,501 | ^ | 10 | |
| Small Business Administration | SBAP2007-20C 1 5.23 3/27 | 15,284 | ^ | 15 | |
| Small Business Administration | SBAP 2007-20G 1 5.82 7/27 | 11,469 | ^ | 11 | |
| Union Pacific Railroad Company | 2007 3 6.176% 1/2/31 | 126,915 | ^ | 131 | |
| Total Asset backed securities | 20,055 | ||||
| Cash Equivalents | |||||
| State Street Bank & Trust Co | Short Term Investment Fund | 11,888,261 | ^ | 11,888 | |
| Unsettled Sales | 3,218 | ||||
| Unsettled Purchases | (6,432) | ||||
| Other | — | ||||
| TOTAL SEPARATE ACCOUNT | 349,652 | ||||
| TOTAL INVESTMENTS PER FINANCIAL STATEMENTS | 18,405,434 | ||||
| Cash | 91,419 | ||||
| * | PARTICIPANT LOANS | Interest rates ranging from 2.23% to 9.50% | 112,383 | ||
| Maturity dates extend to 2048 | |||||
| TOTAL INVESTMENTS PER FORM 5500 | $ 18,609,236 | ||||
| * Party-in-interest as defined by ERISA. | |||||
| ^ Participant directed investment cost not required to be included |
EXHIBIT INDEX
| Exhibit Number | Description of Exhibit |
|---|---|
| 2 3 .1 * | Consent of Grant Thornton Independent Registered Public Accounting Firm |
| * Filed herewith. |
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN | |
|---|---|
| Date: June 23, 2023 | /s/ Rose Z. Pierson |
| Chevron Corporation, Plan Administrator | |
| By: Rose Z. Pierson Assistant Secretary Chevron Corporation |