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, 2019
 
 
 
 
 
 
 
 
 
 
 
 
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, 2019 AND 2018

























CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

    

TABLE OF CONTENTS





 
 
 
PAGE
Report of Independent Registered Public Accounting Firm
 
Financial Statements:
 
 
 
Statements of Net Assets Available for Benefits
       as of December 31, 2019 and 2018
 
 
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2019
 
 
Notes to Financial Statements    
 
Supplemental Schedule:
 
 
 
 
 
 
 
Schedule H - Part IV, Line 4(i) - Schedule of Assets Held as of December 31, 2019
 
 
 
 
 
All other schedules required by Section 2520.103-10 of the U.S. Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.


i





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


Plan Participants and Plan Administrator
Chevron Employee Savings Investment Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Chevron Employee Savings Investment Plan (the Plan) as of December 31, 2019 and 2018, and the related statement of changes in net assets available for benefits for the year ended December 31, 2019, 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, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.

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. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s 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,


- 1 -


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 schedule of assets held as of December 31, 2019 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/ Morris Davis Chan & Tan LLP

We have served as the Plan's auditor since 2007.

Alameda, California
June 18, 2020


- 2 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2019 AND 2018
(thousands of dollars)
 
 
 
2019
 
2018
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - at fair value:
 
 
 
 
 
 
Chevron Corporation common stock
$
6,556,685

 
$
6,391,667

 
Registered investment companies
 
4,175,180

 
 
4,613,893

 
Fidelity BrokerageLink
 
294,967

 
 
253,655

 
Collective investment funds
 
7,100,297

 
 
5,130,231

 
Separate Account
 
502,147

 
 
435,223

 
 
Total investments
 
18,629,276

 
 
16,824,669

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transfer due from Pasadena Refining
System Inc. Employees' Savings Plan


 
34,522
 
 

 
Notes receivable from participants
 
111,230

 
 
113,659

 
Due from broker for securities sold
 
3,461

 
 
549

 
 
 
 


 
 


 
 
Total assets
 
18,778,489

 
 
16,938,877

 
 
 
 
 
 
 
 
Liabilities
 

 
 

 
 
 
 
 
 
 
 
Net assets available for benefits
$
18,778,489

 
$
16,938,877

The accompanying notes are an integral part of these financial statements.



- 3 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2019
(thousands of dollars)
Additions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contributions:
 
 
 
 
 
 
 
 
 
Employer contributions
 
 
 
 
 
$
283,596

 
 
Participant contributions
 
 
 
 
 
 
346,866

 
 
Participant rollovers
 
 
 
 
 
 
87,637

 
 
 
Total contributions
 
 
 
 
 
 
718,099

 
 
 
 
 
 
 
 
 
 
 
 
Investment income
 
 
 
 
 
 
 
 
 
Net depreciation in fair value of investments
 
 
2,708,416

 
 
Dividends
 
 
 
 
 
 
402,761

 
 
Interest
 
 
 
 
 
 
18,638

 
 
 
Total investment income
 
 
 
 
 
 
3,129,815

 
 
 
 
 
 
 
 
 
 
 
 
Interest on notes receivable from participants
 
 
 
 
 
4,071

 
 
 
 
 
 
 
 
 
 
 
 
Total additions
 
 
 
 
 
 
3,851,985

 
 
 
 
 
 
 
 
 
 
 
Deductions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution to participants
 
 
 
 
 
 
2,043,143

 
Administrative fees
 
 
 
 
 
 
3,752

 
Total deductions
 
 
 
 
 
 
2,046,895

 
 
 
 
 
 
 
 
 
 
 
Transfer due from Pasadena Refining
System Inc. Employees' Savings Plan
 
 
 
 
 
 
34,522

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase
 
 
 
 
 
 
1,839,612

 
 
 
 
 
 
 
 
 
 
 
Net assets available for benefits:
 
 
 
 
 
 
 
 
Beginning of year
 
 
 
 
 
 
16,938,877

 
 
 
 
 
 
 
 
 
 
 
 
End of year
 
 
 
 
 
$
18,778,489

 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.


- 4 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


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 of 1986 (the Code), as amended, 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 2019, the maximum contribution amount on a before-tax and Roth 401(k) basis was the annual Code limit of $19,000 for participants under age 50 and $25,000 for participants age 50 and up. The Plan has a fixed match feature. The Company will match 4 percent of regular pay on the first 1 percent of the participant’s basic contribution to the Plan or 8 percent of regular pay on the first 2 percent of the participant’s basic contribution to the Plan. Both participant and company match contributions to the Plan ceased when a participant reached regular pay of $280,000 for 2019.

