EX-99.2 3 d560564dex992.htm EX-99.2 EX-99.2

Exhibit 2

CHEVRON

EMPLOYEE SAVINGS INVESTMENT PLAN

FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULES

TOGETHER WITH REPORT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

DECEMBER 31, 2012 AND 2011

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   

Financial Statements:

  

Statements of Net Assets Available for Benefits
as of December 31, 2012 and 2011

     2 - 3   

Statements of Changes in Net Assets Available
for Benefits for the Years Ended December 31, 2012 and 2011

     4 - 5   

Notes to Financial Statements

     6 - 17   

Supplemental Schedules:

  

Schedule H - Part IV, Line 4(i) - Schedule of Assets Held
as of December 31, 2012

     18 - 25   

Schedule H - Part IV, Line 4(j) - Schedule of Reportable Transactions
for the Year Ended December 31, 2012

     26   

 

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 Chevron Employee Savings Investment Plan (the Plan) as of December 31, 2012 and 2011, and the related statements of changes in net assets available for benefits for the years ended. 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, 2012 and 2011, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held as of December 31, 2012, and reportable transactions for the year ended December 31, 2012 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information 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 schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Morris Davis Chan & Tan LLP

Oakland, California

June 24, 2013


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2012

(thousands of dollars)

 

     Participant      Non-Participant Directed         
     Directed      Allocated      Unallocated      Total  

Assets

           

Investments - at fair value:

           

Chevron Corporation common stock

           

Allocated to participants

   $ —         $ 8,732,158       $ —         $ 8,732,158   

Unallocated

     —           —           139,702         139,702   

Registered investment companies

     7,395,531         —           —           7,395,531   

Vanguard Brokerage Option

     216,111         —           —           216,111   

Separate Account

     283,941         —           —           283,941   

Cash equivalents

     —           —           21,360         21,360   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

     7,895,583         8,732,158         161,062         16,788,803   
  

 

 

    

 

 

    

 

 

    

 

 

 

Receivables:

           

Notes receivable from participants

     136,847         —           —           136,847   

Employer contributions

     —           7         —           7   

Participant contribution

     4         2         —           6   

Due from broker

     171         —           —           171   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total receivables

     137,022         9         —           137,031   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     8,032,605         8,732,167         161,062         16,925,834   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities

           

Due to broker

     393         —           —           393   

Interest payable

     —           —           1,550         1,550   

ESOP notes payable

     —           —           42,303         42,303   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     393         —           43,853         44,246   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net assets available for benefits

   $ 8,032,212       $ 8,732,167       $ 117,209       $ 16,881,588   
  

 

 

    

 

 

    

 

 

    

 

 

 

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

 

- 2 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2011

(thousands of dollars)

 

     Participant      Non-Participant Directed         
     Directed      Allocated      Unallocated      Total  

Assets

           

Investments - at fair value:

           

Chevron Corporation common stock

           

Allocated to participants

   $ —         $ 8,744,192       $ —         $ 8,744,192   

Unallocated

     —           —           198,352         198,352   

Registered investment companies

     6,901,813         —           —           6,901,813   

Vanguard Brokerage Option

     188,802         —           —           188,802   

Cash equivalents

     —           —           18,420         18,420   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments

     7,090,615         8,744,192         216,772         16,051,579   
  

 

 

    

 

 

    

 

 

    

 

 

 

Receivables:

           

Notes receivable from participants

     133,976         —           —           133,976   

Receivable from Atlas Energy, Inc.

           

Investment Savings Plan

     13,505         49         —           13,554   

Due from broker

     93         —           —           93   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total receivables

     147,574         49         —           147,623   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     7,238,189         8,744,241         216,772         16,199,202   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities

           

Due to broker

     47         —           —           47   

Interest payable

     —           —           2,146         2,146   

ESOP notes payable

     —           —           58,574         58,574   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     47         —           60,720         60,767   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net assets available for benefits

   $ 7,238,142       $ 8,744,241       $ 156,052       $ 16,138,435   
  

 

 

    

 

 

    

 

 

    

 

 

 

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, 2012

(thousands of dollars)

 

     Participant     Non-Participant Directed        
     Directed     Allocated     Unallocated     Total  

Additions

        

Contributions:

        

Employer contributions

   $ 68      $ 284,354      $ 2,000      $ 286,422   

Participant contributions

     239,327        100,932        —          340,259   

Participant rollovers

     50,332        16,746        —          67,078   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total contributions

     289,727        402,032        2,000        693,759   
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment income

        

Net appreciation in fair value of investments

     735,261        178,431        (527     913,165   

Dividends

     175        286,046        5,542        291,763   

Interest

     6,855        —          4        6,859   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     742,291        464,477        5,019        1,211,787   
  

 

 

   

 

 

   

 

 

   

 

 

 

Interest on notes receivable from participants

     4,832        —          —          4,832   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total additions

     1,036,850        866,509        7,019        1,910,378   
  

 

 

   

 

 

   

 

 

   

 

 

 

Deductions

        

Interest expense

     —          —          3,100        3,100   

Distribution to participants

     597,784        520,287        —          1,118,071   

Administrative fees

     2,621        647        —          3,268   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total deductions

     600,405        520,934        3,100        1,124,439   
  

 

 

   

 

 

   

 

 

   

 

 

 

Interfund transfers

     357,649        (357,649     —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Intra-plan transfers

     —          —          (42,762     (42,762
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease)

     794,094        (12,074     (38,843     743,177   

Transfer of plan assets to

        

Atlas Energy, Inc.

