Document

 
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

____________


FORM 11-K

____________

[X]
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016.

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 SCHEDULES

TOGETHER WITH REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

DECEMBER 31, 2016 AND 2015



























MORRIS DAVIS CHAN &TAN LLP
Certified Public Accountants



CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

    

TABLE OF CONTENTS





 
 
 
PAGE

Report of Independent Registered Public Accounting Firm
 
1-2

Financial Statements:
 
 
 
Statement of Net Assets Available for Benefits as of December 31, 2016 and 2015    
 
3

 
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2016
 
4

 
Notes to Financial Statements    
 
5-14

Supplemental Schedule:
 
 
 
 
 
 
 
Schedule H - Part IV, Line 4(i) - Schedule of Assets Held as of December 31, 2016    
 
15-22

 
 
 
 


i

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


Plan Participants and Plan Administrator
Chevron Employee Savings Investment Plan

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, 2016 and 2015, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes 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 internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the year ended December 31, 2016 in conformity with U.S. generally accepted accounting principles.

The supplemental information in the accompanying schedule of assets held as of December 31, 2016 has been subjected to the auditing procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included as required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included

- 1 -

determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, 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 in the accompanying schedule is fairly stated, in all material respects, in relation to the basic financial statements as a whole.



/s/ Morris Davis Chan & Tan LLP
Alameda, California
June 21, 2017


- 2 -

CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2016 AND 2015
(thousands of dollars)
 
 
 
2016
 
2015
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - at fair value:
 
 
 
 
 
 
   Chevron Corporation common stock
$
8,516,499

 
$
7,075,997

 
   Registered investment companies
 
4,456,960

 
 
8,441,254

 
   Vanguard Brokerage Option
 
276,501

 
 
270,903

 
   Collective investment funds
 
5,713,241

 
 
884,386

 
   Separate Account
 
284,152

 
 
277,125

 
 
          Total investments
 
19,247,353

 
 
16,949,665

 
Notes receivable from participants
 
135,116

 
 
138,652

 
 
 
 
 
 
 
 
 
 
Total assets
 
19,382,469

 
 
17,088,317

 
 
 
 
 
 
 
 
Liabilities
 
—

 
 
—

 
 
 
 
 
 
 
 
Net assets available for benefits
$
19,382,469

 
$
17,088,317

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, 2016
(thousands of dollars)

Additions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contributions:
 
 
 
 
 
 
 
 
 
Employer contributions
 
 
 
 
 
$
282,362

 
 
Participant contributions
 
 
 
 
 
 
357,240

 
 
Participant rollovers
 
 
 
 
 
 
324,622

 
 
 
Total contributions
 
 
 
 
 
 
964,224

 
 
 
 
 
 
 
 
 
 
 
 
Investment income
 
 
 
 
 
 
 
 
 
Net appreciation in fair value of investments
 
 
 
 
 
2,678,739

 
 
Dividends
 
 
 
 
 
 
509,742

 
 
Interest
 
 
 
 
 
 
11,875

 
 
 
Total investment increase
 
 
 
 
 
 
3,200,356

 
 
 
 
 
 
 
 
 
 
 
 
Interest on notes receivable from participants
 
 
 
 
 
4,179

 
 
 
 
 
 
 
 
 
 
 
 
Total additions
 
 
 
 
 
 
4,168,759

 
 
 
 
 
 
 
 
 
 
 
Deductions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution to participants
 
 
 
 
 
 
1,870,447

 
Administrative fees
 
 
 
 
 
 
4,106

 
Total deductions
 
 
 
 
 
 
1,874,553

 
 
 
 
 
 
 
 
 
 
 
Intra-plan transfers
 
 
 
 
 
 
(54
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase
 
 
 
 
 
 
2,294,152

 
 
 
 
 
 
 
 
 
 
 
Net assets available for benefits:
 
 
 
 
 
 
 
 
Beginning of year
 
 
 
 
 
 
17,088,317

 
 
 
 
 
 
 
 
 
 
 
 
End of year
 
 
 
 
 
$
19,382,469

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

- 4 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015


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 2016, the maximum contribution amount on a before-tax and Roth 401(k) basis was the annual IRC limit of $18,000, for participants under age 50 and $24,000 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 $270,000 for the year 2016. Effective February 16, 2015, the company matching contribution is made in cash (Chevron stock prior to February 16, 2015) and distributed according to the participants’ current payroll deduction distribution elections. Participants may elect to receive dividends on shares in their Chevron Stock account as a taxable distribution, or reinvest the dividends into their accounts.

Participant Accounts. Contributions are invested in funds within a number of Plan accounts. 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.


- 5 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



NOTE 1 - Description of the Plan (Continued)

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.

Trustee. Vanguard Fiduciary Trust Company (Vanguard) is the trustee of the Plan. Vanguard is also the Plan’s recordkeeper. The trustee has the authority to manage the assets of the Plan in accordance with its terms and those of the trust agreement. The Corporation and Vanguard entered into a sub-trust agreement with State Street Bank and Trust Company (State Street) to perform custodial and administrative functions for the Dodge & Cox Income Separate Account (Separate Account).

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 vested 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 2016 and 2015 ranged from 2.23% to 9.76%. 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 $135,115,786 and $138,652,382 as of December 31, 2016 and 2015, 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.