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.


- 5 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


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 fixed rate of interest equal to 2 percent plus the average one-year jumbo certificate of deposit rate, as published in The Wall Street Journal on the last Wednesday of the preceding month. Interest rates charged during 2019 and 2018 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 $111,230,223 and $113,659,420 as of December 31, 2019 and 2018, 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.



- 6 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


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 and administrative costs are being reimbursed to the Corporation by the Plan.

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.




- 7 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


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 need to 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, 2019 and 2018.

- 8 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


NOTE 3 - Fair Value Measurements (Continued)

Common and preferred stocks are valued at the closing price reported on the active market on which the individual securities are traded.
Shares of registered investment companies are valued at the net asset value of shares held by the Plan at year end.
Corporate bonds are valued at the closing price reported in the active market in which the bond is traded.
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.
Mortgages are valued on the basis of their future principal and interest payments discounted at prevailing interest rates for similar investments.
U.S. government securities are valued at the closing price reported in the active market in which the individual security is traded.
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.

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.









- 9 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


NOTE 3 - Fair Value Measurements (Continued)

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2019 and 2018:

 
Investments at Fair Value (in thousands) as of December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
Common stocks
$
6,556,685

 
$

 
$

 
$
6,556,685

Registered investment companies
4,175,180

 

 

 
4,175,180

Fidelity BrokerageLink
294,967

 

 

 
294,967

Collective investment funds

 
7,100,297

 

 
7,100,297

Separate Account:
 
 
 
 
 
 
 
   Preferred stock

 
4,486

 

 
4,486

   Corporate bonds

 
177,232

 

 
177,232

   Mortgages

 
172,487

 

 
172,487

   U.S. government securities

 
102,496

 

 
102,496

   Asset-backed securities

 
25,581

 

 
25,581

   Cash equivalents

 
16,423

 

 
16,423

   Receivables

 
4,580

 

 
4,580

   Liabilities

 
(1,138
)
 

 
(1,138
)
 

 
502,147

 

 
502,147

 
 
 
 
 
 
 
 
Total investments, at fair value
$
11,026,832

 
$
7,602,444

 
$

 
$
18,629,276

 
Investments at Fair Value (in thousands) as of December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
Common stocks
$
6,391,667

 
$

 
$

 
$
6,391,667

Registered investment companies
4,613,893

 

 

 
4,613,893

Fidelity BrokerageLink
253,655

 

 

 
253,655

Collective investment funds

 
5,130,231

 

 
5,130,231

Separate Account:
 
 
 
 
 
 
 
   Preferred stock

 
4,277

 

 
4,277

   Corporate bonds

 
177,500

 

 
177,500

   Mortgages

 
156,534

 

 
156,534

   U.S. government securities

 
66,079

 

 
66,079

   Asset-backed securities

 
22,559

 

 
22,559

   Cash equivalents

 
6,340

 

 
6,340

   Receivables

 
3,783

 

 
3,783

   Liabilities

 
(1,849
)
 

 
(1,849
)
 

 
435,223

 

 
435,223

 
 
 
 
 
 
 
 
Total investments, at fair value
$
11,259,215

 
$
5,565,454

 
$

 
$
16,824,669


- 10 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


NOTE 4 - Investments

At December 31, 2019 and 2018, 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 Total Stock Market Index Trust *
 
Growth and Income Stock
Vanguard Institutional Extended Market Trust
 
Small & Mid-Cap Growth Stock
Vanguard Developed Markets Index Fund
 
International Stock
Vanguard Small Cap Index Fund *
 
Small Cap Value Stock
Vanguard REIT Index Fund
 
Real Estate
Vanguard Emerging Markets Stock Index Fund
 
International Stock
Vanguard Total World Stock Index Fund *
 
Global Stock
SSgA US Inflations Protected Bond Fund
 
Fixed Income
* Fund no longer offered for investment effective July 16, 2019.

