| UNITED STATES | ||||||||||||||||||||||||||
| 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, 2021 | ||||||||||||||||||||||||||
| 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, 2021 AND 2020
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, 2021 and 2020 | 2 | ||||||||||
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2021 | 3 | ||||||||||
| Notes to Financial Statements | 4 - 13 | ||||||||||
| Supplemental Schedule: | |||||||||||
| Schedule of Assets (Held at End of Year) | 14 - 21 | ||||||||||
| Exhibits | 22 | ||||||||||
| Signature | 23 | ||||||||||
| Exhibit 23.1 - Consent of Grant Thornton LLP | |||||||||||
i
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, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021 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, 2021 (“supplemental information”) 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 22, 2022
- 1 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2021 AND 2020
(thousands of dollars)
| 2021 | 2020 | ||||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Investments - at fair value: | |||||||||||||||||||||||
| Chevron Corporation common stock | $ | 5,355,945 | $ | 4,419,362 | |||||||||||||||||||
| Registered investment companies | 3,605,517 | 4,094,473 | |||||||||||||||||||||
| Fidelity BrokerageLink | 382,265 | 365,368 | |||||||||||||||||||||
| Collective investment funds | 9,581,896 | 7,963,576 | |||||||||||||||||||||
| Separate Account | 409,169 | 423,409 | |||||||||||||||||||||
| Total investments | 19,334,792 | 17,266,188 | |||||||||||||||||||||
| Due from brokers | 602 | 248 | |||||||||||||||||||||
| Notes receivable from participants | 110,668 | 106,453 | |||||||||||||||||||||
| Total assets | 19,446,062 | 17,372,889 | |||||||||||||||||||||
| Liabilities | — | — | |||||||||||||||||||||
| Net assets available for benefits | $ | 19,446,062 | $ | 17,372,889 | |||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | |||||||||||||||||||||||
- 2 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2021
(thousands of dollars)
| Additions | ||||||||||||||||||||||||||||||||
| Contributions: | ||||||||||||||||||||||||||||||||
| Employer contributions | $ | 247,808 | ||||||||||||||||||||||||||||||
| Participant contributions | 320,570 | |||||||||||||||||||||||||||||||
| Participant rollovers | 252,370 | |||||||||||||||||||||||||||||||
| Total contributions | 820,748 | |||||||||||||||||||||||||||||||
| Investment income | ||||||||||||||||||||||||||||||||
| Net change in fair value of investments | 3,313,180 | |||||||||||||||||||||||||||||||
| Dividends | 392,903 | |||||||||||||||||||||||||||||||
| Interest | 11,071 | |||||||||||||||||||||||||||||||
| Total investment income | 3,717,154 | |||||||||||||||||||||||||||||||
| Interest on notes receivable from participants | 4,156 | |||||||||||||||||||||||||||||||
| Total additions | 4,542,058 | |||||||||||||||||||||||||||||||
| Deductions | ||||||||||||||||||||||||||||||||
| Distribution to participants | 2,999,081 | |||||||||||||||||||||||||||||||
| Administrative fees | 4,326 | |||||||||||||||||||||||||||||||
| Total deductions | 3,003,407 | |||||||||||||||||||||||||||||||
| Transfers | ||||||||||||||||||||||||||||||||
| Transfer from Noble Energy Inc. | 534,522 | |||||||||||||||||||||||||||||||
| Employees' Savings Plan | ||||||||||||||||||||||||||||||||
| Net Increase | 2,073,173 | |||||||||||||||||||||||||||||||
| Net assets available for benefits: | ||||||||||||||||||||||||||||||||
| Beginning of year | 17,372,889 | |||||||||||||||||||||||||||||||
| End of year | $ | 19,446,062 | ||||||||||||||||||||||||||||||
| The accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||||||||||||
- 3 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
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, 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 2021, the maximum contribution amount on a before-tax and Roth 401(k) basis was the annual Code limit of $19,500 for participants under age 50 and $26,000 for participants age 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 $290,000 for the year 2021.
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.
- 4 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
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 the recordkeeper, respectively (collectively referred herein 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 2021 and 2020 ranged from 2.23% to 9.50%. 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 $110,668,850 and $106,453,463 as of December 31, 2021 and 2020, 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. Benefit payments to participants are recorded when paid.
- 5 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
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.
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.
CARES Act. Chevron implemented certain benefit plan provisions of the March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES). The CARES Act included funding relief for defined benefit plan sponsors, distribution and plan loan changes for participants and beneficiaries of defined contribution plans, and delay of minimum required distributions otherwise required in 2020. Although many of the CARES Act provisions expired December 30, 2020, the Consolidated Appropriations Act of 2021 (“CAA”) extended the relief for in-service qualified disaster distributions and increased plan loan limits of up to $100,000 through June 25, 2021. All 50 states and the District of Columbia were designated federally qualified disaster areas through June 25, 2021.
Chevron implemented provisions of the CARES Act that affect the ESIP.
•Added an in-service withdrawal option for “coronavirus-related distributions” of up to $100,000. Participants may repay all or a portion of distributions within three years, and repayments will not count towards annual contribution limits. Distributions under this option will not have tax withheld, and for those under 59 ½, will not be subject to a 10% early withdrawal penalty. Similar relief through June 25, 2021 by CAA for qualified disaster distributions.
•Increased limits on plan loans to $100,000 (from $50,000); or 100% (from 50%) of the present value of the participant’s vested benefit, during the 180-day period from 3/27/2020 – 9/23/2020. Similar relief for increased loan amount limits for individuals experiencing economic loss through June 25, 2021 by CAA.
- 6 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
NOTE 1 - Description of the Plan (Continued)
Plan Merger. Effective October 1, 2021, the Noble Energy, Inc. Employees Savings Plan (Noble Plan) merged into the Plan. Total investments of $529,266,672 and notes receivable from participants of $5,255,701 were transferred within Fidelity from the Noble Energy Plan trust to this Plan’s trust, as of October 1, 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 2021 or 2020.
- 7 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
NOTE 2 - Summary of Significant Accounting Policies (Continued)
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.
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.
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.
- 8 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
NOTE 3 - Fair Value Measurements (Continued)
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, 2021 and 2020.
•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 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.
•Corporate bonds held in a separate account fund are derived from both dealer-supplied valuations and pricing models at year-end.
•Collective investment funds are stated at fair value as determined by the issuers based on the unit values of the funds. Unit values are determined by dividing the fund's net assets, which represents the unadjusted prices in active markets of the underlying investments, by the number of units outstanding at the valuation date.
•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 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.