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 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.





- 6 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015




NOTE 2 - Summary of Significant Accounting Policies

Accounting Pronouncements Adopted. In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2015-12, Plan Accounting: Defined Benefit Pension Plans, Topic 960; Defined Contribution Plans, Topic 962; and Health and Welfare Benefit Plans, Topic 965: (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient. Part I requires fully benefit-responsive investment contracts to be measured, presented, and disclosed only at contract value. Part II eliminates the requirements for plans to disclose individual investments that represent 5 percent or more of net assets available for benefits, and the net appreciation or depreciation for investments by general type for both participant-directed investments and nonparticipant-directed investments. Part II also requires that investments be grouped only by general type, eliminating the need to disaggregate the investments by nature, characteristics and risks. Part III provides a practical expedient to permit plans to measure investments and investment-related accounts as of a month-end date that is closest to the plan's fiscal year-end, when the fiscal period does not coincide with a month-end. The ASU is effective for fiscal years beginning after December 15, 2015. Parts I and II are to be applied retrospectively, and Part III prospectively with early adoption permitted. The Corporation adopted the standard effective January 1, 2015. The Plan’s financial statements are presented to conform to the requirements of Parts II and III of the ASU. Part I of the ASU has no impact on the Plan’s financial statements since the Plan does not hold fully benefit-responsive investment contracts.

In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).  The update applies to reporting entities that elect to measure the fair value of an investment using the net asset value (NAV) per share (or its equivalent) practical expedient. The update simplifies Topic 820 by removing the requirement to categorize within the fair value hierarchy investments which use the net asset value as a practical expedient and removes certain disclosures for all such investments. ASU No. 2015-07 is effective retrospectively for fiscal years beginning after December 15, 2016, with early adoption permitted. ASU 2015-07 has no impact on the Plan’s financial statements since there are no investments that calculate NAV practical expedient.

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.






- 7 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



NOTE 2 - Summary of Significant Accounting Policies (Continued)

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 the Vanguard Brokerage Option are determined by Vanguard 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 document.

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.


- 8 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



NOTE 3 - Fair Value Measurements

Accounting Standard Codification (ASC) 820, Fair Value Measurements, establishes a framework for measuring fair value. That framework 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 under ASC 820 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, 2016 and 2015.

•
Common stocks, preferred stocks and debt instruments 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.
•
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.


- 9 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015


NOTE 3 - Fair Value Measurements (Continued)

•
Corporate bonds are valued at the closing price reported in the active market in which the bond is traded.
•
U.S. government securities are valued at the closing price reported in the active market in which the individual security is traded
•
Mortgages are valued on the basis of their future principal and interest payments discounted at prevailing interest rates for similar investments.
•
Asset backed securities are priced based on a compilation of primarily observable market information.
•
Cash equivalents are valued at cost, which approximates fair value.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2016 and 2015:
 
Investments at Fair Value (in thousands) as of December 31, 2016
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
Common stocks
$
8,516,499

 
$
—

 
$
—

 
$
8,516,499

Registered investment companies
4,456,960

 
—

 
—

 
4,456,960

Vanguard Brokerage Option
276,501

 
—

 
—

 
276,501

Collective investment funds
—

 
5,713,241

 
—

 
5,713,241

Separate Account:
 
 
 
 
 
 
 
   Corporte bonds
—

 
123,313

 
—

 
123,313

   Mortgages
—

 
93,549

 
—

 
93,549

   U.S. government securities
—

 
53,957

 
—

 
53,957

   Asset-backed securities
—

 
675

 
—

 
675

   Preferred stock
—

 
2,774

 
 
 
2,774

   Cash equivalents
—

 
10,756

 
—

 
10,756

   Receivables
—

 
2,821

 
—

 
2,821

   Liabilities
—

 
(3,693
)
 
—

 
(3,693
)
 
—

 
284,152

 
—

 
284,152

 
 
 
 
 
 
 
 
Total investments, at fair value
$
13,249,960

 
$
5,997,393

 
$
—

 
$
19,247,353

 
 
 
 
 
 
 
 



- 10 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015


NOTE 3 - Fair Value Measurements (Continued)

 
Investments at Fair Value (in thousands) as of December 31, 2015
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
Common stocks
$
7,075,997

 
$
—

 
$
—

 
$
7,075,997

Registered investment companies
8,441,254

 
—

 
—

 
8,441,254

Vanguard Brokerage Option
270,903

 
—

 
—

 
270,903

Collective investment funds
—

 
884,386

 
—

 
884,386

Separate Account:
 
 
 
 
 
 
 
   Corporte bonds
—

 
135,095

 
—

 
135,095

   Mortgages
—

 
92,492

 
—

 
92,492

   U.S. government securities
—

 
27,193

 
—

 
27,193

   Asset-backed securities
—

 
10,212

 
—

 
10,212

   Preferred stock
—

 
2,793

 
—

 
2,793

   Cash equivalents
—

 
6,832

 
—

 
6,832

   Receivables
—

 
2,685

 
—

 
2,685

   Liabilities
—

 
(177
)
 
—

 
(177
)
 
—

 
277,125

 
—

 
277,125

 
 
 
 
 
 
 
 