        

Investment Savings Plan

     (24     —          —          (24
  

 

 

   

 

 

   

 

 

   

 

 

 

Net assets available for benefits:

        

Beginning of year

     7,238,142        8,744,241        156,052        16,138,435   
  

 

 

   

 

 

   

 

 

   

 

 

 

End of year

   $ 8,032,212      $ 8,732,167      $ 117,209      $ 16,881,588   
  

 

 

   

 

 

   

 

 

   

 

 

 

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, 2011

(thousands of dollars)

 

     Participant      Non-Participant Directed        
     Directed      Allocated     Unallocated     Total  

Additions

         

Contributions:

         

Employer contributions

   $ —         $ 262,612      $ —        $ 262,612   

Participant contributions

     226,202         90,970        —          317,172   

Participant rollovers

     67,191         13,721        —          80,912   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total contributions

     293,393         367,303        —          660,696   
  

 

 

    

 

 

   

 

 

   

 

 

 

Investment income

         

Net appreciation in fair value of investments

     20,514         1,349,088        33,420        1,403,022   

Dividends

     74         258,317        6,497        264,888   

Interest

     2         —          2        4   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total investment income

     20,590         1,607,405        39,919        1,667,914   
  

 

 

    

 

 

   

 

 

   

 

 

 

Interest on notes receivable from participants

     5,410         —          —          5,410   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total additions

     319,393         1,974,708        39,919        2,334,020   
  

 

 

    

 

 

   

 

 

   

 

 

 

Deductions

         

Distribution to participants

     560,008         553,248        —          1,113,256   

Interest expense

     —           —          4,291        4,291   

Administrative fees

     2,401         154        —          2,555   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total deductions

     562,409         553,402        4,291        1,120,102   
  

 

 

    

 

 

   

 

 

   

 

 

 

Interfund transfers

     759,676         (759,676     —          —     
  

 

 

    

 

 

   

 

 

   

 

 

 

Intra-plan transfers

     —           —          (37,720     (37,720
  

 

 

    

 

 

   

 

 

   

 

 

 

Net increase (decrease)

     516,660         661,630        (2,092     1,176,198   

Transfer of plan assets from

         

Atlas Energy, Inc.

         

Investment Savings Plan

     13,505         49        —          13,554   
  

 

 

    

 

 

   

 

 

   

 

 

 

Net assets available for benefits:

         

Beginning of year

     6,707,977         8,082,562        158,144        14,948,683   
  

 

 

    

 

 

   

 

 

   

 

 

 

End of year

   $ 7,238,142       $ 8,744,241      $ 156,052      $ 16,138,435   
  

 

 

    

 

 

   

 

 

   

 

 

 

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

 

- 5 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

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 Merger. On December 31, 2011, the Atlas Energy, Inc. Investment Savings Plan (Atlas Plan) merged with and into the ESIP, and assets of $13,553,711 (inclusive of notes receivable from participants of $263,831) were transferred to Vanguard Fiduciary Trust Company, which is the trustee who provides recordkeeping, education and advice, and certain investment management services for the ESIP. Active employees who were eligible to participate in the Atlas Plan as of December 31, 2011 commenced participation in the ESIP under the provisions of the ESIP that are generally applicable to all eligible employees. In addition, terminated employees, alternate payees and beneficiaries who transferred their Atlas Plan balance to the ESIP as of December 31, 2011 are eligible for the applicable provisions of the ESIP.

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 2012 and 2011, the maximum contribution amount on a before-tax and Roth 401(k) basis was the annual Code limit of $17,000 and $16,500, respectively, for participants under age 50 and $22,500 and $22,000, respectively, 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

 

- 6 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 1 - Description of the Plan (Continued)

 

Contributions. (Continued)

 

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 $250,000 and $245,000 for the years 2012 and 2011, respectively.

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.

The Company matching contribution is made in Chevron stock to participants’ Leveraged ESOP or Chevron Stock accounts. Thereafter, in accordance with such procedures as the Corporation shall prescribe, a participant may elect to transfer the Chevron stock from the Company matching contribution to other investment funds, according to the Plan’s exchange rules. Participants may elect to receive dividends on shares in their Leveraged ESOP and Chevron Stock accounts as a taxable distribution, or reinvest the dividends into their account. Dividends on Leveraged ESOP shares that remained in the Plan were reinvested into the participants’ ESOP accounts or into their Chevron Stock accounts. Employees are always fully vested in all contributions to their accounts, as well as the investment income earned from all contributions to the Plan.

Trustees. 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. On May 30, 2012, the Corporation and Vanguard entered into a sub-trust agreement with State Street Bank and Trust Company to perform custodial and administrative functions for the Dodge & Cox Income Separate Account (Separate Account).

Leveraged ESOP. In December 1989, the ESOP borrowed a total of $1 billion from several banks and used the proceeds of the loans to purchase 14.1 million shares of the Corporation’s Common Stock from the Corporation. In October 1991, these loans were completely refinanced by the ESOP’s issuance to the public of registered debt securities. In July 1999, the outstanding ESOP debt was completely refinanced extending the ESOP term through the year 2016. Subsequently, accelerated principal payments were made, reducing the loan payment period to end by the year 2014. The ESOP indebtedness is guaranteed by the Corporation and will be repaid using dividends paid on the shares acquired by the ESOP and Company contributions. To enforce the ESOP’s obligation to pay holders of the

 

- 7 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 1 - Description of the Plan (Continued)

 

Leveraged ESOP. (Continued)

 

registered debt securities, the holders have no recourse against the assets of the ESOP except that, to the extent permitted by the Code and ERISA, the holders will have rights to any cash contributions made by the participating companies to satisfy the ESOP’s obligations under the registered debt securities and to any earnings attributable to the investment of such contributions. In light of the limited recourse that holders of the registered debt securities have against the ESOP, purchasers of the registered debt securities are cautioned to rely solely upon the creditworthiness of the Corporation and its obligations under its guarantee of the ESOP’s indebtedness. The estimated fair market value of the notes outstanding as of December 31, 2012 and December 31, 2011 was $46,060,609 and $65,124,071, respectively. The rate on the loans as of December 31, 2012 and 2011 was fixed at 7.327%.