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, 2021 and 2020:
- 9 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
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 | |||||||||||||||||||
| 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 | |||||||||||||||
Investments at Fair Value (in thousands) as of December 31, 2020 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Common stocks | $ | 4,419,362 | $ | — | $ | — | $ | 4,419,362 | |||||||||||||||
| Registered investment companies | 4,094,473 | — | — | 4,094,473 | |||||||||||||||||||
| Fidelity BrokerageLink | 365,368 | — | — | 365,368 | |||||||||||||||||||
| Collective investment funds | — | 7,963,576 | — | 7,963,576 | |||||||||||||||||||
| Separate Account: | |||||||||||||||||||||||
| Preferred stock | — | 4,414 | — | 4,414 | |||||||||||||||||||
| Corporate bonds | — | 148,869 | — | 148,869 | |||||||||||||||||||
| Mortgages | — | 152,394 | — | 152,394 | |||||||||||||||||||
| U.S. government securities | — | 40,267 | — | 40,267 | |||||||||||||||||||
| Asset-backed securities | — | 20,901 | — | 20,901 | |||||||||||||||||||
| Cash equivalents | — | 33,487 | — | 33,487 | |||||||||||||||||||
| Unsettled sales | — | 79,408 | — | 79,408 | |||||||||||||||||||
| Unsettled purchases | — | (56,331) | — | (56,331) | |||||||||||||||||||
| Total investments, at fair value | $ | 8,879,203 | $ | 8,386,985 | $ | — | $ | 17,266,188 | |||||||||||||||
- 10 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
NOTE 4 - Investments
At December 31, 2021 and 2020, the following broad range of investment options were available to participants:
Core Funds
| Fund Name | Fund Type | |||||||
| Chevron Leveraged ESOP | Company Stock | |||||||
| Chevron Stock | Company Stock | |||||||
| 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 | |||||||
* Fund no longer offered for investment effective December 7, 2021.
** Fund available for investment effective December 8, 2021.
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 | |||||||
- 11 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
NOTE 4 - Investments (Continued)
Supplemental Funds
| Fund Name | Fund Type | |||||||
| 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 | |||||||
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.
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, 2021 and December 31, 2020, 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 2018.
- 12 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
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.
During 2021, the global outbreak of the Coronavirus (COVID-19), which was declared a pandemic by the World Health Organization in March of 2020, continued to cause indirectly significant volatility in financial markets. The ultimate impact of COVID-19 on the Plan, which may be material, is uncertain and will depend on future developments, including the duration of the pandemic and the pace of economic recovery
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 2021, $150,654 was reimbursed.
As of June 21, 2022, the price of the Corporation's common stock was $154.59 per share which represents a 32% increase from the price of the common stock of $117.35 per share at year-end 2021.
NOTE 8 - Subsequent Events
The Plan has evaluated subsequent events through June 22, 2022, 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.
- 13 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2021
(thousands of dollars)
| (a) | (b) | (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 | 45,640,519 | $ | 3,454,468 | $ | 5,355,945 | ||||||||||||||||||||||||||||
| TOTAL COMMON STOCK | 3,454,468 | 5,355,945 | |||||||||||||||||||||||||||||||||
| REGISTERED INVESTMENT COMPANIES | |||||||||||||||||||||||||||||||||||
| Vanguard PRIMECAP Fund | 8,278,616 | 1,402,811 | |||||||||||||||||||||||||||||||||
| Vanguard Federal Money Market Fund | 896,371,191 | 896,371 | |||||||||||||||||||||||||||||||||
| Vanguard Developed Markets Index Fund | — | — | |||||||||||||||||||||||||||||||||
| Vanguard Short-Term Bond Fund Index | 17,763,800 | 188,474 | |||||||||||||||||||||||||||||||||
| Vanguard REIT Index Fund | 6,464,830 | 164,401 | |||||||||||||||||||||||||||||||||
| Vanguard Emerging Market Stock Index Fund | 2,298,210 | 238,347 | |||||||||||||||||||||||||||||||||
| Vanguard Value Index Fund | 12,464,935 | 715,113 | |||||||||||||||||||||||||||||||||
| TOTAL REGISTERED INVESTMENT COMPANIES | 3,605,517 | ||||||||||||||||||||||||||||||||||
| * | FIDELITY BROKERAGELINK | 382,265 | |||||||||||||||||||||||||||||||||
| COLLECTIVE INVESTMENT FUNDS | |||||||||||||||||||||||||||||||||||
| Capital Group EuropPacific Growth Trust | 22,637,352 | 311,264 | |||||||||||||||||||||||||||||||||
| Vanguard Developed Market Index Trust (New in 2021) | 7,439,768 | 752,607 | |||||||||||||||||||||||||||||||||
| Vanguard Institutional 500 Index Trust | 14,238,491 | 3,760,243 | |||||||||||||||||||||||||||||||||
| Vanguard Institutional Total Bond Market Index Trust | 6,528,299 | 757,870 | |||||||||||||||||||||||||||||||||
| Vanguard Institutional Extended Market Trust | 6,531,590 | 1,598,019 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust Select | 1,620,751 | 70,713 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2015 Select | 1,905,062 | 86,166 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2020 Select | 5,043,506 | 245,367 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2025 Select | 7,657,900 | 391,702 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2030 Select | 5,744,427 | 304,627 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2035 Select | 5,029,054 | 276,347 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2040 Select | 4,445,595 | 252,465 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2045 Select | 4,398,352 | 257,304 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2050 Select | 3,462,296 | 203,237 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2055 Select | 1,856,484 | 108,883 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2060 Select | 895,793 | 52,601 | |||||||||||||||||||||||||||||||||