Total investments, at fair value
$
15,788,154

 
$
1,161,511

 
$
—

 
$
16,949,665


NOTE 4 - Investments

At December 31, 2016 and 2015, 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 Prime Money Market Fund*
 
Money Market
Vanguard Federal Money Market Fund**
 
Money Market
Vanguard Total Bond Market Index Fund*
 
Fixed Income
Vanguard Institutional Total Bond Market Index Trust**
 
Comingled Funds
Vanguard Short-Term Bond Index Fund
 
Fixed Income
Vanguard Institutional Index Fund*
 
Large-Cap Stock
Vanguard Institutional 500 Index Trust**
 
Comingled Funds
Vanguard Total Stock Market Index Fund*
 
Growth and Income Stock
Vanguard Institutional Total Stock Market Index Trust**
 
Comingled Funds
Vanguard Extended Market Index Fund*
 
Small & Mid-Cap Growth Stock
 
 
 
* Fund was terminated as an investment option effective June 27, 2016.
** Fund was added as an investment option effective June 27, 2016.

- 11 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015


NOTE 4 - Investments (Continued)

Core Funds (Continued)

Fund Name
 
Fund Type
Vanguard Institutional Extended Market Trust**
 
Comingled Funds
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 Inflation Protected Bond Fund
 
Fixed Income


Target Date Retirement Funds
Fund Name
 
Fund Type
Vanguard Target Retirement Income Trust Plus
 
Balanced
Vanguard Target Retirement 2010 Trust Plus
 
Balanced
Vanguard Target Retirement 2015 Trust Plus
 
Balanced
Vanguard Target Retirement 2020 Trust Plus
 
Balanced
Vanguard Target Retirement 2025 Trust Plus
 
Balanced
Vanguard Target Retirement 2030 Trust Plus
 
Balanced
Vanguard Target Retirement 2035 Trust Plus
 
Balanced
Vanguard Target Retirement 2040 Trust Plus
 
Balanced
Vanguard Target Retirement 2045 Trust Plus
 
Balanced
Vanguard Target Retirement 2050 Trust Plus
 
Balanced
Vanguard Target Retirement 2055 Trust Plus
 
Balanced
Vanguard Target Retirement 2060 Trust Plus
 
Balanced

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
Artisan Mid Cap Fund***
 
Mid-Cap Growth Stock
Neuberger Berman Genesis Fund***
 
Small-Cap Blend Stock
American Funds EuroPacific Growth Fund
 
International Stock
 
 
 
** Fund was added as an investment option effective June 27, 2016.
*** Fund was terminated as an investment option effective February 16, 2015.





- 12 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015


NOTE 4 - Investments (Continued)

Vanguard Brokerage Option (VBO)

Through the Vanguard Brokerage Services, a participant may choose from approximately 6,000 mutual funds from Vanguard and other companies, and Exchange-Traded Funds that are not included in the core or supplemental investment funds. There is a $50 annual fee charged to participants who use this option that is paid directly to Vanguard. Within each fund offered in the VBO 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. Subsequent to this issuance of the determination letter, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Corporation has indicated that it will take necessary steps, if any, to maintain the Plan’s qualified status.

NOTE 6 - Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes, both positive and negative, in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

NOTE 7 - Related Party Transactions

Certain Plan investments consist of shares of registered investment funds managed by Vanguard Fiduciary Trust Company and shares of common stock of the Corporation. Transactions with Vanguard Fiduciary Trust Company, as the trustee and recordkeeper, and the Corporation as the Plan sponsor and Plan administrator, qualify as party-in-interest transactions.

- 13 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



NOTE 8 - 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:

•
On February 17, 2016, six participants of the Plan filed a class action complaint against the Corporation and the ESIP Investment Committee (collectively “Chevron”) alleging fiduciary breaches under the ERISA. The plaintiffs sought to recover for the Plan losses allegedly incurred as a result of purportedly excessive administrative and investment fees and imprudent investment options. Chevron filed a motion to dismiss the complaint. That motion was granted but the court allowed the plaintiffs to amend their complaint, which they did.  Chevron then moved to dismiss that amended complaint.  The court granted that motion, dismissing the case with prejudice, and entered judgment in Chevron’s favor on May 31, 2017. On June 9, 2017, Plaintiffs filed their Notice of Appeal of the district court’s order granting defendants’ motion to dismiss the amended complaint. No hearing on the appeal has been set.

•
In 2016, the Corporation has subjected the Plan’s recordkeeping and trust services under the Request For Procurement (RFP) process.  The RFP process has been concluded and a service provider has been chosen.  The Corporation is presently working on its communication plans and will announce the chosen service provider later in 2017.


