11-K 1 a2021form11-k.htm 11-K Document

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, 2020
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, 2020 AND 2019

























CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

    

TABLE OF CONTENTS





PAGE
Report of Independent Registered Public Accounting Firms *1 - 3
Financial Statements:
Statements of Net Assets Available for Benefits
       as of December 31, 2020 and 2019
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2020
Notes to Financial Statements    6 - 15
Supplemental Schedule:
Schedule of Assets (Held at End of Year)16 - 23
Exhibits24 
Signature25 
Exhibit 23.1 - Consent of Grant Thornton LLP
* 2019 Plan Year audit report is a copy of the original

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 statement of net assets available for benefits of Chevron Employee Savings Investment Plan (the “Plan”) as of December 31, 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, 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, 2020, and the changes in net assets available for benefits for the year ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America. The financial statements of the Plan as of December 31, 2019 were audited by other auditors who have ceased operations. Those auditors expressed an unqualified opinion on those financial statements in their report dated June 18, 2020.
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 audit. 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 audit 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 audit, 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 audit 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 audit 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 audit provides 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, 2020 (“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.
Seattle, Washington
June 22, 2021


- 1 -





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,

- 2 -


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


* Copy of original Plan Year 2019 opinion
- 3 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2020 AND 2019
(thousands of dollars)
20202019
Assets
Investments - at fair value:
Chevron Corporation common stock$4,419,362$6,556,685
Registered investment companies4,094,4734,175,180
Fidelity BrokerageLink365,368294,967
Collective investment funds7,963,5767,100,297
Separate Account423,409502,147
Total investments17,266,18818,629,276
Transfer due from Pasadena Refining
System Inc. Employees' Savings Plan


34,522
Notes receivable from participants106,453111,230
Due from broker for securities sold2483,461
Total assets 17,372,88918,778,489
Liabilities— — 
Net assets available for benefits$17,372,889$18,778,489
The accompanying notes are an integral part of these financial statements.


- 4 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2020
(thousands of dollars)
Additions
Contributions:
Employer contributions $281,584 
Participant contributions 358,769 
Participant rollovers 142,384 
Total contributions 782,737 
Investment income / (loss)
Net change in fair value of investments(481,537)
Dividends 408,752 
Interest 15,676 
Total investment loss(57,109)
Interest on notes receivable from participants4,313 
Total additions729,941 
Deductions
Distribution to participants 2,131,115 
Administrative fees 4,426 
Total deductions2,135,541 
Net change(1,405,600)
Net assets available for benefits:
Beginning of year18,778,489 
End of year$17,372,889 
The accompanying notes are an integral part of these financial statements.
- 5 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

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 2020, 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 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 $285,000 for the year 2020.

The Company matching contribution is made in cash and allocated 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.
- 6 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019



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 2020 and 2019 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 $106,453,463 and $111,230,223 as of December 31, 2020 and 2019, 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.


- 7 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

NOTE 1 - Description of the Plan (Continued)

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.

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.

Cares Act. Chevron has implemented certain benefit plan provisions of the March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES). The CARES Act includes funding relief for defined benefit plan sponsors, distribution and plan loan changes for participants and beneficiaries, and delay of minimum required distributions otherwise required in 2020.

The following provisions of the CARES Act were implemented.

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.   
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.
Waived required minimum distributions (RMD) otherwise due to be made in 2020.


- 8 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

NOTE 1 - Description of the Plan (Continued)

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.


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 is 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.




- 9 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

NOTE 2 - Summary of Significant Accounting Policies (Continued)

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 2020 or 2019.

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.

- 10 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

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, 2020 and 2019.

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 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, 2020 and 2019:
- 11 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

NOTE 3 - Fair Value Measurements (Continued)

Investments at Fair Value (in thousands) as of December 31, 2020
Level 1Level 2Level 3Total
Common stocks$4,419,362 $— $— $4,419,362 
Registered investment companies4,094,473 — — 4,094,473 
Fidelity BrokerageLink365,368 — — 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 
   Mortgage backed securities— 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 
   Receivables— 79,408 — 79,408 
   Liabilities— (56,331)— (56,331)
Total investments, at fair value$8,879,203 $8,386,985 $— $17,266,188 
Investments at Fair Value (in thousands) as of December 31, 2019
Level 1Level 2Level 3Total
Common stocks$6,556,685 $— $— $6,556,685 
Registered investment companies4,175,180 — — 4,175,180 
Fidelity BrokerageLink294,967 — — 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 
   Mortgage backed securities— 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)
Total investments, at fair value$11,026,832 $7,602,444 $— $18,629,276 