| Vanguard Target Date Retirement Trust 2065 Select | 540,730 | 19,077 | |||||||||||||||||||||||||||||||||
| SSgA Inflation Prot Bond Index | 7,730,456 | 133,404 | |||||||||||||||||||||||||||||||||
| TOTAL COLLECTIVE INVESTMENT FUNDS | 9,581,896 | ||||||||||||||||||||||||||||||||||
| SEPARATE ACCOUNT | |||||||||||||||||||||||||||||||||||
| Preferred Stock | |||||||||||||||||||||||||||||||||||
| Citigroup | Capital XIII Preferred Stock 7.875% | 161,450 | 4,497 | ||||||||||||||||||||||||||||||||
| Corporate Debt | |||||||||||||||||||||||||||||||||||
| AT&T INC | 4.5% 03/09/2048 | 1,989,000 | 2,319 | ||||||||||||||||||||||||||||||||
| AT&T INC | STEP 11/15/2031 | 821,000 | 1,203 | ||||||||||||||||||||||||||||||||
| AT&T INC | 3.5% 09/15/2053 | 494,000 | 498 | ||||||||||||||||||||||||||||||||
| AT&T INC | 3.55% 09/15/2055 | 560,000 | 562 | ||||||||||||||||||||||||||||||||
| AT&T INC | 3.65% 09/15/2059 | 385,000 | 389 | ||||||||||||||||||||||||||||||||
| ABBVIE INC | 4.05% 11/21/2039 | 825,000 | 947 | ||||||||||||||||||||||||||||||||
| ANHEUSER BUSCH INBEV WORLD INC | 5.55% 01/23/2049 | 450,000 | 623 | ||||||||||||||||||||||||||||||||
| ANHEUSER BUSCH INBEV WORLD INC | 4.6% 06/01/2060 | 200,000 | 248 | ||||||||||||||||||||||||||||||||
| BAT CAPITAL CORP | 2.259% 03/25/2028 | 325,000 | 317 | ||||||||||||||||||||||||||||||||
| BAT CAPITAL CORP | 2.726% 03/25/2031 | 925,000 | 898 | ||||||||||||||||||||||||||||||||
| BAT CAPITAL CORP | 3.734% 09/25/2040 | 125,000 | 120 | ||||||||||||||||||||||||||||||||
| BAT CAPITAL CORP | 3.984% 09/25/2050 | 200,000 | 192 | ||||||||||||||||||||||||||||||||
| BNP PARIBAS | 4.375% 05/12/2026 144A | 2,000,000 | 2,175 | ||||||||||||||||||||||||||||||||
| BURLINGTON NO SF | 5.72% 1/15/24 | 54,322 | 56 | ||||||||||||||||||||||||||||||||
- 14 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2021
(thousands of dollars)
| (a) | (b) | (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 | |||||||||||||||||||||||||||||||
| BNP PARIBAS | 4.25% 10/15/2024 | 1,600,000 | 1,726 | ||||||||||||||||||||||||||||||||
| BNP PARIBAS | 4.375% 09/28/2025 144A | 1300000 | 1408 | ||||||||||||||||||||||||||||||||
| BNP PARIBAS | 4.625% 03/13/2027 144A | 200,000 | 222 | ||||||||||||||||||||||||||||||||
| BANK OF AMERICA CORPORATION | 4.2% 08/26/2024 | 400,000 | 429 | ||||||||||||||||||||||||||||||||
| BANK OF AMERICA CORPORATION | 4.25% 10/22/2026 | 2,025,000 | 2,234 | ||||||||||||||||||||||||||||||||
| BANK OF AMERICA CORPORATION | 3.004%/VAR 12/20/2023 | 505,000 | 515 | ||||||||||||||||||||||||||||||||
| BANK OF AMERICA CORPORATION | 2.496/VAR 02/13/2031 | 500,000 | 501 | ||||||||||||||||||||||||||||||||
| JPMORGAN CHASE & CO | 8.75% 09/01/2030 | 450,000 | 679 | ||||||||||||||||||||||||||||||||
| BARCLAYS PLC (UNGTD) | 4.375% 09/11/2024 | 525,000 | 561 | ||||||||||||||||||||||||||||||||
| BARCLAYS PLC (UNGTD) | 4.836% 05/09/2028 | 1,125,000 | 1,239 | ||||||||||||||||||||||||||||||||
| BAYER US FIN II LLC | 4.25% 12/15/2025 144A | 700,000 | 757 | ||||||||||||||||||||||||||||||||
| BAYER US FIN II LLC | 4.375% 12/15/2028 144A | 1,100,000 | 1,229 | ||||||||||||||||||||||||||||||||
| BOSTON PPTYS LTD PARTNERSHIP | 3.65% 02/01/2026 | 2,275,000 | 2,437 | ||||||||||||||||||||||||||||||||
| CCO HLDGS LLC/CAP CORP | 4.5% 06/01/2033 144A | 925,000 | 944 | ||||||||||||||||||||||||||||||||
| CCO HLDGS LLC/CAP CORP | 4.25% 01/15/2034 144A | 750,000 | 738 | ||||||||||||||||||||||||||||||||
| CIGNA CORP | 3.75% 07/15/2023 | 215,000 | 224 | ||||||||||||||||||||||||||||||||
| CIGNA CORP | 4.125% 11/15/2025 | 425,000 | 465 | ||||||||||||||||||||||||||||||||
| CIGNA CORP | 7.875% 05/15/2027 | 234,000 | 302 | ||||||||||||||||||||||||||||||||
| CSX TRANSN INC | 6.251% 01/15/2023 | 88,300 | 93 | ||||||||||||||||||||||||||||||||
| CVS HEALTH CORP | 4.78% 03/25/2038 | 525,000 | 639 | ||||||||||||||||||||||||||||||||
| CVS HEALTH CORP | 5.05% 03/25/2048 | 775,000 | 1,013 | ||||||||||||||||||||||||||||||||
| CVS HEALTH CORP | 3.75% 04/01/2030 | 275,000 | 301 | ||||||||||||||||||||||||||||||||
| CAPITAL ONE FINANCIAL CORP | 4.2% 10/29/2025 | 775,000 | 844 | ||||||||||||||||||||||||||||||||
| CAPITAL ONE FINANCIAL CORP | 3.9% 01/29/2024 | 775,000 | 816 | ||||||||||||||||||||||||||||||||
| CEMEX SAB DE CV | 7.375% 06/05/2027 144A | 2,500,000 | 2,753 | ||||||||||||||||||||||||||||||||
| CEMEX SAB DE CV | 5.2% 09/17/2030 144A | 925,000 | 992 | ||||||||||||||||||||||||||||||||
| CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | 3,905,000 | 5,333 | |||||||||||||||||||||||||||||||||
| CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | 950,000 | 1,185 | |||||||||||||||||||||||||||||||||
| COCA COLA CO | 1.65% 06/01/2030 | 950,000 | 917 | ||||||||||||||||||||||||||||||||
| COX COMMUNICATIONS INC | 3.35% 09/15/2026 144A | 775,000 | 823 | ||||||||||||||||||||||||||||||||
| COX COMMUNICATIONS INC | 3.5% 08/15/2027 144A | 1,500,000 | 1,611 | ||||||||||||||||||||||||||||||||
| DELL INTL/EMC CORP | 6.02% 06/15/2026 | 475,000 | 549 | ||||||||||||||||||||||||||||||||
| DILLARDS INC | 7.75% 07/15/2026 | 210,000 | 250 | ||||||||||||||||||||||||||||||||
| DILLARDS INC | 7.75% 05/15/2027 | 125,000 | 148 | ||||||||||||||||||||||||||||||||
| DILLARDS INC | 7% 12/01/2028 | 280,000 | 327 | ||||||||||||||||||||||||||||||||
| DOMINION RESOURCE INC | 5.75/VAR 10/01/2054 | 2,075,000 | 2,214 | ||||||||||||||||||||||||||||||||
| DOW CHEMICAL CO | 9.4% 05/15/2039 | 985,000 | 1,765 | ||||||||||||||||||||||||||||||||