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, 2019 AND 2018


NOTE 4 - Investments (Continued)

Supplemental Funds
Fund Name
 
Fund Type
Dodge & Cox Income Separate Account
 
Fixed Income
Vanguard Windsor II Fund *
 
Large-Cap Value Stock
Vanguard PRIMECAP Fund
 
Large-Cap Growth Stock
American Funds EuroPacific Growth Fund ***
 
International Stock
Vanguard Value Index Fund **
 
Large-Cap Value Stock
Capital Group EuroPacific Growth Trust ***
 
International Stock
*    Fund was no longer offered for investment effective July 16, 2019.
**    Fund was added for investment effective July 16, 2019.
***    The Capital Group EuroPacific Growth Trust replaced the American Funds EuroPacific Growth Fund on
July 17, 2019.


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 a 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.

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

- 12 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018


NOTE 5 - Income Taxes (continued)

December 31, 2019, 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 2016.

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.

As of June 17, 2020, the price of the Corporation's common stock was $91.54 per share which represents a 24% decrease from the price of the Corporation's common stock of $120.51 per share as of December 31, 2019.

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.

NOTE 8 - Plan Merger

Effective December 31, 2019, the Pasadena Refining System, Inc. Employees Savings Plan (PRSI Plan) merged into the Plan. Total investments of $35,692,606 and notes receivable from participants of $645,075 were transferred from the PRSI Plan to this Plan as of December 31, 2019. Of the total investments transferred by T. Rowe Price Trust Company (trustee of the PRSI Plan), $1,816,001 in TRP Stable Value N Fund was received by Fidelity as of December 31, 2019, and $33,876,605 in various Target Date Retirement Funds according to the Transfer Instructions were physically received by Fidelity on January 2, 2020.


- 13 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2019 AND 2018



NOTE 9 - Subsequent Events

In preparing the Plan’s financial statements, subsequent events and transactions have been evaluated for potential recognition. Plan management determined that there are no subsequent events or transactions that require disclosure to or adjustment in the financial statements except as disclosed below:

Chevron adopted the following benefit plan provisions of the March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES):

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 toward 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.   

Increase limit on “coronavirus-related 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 March 27, 2020 through September 23, 2020.

Waive required minimum distributions otherwise due to be made in 2020.

As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which are likely to negatively impact the Plan.  However, the related financial impact and duration cannot be reasonably estimated at this time.




- 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, 2019
(thousands of dollars)

(a)
 
 
 (b)
 
 (c)
 
 
 (e)
 
 
 
 
 
 
 Description of Investment Including
 
 
 
 
 
 Identity of Issue, Borrower,
 
 
 Maturity Date, Rate of Interest,
 
 
 
 
 
 Lessor, or Similar Party
 
 
 Collateral, Par, or Maturity Value
 
 
 Current Value
 
 
 
 
 
 
 
 
 
 

 
 
COMMON STOCK
 
 
 
 
 
 
 *
 
Chevron Corporation
 
 
 Common Stock
 
 
$
6,556,685

 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL COMMON STOCK
 
 
 
 
6,556,685

 
 
 
 
 
 
 
 
 
 
 
 
REGISTERED INVESTMENT COMPANIES
 
 
 
 
 
 
 *
 
Vanguard PRIMECAP Fund
 
 
 
 
 
1,366,805

 *
 
Vanguard Federal Money Market Fund
 
 
 
 
 
1,039,747

 *
 
Vanguard Developed Markets Index Fund
 
 
 
 
 
520,517

 *
 
Vanguard Short-Term Bond Fund Index
 
 
 
 
 
236,963

 *
 
Vanguard REIT Index Fund
 
 
 
 
 
132,772

 *
 
Vanguard Value Index Fund
 
 
 
 
 
684,947

 *
   
Vanguard Emerging Market Stock Index Fund
 
 
 
 
 
193,429

 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL REGISTERED INVESTMENT COMPANIES
 
 
 
 
 
4,175,180

 
 
 
 
 
 
 
 
 
 
 *
 
FIDELITY BROKERAGELINK
 
 
 
 
 
294,967

 
 
 
 
 
 
 
 
 
 
 
 
COLLECTIVE INVESTMENT FUNDS
 
 
 
 
 