- 12 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

NOTE 4 - Investments

At December 31, 2020 and 2019, the following broad range of investment options were available to participants:

Core Funds
Fund NameFund Type
Chevron Leveraged ESOPCompany Stock
Chevron StockCompany Stock
Vanguard Federal Money Market FundMoney Market
Vanguard Institutional Total Bond Market Index TrustFixed Income
Vanguard Short-Term Bond Index FundFixed Income
Vanguard Institutional 500 Index TrustLarge-Cap Stock
Vanguard Institutional Extended Market TrustSmall & Mid-Cap Growth Stock
Vanguard Developed Markets Index FundInternational Stock
Vanguard REIT Index FundReal Estate
Vanguard Emerging Markets Stock Index FundInternational Stock
SSgA US Inflations Protected Bond FundFixed Income

Target Date Retirement Funds
Fund NameFund Type
Vanguard Target Retirement Income Trust SelectBalanced
Vanguard Target Retirement 2015 Trust SelectBalanced
Vanguard Target Retirement 2020 Trust SelectBalanced
Vanguard Target Retirement 2025 Trust SelectBalanced
Vanguard Target Retirement 2030 Trust SelectBalanced
Vanguard Target Retirement 2035 Trust SelectBalanced
Vanguard Target Retirement 2040 Trust SelectBalanced
Vanguard Target Retirement 2045 Trust SelectBalanced
Vanguard Target Retirement 2050 Trust SelectBalanced
Vanguard Target Retirement 2055 Trust SelectBalanced
Vanguard Target Retirement 2060 Trust SelectBalanced
Vanguard Target Retirement 2065 Trust SelectBalanced

Supplemental Funds
Fund NameFund Type
Dodge & Cox Income Separate AccountFixed Income
Vanguard PRIMECAP FundLarge-Cap Growth Stock
Vanguard Value Index FundLarge-Cap Value Stock
Capital Group EuroPacific Growth TrustInternational Stock
- 13 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

NOTE 4 - Investments (Continued)

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.

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, 2020 and 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 2017.

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.
- 14 -



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2020 AND 2019

NOTE 6 - Risks and Uncertainties (Continued)

During 2020, the global outbreak of the Cornavirus (COVID-19), which was declared a pandemic by the World Health Organization in March, has led to 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.

As of June 21, 2021, the price of the Corporation’s common stock was $106.05 per share which represents a 26% increase from the price of the common stock of $84.45 per share at year-end 2020.

NOTE 8 - Subsequent Events

The Plan has evaluated subsequent events through June 22, 2021, the date the financial statements were available to be issued.



- 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, 2020
(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 / UnitsCost ^ Current Value
COMMON STOCK
 * Chevron Corporation Common Stock 52,330,817 $3,834,014 $4,419,362 
TOTAL COMMON STOCK3,834,014 4,419,362 
REGISTERED INVESTMENT COMPANIES
Vanguard PRIMECAP Fund 8,708,131 1,339,746 
Vanguard Federal Money Market Fund 1,017,889,477 1,017,889 
Vanguard Developed Markets Index Fund 22,044,496 525,320 
Vanguard Short-Term Bond Fund Index20,555,238 223,435 
Vanguard REIT Index Fund6,305,581 117,473 
Vanguard Emerging Market Stock Index Fund2,226,053 234,648 
   Vanguard Value Index Fund13,703,062 635,959 
TOTAL REGISTERED INVESTMENT COMPANIES4,094,472 
 * FIDELITY BROKERAGELINK365,368 
COLLECTIVE INVESTMENT FUNDS
Capital Group EuropPacific Growth Trust38,556,467 515,114 
Vanguard Institutional 500 Index Trust 15,714,872 3,224,535 
Vanguard Institutional Total Bond Market Index Trust 7,677,383 906,085 
Vanguard Institutional Extended Market Trust 7,005,882 1,523,709 
Vanguard Target Date Retirement Trust Select1,609,112 66,682 
Vanguard Target Date Retirement Trust 2015 Select2,194,597 93,775 
Vanguard Target Date Retirement Trust 2020 Select5,684,784 255,474 
Vanguard Target Date Retirement Trust 2025 Select7,060,572 328,528 
Vanguard Target Date Retirement Trust 2030 Select4,655,901 221,435 
Vanguard Target Date Retirement Trust 2035 Select3,793,617 184,294 
Vanguard Target Date Retirement Trust 2040 Select3,326,838 164,712 
Vanguard Target Date Retirement Trust 2045 Select3,221,628 161,983 
Vanguard Target Date Retirement Trust 2050 Select2,359,517 118,755 
Vanguard Target Date Retirement Trust 2055 Select1,231,079 61,911 
Vanguard Target Date Retirement Trust 2060 Select684,313 34,455 
Vanguard Target Date Retirement Trust 2065 Select313,311 9,481 
SSgA Inflation Prot Bond Index5,683,265 92,649 
TOTAL COLLECTIVE INVESTMENT FUNDS7,963,576 
SEPARATE ACCOUNT
Preferred Stock
CitigroupCapital XIII Preferred Stock 7.875% 161,450 4,414 
Corporate Debt
AT&T INC4.5% 03/09/20481,989,000 2,184 
AT&T INC8.75% 11/15/2031821,000 1,218 
AT&T INC3.5% 09/15/2053 144A494,000 453 
AT&T INC3.55% 09/15/2055 144A560,000 513 
AT&T INC3.65% 09/15/2059 144A385,000 351 
Abbvie Inc4.05% 11/21/2039825,000 930 
Anheuser Busch Inbev World Inc5.55% 01/23/2049450,000 581 
Anheuser Busch Inbev World Inc4.6% 06/01/2060200,000 229 
BAT Capital Corp 2.259% 03/25/2028325,000 322
BAT Capital Corp 2.726% 03/25/2031925,000 904 
BAT Capital Corp 3.734% 09/25/2040125,000 121 
BAT Capital Corp 3.984% 09/25/2050200,000 190 
BNP Paribas4.375% 05/12/2026 144A2,000,000 2,221 
Burlington No5.72% 1/15/2454,348 58 
BNP Paribas/Us Mtn Sr Prg Llc 4.25% 10/15/20241,600,000 1,779 