| ELANCO ANIMAL HEALTH INC | VAR 08/28/2023 | 250,000 | 266 | ||||||||||||||||||||||||||||||||
| ELANCO ANIMAL HEALTH INC | VAR 08/28/2028 | 575,000 | 667 | ||||||||||||||||||||||||||||||||
| ENEL FINANCE INTL NV | 6.8% 09/15/2037 144A | 875,000 | 1,245 | ||||||||||||||||||||||||||||||||
| ENEL FINANCE INTL NV | 6% 10/07/2039 144A | 825,000 | 1,096 | ||||||||||||||||||||||||||||||||
| EXXON MOBIL CORP | 2.61% 10/15/2030 | 775,000 | 803 | ||||||||||||||||||||||||||||||||
| FEDEX CORP | 4.05% 02/15/2048 | 500,000 | 561 | ||||||||||||||||||||||||||||||||
| FEDEX CORP | 5.25% 05/15/2050 | 300,000 | 401 | ||||||||||||||||||||||||||||||||
| FORD MTR CR CO LLC | 3.375% 11/13/2025 | 1,275,000 | 1,325 | ||||||||||||||||||||||||||||||||
| FORD MTR CR CO LLC | 2.7% 08/10/2026 | 575,000 | 580 | ||||||||||||||||||||||||||||||||
| FORD MTR CR CO LLC | 4.375% 08/06/2023 | 450,000 | 468 | ||||||||||||||||||||||||||||||||
| FORD MTR CR CO LLC | 4.14% 02/15/2023 | 1,050,000 | 1,075 | ||||||||||||||||||||||||||||||||
| FORD MTR CR CO LLC | 5.596% 01/07/2022 | 975,000 | 976 | ||||||||||||||||||||||||||||||||
| FORD MTR CR CO LLC | 4.542% 08/01/2026 | 1,144,000 | 1243 | ||||||||||||||||||||||||||||||||
| FORD MTR CR CO LLC | 4.063% 11/01/2024 | 525,000 | 552 | ||||||||||||||||||||||||||||||||
| HSBC HOLDINGS PLC | 6.5% 05/02/2036 | 860,000 | 1,168 | ||||||||||||||||||||||||||||||||
| HSBC HOLDINGS PLC | 6.5% 09/15/2037 | 1,300,000 | 1,799 | ||||||||||||||||||||||||||||||||
| HSBC HOLDINGS PLC | 4.3% 03/08/2026 | 1,125,000 | 1,233 | ||||||||||||||||||||||||||||||||
| HSBC HOLDINGS PLC | 4.95% 03/31/2030 | 1,300,000 | 1,525 | ||||||||||||||||||||||||||||||||
| HSBC HOLDINGS PLC | SOFR 2.848/VAR 06/04/2031 | 600,000 | 607 | ||||||||||||||||||||||||||||||||
| HSBC HOLDINGS PLC | 0.976/VAR 05/24/2025 | 925,000 | 914 | ||||||||||||||||||||||||||||||||
| IMPERIAL BRANDS FINANCE PLC | 3.875% 07/26/2029 144A | 1,200,000 | 1,271 | ||||||||||||||||||||||||||||||||
| IMPERIAL BRANDS FINANCE PLC | 4.25% 07/21/2025 144A | 3,550,000 | 3,811 | ||||||||||||||||||||||||||||||||
- 15 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2021
(thousands of dollars)
| (a) | (b) | (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 | |||||||||||||||||||||||||||||||
| JPMORGAN CHASE & CO | 4.25% 10/01/2027 | 1,775,000 | 1,991 | ||||||||||||||||||||||||||||||||
| JPMORGAN CHASE & CO | 3.797%/VAR 07/23/2024 | 1,250,000 | 1,303 | ||||||||||||||||||||||||||||||||
| JPMORGAN CHASE & CO | 4.493%/VAR 03/24/2031 | 525,000 | 608 | ||||||||||||||||||||||||||||||||
| JPMORGAN CHASE & CO | 2.522/VAR 04/22/2031 | 900,000 | 910 | ||||||||||||||||||||||||||||||||
| JPMORGAN CHASE & CO | 2.956/VAR 05/13/2031 | 975,000 | 1,009 | ||||||||||||||||||||||||||||||||
| KINDER MORGAN ENERGY PTNRS LP | 6.95% 01/15/2038 | 1,050,000 | 1,453 | ||||||||||||||||||||||||||||||||
| KINDER MORGAN ENERGY PTNRS LP | 6.5% 09/01/2039 | 1,575,000 | 2,096 | ||||||||||||||||||||||||||||||||
| LLOYDS BANKING GROUP PLC | 4.582% 12/10/2025 | 500,000 | 545 | ||||||||||||||||||||||||||||||||
| LLOYDS BANKING GROUP PLC | 4.5% 11/04/2024 | 1,445,000 | 1,557 | ||||||||||||||||||||||||||||||||
| LLOYDS BANKING GROUP PLC | 4.65% 03/24/2026 | 850,000 | 936 | ||||||||||||||||||||||||||||||||
| PROSUS NV | 4.85% 07/06/2027 144A | 2,100,000 | 2,341 | ||||||||||||||||||||||||||||||||
| NATWEST GRP PLC(UNGTD) | 1.642/VAR 06/14/2027 | 1,250,000 | 1,233 | ||||||||||||||||||||||||||||||||
| NORDSTROM INC | 6.95% 03/15/2028 | 125,000 | 141 | ||||||||||||||||||||||||||||||||
| OCCIDENTAL PETROLEUM CORP | 3.2% 08/15/2026 | 275,000 | 283 | ||||||||||||||||||||||||||||||||
| OCCIDENTAL PETROLEUM CORP | 2.9% 08/15/2024 | 2,900,000 | 2,962 | ||||||||||||||||||||||||||||||||
| ORACLE CORP | 2.95% 04/01/2030 | 525,000 | 531 | ||||||||||||||||||||||||||||||||
| ORACLE CORP | 3.6% 04/01/2040 | 425,000 | 426 | ||||||||||||||||||||||||||||||||
| PETROLEOS MEXICANOS | 6.625% 06/15/2035 | 1,425,000 | 1,364 | ||||||||||||||||||||||||||||||||
| PETROLEOS MEXICANOS | 6.7% 02/16/2032 144A | 1,787,000 | 1,800 | ||||||||||||||||||||||||||||||||
| PETROBRAS GLOBAL FINANCE BV | 6.9% 03/19/2049 | 875,000 | 929 | ||||||||||||||||||||||||||||||||
| PETROBRAS GLOBAL FINANCE BV | 5.093% 01/15/2030 | 900,000 | 936 | ||||||||||||||||||||||||||||||||
| PETROBRAS GLOBAL FINANCE BV | 6.75% 06/03/2050 | 725,000 | 755 | ||||||||||||||||||||||||||||||||
| PETROLEOS MEXICANOS | 7.69% 01/23/2050 | 3,925,000 | 3,768 | ||||||||||||||||||||||||||||||||
| PETROLEOS MEXICANOS | 6.95% 01/28/2060 | 421,000 | 372 | ||||||||||||||||||||||||||||||||
| PROSUS NV | 3.68% 01/21/2030 144A | 550,000 | 566 | ||||||||||||||||||||||||||||||||
| PROSUS NV | 3.061% 07/13/2031 144A | 2,200,000 | 2,140 | ||||||||||||||||||||||||||||||||
| UNUM GROUP | 7.25% 03/15/2028 | 185,000 | 233 | ||||||||||||||||||||||||||||||||
| RIO OIL FIN TR STEP | 07/06/2024 144A | 1,667,090 | 1,796 | ||||||||||||||||||||||||||||||||
| RIO OIL FINANCE TRUST SERIES | 2014-3 9.75% 01/06/20 | 1,311,585 | 1,509 | ||||||||||||||||||||||||||||||||
| RIO OIL FINANCE TR SER | 2018-1 8.2% 04/06/2028 144A | 1,113,360 | 1,247 | ||||||||||||||||||||||||||||||||
| NATWEST GRP PLC(UNGTD) | 6.125% 12/15/2022 | 3,775,000 | 3,948 | ||||||||||||||||||||||||||||||||
| SOUTHERN COMPANY | 4%/VAR 01/15/2051 | 1,875,000 | 1,917 | ||||||||||||||||||||||||||||||||
| SOUTHERN COMPANY | 3.75/VAR 09/15/2051 | 675,000 | 675 | ||||||||||||||||||||||||||||||||
| T-MOBILE USA INC | 4.375% 04/15/2040 | 375,000 | 429 | ||||||||||||||||||||||||||||||||
| T-MOBILE USA INC | 4.5% 04/15/2050 | 250,000 | 293 | ||||||||||||||||||||||||||||||||
| T-MOBILE USA INC | 3.875% 04/15/2030 | 1,175,000 | 1,285 | ||||||||||||||||||||||||||||||||