 *
 
Capital Group EuropPacific Growth Trust
 
 
463,828

 *
 
Vanguard Institutional 500 Index Trust
 
 
2,861,541

 *
 
Vanguard Institutional Total Bond Market Index Trust
 
 
869,337

 *
 
Vanguard Institutional Extended Market Trust
 
 
1,313,399

 *
 
Vanguard Target Date Retirement Trust Select
 
 
64,701

 *
 
Vanguard Target Date Retirement Trust 2015 Select
 
 
88,718

 *
 
Vanguard Target Date Retirement Trust 2020 Select
 
 
294,453

 *
 
Vanguard Target Date Retirement Trust 2025 Select
 
 
312,226

 *
 
Vanguard Target Date Retirement Trust 2030 Select
 
 
189,108

 *
 
Vanguard Target Date Retirement Trust 2035 Select
 
 
145,554

 *
 
Vanguard Target Date Retirement Trust 2040 Select
 
 
130,457

 *
 
Vanguard Target Date Retirement Trust 2045 Select
 
 
127,849

 *
 
Vanguard Target Date Retirement Trust 2050 Select
 
 
89,848

 *
 
Vanguard Target Date Retirement Trust 2055 Select
 
 
44,793

 *
 
Vanguard Target Date Retirement Trust 2060 Select
 
 
22,897

 *
 
Vanguard Target Date Retirement Trust 2065 Select
 
 
5,758

 
 
T. Rowe Price Stable Value N
 
 
1,816

 
 
SSgA Inflation Prot Bond Index
 
 
74,014

 
 
 
 
 
 
 
 
 


 
 
TOTAL COLLECTIVE INVESTMENT FUNDS
 
 
 
 
 
7,100,297

 
 
 
 
 
 
 
 
 
 
 
 
SEPARATE ACCOUNT
 
 
 
 
 
Preferred Stock
 
 
 
 
 
 
Citigroup
 
 
Capital XIII Preferred Stock 7.875%
 
 
4,486

 
 
 
 
 
 
 
 
 
 
 
 
Corporate Bonds
 
 
 
 
 
 
 
 
 
AT&T Inc
 
 
4.750% 5/15/2046
 
 
536

 
 
 
AT&T Inc
 
 
5.650% 2/15/2047
 
 
604

 
 
 
AT&T Inc
 
 
4.500% 3/9/2048
 
 
2,041

 
 
 
AT&T Inc
 
 
8.750% 11/15/2031
 
 
1,166

 
 
 
AT&T Inc
 
 
5.350% 9/1/2040
 
 
674

 
 
 
Abbvie Inc
 
 
4.050% 11/21/2039 144A
 
 
1,242

 
 
 
Abbvie Inc
 
 
4.250% 11/21/2049 144A
 
 
631

 
 
 
Abbvie Inc
 
 
3.200% 11/21/2029 144A
 
 
1,983

 
 
 
 
 
 
 
 
 
 

- 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, 2019
(thousands of dollars)

(a)
 
 
 (b)
 
 (c)
 
 
 (e)
 
 
 
 
 
 
 Description of Investment Including
 
 
 
 
 
 Identity of Issue, Borrower,
 
 
 Maturity Date, Rate of Interest,
 
 
 
 
 
 Lessor, or Similar Party
 
 
 Collateral, Par, or Maturity Value
 
 
 Current Value
 
 
 
 
 
 
 
 
 
 

 
 
 
BNP PARIBAS
 
 
4.375% 5/12/2026 144A
 
 
$
2,146

 
 
 
Burlington North Santa Fe
 
 
5.720% 1/15/2024
 
 
102

 
 
 
BNP Paribas US Mtn Sr Prg LLC
 
 
4.250% 10/15/2024
 
 
3,028

 
 
 
BNP Paribas
 
 
4.375% 9/28/2025 144A
 
 
726

 
 
 
BNP Paribas US Mtn Sr Prg LLC
 
 
4.625% 3/13/2027 14
 
 
847

 
 
 
BNSF RY
 
 
5.629% 4/1/2024
 
 
126

 
 
 
BNSF Railway Co
 
 
5.996% 4/1/2024
 
 
285

 
 
 
Bank of America Funding Corp
 
 
4.200% 8/26/2024
 
 
429

 
 
 
Bank of America Funding Corp
 
 
4.250% 10/22/2026
 
 
2,207

 
 
 
Bank Of America Corporation
 
 
3.004%/VAR 12/20/2023
 
 
3,513

 
 
 
Bank One Corp
 
 
8.750% 9/1/2030
 
 
656

 
 
 
Barclays PLC (Ungtd)
 
 
4.375% 9/11/2024
 
 
1,128

 
 
 
Barclays PLC (Ungtd)
 
 
4.836% 5/9/2028
 
 
1,212

 
 