- 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, 2016
(thousands of dollars)

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

 
 
 COMMON STOCK
 
 
 
 
 
 
 
 
 *
 
 Chevron Corporation
 
 
 Common Stock
 
72,357,684

 
 
$
8,516,499

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 TOTAL COMMON STOCK
 
 
 
 
 
 
8,516,499

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 REGISTERED INVESTMENT COMPANIES
 
 
 
 
 
 
 
 *
 
 Vanguard PRIMECAP Fund
 
 
 
8,943,776

 
 
973,351

 *
 
 Vanguard Federal Money Market Fund
 
 
 
1,098,252,406

 
 
1,098,252

 *
 
 Vanguard Developed Markets Index Fund
 
 
 
36,303,149

 
 
666,889

 *
 
 Vanguard Windsor II Fund
 
 
 
9,940,600

 
 
619,796

 *
 
 Vanguard Short-Term Bond Fund Index
 
 
 
26,305,987

 
 
274,371

 *
 
 Vanguard Small Cap Index Fund
 
 
 
1,460,755

 
 
260,423

 *
 
 Vanguard REIT Index Fund
 
 
 
7,968,665

 
 
144,153

 *
 
 Vanguard Emerging Market Stock Index Fund
 
 
 
4,989,843

 
 
112,970

 *
 
 Vanguard World Stock Fund
 
 
 
495,632

 
 
61,805

 *
   
 American Funds EuroPacific Growth Fund
 
 
 
5,438,453

 
 
244,950

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 TOTAL REGISTERED INVESTMENT COMPANIES
 
 
 
 
4,456,960

 
 
 
 
 
 
 
 
 
 
 
 
 *
 
 VANGUARD BROKERAGE OPTION
 
 
 
 
 
 
276,501

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 COLLECTIVE INVESTMENT FUNDS
 
 
 
 
 
 
 
 *
 
 Vanguard Institutional 500 Index Trust
 
 
 
15,725,543

 
 
1,779,660

 *
 
 Vanguard Institutional Total Bond Market Index Trust
 
 
 
12,336,297

 
 
1,199,582

 *
 
 Vanguard Institutional Extended Market Trust
 
 
 
8,055,627

 
 
965,145

 *
 
 Vanguard Institutional Total Stock Market Index Trust
 
 
 
6,202,092

 
 
708,589

 *
 
 Vanguard Target Date Retirement Trust Plus
 
 
 
1,091,899

 
 
42,475

 *
 
 Vanguard Target Date Retirement Trust 2010 Plus
 
 
 
934,926

 
 
38,201

 *
 
 Vanguard Target Date Retirement Trust 2015 Plus
 
 
 
2,900,233

 
 
125,696

 *
 
 Vanguard Target Date Retirement Trust 2020 Plus
 
 
 
5,731,702

 
 
259,359

 *
 
 Vanguard Target Date Retirement Trust 2025 Plus
 
 
 
4,512,012

 
 
210,350

 *
 
 Vanguard Target Date Retirement Trust 2030 Plus
 
 
 
2,169,436

 
 
104,090

 *
 
 Vanguard Target Date Retirement Trust 2035 Plus
 
 
 
1,436,879

 
 
70,881

 *
 
 Vanguard Target Date Retirement Trust 2040 Plus
 
 
 
1,211,005

 
 
60,671

 *
 
 Vanguard Target Date Retirement Trust 2045 Plus
 
 
 
1,076,124

 
 
54,000

 *
 
 Vanguard Target Date Retirement Trust 2050 Plus
 
 
 
698,760

 
 
35,078

 *
 
 Vanguard Target Date Retirement Trust 2055 Plus
 
 
 
265,222

 
 
13,296

 *
 
 Vanguard Target Date Retirement Trust 2060 Plus
 
 
 
254,214

 
 
7,667

 *
 
 SSgA Inflation Prot Bond Index
 
 
 
2,882,085

 
 
38,501

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 TOTAL COLLECTIVE INVESTMENT FUNDS
 
 
 
 
5,713,241

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 SEPARATE ACCOUNT
 
 
 
 
 
 
 
 
 
 
 Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
 Citigroup
 
 
 Capital XIII Preferred Stock
 
107,450

 
 
2,774

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Corporate bonds
 
 
 
 
 
 
 
 
 
 
 
 21st Century Fox America Company
 
 Guaranty 02/41 6.150%
 
295,000

 
 
349

 
 
 
 21st Century Fox America Company
 
 Guaranty 03/37 6.150%
 
290,000

 
 
339

 
 
 
 21st Century Fox America Company
 
 Guaranty 11/37 6.650%
 
80,000

 
 
98

 
 
 
 21st Century Fox America Company
 
 Guaranty 12/34 6.200%
 
70,000

 
 
82

 
 
 
 21st Century Fox America Company
 
 Guaranty 12/35 6.400%
 
285,000

 
 
340

 
 
 
 Anthem Inc
 
 
 Sr Unsecured 06/17 5.875%
 
160,000

 
 
163

 
 
 
 AT&T Corp Company
 
 Guaranty 11/31 8.250%
 
821,000

 
 
1,141


* Party-in-interest as defined by ERISA.
Column (d) Cost was omitted as all investments are participant-directed.
- 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, 2016
(thousands of dollars)

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

 
 
 
 AT&T Inc
 
 
 Sr Unsecured 02/47 5.650%
 
475,000

 
 
$
509

 
 
 
 AT&T Inc
 
 
 Sr Unsecured 03/48 4.500%
 
1,125,000

 
 
1,011

 
 
 
 AT&T Inc
 
 
 Sr Unsecured 05/46 4.750%
 
475,000

 
 
450

 
 
 
 AT&T Inc
 
 
 Sr Unsecured 09/40 5.350%
 
560,000

 
 
575

 
 