- 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, 2020
(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 / UnitsCost ^ Current Value
BNP Paribas4.375% 09/28/2025 144A675000748
BNP Paribas/Us Mtn Sr Prg Llc 4.625% 03/13/2027 14200,000 226 
Bank of America Funding Corp4.2% 08/26/2024400,000 442 
Bank of America Funding Corp4.25% 10/22/20262,025,000 2,293 
Bank Of America Corporation 3.004%/VAR 12/20/20231,005,000 1,046 
Bank Of America Corporation2.496/VAR 02/13/2031500,000 499 
Bank One Corp 8.75% 09/01/2030450,000 666 
Barclays PLC (Ungtd)4.375% 09/11/2024525,000 573 
Barclays PLC (Ungtd)4.836% 05/09/20281,125,000 1,254 
Bayer US Fin II LLC 4.25% 12/15/2025 144A700,000 782 
Bayer US Fin II LLC 4.375% 12/15/2028 144A1,100,000 1,249 
Boston PPTY Ltd Partnership3.65% 02/01/262,275,000 2,490 
Cigna Corp3.75% 07/15/2023215,000 230 
Cigna Corp4.125% 11/15/2025425,000 476 
Cigna Corp7.875% 05/15/2027234,000 309 
CSX Transportation Inc6.251% 1/15/2394,731 103 
CVS Health Corp 4.78% 03/25/2038525,000 625 
CVS Health Corp 5.05% 03/25/2048775,000 955 
CVS Health Corp 3.75% 04/01/2030275,000 303 
Capital One Financial Corp4.2% 10/29/2025775,000 862 
Capital One Financial Corp3.9% 01/29/2024775,000 842 
Cemex Sabde Cv 7.375% 06/05/2027 144A2,500,000 2,836 
Cemex Sabde Cv 5.2% 09/17/2030 144A925,000 1,009 
Charter Comm Oper LLC/Cap Corp 6.484% 10/23/20453,905,000 5,105 
Charter Comm Oper LLC/Cap Corp 5.75% 04/01/2048950,000 1,163 
Coca Cola Co3.45% 03/25/2030500,000 557 
Coca Cola Co1.65% 06/01/2030950,000 916 
Cox Communications IncNEW 3.35% 09/15/26 144A775,000 838 
Cox Communications IncNEW 3.5% 08/15/2027 144A1,500,000 1,632 
Dell Intl/EMC Corp6.1% 07/15/2027 144A350,000 425 
Diamond 1 Finance Corp / Diamond 2 Finance Corp6475,000 562 
Dillard Dep 7.75% 7/15/26210,000 241 
Dillards Inc 7.75% 05/15/2027125,000 144 
Dillards Inc 7% 12/01/28280,000 303 
Dominion Resource Inc 5.75/VAR 10/01/20542,075,000 2,260 
Dow Chemical 9.4% 5/391,700,000 2,911 
Elanco Animal Health Inc Var 45166250,000 269 
Elanco Animal Health Inc Var 44435250,000 253 
Elanco Animal Health Inc Var46993575,000 650 
Enel Fin Intl NV Company6.8% 9/15/37 144A1,300,000 1,848 
Enel Fin Intl NV Company6% 10/7/39 144A825,000 1,107 
Exxon Mobil Corp 4.227% 03/19/2040625,000 714 
Exxon Mobil Corp 3.452% 04/15/2051545,000 558 
Exxon Mobil Corp 2.61% 10/15/2030775,000 794 
Fedex Corp 4.05% 02/15/2048500,000 550 
Fedex Corp 5.25% 05/15/2050300,000 391 
Ford Motor Credit Co LLC3.375% 11/13/2025875,000 893 
Ford Motor Credit Co LLC5.875% 8/2/212,550,000 2584
Ford Motor Credit Co LLC4.375% 8/6/23450,000 474
Ford Motor Credit Co LLC4.14% 02/15/20231,050,000 1,093 
Ford Motor Credit Co LLC3.813% 10/12/2021900,000 911 
Ford Motor Credit Co LLC5.596% 01/07/2022975,000 1,004 
Ford Motor Credit Co LLC4.063% 11/01/2024525,000 552 
HCA Inc4.125% 06/15/2029650,000 724 
HSBC Holdings Plc 6.5% 05/02/2036860,000 1,143 
HSBC Holdings Plc 6.5% 09/15/20371,300,000 1,756 
HSBC Holdings Plc 4.3% 03/08/2026400,000 449 
HSBC Holdings Plc 3.6% 05/25/20231,275,000 1,357 
HSBC Holdings Plc 4.95% 03/31/20301,300,000 1,528 