 
Bayer Us Fin Ii Llc
 
 
4.250% 12/15/2025 144A
 
 
755

 
 
 
Bayer Us Fin Ii Llc
 
 
4.375% 12/15/2028 144A
 
 
1,663

 
 
 
Boston PPTY Ltd Mtn
 
 
4.125% 5/2021
 
 
977

 
 
 
Boston PPTY Ltd Mtn
 
 
3.650% 2/1/2026
 
 
1,482

 
 
 
Burlington No 99-2
 
 
7.570% 1/2/2021
 
 
11

 
 
 
Burlington No
 
 
3.050% 9/1/2022
 
 
591

 
 
 
Burlington No
 
 
3.850% 9/1/2023
 
 
504

 
 
 
Cemex Finance LLC
 
 
6.000% 4/1/2024 144A
 
 
984

 
 
 
Cigna Corp
 
 
3.750% 7/15/2023
 
 
2,358

 
 
 
Cigna Corp
 
 
4.125% 11/15/2025
 
 
461

 
 
 
Cigna Corp
 
 
4.375% 10/15/2028
 
 
1,079

 
 
 
Cigna Corp
 
 
7.650% 3/1/2023 144A
 
 
310

 
 
 
Cigna Corp
 
 
7.875% 5/15/2027 144A
 
 
303

 
 
 
CRH Amer Inc
 
 
3.875% 5/18/2025 144A
 
 
1,254

 
 
 
CSX Transportation Inc
 
 
9.750% 6/15/2020
 
 
103

 
 
 
CSX Transportation Inc
 
 
6.251% 1/15/2023
 
 
115

 
 
 
CVS Health Corp
 
 
4.100% 3/25/2025
 
 
483

 
 
 
CVS Health Corp
 
 
4.300% 3/25/2028
 
 
1,419

 
 
 
CVS Health Corp
 
 
4.780% 3/25/2038
 
 
595

 
 
 
Capital One Financial Corp
 
 
3.500% 6/2023 WI
 
 
857

 
 
 
Capital One Financial Corp
 
 
4.200% 10/29/2025
 
 
1,240

 
 
 
Capital One Financial Corp
 
 
3.900% 1/29/2024
 
 
821

 
 
 
Cemex Sab De CV
 
 
6.125% 5/5/2025 144A
 
 
2,938

 
 
 
Charter Comm Oper Llc/Cap Corp
 
 
6.484% 10/23/2045
 
 
6,491

 
 
 
Charter Comm Oper Llc/Cap Corp
 
 
5.375% 5/1/2047
 
 
979

 
 
 
Charter Comm Oper Llc/Cap Corp
 
 
5.750% 4/1/2048
 
 
1,106

 
 
 
Cox Communications Inc
 
 
NEW 3.350% 9/15/26 144A
 
 
3,251

 
 
 
Cox Communications Inc
 
 
NEW 3.500% 8/15/2027 144A
 
 
1,567

 
 
 
Dillards Inc
 
 
7.750% 7/15/2026
 
 
237

 
 
 
Dillards Inc
 
 
7.750% 5/15/2027
 
 
143

 
 
 
Dillards Inc
 
 
7.000% 12/1/2028
 
 
311

 
 
 
Disney (Walt) Co
 
 
6.200% 12/15/2034
 
 
98

 
 
 
Disney (Walt) Co
 
 
6.650% 11/15/2037
 
 
1,156

 
 
 
Dominion Resource Inc
 
 
VA NEW STEP 4/1/2021
 
 
410

 
 
 
Dominion Resource Inc
 
 
5.750% VAR 10/1/2054
 
 
2,236

 
 
 
Dominion Energy Inc
 
 
2.579% 7/1/2020
 
 
326

 
 
 
Dow Chemical Co
 
 
7.375% 11/1/2029
 
 
636

 
 
 
Dow Chemical Co
 
 
9.400% 5/2039
 
 
2,784

 
 
 
ERP Operating LP
 
 
4.625% 12/15/2021
 
 
755

 
 
 
ERP Operating LP
 
 
3.000% 4/15/2023
 
 
643

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

- 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, 2019
(thousands of dollars)

(a)
 
 
 (b)
 
 (c)
 
 
 (e)
 
 
 
 
 
 
 Description of Investment Including
 
 
 
 
 
 Identity of Issue, Borrower,
 
 
 Maturity Date, Rate of Interest,
 
 
 
 
 