 
 Bank of America Corp Capital Trust XI Limited
 
 Guaranty 05/36 6.625%
 
2,470,000

 
 
2,733

 
 
 
 Bank of America Corp
 
 Sr Unsecured 06/19 7.625%
 
1,525,000

 
 
1,714

 
 
 
 Bank of America Corp
 
 Sr Unsecured 07/20 5.625%
 
400,000

 
 
440

 
 
 
 Bank of America Corp
 
 Subordinated 08/24 4.200%
 
400,000

 
 
407

 
 
 
 Bank of America Corp
 
 Subordinated 10/26 4.250%
 
375,000

 
 
380

 
 
 
 Bank One Capital III
 
 Limited Guaranty 09/30 8.750%
 
450,000

 
 
633

 
 
 
 Barclays
 
 
 Plc Subordinated 09/24 4.375%
 
1,450,000

 
 
1,438

 
 
 
 BHP Billiton Fin USA Ltd Company
 
 Guaranty 144A 10/75 Var 6.750%
 
1,375,000

 
 
1,543

 
 
 
 BNP Paribas
 
 
 10/24 4.250%
 
2,825,000

 
 
2,832

 
 
 
 BNP Paribas
 
 
 Guaranty 144A 09/25 Var 4.375%
 
675,000

 
 
671

 
 
 
 BNSF Railway Co
 
 
 2007 1 P Pass Thru Ce 04/24 5.996%
 
369,536

 
 
412

 
 
 
 Boston Properties LP
 
 Sr Unsecured 05/21 4.125%
 
955,000

 
 
1,009

 
 
 
 Boston Properties LP
 
 Sr Unsecured 10/19 5.875%
 
475,000

 
 
518

 
 
 
 Boston Properties LP
 
 Sr Unsecured 11/18 3.700%
 
280,000

 
 
288

 
 
 
 Boston Properties LP
 
 Sr Unsecured 11/20 5.625%
 
545,000

 
 
601

 
 
 
 Burlingtn No
 
 
 SF 06 1 TR Pass Thru Ce 01/24 5.720%
 
145,980

 
 
160

 
 
 
 Burlingtn No
 
 
 SF 06 2 TR Pass Thru Ce 04/24 5.629%
 
191,521

 
 
211

 
 
 
 Burlingtn No
 
 
 SF 99 2 TR Pass Thru Ce 01/21 7.570%
 
77,916

 
 
84

 
 
 
 Burlingtn North Santa Fe
 
 Sr Unsecured 09/22 3.050%
 
575,000

 
 
587

 
 
 
 Burlingtn North Santa Fe
 
 Sr Unsecured 09/23 3.850%
 
475,000

 
 
503

 
 
 
 Capital One Financial Co
 
 Sr Unsecured 06/23 3.500%
 
1,545,000

 
 
1,551

 
 
 
 Capital One Financial Co
 
 Sr Unsecured 07/21 4.750%
 
450,000

 
 
487

 
 
 
 Capital One Financial Co
 
 Sr Unsecured 10/25 4.200%
 
700,000

 
 
702

 
 
 
 Cemex Finance LLC
 
 
 Sr Secured 144A 04/24 6.000%
 
1,975,000

 
 
2,029

 
 
 
 Cemex Sab De Cv
 
 
 Sr Secured 144A 01/21 7.250%
 
275,000

 
 
293

 
 
 
 Cemex Sab De Cv
 
 
 Sr Secured 144A 05/25 6.125%
 
1,175,000

 
 
1,201

 
 
 
 Charter Comm Opt LLC/CAP
 
 Sr Secured 07/25 4.908%
 
700,000

 
 
738

 
 
 
 Charter Comm Opt LLC/CAP
 
 Sr Secured 10/45 6.484%
 
575,000

 
 
665

 
 
 
 Cigna Corp
 
 
 Sr Unsecured 01/33 VAR
 
260,000

 
 
344

 
 
 
 Cigna Corp
 
 
 Sr Unsecured 02/42 5.375%
 
925,000

 
 
1,030

 
 
 
 Cigna Corp
 
 
 Sr Unsecured 03/23 7.650%
 
270,000

 
 
327

 
 
 
 Cigna Corp
 
 
 Sr Unsecured 05/27 7.875%
 
290,000

 
 
382

 
 
 
 Cigna Corp
 
 
 Sr Unsecured 11/36 6.150%
 
540,000

 
 
626

 
 
 
 Cox Communications Inc
 
 Sr Unsecured 144A 01/19 9.375%
 
1,100,000

 
 
1,243

 
 
 
 Cox Communications Inc
 
 Sr Unsecured 144A 02/25 3.850%
 
1,400,000

 
 
1,373

 
 
 
 Cox Communications Inc
 
 Sr Unsecured 144A 12/22 3.250%
 
1,575,000

 
 
1,534

 
 
 
 CRH America Inc Company
 
 Guaranty 144A 05/25 Var 3.875%
 
725,000

 
 
738

 
 
 
 CSX Transportation Inc
 
 Sr Secured 01/23 6.251%
 
137,486

 
 
158

 
 
 
 CSX Transportation Inc
 
 Sr Unsecured 06/20 9.750%
 
100,000

 
 
123

 
 
 
 Diamond 1 Fin/Diamond 2
 
 Sr Secured 144A 06/21 4.420%
 
1,150,000

 
 