- 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, 2020
(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 / UnitsCost ^ Current Value
HSBC Holdings Plc Sofr2.848/VAR 06/04/2031600,000 604 
Imperial Tobacco Finance 3.875% 07/26/2029 144A1,200,000 1,293 
Imperial Tobacco Finance 4.25% 07/21/2025 144A3,050,000 3,359 
JPMorgan Chase & Co 4.25% 10/01/20271,775,000 2,024 
JPMorgan Chase & Co 3.797%/VAR 07/23/20241,250,000 1,337 
JPMorgan Chase & Co 4.493%/VAR 03/24/2031525,000 609 
JPMorgan Chase & Co 2.522/VAR 04/22/2031900,000 902 
JPMorgan Chase & Co 2.956/VAR 05/13/2031975,000 999 
Kinder Morgan Energy6.95% 1/15/381,050,000 1,428 
Kinder Morgan Mtn 6.5% 9/01/391,575,000 2,072 
Kraft Heinz Foods Co 5.5% 06/01/2050300,000 369 
Lloyds Banking Group Plc 4.582% 12/10/2025500,000 559 
Lloyds TSB Bank 4.5% 11/04/20241,445,000 1,606 
Lloyds Bank Plc 4.65% 03/24/2026850,000 957 
Macys Retail Holdings Llc 6.7% 07/15/2034 144A835,000 839 
Myriad Int Holding Bv 5.5% 07/21/2025 144A2,400,000 2,730 
Myriad Int Holding Bv4.85% 07/06/2027 144A2,100,000 2,351 
Nordstrom Inc 6.95% 3/15/28125,000 142 
Occidental Petroleum Corp 3.2% 08/15/2026275,000 265 
Occidental Petroleum Corp 2.9% 08/15/20242,900,000 2,864 
Oracle Corp2.95% 04/01/2030525,000 540 
Oracle Corp3.6% 04/01/2040425,000 430 
Pemex Proj Fdg Master Tr 6.625% 06/15/20351,425,000 1,378 
Petrobras Global Finance Bv 6.9% 03/19/2049875,000 957 
Petrobras Global Finance Bv 5.093% 01/15/2030900,000 940 
Petroleos Mexicanos 6.875% 08/04/2026350,000 377 
Petroleos Mexicanos 6.5% 03/13/20272,300,000 2,431 
Petroleos Mexicanos 7.69% 01/23/20503,275,000 3,141 
Petroleos Mexicanos 6.95% 01/28/2060421,000 372 
Provident Compa 7.25% 3/15/28185,000 237 
Rio Oil Finance Trust7/06/2024 144A1,902,840 2,114 
Rio Oil Finance Trust9.75% 01/06/2027 144A1,405,944 1,654 
Rio Oil Finance Trust8.2% 04/06/2028 144A1,164,000 1,327 
Royal Bk Scotlnd Grp Plc6.125% 12/15/20223,775,000 4,104 
Southern Company 4%/VAR 01/15/20511,875,000 1,978 
T-Mobile USA Inc 4.375% 04/15/2040 144A375,000 416 
T-Mobile USA Inc 4.5% 04/15/2050 144A250,000 281 
T-Mobile USA Inc 3.875% 04/15/2030 144A1,175,000 1,277 
Telecom Italia Capital Company7.2% 7/18/36425,000 536 
Telecom Italia Capital Company7.721% 6/4/381,275,000 1,699 
Telecom Italia Capital Company5.303% 05/30/2024 144A1,500,000 1,640 
Time Warner Cable Inc 7.3% 07/01/2038800,000 1,123 
Time Warner Cable Inc 4% 09/01/2021760,000 763 
Transcanada Trust 5.625/VAR 05/20/20751,450,000 1544
Transcanada Trust 5.875%/VAR 8/15/76600,000 659 
Transcanada Trust 5.3%/VAR 3/15/772,400,000 2,538 
Transcanada Trust 5.5%/VAR 09/15/20791,725,000 1,847 
Unum Group6.75% 12/15/202875,000 95 
Ultraparinternationl Sa 5.25% 10/06/2026 144A700,000 749 
Ultraparinternationl Sa 5.25% 06/06/2029 144A1,250,000 1,301 
Unicredit Spa 7.296%/VAR 04/02/20341,675,000 1,990 
Unicredit Spa 5.459/VAR 06/30/2035 144A750,000 808 
Union Pacific 6 Tr 5.866% 7/02/30195,025 229 
Verizon Communications Inc 4.272% 01/15/2036825,000 933 
Vodafone Group PLC7%/VAR 04/04/20791,375,000 1,662 
Wells Fargo & Co New4.1% 06/03/2026675,000 754 
Wells Fargo & Co Mtn 4.3% 07/22/20271,600,000 1,810 
Wells Fargo Bk Natl Assn3.55% 08/14/20231,175,000 1,257 
Wells Fargo & Co New 5.013%/VAR 04/04/2051925,000 1,196 