 Lessor, or Similar Party
 
 
 Collateral, Par, or Maturity Value
 
 
 Current Value
 
 
 
 
 
 
 
 
 
 

 
 
 
ERP Operating LP
 
 
2.850% 11/1/2026
 
 
$
897

 
 
 
Turlock Corp
 
 
2.750% 11/2/2022
 
 
663

 
 
 
Elanco Animal Health Inc Var
 
 
4.272% 8/28/2023
 
 
264

 
 
 
Elanco Animal Health Inc Var
 
 
3.912% 8/27/2021
 
 
256

 
 
 
Elanco Animal Health Inc Var
 
 
4.900% 8/28/2028
 
 
625

 
 
 
Enel Finance Intl NV Company
 
 
6.800% 9/15/2037 144A
 
 
1,727

 
 
 
Enel Finance Intl NV Company
 
 
6.000% 10/7/2039 144A
 
 
1,760

 
 
 
Fed Express
 
 
6.720% 7/15/2023
 
 
72

 
 
 
Ford Motor Credit Co LLC
 
 
8.125% 1/15/2020
 
 
301

 
 
 
Ford Motor Credit Co LLC
 
 
5.875% 8/2/2021
 
 
3,454

 
 
 
Ford Motor Credit Co LLC
 
 
4.375% 8/6/2023
 
 
468

 
 
 
Ford Motor Credit Co LLC
 
 
4.140% 2/15/2023
 
 
1,080

 
 
 
Ford Motor Credit Co LLC
 
 
3.813% 10/12/2021
 
 
916

 
 
 
Ford Motor Credit Co LLC
 
 
5.596% 1/7/2022
 
 
1,027

 
 
 
HCA Inc
 
 
4.125% 6/15/2029
 
 
689

 
 
 
HCA Inc
 
 
5.250% 6/15/2049
 
 
1,143

 
 
 
HSBC Holdings Plc
 
 
6.500% 5/2/2036
 
 
2,537

 
 
 
HSBC Holdings Plc
 
 
6.500% 9/15/2037
 
 
2,510

 
 
 
HSBC Holdings Plc
 
 
5.100% 4/5/2021
 
 
534

 
 
 
HSBC Holdings Plc
 
 
4.300% 3/8/2026
 
 
435

 
 
 
HSBC Holdings Plc
 
 
3.600% 5/25/2023
 
 
1,329

 
 
 
Imperial Tobacco Finance
 
 
3.875% 7/26/2029 144A
 
 
1,209

 
 
 
Imperial Tobacco Finance
 
 
4.250% 7/21/2025 144A
 
 
4,718

 
 
 
JPMorgan Chase & Co
 
 
3.875% 9/10/2024
 
 
909

 
 
 
JPMorgan Chase & Co
 
 
4.250% 10/1/2027
 
 
1,963

 
 
 
JPMorgan Chase & Co
 
 
3.797%/VAR 7/23/2024
 
 
2,186

 
 
 
Kinder Morgan Mtn
 
 
6.500% 9/1/2039
 
 
1,997

 
 
 
Kinder Morgan Energy
 
 
5.000% 3/1/2043
 
 
1,237

 
 
 
Kinder Morgan Inc Del
 
 
5.550% 6/1/2045
 
 
1,494

 
 
 
Lloyds Banking Group Plc
 
 
4.582% 12/10/2025
 
 
541

 
 
 
Lloyds Banking Group Plc
 
 
4.500% 11/4/2024
 
 
1,544

 
 
 
Lloyds Banking Group Plc
 
 
4.650% 3/24/2026
 
 
1,521

 
 
 
May Dept
 
 
6.700% 7/15/2034
 
 
940

 
 
 
Myriad Int Holding BV Company
 
 
6.000% 7/18/2020 144A
 
 
1,293

 
 
 
Myriad Int Holding BV Company
 
 
5.500% 7/21/2025 144A
 
 
3,215

 
 
 
Myriad Int Holding BV Company
 
 
4.850% 7/6/2027 144A
 
 
1,307

 
 
 
Nordstrom Inc
 
 
6.950% 3/15/2028
 
 
150

 
 
 
Occidental Petroleum Corp
 
 
3.200% 8/15/2026
 
 
278

 
 
 
Occidental Petroleum Corp
 
 
2.900% 8/15/2024
 
 
2,183

 
 
 
Pemex Proj Fdg Master Tr
 
 
6.625% 6/15/2035
 
 
1,458

 
 