1,190

 
 
 
 Diamond 1 Fin/Diamond 2
 
 Sr Secured 144A 06/23 5.450%
 
1,400,000

 
 
1,485

 
 
 
 Dillards Inc
 
 
 Sr Unsecured 05/27 7.750%
 
125,000

 
 
147

 
 
 
 Dillards Inc
 
 
 Sr Unsecured 07/26 7.750%
 
210,000

 
 
240

 
 
 
 Dillards Inc
 
 
 Sr Unsecured 08/18 7.130%
 
230,000

 
 
246

 
 
 
 Dillards Inc
 
 
 Sr Unsecured 12/28 7.000%
 
280,000

 
 
314

 
 
 
 Dominion Resources Inc Jr
 
 Subordina 04/21 VAR
 
400,000

 
 
417

 
 
 
 Dominion Resources Inc Jr
 
 Subordina 10/54 VAR
 
1,325,000

 
 
1,358

 
 
 
 Dow Chemical Co/The
 
 Sr Unsecured 05/39 9.400%
 
1,225,000

 
 
1,901

 
 
 
 Dow Chemical Co/The
 
 Sr Unsecured 11/29 7.375%
 
480,000

 
 
631

 
 
 
 Eaton Corp Company
 
 Guaranty 11/22 2.750%
 
650,000

 
 
644


* Party-in-interest as defined by ERISA.
Column (d) Cost was omitted as all investments are participant-directed.
- 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, 2016
(thousands of dollars)

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

 
 
 
 Enel Finance Intl Nv Company
 
 Guaranty 144A 09/37 6.800%
 
1,300,000

 
 
$
1,580

 
 
 
 Enel Finance Intl Nv Company
 
 Guaranty 144A 10/39 6.000%
 
700,000

 
 
782

 
 
 
 ERP Operating LP
 
 
 Sr Unsecured 04/23 3.000%
 
625,000

 
 
616

 
 
 
 ERP Operating LP
 
 
 Sr Unsecured 12/21 4.625%
 
448,000

 
 
487

 
 
 
 FedEx Corp
 
 
 1998 Pass Tst Pass Thru Ce 07/23 6.720%
 
143,076

 
 
158

 
 
 
 Ford Motor Credit Co LLC
 
 Sr Unsecured 01/20 8.125%
 
300,000

 
 
346

 
 
 
 Ford Motor Credit Co LLC
 
 Sr Unsecured 08/21 5.875%
 
1,800,000

 
 
1,988

 
 
 
 Ford Motor Credit Co LLC
 
 Sr Unsecured 09/22 4.250%
 
525,000

 
 
541

 
 
 
 HP Enterprise Company
 
 Sr Unsecured 144A 10/20 3.600%
 
675,000

 
 
687

 
 
 
 HSBC Holdings Plc
 
 
 Plc Sr Unsecured 03/26 4.300%
 
400,000

 
 
415

 
 
 
 HSBC Holdings Plc
 
 
 Plc Sr Unsecured 04/21 5.100%
 
515,000

 
 
557

 
 
 
 HSBC Holdings Plc
 
 
 Plc Subordinated 05/36 6.500%
 
1,560,000

 
 
1,924

 
 
 
 HSBC Holdings Plc
 
 
 Plc Subordinated 09/37 6.500%
 
1,060,000

 
 
1,314

 
 
 
 Imperial Brands Finance Company
 
 Guaranty 144A 07/22 3.750%
 
975,000

 
 
1,001

 
 
 
 Imperial Brands Finance Company
 
 Guaranty 144A 07/25 4.250%
 
2,425,000

 
 
2,503

 
 
 
 JPMorgan Chase & Co
 
 Subordinated 09/24 3.875%
 
850,000

 
 
860

 
 
 
 Kinder Morgan Ener Part Company
 
 Guaranty 02/24 4.150%
 
1,550,000

 
 
1,571

 
 
 
 Kinder Morgan Ener Part Company
 
 Guaranty 03/43 5.000%
 
1,125,000

 
 
1,085

 
 
 
 Kinder Morgan Ener Part Company
 
 Guaranty 09/39 6.500%
 
1,575,000

 
 
1,729

 
 
 
 Kinder Morgan Inc/Delawa Company
 
 Guaranty 144A 11/23 5.625%
 
475,000

 
 
521

 
 
 
 Lloyds Banking Group
 
 Plc Subordinated 03/26 4.650%
 
675,000

 
 
684

 
 
 
 Lloyds Banking Group
 
 Plc Subordinated 11/24 4.500%
 
1,445,000

 
 
1,471

 
 
 
 Macys Retail Hldgs Inc Company
 
 Guaranty 01/32 6.900%
 
520,000

 
 
578

 
 
 
 Macys Retail Hldgs Inc Company
 
 Guaranty 02/28 7.000%
 
255,000

 
 
291

 
 
 
 Macys Retail Hldgs Inc Company
 
 Guaranty 03/37 6.375%
 
730,000

 
 
771

 
 
 
 Macys Retail Hldgs Inc Company
 
 Guaranty 04/29 6.900%
 
490,000

 
 
555

 
 
 
 Macys Retail Hldgs Inc Company
 
 Guaranty 07/24 6.650%
 
390,000

 
 
447

 
 
 
 Macys Retail Hldgs Inc Company
 
 Guaranty 07/34 6.700%
 
835,000

 
 
910

 
 
 
 Macys Retail Hldgs Inc Company
 
 Guaranty 09/28 6.700%
 
220,000

 
 
239

 
 
 
 Myriad Int Holdings Bv Company
 
 Guaranty 144A 07/20 6.000%
 
1,275,000

 
 
1,379

 
 
 
 Myriad Int Holdings Bv Company
 
 Guaranty 144A 07/25 5.500%
 
1,575,000

 
 
1,586

 
 
 
 Navient Corp.
 