The final installment of principal on the notes is due January 1, 2014. The scheduled amortization of the loan and the remainder of the amortization period as of December 31, 2012 and 2011 are as follows:

 

     2012  

2013

   $ 19,524,665   

2014

     22,778,775   
  

 

 

 
   $ 42,303,440   
  

 

 

 
     2011  

2012

   $ 16,270,554   

2013

     19,524,665   

2014

     22,778,775   
  

 

 

 
   $ 58,573,994   
  

 

 

 

Unallocated ESOP shares are held in a suspense account and secure the Corporation’s guarantee of the ESOP indebtedness. As payments of principal and interest are made on the ESOP debt, shares are released from the suspense account. These released shares will be valued at the then current market price for allocation to participants who elect to contribute 1 or 2 percent of their regular pay to the Plan.

 

- 8 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 1 - Description of the Plan (Continued)

 

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 2012 and 2011 ranged from 2.98% to 12.00%. 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 $136,847,140 and $133,975,803 as of December 31, 2012 and 2011, 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. The trustee will sell the shares of the Corporation’s Common Stock then held in the ESOP suspense account, if any, and apply the proceeds (together with any other assets in the suspense account) either to repay the ESOP indebtedness or to satisfy its obligation to indemnify the Corporation as guarantor of the indebtedness for any payments that must be made under the guarantee of the indebtedness. Any shares or proceeds remaining after the satisfaction of the obligations described in the preceding sentence will be allocated to the participants’ accounts and the value of such allocation will be offset against any future obligations of the Corporation to make Company contributions to the ESIP.

Plan Expenses. Effective January 2012, 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, beginning plan year 2012, 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, and certain Chevron employee and administrative costs are paid by the Plan to the extent Plan forfeiture funds are sufficient. If not, such fees are paid by the Corporation.

 

- 9 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 2 - Summary of Significant Accounting Policies

Accounting Pronouncements Adopted. In May 2011, the Financial Accounting Standards Board (FASB) issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, to converge U.S. GAAP and International Financial Reporting Standards on fair value measurements and disclosures. The amended guidance changes several aspects of the fair value measurement guidance in FASB Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, including information about valuation techniques and unobservable inputs used in Level 3 fair value measurements and a narrative description of the sensitivity of Level 3 measurements to changes in unobservable inputs. The amended guidance was effective beginning after December 15, 2011. ASU 2011-04 had no impact in the Plan’s financial statements as there are no Level 3 investments held as of year end.

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 the Vanguard Brokerage Option are determined by Vanguard Brokerage Service daily. ESOP shares released from the suspense account are allocated based on the then-current market value.

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.

 

- 10 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

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 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.

Reclassifications. Certain amounts in the prior year financial statements and notes have been reclassified to conform to current year presentation.

NOTE 3 - Fair Value Measurements

ASC 820 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 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.

 

- 11 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 3 - Fair Value Measurements (Continued)

 

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, 2012 and 2011.

 

   

Common stocks are valued at the closing price reported on the active market on which the individual securities are traded.

 

   

Shares of registered investment companies are valued at the net asset value of shares held by the Plan at year end.

 

   

The Separate Account is stated at fair value as determined by the issuers based on the unit value of the Separate Account. Unit value is determined by dividing the Separate Account’s net assets, which represent the unadjusted prices in active markets of the underlying investments, by the number of units outstanding at the valuation date. While not publicly traded, the Separate Account comprised primarily of underlying securities represented by a variety of asset classes (i.e., cash equivalents, corporate bonds, mortgages, U.S. Government and asset-backed securities) that are publicly traded on exchanges or over-the-counter, and price quotes for the assets held by the Separate Account are readily observable and available.

 

   

Cash equivalents are valued at cost, which approximate 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.

 

- 12 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 3 - Fair Value Measurements (Continued)

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2012 and 2011:

 

     2012 (thousands of dollars)  
     Level 1      Level 2     Level 3      Total  

Common stocks

   $ 8,871,860       $ —        $ —         $ 8,871,860   
  

 

 

    

 

 

   

 

 

    

 

 

 

Registered investment companies

     7,395,531         —          —           7,395,531   
  

 

 

    

 

 

   

 

 

    

 

 

 

Vanguard Brokerage Account

     216,111         —          —           216,111   
  

 

 

    

 

 

   

 

 

    

 

 

 

Separate Account:

          

Corporate bonds

     —           128,960        —           128,960   

Mortgages

     —           80,592        —           80,592   

U.S. Government securities

     —           57,218        —           57,218   

Asset-backed securities

     —           6,673        —           6,673   

Cash equivalents

     8,086         —          —           8,086   

Receivables

     —           2,559        —           2,559   

Liabilities

     —           (147     —           (147
  

 

 

    

 

 

   

 

 

    

 

 

 

Total Separate Account

     8,086         275,855        —           283,941   
  

 

 

    

 

 

   

 

 

    

 

 

 

Cash equivalents

     21,360         —          —           21,360   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 16,512,948       $ 275,855      $ —         $ 16,788,803   
  

 

 

    

 

 

   

 

 

    

 

 

 
     2011 (thousands of dollars)  
     Level 1      Level 2     Level 3      Total  

Common stocks

   $ 8,942,544       $ —        $ —         $ 8,942,544   

Registered investment companies

     6,901,813         —          —           6,901,813   

Vanguard Brokerage Account

     188,802         —          —           188,802   

Cash equivalents

     18,420         —          —           18,420   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 16,051,579       $ —        $ —         $ 16,051,579   
  

 

 

    

 

 

   

 

 

    

 

 

 

 