 
Petrobras Global Finance Bv
 
 
6.900% 3/19/2049
 
 
851

 
 
 
Petrobras Global Finance Bv
 
 
5.093% 1/15/2030 144A
 
 
1,892

 
 
 
Petroleos Mexicanos Company
 
 
6.375% 1/23/2045
 
 
1,213

 
 
 
Petroleos Mexicanos Company
 
 
6.875% 8/4/2026
 
 
933

 
 
 
Petroleos Mexicanos Company
 
 
6.750% 9/21/2047
 
 
656

 
 
 
Petroleos Mexicanos Company
 
 
6.500% 3/13/2027
 
 
2,437

 
 
 
Petroleos Mexicanos Company
 
 
6.350% 2/12/2048
 
 
1,880

 
 
 
Provident Company
 
 
7.250% 3/15/2028
 
 
229

 
 
 
Relx Capital Company
 
 
3.500% 3/16/2023
 
 
831

 
 
 
Reed Elsevie
 
 
3.125% 10/2022
 
 
1,277

 
 
 
Rio Oil Finance Trust
 
 
7/6/2024 144A
 
 
2,791

 
 
 
Rio Oil Finance Trust
 
 
9.750% 1/6/2027 144A
 
 
1,935

 
 
 
Rio Oil Finance Trust
 
 
8.200% 4/6/2028 144A
 
 
1,397

 
 
 
 
 
 
 
 
 
 

- 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, 2019
(thousands of dollars)

(a)
 
 
 (b)
 
 (c)
 
 
 (e)
 
 
 
 
 
 
 Description of Investment Including
 
 
 
 
 
 Identity of Issue, Borrower,
 
 
 Maturity Date, Rate of Interest,
 
 
 
 
 
 Lessor, or Similar Party
 
 
 Collateral, Par, or Maturity Value
 
 
 Current Value
 
 
 
 
 
 
 
 
 
 

 
 
 
Royal Bk Scotlnd Grp Plc
 
 
6.000% 12/19/2023
 
 
$
1,223

 
 
 
Royal Bk Scotlnd Grp Plc
 
 
6.125% 12/15/2022
 
 
4,649

 
 
 
Telecom Italia Capital Company
 
 
7.200% 7/18/2036
 
 
504

 
 
 
Telecom Italia Capital Company
 
 
7.721% 6/4/2038
 
 
1,568

 
 
 
Telecom Italia Capital Company
 
 
5.303% 5/30/2024 144A
 
 
2,419

 
 
 
Time Warner Cable Inc Company
 
 
7.300% 7/1/2038
 
 
1,041

 
 
 
Time Warner Cable Inc Company
 
 
5.000% 2/1/2020
 
 
80

 
 
 
Time Warner Cable Inc Company
 
 
4.000% 9/1/2021
 
 
778

 
 
 
Transcanada Trust Company
 
 
5.625% VAR 5/20/2075
 
 
1,512

 
 
 
Transcanada Trust Company
 
 
5.875%/VAR 8/15/2076
 
 
484

 
 
 
Transcanada Trust Company
 
 
5.300%/VAR 3/15/2077
 
 
2,465

 
 
 
Transcanada Trust Company
 
 
5.500%/VAR 9/15/2079
 
 
1,810

 
 
 
Unum Corp
 
 
6.750% 12/15/2028
 
 
93

 
 
 
Ultrapar Internationl SA
 
 
5.250% 10/6/2026 144A
 
 
751

 
 
 
Ultrapar Internationl SA
 
 
5.250% 6/6/2029 144A
 
 
1,710

 
 
 
Unicredit Spa
 
 
7.296%/VAR 4/2/2034
 
 
2,614

 
 
 
UNION PAC 07-3
 
 
6.176% 1/2/2031
 
 
235

 
 
 
Union Pacific 6 Tr
 
 
5.866% 7/2/2030
 
 
313

 
 
 
Verizon Communications Inc
 
 
4.272% 1/15/2036
 
 
1,496

 
 
 
Vodafone Group Plc
 
 
7.000%/VAR 4/4/2079
 
 
1,936

 
 
 
Wells Fargo & Company
 
 
4.100% 6/3/2026
 
 
727

 
 
 
Wells Fargo & Company
 
 
4.300% 7/22/2027
 
 
1,752

 
 