- 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, 2020
(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 / UnitsCost ^ Current Value
Williams Cos Inc3.5% 11/15/2030875,000 937 
Total Corporate Bonds177,500 148,869 
Mortgage Backed Securities
FHLG5.50% 1/35 #G0174920,844 24 
FHLG6.50% 12/32 #G0176716,090 19 
FHLG6.00% 2/35 #G01777686,945 804 
FHLG5.50% 3/34 #G0166547,039 54 
FHLG6.50% 10/26 #G3030510,299 11 
FHLMARM 3.326% 9/33 #1B115024,210 25 
FHLMARM 2.74% 4/36 #84767112,814 14 
FHLG15YR 6.00% 8/21 #G12277212 — 
FHLG30YR 6.5% 03/01/2038#28,008 34 
FHLG7.00% 11/38 #G056037,923 10 
FHLG30YR 5.5% 07/01/2035#31,111 36 
FHLG6.00% 1/38 #G0623824,997 30 
FHLG6.00% 2/39 #G0657032,278 38 
FHLG6.00% 1/39 #G06932310,330 369 
FHLG5.50% 1/40 #G07074498,259 580 
FHLG30YR 4.5% 09/01/2041#G07568540,175 607 
FHLG30YR 4.5% 11/01/2043#G07596417,902 473 
FHLG15YR 6% 11/01/2023#5,433 
FHLG15YR 6.00% 3/23 #G133462,513 
FHLG15YR 6.00% 2/22 #G127581,279 
FHLG20YR 4% 11/01/2035#C91857423,783 464 
FHLG20YR 3.5% 10/01/2035#C91853643,306 693 
FHLG15YR 5% 08/23#J0878861,987 64
FHLMARM 2.37% 1/36 #1H258114,168 15 
FHLMARM 2.60% 3/37 #1G26679,085 10 
FHLMARM 5.31% 7/37 #1G208024,613 26 
FHLMARM 5.23% 2/38 #1Q04799,342 10 
FHLMARM 4.93% 6/38 #1Q05569,323 10 
FHLMARM 4.91% 4/38 #1Q055710,086 11 
FHLMARM 5.09% 4/38 #1Q055814,587 15 
FHLMARM 0% 07/38#1Q1400106,251 112 
FHLG6.50% 9/37 #H090702,969 
FHLG6.00% 6/38 #H09203972 
FHLMARM 5.43% 10/38 #84834911,779 12 
FHLMARM 2.54% 01/01/2042#84925492,285 97 
FHLMARM 0% 01/45#849625195,218 201 
FHLMARM 0% 05/44#2B2591225,548 232 
FHLMARM 2.896% 02/01/45#2B3797193,612 200 
FHLG15YR 3.5% 06/01/2034#SB00192,403,626 2,568 
FHLG30YR 2.5% 11/01/2050#SD75306,011,388 6,231 
FHLG30YR 4.5% 03/47#V831081,000,037 1,101 
FHLG30YR 4.5% 06/01/2047#Q48869800,896 884 
FHLG30YR 4.5% 02/45#G60034549,510 614 
FHLG30YR 4.5% 03/47#G610803,278,602 3,627 
FHLG30YR 2% 07/01/2050#8,208,139 8,268 
FHLG30YR 2% 09/01/2050#RA34541,205,353 1,212 
FHLG30YR 2% 12/01/2050#RA41194,036,360 4,069 
FHLMARM 0% 08/46#840380471,707 490 
FHLMARM 0% 05/45#8404021,047,249 1,085 
FHLMARM 2.37% 2/34 #78127415,670 16 
FHLMARM 0% 09/36#782735103,528 109 
Federal Natl Mtg AssnGTD REM PA 1ML+ 12/25/2043349,842 353 
FNMA7.00% 11/37 #25698516,957 21 
FNMA6.50% 2/38 #31004811,037 13 