- 13 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 4 - Investments

At December 31, 2012 and 2011, the following broad range of investment options were available to participants:

Tier 1: Core Funds

 

Fund Name

    

Fund Type

Chevron Leveraged ESOP

     Company stock

Chevron Stock

     Company stock

Vanguard Prime Money Market Fund

     Money market

Vanguard Total Bond Market Index Fund

     Fixed income

Vanguard Short-Term Bond Index Fund

     Fixed income

Vanguard Balanced Index Fund

     Balanced

Vanguard Institutional Index Fund

     Large-cap stock

Vanguard Total Stock Market Index Fund

     Growth and income stock

Vanguard Extended Market Index Fund

     Small & mid-cap growth stock

Vanguard Developed Markets Index Fund

     International stock

Tier 2: 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 Small Cap Value Fund

     Small-cap value stock

Artisan Mid Cap Fund

     Mid-cap growth stock

Neuberger Berman Genesis Fund

     Small-cap blend stock

American Funds EuroPacific Growth Fund

     International stock

Tier 3: Vanguard Brokerage Option (VBO)

Through the Vanguard Brokerage Services, a participant may choose from approximately 6,000 mutual funds from Vanguard and other companies that are not included in the core or supplemental 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 mutual fund.

 

- 14 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 4 - Investments (Continued)

 

Effective April 1, 2012, the following changes were made to the investment options in the Plan. Share classes were changed for Vanguard Total Bond Market Index Fund, Vanguard Institutional Index Fund, Vanguard Total Stock Market Index Fund and Vanguard Extended Market Index Fund (from Institutional to Institutional Plus); Vanguard Prime Money Market Fund (from Investor to Institutional); Vanguard Developed Markets Index Fund (from Investor to Institutional Plus); Vanguard Windsor II Fund and Vanguard PRIMECAP Fund (from Investor to Admiral). Vanguard GNMA Fund Investor shares were replaced with Vanguard Short-Term Bond Index Fund Institutional Plus shares. The BlackRock Small Cap Growth Fund was removed and fund balances were moved to Neuberger Berman Genesis Institutional shares.

Investments representing 5% or more of the Plan’s net assets available for benefits consist of investments with fair values determined by quoted market prices in active markets (Level 1):

 

     December 31, 2012
(thousands of dollars)
     December 31, 2011
(thousands of dollars)
 
     Participant
Directed
     Non-Participant
Directed
     Participant
Directed
     Non-Participant
Directed
 

Chevron Corporation Common Stock

   $ —         $ 8,871,860       $ —         $ 8,942,544   

Vanguard Total Bond Market Index Fund

     1,211,290         —           1,062,108         —     

Vanguard Prime Money Market Fund

     1,168,386         21,360         1,212,910         18,420   

Vanguard Institutional Index Fund

     1,179,010         —           1,029,597         —     

 

- 15 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 4 - Investments (Continued)

 

The Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in fair value as follows for the years ended December 31, 2012 and 2011:

 

                                                                       
     December 31, 2012      December 31, 2011  
     Participant
Directed
    Non-Participant
Directed
     Participant
Directed
    Non-Participant
Directed
 
     (thousands of dollars)      (thousands of dollars)  

Common stocks

   $ (173   $ 177,904       $ (289   $ 1,382,509   

Registered investment companies

     731,610        —           20,804        —     

Corporate bonds

     5,107        —           —          —     

Mortgages

     (2,294     —           —          —     

U.S. Government securities

     925        —           —          —     

Asset backed securities

     86        —           —          —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Net appreciation in fair value of investments

   $ 735,261      $ 177,904       $ 20,515      $ 1,382,509   
  

 

 

   

 

 

    

 

 

   

 

 

 

NOTE 5 - Intra-Plan Transfers

During a Plan year, as payments of principal and interest are made on the ESOP loans, shares are released from the ESOP suspense account and are transferred to the Leveraged ESOP account and are available for benefits. These transfers represent a portion of the employer contribution and reimbursement for the cash dividends paid by the Corporation to those members holding ESOP shares that were used to service the ESOP debt.

NOTE 6 - Income Taxes

On March 23, 2011, the Internal Revenue Service (IRS) issued its determination that the Plan continues to be in compliance with the applicable requirements of the Code. The Plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. In the opinion of the Corporation, the Plan continues to be qualified as to form. Accordingly, no provision for income taxes has been included in the financial statements.

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.

 

- 16 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012 AND 2011

 

NOTE 6 - Income Taxes (Continued)

 

The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2012, 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 IRS issued a closing letter covering its recent examination of the Plan’s annual reports and records for plan years 2008 through 2010, which stated no changes to the reports and records were necessary.

NOTE 7 - 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 8 - 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.

NOTE 9 - Subsequent Events

The Plan’s financial statements have been evaluated for subsequent events and transactions through June 24, 2013, the date of this report. The Corporation determined that there are no subsequent events and transactions that require adjustments to or disclosures in the financial statements except as noted below:

 

   

Effective July 1, 2013, the ESIP Trust Fund will redeem the $22,778,775 remaining principal balance of the ESOP debt, the 7.327% Guaranteed Amortizing Notes due January 1, 2014, CUSIP No. 16675HAL6.