| T-MOBILE USA INC | 2.25% 02/15/2026 144A | 600,000 | 602 | ||||||||||||||||||||||||||||||||
| T-MOBILE USA INC | 3.375% 04/15/2029 144A | 600,000 | 611 | ||||||||||||||||||||||||||||||||
| T-MOBILE USA INC | 3.5% 04/15/2031 144A | 600,000 | 624 | ||||||||||||||||||||||||||||||||
| TELECOM ITALIA CAP | 7.2% 07/18/2036 | 425,000 | 487 | ||||||||||||||||||||||||||||||||
| TELECOM ITALIA CAP | 7.721% 06/04/2038 | 1,275,000 | 1,498 | ||||||||||||||||||||||||||||||||
| TELECOM ITALIA SPA | 5.303% 05/30/2024 144A | 1,925,000 | 2,026 | ||||||||||||||||||||||||||||||||
| TIME WARNER CABLE LLC | 7.3% 07/01/2038 | 400,000 | 566 | ||||||||||||||||||||||||||||||||
| TRANSCANADA TRUST | 5.625/VAR 05/20/2075 | 1,450,000 | 1,523 | ||||||||||||||||||||||||||||||||
| TRANSCANADA TRUST | 5.875%/VAR 8/15/76 | 600,000 | 656 | ||||||||||||||||||||||||||||||||
| TRANSCANADA TRUST | 5.3%/VAR 3/15/77 | 2,400,000 | 2,481 | ||||||||||||||||||||||||||||||||
| TRANSCANADA TRUST | 5.5%/VAR 09/15/2079 | 1,725,000 | 1,841 | ||||||||||||||||||||||||||||||||
| UNUM GROUP | 6.75% 12/15/2028 | 75,000 | 93 | ||||||||||||||||||||||||||||||||
| ULTRAPAR INTERNATIONL SA | 5.25% 10/06/2026 144A | 700,000 | 739 | ||||||||||||||||||||||||||||||||
| ULTRAPAR INTERNATIONL SA | 5.25% 06/06/2029 144A | 1,250,000 | 1,292 | ||||||||||||||||||||||||||||||||
| UNICREDIT SPA | 7.296%/VAR 04/02/2034 | 1,675,000 | 2,007 | ||||||||||||||||||||||||||||||||
| UNICREDIT SPA | 5.459/VAR 06/30/2035 144A | 1,125,000 | 1,226 | ||||||||||||||||||||||||||||||||
| UNION PAC 6 TR | 5.866% 7/02/30 | 194,929 | 223 | ||||||||||||||||||||||||||||||||
| VERIZON COMMUNICATIONS INC | 4.272% 01/15/2036 | 825,000 | 968 | ||||||||||||||||||||||||||||||||
| VODAFONE GROUP PLC | 7%/VAR 04/04/2079 | 1,375,000 | 1,663 | ||||||||||||||||||||||||||||||||
| WELLS FARGO & CO NEW | 4.1% 06/03/2026 | 675,000 | 736 | ||||||||||||||||||||||||||||||||
| WELLS FARGO & CO NEW | 4.3% 07/22/2027 | 1,600,000 | 1,783 | ||||||||||||||||||||||||||||||||
- 16 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2021
(thousands of dollars)
| (a) | (b) | (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 | |||||||||||||||||||||||||||||||
| WELLS FARGO & CO NEW | 5.013%/VAR 04/04/2051 | 650,000 | 888 | ||||||||||||||||||||||||||||||||
| Total Corporate Bonds | 177,500 | 144,136 | |||||||||||||||||||||||||||||||||
| Mortgage Backed Securities | |||||||||||||||||||||||||||||||||||
| FHLG | 5.50% 1/35 #G01749 | 17,414 | 20 | ||||||||||||||||||||||||||||||||
| FHLG | 6.50% 12/32 #G01767 | 13,768 | 16 | ||||||||||||||||||||||||||||||||
| FHLG | 6.00% 2/35 #G01777 | 592,782 | 680 | ||||||||||||||||||||||||||||||||
| FHLG | 5.50% 3/34 #G01665 | 39,523 | 45 | ||||||||||||||||||||||||||||||||
| FHLG | 6.50% 10/26 #G30305 | 7,553 | 8 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 3.326% 9/33 #1B1150 | 20,589 | 22 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 2.74% 4/36 #847671 | 10,873 | 11 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 6.5% 03/01/2038# | 21,035 | 25 | ||||||||||||||||||||||||||||||||
| FHLG | 7.00% 11/38 #G05603 | 6,171 | 8 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 5.5% 07/01/2035# | 25,332 | 28 | ||||||||||||||||||||||||||||||||
| FHLG | 6.00% 1/38 #G06238 | 20,951 | 24 | ||||||||||||||||||||||||||||||||
| FHLG | 6.00% 2/39 #G06570 | 25,962 | 30 | ||||||||||||||||||||||||||||||||
| FHLG | 6.00% 1/39 #G06932 | 248,773 | 289 | ||||||||||||||||||||||||||||||||
| FHLG | 5.50% 1/40 #G07074 | 426,790 | 489 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 4.5% 09/01/2041#G07568 | 397,729 | 436 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 4.5% 11/01/2043#G07596 | 360,402 | 398 | ||||||||||||||||||||||||||||||||
| FHLG | 15YR 6% 11/01/2023# | 3,091 | 3 | ||||||||||||||||||||||||||||||||
| FHLG | 15YR 6.00% 3/23 #G13346 | 737 | 1 | ||||||||||||||||||||||||||||||||
| FHLG | 20YR 4% 11/01/2035#C91857 | 326,214 | 353 | ||||||||||||||||||||||||||||||||
| FHLG | 20YR 3.5% 10/01/2035#C91853 | 497,826 | 532 | ||||||||||||||||||||||||||||||||
| FHLG | 15YR 5% 08/23#J08788 | 36,657 | 38 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 2.37% 1/36 #1H2581 | 11,034 | 12 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 2.60% 3/37 #1G2667 | 7,810 | 8 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 5.31% 7/37 #1G2080 | 19,980 | 21 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 5.23% 2/38 #1Q0479 | 2,037 | 2 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 4.93% 6/38 #1Q0556 | 4,485 | 5 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 4.91% 4/38 #1Q0557 | 9,102 | 10 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 5.09% 4/38 #1Q0558 | 14,056 | 15 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 0% 07/38#1Q1400 | 80,858 | 85 | ||||||||||||||||||||||||||||||||
| FHLG | 6.50% 9/37 #H09070 | 2,899 | 3 | ||||||||||||||||||||||||||||||||
| FHLG | 6.00% 6/38 #H09203 | 949 | 1 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 5.43% 10/38 #848349 | 10,272 | 11 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 2.54% 01/01/2042#849254 | 78,357 | 83 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 0% 01/45#849625 | 135,140 | 139 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 0% 05/44#2B2591 | 121,581 | 127 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 2.896% 02/01/45#2B3797 | 132,632 | 136 | ||||||||||||||||||||||||||||||||