- 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, 2020
(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 / UnitsCost ^ Current Value
Federal Home Loan MtgMLT CTF GT VAR 12/15/2043304,961 334 
Federal Home Loan MtgMLT CTF GT VAR 3/15/2044616,892 691 
Federal Home Loan MtgMLT CTF GT VAR 3/25/2026674,627 39 
Federal Home Loan MtgMLT CTF GT VAR 5/25/2026286,725 16 
Federal Home Loan MtgMLT CTF GT CSTR 04/25/20272,695,472 99 
Federal Home Loan MtgMLT CTF GT CSTR 6/25/20272,315,606 95 
Federal Home Loan MtgMLT CTF GT CSTR 7/25/20276,094,406 202 
Federal Home Loan MtgMLT CTF GT K090 X1 VAR 2/25/200216,343,339 843 
Federal Home Loan MtgMLT CTF GT X1 CSTR 1/25/20307,334,109 846 
FNMA6.00% 3/33 #55528533,064 38 
FNMAARM 5.79% 11/37 #AL01442,547 
FNMAARM 5.125 10/38 #AL104317,006 18 
FNMA15YR 5.00% #AL243941,168 43 
FNMA15YR 4.5% #AL4147118,588 125 
FNMA20YR 4.5% #AL41651,359,700 1,511 
FNMAARM 0% 02/44#AL4831275,517 288 
FNMAARM 2.99% 02/01/2044#AL4980192,682 201 
FNMAARM 2.569% 04/01/2044#AL5129202,513 212 
FNMA30YR 4.5% #AL5441423,318 476 
FNMA30YR 4.5% 07/01/2042#AL5749494,648 556 
FNMAARM 2.719% 10/01/2044#AL5968508,626 526 
FNMA30YR 4.641% 07/21#AL613725,584 26 
FNMA15YR 3.5% 12/01/2029#AL7205327,508 352
FNMA30YR 4.5% 09/42#AL7306737,672 829 
FNMA30YR 4.5% 09/45#AL7384378,113 422 
FNMA30YR 4.5% 02/46#AL9781686,443 772 
FNMA15YR 3.5% 09/01/2031#AL9063850,348 918 
FNMA30YR 4.5% 02/01/2046#AL9128149,673 168 
FNMA30YR 4.5% #AL9407218,796 246 
FNMAARM 0% 11/01/2046#831,314 865 
FNMA30YR 4.5% 07/46#AL8816554,147 618 
FNMAARM 4.031% 04/01/2042#169,972 179 
FNMAARM 12ML+1.565 03/01/2043#AR6900409,956 424 
FNMAARM 2.907% 09/01/2044#AT704039,809 41 
FNMAARM 0% 05/44#AW468889,508 92 
FNMAARM 2.764% 12/01/2044#AX2197184,634 191 
FNMA30YR 4% 10/45#AZ47653,317,014 3,641 
FNMA5.50% 2/33 #67770933,459 38 
FNW2003-W2 1A2 7% 7/4246,937 56 
FNW 2004-W2 5A 7.5% 3/4420,987 24 
FNW 2004-W8 3A 7.5% 6/4416,254 19 
FNW2005-W1 1A3 7 10/4440,181 48 
FNR 2009-53 QM 5.5 5/394,333 
Federal Natl Mtg AssnGTD REM PA 5.0% 05/25/2037110,836 122 
FNW 2007-W10 1A CSTR 8/4749,850 57 
FNW2007-W10 2A CSTR 8/4714,361 16 
FHR3312 AB 6.5 6/3215,367 18 
FNR2008-24 GD 6.5 3/374,541 
FNR 2009-40 TB 6 6/3917,200 20 
FNR 2010-123 WT 7% 11/40168,287 200 
Federal Natl Mfg AssnGTD REM PA 3.5% 12/25/20301,053,201 1,116 
FNMA5.50% 2/34 #72520611,250 13 
FNMA6.00% 3/34 #725228129,133 150 
FNMA6.00% 3/34 #725330171,166 199 
FNMA6.50% 12/32 #73541575,872 88 
FNMAARM 4.83% 8/35 #7358697,602 
FNMAARM 2.53% 1/36 #74530310,744 11 
FNMA6.00% 6/35 #74539818,743 22 
FNMA6.00% 4/34 #74594222,003 26 