 

- 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, 2012

(thousands of dollars)

 

(a)    (b)    (c)           (d)      (e)  

        

  

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
   COMMON STOCK            

*

   Chevron Corporation    Common Stock      82,040,483       $ 3,978,255       $ 8,871,860   
              

 

 

 
   TOTAL COMMON STOCK               8,871,860   
              

 

 

 
   REGISTERED INVESTMENT COMPANIES         

*

   Vanguard    Total Bond Market Index Fund      109,223,601         1,199,037         1,211,290   

*

   Vanguard    Prime Money Market Fund      1,168,386,813         1,168,367         1,168,387   

*

   Vanguard    Institutional Index Fund      9,032,484         1,164,478         1,179,010   

*

   Vanguard    PRIMECAP Fund      7,661,827         541,952         552,188   

*

   Vanguard    Developed Markets Index Fund      5,173,804         504,411         521,106   

*

   Vanguard    Windsor II Fund      8,699,445         460,559         467,421   

*

   Vanguard    Balanced Index Fund      18,625,036         390,934         442,531   

*

   Vanguard    Total Stock Market Index Fund      12,623,072         401,713         407,473   

*

   Vanguard    Extended Market Index Fund      3,585,395         397,789         405,795   

*

   Vanguard    Short-Term Bond Fund Index      25,168,071         267,239         267,537   
   Neuberger Berman    Genesis Fund      5,106,519         227,966         244,405   
   American Funds    EuroPacific Growth Fund      5,382,377         209,623         221,646   
   Artisan    Small Cap Value Fund      10,037,223         157,351         154,071   
   Artisan    Mid Cap Fund      4,066,938         133,274         152,671   
              

 

 

 
   TOTAL REGISTERED INVESTMENT COMPANIES            7,395,531   
              

 

 

 
   VANGUARD BROKERAGE OPTION      —           208,031         216,111   
           

 

 

 
  

SEPARATE ACCOUNT

           
  

Corporate Bonds

           
  

Bank of America Corp

   Sr Unsecured 06/2019 7.625%      2,660,000         3,030         3,404   
  

Ally Financial Inc

   Company Guaranty 02/2014 4.500%      3,095,000         3,095         3,184   
  

Time Warner Cable Inc Company

   Guaranty 04/2019 8.250%      2,060,000         2,693         2,741   
  

Time Warner Inc Company

   Guaranty 04/2031 7.625%      1,810,000         2,345         2,492   
  

AT&T Inc

   Company Guaranty 11/2031 8.000%      1,550,000         2,289         2,346   
  

BAC Capital Trust XI

   Limited Guaranty 05/2036 6.625%      1,995,000         2,179         2,236   
  

Ford Motor Credit Co LLC

   Sr Unsecured 02/2021 5.750%      1,940,000         2,190         2,234   
  

Citigroup Inc

   Sr Unsecured 11/2017 6.125%      1,875,000         2,041         2,232   
  

Time Warner Inc Company

   Guaranty 05/2032 7.700%      1,530,000         2,016         2,139   
  

General Elec Cap Corp

   Sr Unsecured 01/2020 5.500%      1,755,000         2,004         2,077   
  

HCA Inc

   Sr Unsecured 02/2016 6.500%      1,855,000         1,968         2,017   
  

Dow Chemical Co

   Sr Unsecured 05/2039 9.400%      1,225,000         1,901         2,017   
  

Citigroup Capital XIII

   Junior Subordinate Debt      70,000         1,855         1,953   
  

Ford Motor Credit Co LLC

   Sr Unsecured 09/2015 5.625%      1,780,000         1,947         1,949   
  

Cox Communications Inc

   Sr Unsecured 144A 01/2019 9.375%      1,400,000         1,893         1,925   
  

Lafarge SA

   Sr Unsecured 144A 07/2015 6.200%      1,665,000         1,767         1,798   
  

Capital One Financial Co

   Sr Unsecured 09/2017 6.750%      1,405,000         1,679         1,716   
  

Dow Chemical Co

   Sr Unsecured 05/2019 8.550%      1,260,000         1,663         1,701   
  

Citigroup Inc

   Sr Unsecured 05/2018 Var      1,680,000         1,581         1,693   
  

Lafarge SA

   Sr Unsecured 07/2016 6.500%      1,505,000         1,613         1,682   
  

HSBC Holdings PLC

   Subordinated 05/2036 6.500%      1,310,000         1,452         1,637   
  

Reed Elsevier Capital Company

   Guaranty 01/2019 8.625%      1,260,000         1,605         1,625   
  

Legg Mason Inc

   Sr Unsecured 144A 05/2019 Var      1,485,000         1,506         1,601   
  

Export Import Bk Korea

   Sr Unsecured 01/2017 4.000%      1,460,000         1,529         1,583   
  

American Intl Group

   Sr Unsecured 08/2018 8.250%      1,175,000         1,414         1,544   
  

SLM Corp

   Sr Unsecured 06/2018 8.450%      1,305,000         1,377         1,527   

 

* Party-in-Interest as defined by ERISA.

 

- 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, 2012

(thousands of dollars)

 

(a)   (b)    (c)           (d)      (e)  

        