| FHLG | 15YR 3.5% 06/01/2034#SB0019 | 1,690,941 | 1,785 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 2.5% 11/01/2050#SD7530 | 5,281,622 | 5,415 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 4.5% 03/47#V83108 | 696,885 | 754 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 4.5% 06/01/2047#Q48869 | 569,119 | 616 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 4.5% 02/45#G60034 | 412,743 | 452 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 4.5% 03/47#G61080 | 2,398,793 | 2,625 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 2% 07/01/2050# | 7,423,321 | 7,431 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 2% 09/01/2050#RA3454 | 1,102,090 | 1,102 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 2% 12/01/2050#RA4119 | 3,750,171 | 3,759 | ||||||||||||||||||||||||||||||||
| FHLG | 30YR 2.5% 11/01/2051#RA6337 | 14,937,469 | 15,373 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 0% 08/46#840380 | 340,664 | 350 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 0% 05/45#840402 | 739,995 | 762 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 2.37% 2/34 #781274 | 13,601 | 14 | ||||||||||||||||||||||||||||||||
| FHLM | ARM 0% 09/36#782735 | 99,926 | 105 | ||||||||||||||||||||||||||||||||
| FEDERAL NAT MTG ASN | GTD REM PA 1ML+ 12/25/2043 | 260,762 | 263 | ||||||||||||||||||||||||||||||||
| FNMA | 7.00% 11/37 #256985 | 14,933 | 18 | ||||||||||||||||||||||||||||||||
| FNMA | 6.50% 2/38 #310048 | 9,171 | 11 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | VAR 12/15/2043 | 243,642 | 261 | ||||||||||||||||||||||||||||||||
- 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, 2021
(thousands of dollars)
| (a) | (b) | (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 | |||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | VAR 03/15/2044 | 472,419 | 520 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | VAR 03/25/2026 | 663,704 | 33 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | VAR 05/25/2026 | 282,948 | 13 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | CSTR 04/25/2027 | 2,679,756 | 85 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | CSTR 06/25/2027 | 2,306,776 | 83 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | CSTR 07/25/2027 | 6,070,913 | 176 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | K090 X1 VAR 02/25/2 | 16,332,795 | 771 | ||||||||||||||||||||||||||||||||
| FEDERAL HOME LN MTG MLT CTF GT | X1 CSTR 01/25/2030 | 7,330,007 | 786 | ||||||||||||||||||||||||||||||||
| FNMA | 6.00% 3/33 #555285 | 27,945 | 32 | ||||||||||||||||||||||||||||||||
| FNMA ARM | 5.79% 11/37 #AL0144 | 2,311 | 2 | ||||||||||||||||||||||||||||||||
| FNMA ARM | 5.125 10/38 #AL1043 | 13,187 | 14 | ||||||||||||||||||||||||||||||||
| FNMA 15YR | 5.00% #AL2439 | 19,709 | 20 | ||||||||||||||||||||||||||||||||
| FNMA 15YR | 4.5% #AL4147 | 82,892 | 86 | ||||||||||||||||||||||||||||||||
| FNMA 20YR | 4.5% #AL4165 | 1,068,664 | 1,164 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 0% 02/44#AL4831 | 236,717 | 246 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.99% 02/01/2044#AL4980 | 139,581 | 145 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.569% 04/01/2044#AL5129 | 155,425 | 162 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% #AL5441 | 346,605 | 380 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 07/01/2042#AL5749 | 374,583 | 411 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.719% 10/01/2044#AL5968 | 304,738 | 313 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 3.5% 12/01/2029#AL7205 | 256,295 | 270 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 09/42#AL7306 | 600,449 | 658 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 09/45#AL7384 | 286,105 | 314 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 02/46#AL9781 | 528,821 | 580 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 3.5% 09/01/2031#AL9063 | 674,869 | 713 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 02/01/2046#AL9128 | 117,159 | 128 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% #AL9407 | 168,098 | 184 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 0% 11/01/2046# | 577,607 | 597 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 07/46#AL8816 | 405,907 | 445 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 4.031% 04/01/2042# | 159,874 | 168 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 12ML+1.565 03/01/2043#AR6900 | 276,383 | 285 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.907% 09/01/2044#AT7040 | 26,204 | 27 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 0% 05/44#AW4688 | 75,669 | 79 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.764% 12/01/2044#AX2197 | 119,222 | 122 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4% 10/45#AZ4765 | 2,389,566 | 2,581 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 2/33 #677709 | 30,006 | 34 | ||||||||||||||||||||||||||||||||
| FNW | 2003-W2 1A2 7% 7/42 | 42,979 | 50 | ||||||||||||||||||||||||||||||||
| FNW | 2004-W2 5A 7.5% 3/44 | 17,454 | 19 | ||||||||||||||||||||||||||||||||
| FNW | 2004-W8 3A 7.5% 6/44 | 13,035 | 14 | ||||||||||||||||||||||||||||||||
| FNW | 2005-W1 1A3 7 10/44 | 36,358 | 41 | ||||||||||||||||||||||||||||||||
| FNR | 2009-53 QM 5.5 5/39 | 2,100 | 2 | ||||||||||||||||||||||||||||||||
| FEDERAL NAT MTG ASN | GTD REM PA 5.0% 05/25/2037 | 104,018 | 113 | ||||||||||||||||||||||||||||||||
| FNW | 2007-W10 1A CSTR 8/47 | 42,972 | 47 | ||||||||||||||||||||||||||||||||
| FNW | 2007-W10 2A CSTR 8/47 | 11,887 | 13 | ||||||||||||||||||||||||||||||||
| FHR | 3312 AB 6.5 6/32 | 13,334 | 15 | ||||||||||||||||||||||||||||||||
| FNR | 2008-24 GD 6.5 3/37 | 3,865 | 4 | ||||||||||||||||||||||||||||||||
| FNR | 2009-40 TB 6 6/39 | 14,014 | 16 | ||||||||||||||||||||||||||||||||
| FNR | 2010-123 WT 7% 11/40 | 139,164 | 161 | ||||||||||||||||||||||||||||||||
| FEDERAL NAT MTG ASN | GTD REM PA 3.5% 12/25/2030 | 837,545 | 883 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 2/34 #725206 | 9,385 | 11 | ||||||||||||||||||||||||||||||||
| FNMA | 6.00% 3/34 #725228 | 108,988 | 124 | ||||||||||||||||||||||||||||||||