- 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, 2020
(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 / UnitsCost ^ Current Value
FNMAARM 2.20% 8/35 #83225715,468 16 
FNMA30YR 4.5% 02/01/2041#BF01993,124,886 3,498 
FNMAARM 0% 10/47#BH9347292,823 305 
FNMA30YR 4.5% 06/01/2048#BJ92621,333,271 1,455 
FNMA30YR 4.5% 01/43#BM1357622,299 700 
FNMAARM 3.331% 03/01/2048#BM35721,407,991 1,470 
FNMA30YR 4% 02/01/2047#BM33861,669,302 1,832 
FNMAARM 3.359% 10/01/2049#BM61491,066,204 1,112 
FNMA30YR 3.5% 08/01/2049#BN77024,148 
FNMA30YR 4.5% 11/01/2048#CA2643825,954 901 
FNMA30YR 2.5% 07/01/2050#CA62716,268,395 6,495 
FNMA30YR 2.5% 07/01/2050#CA63297,643,681 7,931 
FNMA30YR 2.5% 07/01/2050#CA63983,981,665 4,132 
FNMA30YR 2% 09/01/2050#CA69256,429,219 6,466 
FNMA30YR 2% 02/01/2051#FM59972,480,188 2,499 
FNMA15YR 6.00% 3/22 #8882912,334 
FNMA15YR 6.00% 4/22 #888365649 
FNMA15YR 6.00% 12/21 #888136883 1
FNMA15YR 5.50% 1/22 #888262464 — 
FNMA15YR 6.00% 8/22 #8886312,144 
FNMA6.50% 11/37 #88889117,302 21 
FNMA30YR 6.00% 3/36 #88895647,845 55 
FNMA15YR 6.00% 3/23 #8893906,045 
FNMA7.00% 12/37 #88988622,879 28 
FNMAARM 2.979% 2/37 #9078607,956 
FNMA15YR 6.00% 9/21 #93648251 — 
FNMA6.00% 8/37 #99548716,483 19 
FNMA5.50% 9/36 #99557512,834 15 
FNMA15YR 5.50% 3/24 #9955973,375 
FNMAARM 5.289 10/38 #9950053,286 
FNMA6.00% 5/36 #99521254,687 64 
FNMA15YR 5.50% 10/23 #99540521,688 23 
FNMA6.50% 12/38 #99569411,119 13 
FNMA5.50% 9/36 #995788205,193 235 
FNMA20YR 4.0% 11/1/30 #AB1763160,268 174 
FNMA20YR 4.0% 03/01/2034#MA18141,012,054 1,107 
FNMA20YR 4.0% 09/01/2034 #MA2055708,167 776 
FNMA20YR 4.0% 01/01/2035#MA2141879,584 964 
FNMA20YR 4.0% 07/01/2035#MA2366530,822 581 
FNMA20YR 3.5% 04/37#MA2962858,299 921 
FNMA30YR 5% 03/01/2049#MA3617554,353 614 
FNMA20YRS 4.00% 9/31 #MA3894312,845 340 
FNMA5.50% 9/38 #AD019878,331 91 
FNMA5.50% 4/37 #AD024997,951 112 
FNMA15YR 5.50% 1/24 #AD0284506 
FNMA5.50% 12/39 #AD049414,915 17 
FNMA5.50% 9/39 #AD065012,157 14 
FNMA5.50% 6/36 #AD066376,646 88 
FNMA5.50% 7/35 #AD093125,844 30 
FNMA15YR 5.50% 1/25 #AE087515,014 16 
FNMA6.50% 9/38 #AE001252,360 63 
FNMA15YR 5.50% 8/24 #AE03792,994 
FNMA15YR 5.50% 10/24 #AE038019,830 21 
FNMA15YR 5.50% 12/24 #AE038146,303 48 
FNMA15YR 5.50% 10/24 #AE038212,266 13 
FNMA6.50% 1/39 #AE044255,273 66 
FNMA15YR 5.50% 5/24 #AE062014,785 15 
Government Nat Mtg AssnHECM 12ML+15 12/20/20672,352,468 2,332 
Government Nat Mtg AssnHECM 2018-H02 FM 12ML+10 01,835,687 1,814 