 
 Sr Unsecured 06/18 8.450%
 
1,300,000

 
 
1,401

 
 
 
 Navient Corp.
 
 
 Sr Unsecured 09/17 4.625%
 
275,000

 
 
279

 
 
 
 Nordstrom Inc
 
 
 Sr Unsecured 03/28 6.950%
 
125,000

 
 
151

 
 
 
 Petrobras Global Finance Company
 
 Guaranty 01/20 5.750%
 
290,000

 
 
294

 
 
 
 Petrobras Global Finance Company
 
 Guaranty 05/23 4.375%
 
1,525,000

 
 
1,332

 
 
 
 Petroleos Mexicanos Company
 
 Guaranty 01/25 4.250%
 
1,475,000

 
 
1,356

 
 
 
 Petroleos Mexicanos Company
 
 Guaranty 01/45 6.375%
 
1,250,000

 
 
1,138

 
 
 
 Petroleos Mexicanos Company
 
 Guaranty 01/46 5.625%
 
800,000

 
 
664

 
 
 
 Petroleos Mexicanos Company
 
 Guaranty 06/35 6.625%
 
1,425,000

 
 
1,404

 
 
 
 Petroleos Mexicanos Company
 
 Guaranty 144A 03/27 6.500%
 
650,000

 
 
670

 
 
 
 Provident Companies Inc
 
 Sr Unsecured 03/28 7.250%
 
245,000

 
 
290

 
 
 
 Relx Capital Company
 
 Guaranty 01/19 8.625%
 
275,000

 
 
309

 
 
 
 Relx Capital Company
 
 Guaranty 10/22 3.125%
 
1,240,000

 
 
1,229

 
 
 
 Rio Oil Finance Trust
 
 Sr Secured 144A 01/27 9.750%
 
2,745,482

 
 
2,526

 
 
 
 Rio Oil Finance Trust
 
 Sr Secured 144A 07/24 9.250%
 
2,618,101

 
 
2,461

 
 
 
 Royal Bk Scotlnd Grp
 
 Plc Subordinated 12/22 6.125%
 
2,250,000

 
 
2,392

 
 
 
 Royal Bk Scotlnd Grp
 
 Plc Subordinated 12/23 6.000%
 
1,100,000

 
 
1,143

 
 
 
 Telecom Italia Capital Company
 
 Guaranty 06/18 6.999%
 
1,135,000

 
 
1,209

 
 
 
 Telecom Italia Capital Company
 
 Guaranty 06/19 7.175%
 
1,825,000

 
 
2,021

 
 
 
 Telecom Italia Capital Company
 
 Guaranty 06/38 7.721%
 
550,000

 
 
572

 
 
 
 Telecom Italia Capital Company
 
 Guaranty 07/36 7.200%
 
425,000

 
 
419

 
 
 
 Telecom Italia Spa
 
 
 Sr Unsecured 144A 05/24 5.303%
 
750,000

 
 
733

 
 
 
 Time Warner Cable Inc Company
 
 Guaranty 02/19 8.750%
 
335,000

 
 
378


* Party-in-interest as defined by ERISA.
Column (d) Cost was omitted as all investments are participant-directed.
- 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, 2016
(thousands of dollars)

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

 
 
 
 Time Warner Cable Inc Company
 
 Guaranty 02/20 5.000%
 
80,000

 
 
$
85

 
 
 
 Time Warner Cable Inc Company
 
 Guaranty 07/38 7.300%
 
800,000

 
 
984

 
 
 
 Time Warner Cable Inc Company
 
 Guaranty 09/21 4.000%
 
760,000

 
 
780

 
 
 
 Time Warner Inc Company
 
 Guaranty 04/31 7.625%
 
885,000

 
 
1,200

 
 
 
 Time Warner Inc Company
 
 Guaranty 05/32 7.700%
 
1,180,000

 
 
1,599

 
 
 
 TransCanada Trust Company
 
 Guaranty 05/75 VAR
 
1,450,000

 
 
1,465

 
 
 
 TransCanada Trust Company
 
 Guaranty 08/76 VAR
 
450,000

 
 
468

 
 
 
 Ultrapar International SA Company
 
 Guaranty 144A 10/26 5.250%
 
1,125,000

 
 
1,102

 
 
 
 Union Pacific RR Co
 
 07 3 Pass Thru Ce 01/31 6.176%
 
300,926

 
 
345

 
 
 
 UNP RR Co
 
 
 2006 Pass Trst Pass Thru Ce 07/30 5.866%
 
408,522

 
 
458

 
 
 
 Unum Group
 
 
 Sr Unsecured 02/28 7.190%
 
110,000

 
 