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
 

Wellpoint Inc

   Sr Unsecured 01/2016 5.250%      1,350,000       $ 1,511       $ 1,504   
 

HSBC Holdings PLC

   Subordinated 09/2037 6.500%      1,060,000         1,178         1,323   
 

Royal Bank Scotland Grp PLC

   Sub Notes 12/2022 6.125%      1,250,000         1,249         1,319   
 

Sprint Nextel Corp

   Sr Unsecured 12/2016 6.000%      1,175,000         1,075         1,278   
 

Telecom Italia Capital Company

   Guaranty 09/2014 4.950%      1,220,000         1,208         1,274   
 

Boston Scientific Corp

   Sr Unsecured 06/2016 6.400%      1,085,000         1,253         1,247   
 

JP Morgan Chase & Co

   Sr Unsecured 08/2021 4.350%      1,100,000         1,149         1,230   
 

Xerox Corporation

   Sr Unsecured 05/2018 6.350%      1,060,000         1,243         1,222   
 

Hewlett Packard Co

   Sr Unsecured 03/2014 6.125%      1,130,000         1,214         1,188   
 

SLM Corp

   Sr Unsecured 01/2017 6.000%      1,075,000         1,055         1,164   
 

Bank of America NA

   Subordinated 03/2017 5.300%      1,025,000         1,043         1,153   
 

Royal Bank of Scotland PLC

   Bank Guaranty 01/2021 6.125%      945,000         1,015         1,142   
 

Capital One Financial Co

   Sr Unsecured 07/2021 4.750%      950,000         1,036         1,096   
 

Time Warner Cable Inc Company

   Guaranty 02/2019 8.750%      810,000         1,071         1,093   
 

Cigna Corp

   Sr Unsecured 11/2036 6.150%      840,000         992         1,024   
 

General Elec Cap Corp

   Sr Unsecured 09/2020 4.375%      910,000         986         1,016   
 

Wachovia Bank NA

   Subordinated 11/2017 6.000%      840,000         968         1,007   
 

Macys Retail Hldgs Inc Company

   Guaranty 07/2034 6.700%      835,000         1,005         993   
 

Vulcan Materials

   Sr Unsecured 06/2021 7.500%      865,000         937         986   
 

Cigna Corp

   Sr Unsecured 05/2019 8.500%      740,000         960         973   
 

Royal Bank of Scotland PLC Company

   Guaranty 08/2020 5.625%      805,000         829         935   
 

Petrobras Intl Fin Co Company

   Guaranty 01/2021 5.375%      830,000         883         934   
 

Hewlett Packard Co

   Sr Unsecured 12/2016 3.300%      895,000         923         911   
 

Telecom Italia Capital Company

   Guaranty 06/2019 7.175%      775,000         770         899   
 

Cox Communications Inc

   Sr Unsecured 144A 12/2016 5.875%      760,000         877         887   
 

Macys Retail Hldgs Inc Company

   Guaranty 03/2037 6.375%      730,000         891         879   
 

Health Net Inc

   Sr Unsecured 06/2017 6.375%      815,000         831         865   
 

Burlingtn North Santa Fe

   Sr Unsecured 10/2019 4.700%      750,000         857         865   
 

Wellpoint Inc

   Sr Unsecured 02/2019 7.000%      685,000         863         852   
 

ERP Operating LP

   Sr Unsecured 12/2021 4.625%      750,000         819         845   
 

Comcast Corp Company

   Guaranty 02/2018 5.875%      680,000         801         819   
 

Sprint Capital Corp Company

   Guaranty 05/2019 6.900%      750,000         757         818   
 

HCA Inc

   Sr Unsecured 07/2013 6.750%      795,000         824         815   
 

JP Morgan Chase & Co

   Sr Unsecured 03/2020 4.950%      695,000         775         806   
 

Xerox Corporation

   Sr Unsecured 03/2016 6.400%      705,000         805         794   
 

Xerox Corporation

   Sr Unsecured 12/2019 5.625%      665,000         754         743   
 

Boston Scientific Corp

   Sr Unsecured 06/2014 5.450%      690,000         742         734   
 

Wyeth LLC Company

   Guaranty 04/2017 5.450%      615,000         729         727   
 

Xerox Corporation

   Sr Unsecured 02/2017 6.750%      620,000         725         721   
 

HCA Inc

   Sr Unsecured 02/2013 6.250%      705,000         720         709   
 

American Intl Group

   Sr Unsecured 12/2020 6.400%      550,000         646         682   
 

Enel Finance Intl Nv Company

   Guaranty 144A 10/2039 6.000%      700,000         671         678   
 

General Elec Cap Corp

   Sr Unsecured 10/2021 4.650%      585,000         641         668   
 

HCA Inc

   Sr Unsecured 03/2014 5.750%      625,000         644         653   
 

Eaton Corp Company

   Guaranty 144A 11/2022 2.750%      650,000         648         648   
 

Boston Properties LP

   Sr Unsecured 11/2020 5.625%      545,000         634         645   
 

BNSF Railway Co

   2007 1 P Pass Thru Ce 04/2024 5.996%      537,178         629         644   
 

Dow Chemical Co

   Sr Unsecured 11/2029 7.375%      480,000         636         636   
 

Macys Retail Hldgs Inc Company

   Guaranty 01/2032 6.900%      520,000         627         621   
 

Bank One Capital III

   Limitd Guara 09/2030 8.750%      450,000         619         619   
 

Royal Bank of Scotland PLC

   Bank Guaranty 03/2016 4.375%      570,000         574         617   
 

Wyeth LLC Company

   Guaranty 02/2016 5.500%      535,000         622         611   

 

* Party-in-Interest as defined by ERISA.

 

- 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, 2012

(thousands of dollars)

 

(a)   (b)    (c)           (d)      (e)  

        