- 21 -




CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2020
(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 / UnitsCost ^ Current Value
Government Nat Mtg AssnHECM 12ML + 09/20/20672,051,485 2,045 
GNR2018-H05 FE 12ML+7 02/683,096,256 3,059 
Government Nat Mtg AssnHECM 2018-H09 FA 12ML+ 04/1,618,655 1,632 
Government Nat Mtg AssnHECM 2019-H04 FA 12ML+29 01,706,282 1,701 
Government Nat Mtg AssnHECM 1ML+35 05/20/20691,269,274 1,270 
Government Nat Mtg AssnHECM 12ML+ 05/20/206910,934,886 10,972 
Small Business AdministrationSBAP 2007-20D 1 5.32% 4/2723,203 25 
US Dept Veteran AffairsGTD REMI PASS 7.5% 06/15/202735,629 40 
UMBS30YR 2.5% 06/01/2051 #TBA26,220,000 26,933 
Total Mortgages Backed Securities152,394 
U.S. Government Securities (Municipal Bonds & Govt Obligations)
California State7.3% 10/01/39410,000 639 
California State7.625% 03/01/40785,000 1,278 
Illinois StateTAXMUNI 5.1% 6/01/331,650,000 1,867 
New Jersy St Turnpike Auth.NJSTRN 01/41 Fixed 7.102%1,070,000 1,664 
US Treasury Bond1.625% 11/15/20503,000,000 2,542 
US Treasury Bond1.875% 02/15/20516,550,000 5,902 
UST Notes0.875% 11/15/20307,855,000 7,314 
UST Notes1.125% 02/15/20313,170,000 3,014 
UST Notes0.5% 02/28/20266,225,000 6,115 
UST Notes0.75% 03/31/202610,000,000 9,934 
Total U.S. Government Securities40,267 
Asset-Backed Securities
BNSF Railway Company06-2 5.629% 4/01/2459,938 64 
BNSF Railway Company5.996% 4/01/24165,154 183 
Federal Express98-1A 6.72 7/15/238,118 
SLC Student Loan Trust3ML+ 02/15/204510,920,290 10,549 
SLC Student Loan Trust2007 1 A5 3ML+9 05/15/20371,603,000 1,544 
SLM Student Loan Trust3ML+ 07/25/20408,449,000 8,224 
GSBA5.78% 12/1/212,154 
Small Business AdministrationSBAP 2005-20E 1 4.84 5/257,400 
Small Business AdministrationSBAP 2005-20G 1 4.75 7/257,744 
Small Business AdministrationSBAP 2005-20I 1 4.76% 9/259,724 10 
Small Business AdministrationSBAP 2006-20A 1 5.21 1/268,310 
Small Business AdministrationSBAP2006-20C 1 5.57 3/2611,540 12 
Small Business AdministrationSBAP 2006-20G 1 6.07% 7/2619,594 21 
Small Business AdministrationSBAP 2007-20A 1 5.32 1/2717,584 19 
Small Business AdministrationSBAP2007-20C 1 5.23 3/2728,027 30 
Small Business AdministrationSBAP 2007-20G 1 5.82 7/2718,883 20
Union Pacific07-3 6.176% 1/2/31154,901 188 
Total Asset backed securities20,901 
Cash Equivalents
State Street Bank & Trust Co Short Term Investment Fund33,487,318 33,487 
Receivables79,408 
Liabilities(56,331)
Other— 
TOTAL SEPARATE ACCOUNT423,409 

- 22 -




CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
EIN 94-0890210 PLAN NO. 001
SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD
DECEMBER 31, 2020
(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 / UnitsCost ^ Current Value
PARTICIPANT LOANSInterest rates ranging from 2.23% to 9.50%106,453 
TOTAL INVESTMENTS PER FORM 5500$17,372,641 
* Party-in-interest as defined by ERISA.
^ Participant directed investment cost not required to be included



- 23 -




EXHIBITS




- 24 -





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, 2021
/s/ Christine L. Cavallo
Chevron Corporation, Plan Administrator
By: Christine L. Cavallo
        Assistant Secretary
        Chevron Corporation
                                




- 25 -