 
Wells Fargo Bank Na
 
 
3.550% 8/14/2023
 
 
2,226

 
 
 
Xerox Corporporation
 
 
4.500% 5/2015/2021
 
 
1,561

 
 
 
Zoetis Inc
 
 
3.250% 2/1/2023
 
 
1,106

 
 
 
Zoetis Inc
 
 
3.450% 11/13/2020
 
 
455

 
 
 
Zoetis Inc
 
 
4.500% 11/13/2025
 
 
858

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Corporate Bonds
 
 
 
 
 
177,232

 
 
 
 
 
 
 
 
 
 
 
 
Mortgages Backed Securities
 
 
 
 
 
 
 
 
 
Federal Home Loan Mtg
 
 
MLT CTF GT VAR 12/15/2043
 
 
521

 
 
 
Federal Home Loan Mtg
 
 
MLT CTF GT VAR 3/15/2044
 
 
1,056

 
 
 
Federal Natl Mtg Assn
 
 
GTD REM PA 1ML+ 12/25/2043
 
 
513

 
 
 
Federal Natl Mtg Assn
 
 
GTD REM PA 5.000% 5/25/2037
 
 
211

 
 
 
Federal Natl Mtg Assn
 
 
GTD REM PA 3.500% 12/25/2030
 
 
1,720

 
 
 
FHLG
 
 
5.500% 1/2035 #G01749
 
 
31

 
 
 
FHLG
 
 
6.500% 12/2032 #G01767
 
 
24

 
 
 
FHLG
 
 
6.000% 2/2035 #G01777
 
 
1,021

 
 
 
FHLG
 
 
5.500% 3/2034 #G01665
 
 
70

 
 
 
FHLG
 
 
6.500% 10/2026 #G30305
 
 
16

 
 
 
FHLG
 
 
15YR 6.000% 8/2021 #G12277
 
 
4

 
 
 
FHLG
 
 
15YR 5.500% 10/1/2020#
 
 
3

 
 
 
FHLG
 
 
30YR 6.500% 3/1/2038#
 
 
48

 
 
 
FHLG
 
 
7.000% 11/2038 #G05603
 
 
12

 
 
 
FHLG
 
 
30YR 5.500% 7/1/2035#
 
 
48

 
 
 
FHLG
 
 
6.000% 1/2038 #G06238
 
 
40

 
 
 
FHLG
 
 
6.000% 2/2039 #G06570
 
 
54

 
 
 
FHLG
 
 
6.000% 1/2039 #G06932
 
 
496

 
 
 
FHLG
 
 
5.500% 1/2040 #G07074
 
 
759

 
 
 
FHLG
 
 
30YR 4.500% 9/1/2041#G07568
 
 
1,054

 
 
 
FHLG
 
 
30YR 4.500% 11/1/2043#G07596
 
 
602

 
 
 
FHLG
 
 
15YR 6.000% 11/1/2023#
 
 
15

 
 
 
 
 
 
 
 
 
 

- 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, 2019
(thousands of dollars)

(a)
 
 
 (b)
 
 (c)
 
 
 (e)
 
 
 
 
 
 
 Description of Investment Including
 
 
 
 
 
 Identity of Issue, Borrower,
 
 
 Maturity Date, Rate of Interest,
 
 
 
 
 
 Lessor, or Similar Party
 
 
 Collateral, Par, or Maturity Value
 
 
 Current Value
 
 
 
 
 
 
 
 
 
 

 
 
 
FHLG
 
 
15YR 6.000% 3/2023 #G13346
 
 
$
11

 
 
 
FHLG
 
 
15YR 6.000% 2/2022 #G12758
 
 
9

 
 
 
FHLG
 
 
30YR 4.500% 6/1/2047#G08768
 
 
2,282

 
 
 
FHLG
 
 
30YR 4.500% 5/1/2048#G08818
 
 
5,640

 
 
 
FHLG
 
 
30YR 4.500% 8/1/2048#G08832
 
 
4,588

 
 
 
FHLG
 
 
20YR 4.000% 11/1/2035#C91857
 
 
718

 
 
 
FHLG
 
 
20YR 3.500% 10/1/2035#C91853
 
 
1,094

 
 
 
FHLG
 
 
15YR 5.000% 8/2023#J08788
 
 
125

 
 
 
FHLG
 
 
6.500% 9/2037 #H09070
 
 
3

 
 
 
FHLG
 
 
6.000% 6/2038 #H09203