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
 

HSBC Holdings PLC

   Sr Unsecured 04/2021 5.100%      515,000       $ 570       $ 608   
 

Macys Retail Hldgs Inc Company

   Guaranty 04/2029 6.900%      490,000         576         591   
 

Union Pacific RR Co

   2006 Pass Trst Pass Thru Ce 07/2030 5.866%      498,335         582         585   
 

Union Pacific Corp

   Sr Unsecured 02/2020 6.125%      460,000         572         576   
 

Boston Properties LP

   Sr Unsecured 10/2019 5.875%      475,000         546         566   
 

Ford Motor Credit Co LLC

   Sr Unsecured 09/2022 4.250%      525,000         520         555   
 

Macys Retail Hldgs Inc Company

   Guaranty 07/2015 7.875%      470,000         555         548   
 

Burlingtn North Santa Fe

   Sr Unsecured 09/2022 3.050%      500,000         498         517   
 

BHP Billiton Fin Usa Ltd Company

   Guaranty 04/2014 5.500%      480,000         521         510   
 

Comcast Corp Company

   Guaranty 08/2037 6.950%      375,000         479         509   
 

Travelers Cos Inc

   Sr Unsecured 06/2016 6.250%      430,000         507         505   
 

Canadian Pacific Railway

   Sr Unsecured 01/2042 5.750%      410,000         478         500   
 

Comcast Corp Company

   Guaranty 01/2017 6.500%      405,000         481         488   
 

Macys Retail Hldgs Inc Company

   Guaranty 07/2024 6.650%      390,000         468         484   
 

Comcast Corp Company

   Guaranty 03/2016 5.900%      405,000         468         465   
 

Nordstrom Inc

   Sr Unsecured 06/2014 6.750%      425,000         474         461   
 

Union Pacific RR Co

   07 3 Pass Thru Ce 01/2031 6.176%      368,721         441         456   
 

American Intl Group

   Sr Unsecured 09/2014 4.250%      430,000         445         453   
 

Pfizer Inc

   Sr Unsecured 03/2019 6.200%      345,000         434         436   
 

Cigna Corp

   Sr Unsecured 02/2022 4.000%      395,000         410         432   
 

Telecom Italia Capital Company

   Guaranty 11/2013 5.250%      420,000         418         432   
 

Travelers Cos Inc

   Sr Unsecured 12/2017 5.750%      350,000         420         425   
 

Wachovia Corp

   Sr Unsecured 02/2018 5.750%      350,000         405         419   
 

Wyeth LLC Company

   Guaranty 02/2014 5.500%      380,000         411         401   
 

Cigna Corp

   Sr Unsecured 05/2027 7.875%      290,000         385         383   
 

Telecom Italia Capital Company

   Guaranty 06/2018 6.999%      335,000         333         383   
 

Covidien Intl Finance SA Company

   Guaranty 10/2017 6.000%      315,000         380         382   
 

Boston Properties LP

   Sr Unsecured 04/2015 5.625%      345,000         381         379   
 

News America Inc Company

   Guaranty 02/2041 6.150%      295,000         336         374   
 

Vulcan Materials

   Sr Unsecured 12/2016 6.500%      335,000         343         369   
 

Xerox Corporation

   Sr Unsecured 05/2014 8.250%      335,000         376         365   
 

Norfolk Southern Corp

   Sr Unsecured 05/2017 7.700%      285,000         362         360   
 

News America Inc Company

   Guaranty 03/2037 6.150%      290,000         325         356   
 

News America Inc Company

   Guaranty 12/2035 6.400%      285,000         321         354   
 

Cigna Corp

   Sr Unsecured 01/2033 Var      260,000         339         339   
 

Burlingtn North Santa Fe

   06 2 Tr Pass Thru Ce 04/2024 5.629%      288,913         337         336   
 

Petrobras Intl Fin Co Company

   Guaranty 01/2020 5.750%      290,000         316         330   
 

Telecom Italia Capital Company

   Guaranty 06/2014 6.175%      300,000         299         316   
 

Liberty Interactive LLC

   Sr Unsecured 02/2030 8.250%      285,000         292         311   
 

Macys Retail Hldgs Inc Company

   Guaranty 02/2028 7.000%      255,000         304         305   
 

Boston Properties LP

   Sr Unsecured 11/2018 3.700%      280,000         293         304   
 

Citigroup Inc

   Sr Unsecured 05/2015 4.750%      280,000         291         302   
 

Provident Companies Inc

   Sr Unsecured 03/2028 7.250%      245,000         277         288   
 

Xerox Corporation

   Sr Unsecured 04/2016 7.200%      250,000         290         287   
 

Cox Communications Inc

   Sr Unsecured 144A 12/2022 3.250%      275,000         275         284   
 

Dillards Inc

   Sr Unsecured 12/2028 7.000%      280,000         265         282   
 

Comcast Corp Company

   Guaranty 11/2015 5.850%      245,000         279         279   
 

Union Pacific Corp

   Sr Unsecured 07/2022 4.163%      245,000         274         277   
 

Boston Properties LP

   Sr Unsecured 02/2023 3.850%      250,000         249         263   
 

HCA Inc

   Sr Unsecured 01/2015 6.375%      240,000         254         259   
 

Time Warner Cable Inc Company

   Guaranty 09/2021 4.000%      235,000         254         258   
 

Dillards Inc

   Sr Unsecured 08/2018 7.130%      230,000         241         256   

 

* Party-in-Interest as defined by ERISA.

 

- 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, 2012

(thousands of dollars)

 

(a)   (b)    (c)           (d)      (e)  

        

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
 

Macys Retail Hldgs Inc Company

   Guaranty 09/2028 6.700%      220,000       $ 252       $ 256   
 

Eaton Corp Company

   Guaranty 144A 11/2017 1.500%      250,000         250         251   
 

Fedex Corp Company

   Guaranty 01/2019 8.000%      180,000         239         237   
 

Fedex Corp Company

   Guaranty 01/2014 7.375%      220,000         242         235   
 

Burlingtn North Santa Fe

   06 1 Tr Pass Thru Ce 01/2024 5.720%      200,877         236         234   
 

Unumprovident Finance Co Company

   Guaranty 144A 11/2015 6.850%      205,000         230         232   
 

Fedex Corp Company

   1998 Pass Tst Pass Thru Ce 07/2023 6.720%      186,004         220         225   
 

Cigna Corp

   Sr Unsecured 02/2042 5.375%      190,000         202         221   
 

Dillards Inc

   Sr Unsecured 07/2026 7.750%      210,000         207         221   
 

CSX Transportation Inc

   Secured 01/2023 6.251%      179,714         215         217   
 

Travelers Cos Inc

   Sr Unsecured 11/2020 3.900%      190,000         209         215   
 

Roche Hldgs Inc Company

   Guaranty 144A 03/2019 6.000%      170,000         213         212   
 

Comcast Corp Company

   Guaranty 11/2017 6.300%      160,000         193         196   
 

Burlingtn North Santa Fe

   99 2 Tr Pass Thru Ce 01/2021 7.570%      159,639         191         194   
 

Nordstrom Inc

   Sr Unsecured 01/2018 6.250%      160,000         194         194   
 

Macys Retail Hldgs Inc Company

   Guaranty 12/2016 5.900%      165,000         191         194   
 

Norfolk Southern Railway

   Sr Unsecured 06/2020 9.750%      135,000         197         192   
 

Wellpoint Inc

   Sr Unsecured 06/2017 5.875%      160,000         189         190   
 

Boston Properties LP

   Sr Unsecured 06/2015 5.000%      170,000         185         186   
 

General Elec Cap Corp

   Sr Unsecured 01/2021 4.625%      160,000         174         181   
 

Boston Scientific Corp

  