| FNMA | 6.00% 3/34 #725330 | 146,497 | 167 | ||||||||||||||||||||||||||||||||
| FNMA | 6.50% 12/32 #735415 | 64,416 | 74 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 4.83% 8/35 #735869 | 4,882 | 5 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.53% 1/36 #745303 | 9,075 | 10 | ||||||||||||||||||||||||||||||||
| FNMA | 6.00% 6/35 #745398 | 16,094 | 18 | ||||||||||||||||||||||||||||||||
| FNMA | 6.00% 4/34 #745942 | 19,310 | 22 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.20% 8/35 #832257 | 12,384 | 13 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 02/01/2041#BF0199 | 2,432,240 | 2,666 | ||||||||||||||||||||||||||||||||
- 18 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2021
(thousands of dollars)
| (a) | (b) | (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 | ARM 0% 10/47#BH9347 | 140,260 | 144 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 06/01/2048#BJ9262 | 895,472 | 962 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 01/43#BM1357 | 494,738 | 542 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 3.331% 03/01/2048#BM3572 | 1,088,712 | 1,124 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4% 02/01/2047#BM3386 | 1,149,647 | 1,242 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 3.359% 10/01/2049#BM6149 | 665,866 | 687 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 4.5% 11/01/2048#CA2643 | 441,202 | 475 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 2.5% 07/01/2050#CA6271 | 5,489,241 | 5,620 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 2.5% 07/01/2050#CA6329 | 6,629,024 | 6,803 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 2.5% 07/01/2050#CA6398 | 3,563,917 | 3,658 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 2% 09/01/2050#CA6925 | 5,850,478 | 5,848 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 2% 02/01/2051#FM5997 | 2,321,163 | 2,324 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 2.5% 03/01/2051#FM8215 | 4,843,091 | 4,984 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 6.00% 3/22 #888291 | 2 | — | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 6.00% 4/22 #888365 | 55 | — | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 1/22 #888262 | 8 | — | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 6.00% 8/22 #888631 | 396 | — | ||||||||||||||||||||||||||||||||
| FNMA | 6.50% 11/37 #888891 | 13,221 | 16 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 6.00% 3/36 #888956 | 39,895 | 45 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 6.00% 3/23 #889390 | 2,021 | 2 | ||||||||||||||||||||||||||||||||
| FNMA | 7.00% 12/37 #889886 | 17,696 | 22 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 2.979% 2/37 #907860 | 7,666 | 8 | ||||||||||||||||||||||||||||||||
| FNMA | 6.00% 8/37 #995487 | 14,030 | 16 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 9/36 #995575 | 10,778 | 12 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 3/24 #995597 | 1,353 | 1 | ||||||||||||||||||||||||||||||||
| FNMA | ARM 5.289 10/38 #995005 | 2,263 | 2 | ||||||||||||||||||||||||||||||||
| FNMA | 6.00% 5/36 #995212 | 44,875 | 51 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 10/23 #995405 | 11,800 | 12 | ||||||||||||||||||||||||||||||||
| FNMA | 6.50% 12/38 #995694 | 9,045 | 11 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 9/36 #995788 | 166,407 | 187 | ||||||||||||||||||||||||||||||||
| FNMA | 20YR 4.0% 11/1/30 #AB1763 | 121,115 | 130 | ||||||||||||||||||||||||||||||||
| FNMA | 20YR 4.0% 03/01/2034#MA1814 | 822,131 | 889 | ||||||||||||||||||||||||||||||||
| FNMA | 20YR 4.0% 09/01/2034 #MA2055 | 541,990 | 587 | ||||||||||||||||||||||||||||||||
| FNMA | 20YR 4.0% 01/01/2035#MA2141 | 698,562 | 756 | ||||||||||||||||||||||||||||||||
| FNMA | 20YR 4.0% 07/01/2035#MA2366 | 407,959 | 441 | ||||||||||||||||||||||||||||||||
| FNMA | 20YR 3.5% 04/37#MA2962 | 637,538 | 680 | ||||||||||||||||||||||||||||||||
| FNMA | 30YR 5% 03/01/2049#MA3617 | 358,407 | 390 | ||||||||||||||||||||||||||||||||
| FNMA | 20YRS 4.00% 9/31 #MA3894 | 237,636 | 256 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 9/38 #AD0198 | 64,940 | 74 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 4/37 #AD0249 | 82,186 | 92 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 1/24 #AD0284 | 60 | — | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 12/39 #AD0494 | 12,507 | 14 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 9/39 #AD0650 | 9,926 | 11 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 6/36 #AD0663 | 63,385 | 71 | ||||||||||||||||||||||||||||||||
| FNMA | 5.50% 7/35 #AD0931 | 21,290 | 24 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 1/25 #AE0875 | 7,139 | 7 | ||||||||||||||||||||||||||||||||
| FNMA | 6.50% 9/38 #AE0012 | 46,100 | 55 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 8/24 #AE0379 | 974 | 1 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 10/24 #AE0380 | 10,474 | 11 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 12/24 #AE0381 | 16,268 | 17 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 10/24 #AE0382 | 5,988 | 6 | ||||||||||||||||||||||||||||||||
| FNMA | 6.50% 1/39 #AE0442 | 46,317 | 55 | ||||||||||||||||||||||||||||||||
| FNMA | 15YR 5.50% 5/24 #AE0620 | 9,082 | 9 | ||||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG ASSN HECM | 12ML+15 12/20/2067 | 1,963,337 | 1,934 | ||||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG ASSN HECM | 2018-H02 FM 12ML+10 0 | 1,523,689 | 1,499 | ||||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG ASSN HECM | 12ML+ 09/20/2067 | 1,655,615 | 1,640 | ||||||||||||||||||||||||||||||||
| GNR | 2018-H05 FE 12ML+7 02/68 | 2,621,894 | 2,579 | ||||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG ASSN HECM | 2018-H09 FA 12ML+ 04/ | 1,347,744 | 1,350 | ||||||||||||||||||||||||||||||||