126

 
 
 
 Unum Group
 
 
 Sr Unsecured 12/28 6.750%
 
75,000

 
 
85

 
 
 
 Verizon Communications
 
 Sr Unsecured 01/36 4.272%
 
3,467,000

 
 
3,318

 
 
 
 Verizon Communications
 
 Sr Unsecured 09/43 6.550%
 
1,375,000

 
 
1,717

 
 
 
 Vulcan Materials Co
 
 
 Sr Unsecured 06/21 7.500%
 
1,490,000

 
 
1,754

 
 
 
 Wells Fargo & Company
 
 Subordinated 07/27 4.300%
 
1,325,000

 
 
1,363

 
 
 
 Wells Fargo Bank NA
 
 Unsecured 12/19 2.150%
 
1,750,000

 
 
1,749

 
 
 
 Wells Fargo Bank NA
 
 Unsecured 12/19 VAR
 
900,000

 
 
902

 
 
 
 Xerox Corporation
 
 
 Sr Unsecured 05/18 6.350%
 
1,060,000

 
 
1,118

 
 
 
 Xerox Corporation
 
 
 Sr Unsecured 05/21 4.500%
 
395,000

 
 
411

 
 
 
 Xerox Corporation
 
 
 Sr Unsecured 12/19 5.625%
 
665,000

 
 
715

 
 
 
 Zoetis Inc
 
 
 Sr Unsecured 11/20 3.450%
 
450,000

 
 
462

 
 
 
 Zoetis Inc
 
 
 Sr Unsecured 11/25 4.500%
 
775,000

 
 
822

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total Corporate bonds
 
 
 
 
 
 
123,313

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Mortgages
 
 
 
 
 
 
 
 
 
 
 
 Chase Issuance Trust Chait
 
 Chait 2015 A2 A2
 
1,100,000

 
 
1,103

 
 
 
 Fannie Mae
 
 
 Fnr 2007 47 PE
 
446,812

 
 
479

 
 
 
 Fannie Mae
 
 
 Fnr 2008 24 GD
 
16,021

 
 
18

 
 
 
 Fannie Mae
 
 
 Fnr 2009 40 TB
 
47,248

 
 
52

 
 
 
 Fannie Mae
 
 
 Fnr 2009 53 QM
 
23,152

 
 
25

 
 
 
 Fannie Mae
 
 
 Fnr 2010 123 WT
 
417,157

 
 
484

 
 
 
 Fannie Mae
 
 
 Fnr 2010 136 BA
 
2,987,122

 
 
3,121

 
 
 
 Fannie Mae
 
 
 Fnr 2013 101 CF
 
1,743,831

 
 
1,759

 
 
 
 Fannie Mae
 
 
 Fnr 2013 118 FB
 
782,440

 
 
786

 
 
 
 Fannie Mae
 
 
 Fnr 2013 26 FE
 
1,167,483

 
 
1,159

 
 
 
 Fannie Mae Whole Loan
 
 Fnw 2003 W2 1A2
 
75,620

 
 
87

 
 
 
 Fannie Mae Whole Loan
 
 Fnw 2004 W2 5A
 
55,008

 
 
62

 
 
 
 Fannie Mae Whole Loan
 
 Fnw 2004 W8 3A
 
39,571

 
 
45

 
 
 
 Fannie Mae Whole Loan
 
 Fnw 2005 W1 1A3
 
67,326

 
 
79

 
 
 
 Fannie Mae Whole Loan
 
 Fnw 2007 W10 1A
 
140,256

 
 
156

 
 
 
 Fannie Mae Whole Loan
 
 Fnw 2007 W10 2A
 
40,957

 
 
45

 
 
 
 Federal Home Loan
 
 
 PC Pool 1B1150
 
70,099

 
 
75

 
 
 
 Federal Home Loan
 
 
 PC Pool 1G2080
 
81,874

 
 
87

 
 
 
 Federal Home Loan
 
 
 PC Pool 1G2667
 
42,784

 
 
45

 
 
 
 Federal Home Loan
 
 
 PC Pool 1H2581
 
75,093

 
 
79

 
 
 
 Federal Home Loan
 
 
 PC Pool 1Q0479
 
98,844

 
 
104

 
 
 
 Federal Home Loan
 
 
 PC Pool 1Q0556
 
45,108

 
 
48

 
 
 
 Federal Home Loan
 
 
 PC Pool 1Q0557
 
78,840

 
 
84

 
 
 
 Federal Home Loan
 
 
 PC Pool 1Q0558
 
106,022

 
 
112

 
 
 
 Federal Home Loan
 
 
 PC Pool 1Q1400
 
405,391

 
 
431

 
 
 
 Federal Home Loan
 
 
 PC Pool 2B2591
 
628,780

 
 
646

 
 
 
 Federal Home Loan
 
 
 PC Pool 2B3797
 
963,993

 
 
984


* Party-in-interest as defined by ERISA.
Column (d) Cost was omitted as all investments are participant-directed.
- 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, 2016
(thousands of dollars)

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

 
 
 
 Federal Home Loan
 
 
 PC Pool 781274
 
53,317

 
 
$
56

 
 
 
 Federal Home Loan
 
 
 PC Pool 782735
 
298,232