- 19 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2021
(thousands of dollars)
| (a) | (b) | (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 | |||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG ASSN HECM | 2019-H04 FA 12ML+29 0 | 1,401,008 | 1,389 | ||||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG ASSN HECM | 1ML+35 05/20/2069 | 997,679 | 992 | ||||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG ASSN HECM | 12ML+ 05/20/2069 | 9,279,111 | 9,252 | ||||||||||||||||||||||||||||||||
| GOVERNMENT NAT MTG AS REMIC | PT SOFR30A+ 12/20/2071 | 1,860,000 | 1,896 | ||||||||||||||||||||||||||||||||
| SBAP | 2007-20D 1 5.32% 4/27 | 18,598 | 20 | ||||||||||||||||||||||||||||||||
| US DEPT VETS AFF GTD REMI PASS | 7.5% 06/15/2027 | 29,977 | 33 | ||||||||||||||||||||||||||||||||
| UMBS | 30YR 2.5% 02/01/2052 #TBA | 20,761,000 | 21,146 | ||||||||||||||||||||||||||||||||
| Total Mortgages Backed Securities | 145,429 | ||||||||||||||||||||||||||||||||||
| U.S. Government Securities (Municipal Bonds & Govt Obligations) | |||||||||||||||||||||||||||||||||||
| California State | 7.3% 10/01/39 | 410,000 | 643 | ||||||||||||||||||||||||||||||||
| California State | 7.625% 03/01/40 | 785,000 | 1,300 | ||||||||||||||||||||||||||||||||
| Illinois State | TAXMUNI 5.1% 6/01/33 | 1,650,000 | 1,907 | ||||||||||||||||||||||||||||||||
| New Jersy St Turnpike Auth. | TPK REVBUILD AMERICA BONDS- | 1,070,000 | 1,679 | ||||||||||||||||||||||||||||||||
| US Treasury Bond | 1.875% 02/15/2051 | 4,050,000 | 4,007 | ||||||||||||||||||||||||||||||||
| UST Notes | 0.5% 02/28/2026 | 6,225,000 | 6,048 | ||||||||||||||||||||||||||||||||
| UST Notes | 0.75% 03/31/2026 | 10,000,000 | 9,810 | ||||||||||||||||||||||||||||||||
| UST Notes | 0.75% 04/30/2026 | 15,820,000 | 15,507 | ||||||||||||||||||||||||||||||||
| UST Notes | 0.875% 06/30/2026 | 9,411,000 | 9,262 | ||||||||||||||||||||||||||||||||
| UST Notes | 0.125% 06/30/2023 | 4,410,000 | 4,380 | ||||||||||||||||||||||||||||||||
| UST Notes | 0.875% 09/30/2026 | 7,500,000 | 7,366 | ||||||||||||||||||||||||||||||||
| UST Notes | 1.125% 10/31/2026 | 20,930,000 | 20,791 | ||||||||||||||||||||||||||||||||
| UST Notes | 1.25% 11/30/2026 | 4,500,000 | 4,497 | ||||||||||||||||||||||||||||||||
| Total U.S. Government Securities | 87,197 | ||||||||||||||||||||||||||||||||||
| Asset-Backed Securities | |||||||||||||||||||||||||||||||||||
| BNSF Railway Company | 06-2 5.629% 4/01/24 | 59,912 | 62 | ||||||||||||||||||||||||||||||||
| BNSF Railway Company | 5.996% 4/01/24 | 165,091 | 176 | ||||||||||||||||||||||||||||||||
| Federal Express | 98-1A 6.72 7/15/23 | 7,755 | 8 | ||||||||||||||||||||||||||||||||
| SLC Student Loan Trust | 3ML+ 02/15/2045 | 9,919,303 | 9,689 | ||||||||||||||||||||||||||||||||
| SLC Student Loan Trust | 2007 1 A5 3ML+9 05/15/2037 | 1,603,000 | 1,528 | ||||||||||||||||||||||||||||||||
| SLM Student Loan Trust | 3ML+ 07/25/2040 | 8,449,000 | 8,205 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP 2005-20E 1 4.84 5/25 | 4,857 | 5 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP 2005-20G 1 4.75 7/25 | 6,545 | 7 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP 2005-20I 1 4.76% 9/25 | 8,261 | 8 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP 2006-20A 1 5.21 1/26 | 6,765 | 7 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP2006-20C 1 5.57 3/26 | 9,111 | 10 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP 2006-20G 1 6.07% 7/26 | 17,152 | 18 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP 2007-20A 1 5.32 1/27 | 14,260 | 15 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP2007-20C 1 5.23 3/27 | 23,864 | 25 | ||||||||||||||||||||||||||||||||
| Small Business Administration | SBAP 2007-20G 1 5.82 7/27 | 16,731 | 18 | ||||||||||||||||||||||||||||||||
| Union Pacific | 07-3 6.176% 1/2/31 | 154,901 | 181 | ||||||||||||||||||||||||||||||||
| Total Asset backed securities | 19,962 | ||||||||||||||||||||||||||||||||||
| Cash Equivalents | |||||||||||||||||||||||||||||||||||
| State Street Bank & Trust Co | Short Term Investment Fund | 24,624,480 | 24,624 | ||||||||||||||||||||||||||||||||
| Unsettled Sales | 25,992 | ||||||||||||||||||||||||||||||||||
| Unsettled Purchases | (42,668) | ||||||||||||||||||||||||||||||||||
| Other | — | ||||||||||||||||||||||||||||||||||
| TOTAL SEPARATE ACCOUNT | 409,169 | ||||||||||||||||||||||||||||||||||
- 20 -
CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2021
(thousands of dollars)
| (a) | (b) | (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 | |||||||||||||||||||||||||||||||
| * | PARTICIPANT LOANS | Interest rates ranging from 2.23% to 9.50% | 110,668 | ||||||||||||||||||||||||||||||||
| TOTAL INVESTMENTS PER FORM 5500 | $ | 19,445,460 | |||||||||||||||||||||||||||||||||
| * Party-in-interest as defined by ERISA. | |||||||||||||||||||||||||||||||||||
^ Participant directed investment cost not required to be included | |||||||||||||||||||||||||||||||||||
- 21 -
EXHIBITS
| Exhibit Nunber | Description of Exhibit | |||||||
- 22 -
SIGNATURE
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 22, 2022 | /s/ Rose Z. Pierson | |||||||
| Chevron Corporation, Plan Administrator | ||||||||
| By: Rose Z. Pierson Assistant Secretary Chevron Corporation | ||||||||
- 23 -
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 22, 2022, with respect to the financial statements and supplemental information included in the Annual Report of Chevron Employee Savings Investment Plan on Form 11-K for the year ended December 31, 2021. We consent to the incorporation by reference of said report in the Registration Statement of Chevron Corporation on Forms S-8 (File No. 333-202203 and File No. 333-249300).
/s/ GRANT THORNTON LLP
Bellevue, Washington
June 22, 2022