Sr Unsecured 01/2020 6.000%

     150,000         177         175   
 

General Elec Cap Corp

  

Sr Unsecured 05/2018 5.625%

     145,000         165         172   
 

Boston Properties LP

  

Sr Unsecured 05/2021 4.125%

     155,000         163         168   
 

Nordstrom Inc

  

Sr Unsecured 03/2028 6.950%

     125,000         164         165   
 

Boston Scientific Corp

  

Sr Unsecured 11/2015 6.250%

     145,000         161         163   
 

Cox Communications Inc

  

Sr Unsecured 12/2014 5.450%

     149,000         164         162   
 

Wellpoint Inc

  

Sr Unsecured 12/2014 5.000%

     150,000         164         162   
 

Union Pacific RR Co

   2002 Pass Trst Pass Thru Ce 01/2023 6.061%      135,751         151         156   
 

Comcast Corp Company

  

Guaranty 05/2038 6.400%

     120,000         146         153   
 

Travelers Cos Inc

  

Sr Unsecured 12/2015 5.500%

     135,000         153         153   
 

CSX Transportation Inc

  

Sr Unsecured 06/2020 9.750%

     100,000         142         141   
 

Burlingtn North Santa Fe

  

Sr Unsecured 01/2015 4.875%

     125,000         137         135   
 

Dillards Inc

  

Sr Unsecured 05/2027 7.750%

     125,000         121         130   
 

Unum Group

  

Sr Unsecured 02/2028 7.190%

     110,000         120         127   
 

Liberty Interactive LLC

  

Sr Unsecured 07/2029 8.500%

     115,000         118         124   
 

Union Pacific Corp

  

Sr Unsecured 01/2015 4.875%

     100,000         109         108   
 

News America Inc Company

  

Guaranty 11/2037 6.650%

     80,000         93         103   
 

At&T Inc

  

Sr Unsecured 09/2040 5.350%

     85,000         96         99   
 

Time Warner Cable Inc Company

  

Guaranty 02/2020 5.000%

     80,000         89         93   
 

Unum Group

  

Sr Unsecured 12/2028 6.750%

     75,000         82         87   
 

News America Inc Company

  

Guaranty 12/2034 6.200%

     70,000         78         85   
 

Burlingtn North Santa Fe

  

Sr Unsecured 07/2013 4.300%

     75,000         77         76   
 

Cigna Corp

  

Sr Unsecured 03/2023 7.650%

     55,000         68         71   
 

Union Pacific Corp

  

Sr Unsecured 05/2014 5.375%

     65,000         70         69   
 

Reed Elsevier Capital Company

  

Guaranty 01/2014 7.750%

     60,000         66         64   
 

Comcast Corp Company

  

Guaranty 03/2037 6.450%

     30,000         37         38   
 

Comcast Corp Company

  

Guaranty 05/2018 5.700%

     25,000         29         30   
             

 

 

 
 

Total corporate bonds

              128,960   
             

 

 

 

 

* Party-in-Interest as defined by ERISA.

 

- 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, 2012

(thousands of dollars)

 

(a)   (b)    (c)           (d)      (e)  

        

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
 

Mortgages

           
 

Fannie Mae

  

Fnr 2010 123 Wt

     1,375,167       $ 1,560       $ 1,552   
 

Fannie Mae

  

Whole Loan Fnw 2007 W10 1A

     363,077         411         423   
 

Fannie Mae

  

Fnr 2009 40 Tb

     265,352         297         294   
 

Vendee Mortgage Trust

  

Vende 1997 2 Z

     160,386         192         191   
 

Fannie Mae

  

Whole Loan Fnw 2004 W2 5A

     139,339         163         171   
 

Fannie Mae

  

Fnr 2009 53 Qm

     155,212         169         169   
 

Fannie Mae

  

Whole Loan Fnw 2003 W2 1A2

     127,813         147         156   
 

Fannie Mae

  

Whole Loan Fnw 2005 W1 1A3

     102,694         121         125   
 

Fannie Mae

  

Whole Loan Fnw 2007 W10 2A

     107,011         121         125   
 

Freddie Mac

  

Fhr 3312 Ab

     100,496         114         114   
 

Fannie Mae

  

Whole Loan Fnw 2004 W8 3A

     91,325         108         108   
 

Fannie Mae

  

Fnr 2008 24 Gd

     91,916         101         102   
 

Federal Home Loan

  

PC Pool G14585

     9,157,993         9,750         9,682   
 

Federal Home Loan

  

PC Pool G01777

     4,826,514         5,314         5,367   
 

Federal Home Loan

  

PC Pool G07074

     4,572,059         5,058         5,062   
 

Federal Home Loan

  

PC Pool G06932

     3,369,397         3,722         3,702   
 

Federal Home Loan

  

PC Pool 1Q1400 05/2042

     2,259,956         2,464         2,424   
 

Federal Home Loan

  

PC Pool 782735

     1,704,030         1,835         1,845   
 

Federal Home Loan

  

PC Pool J08788

     1,551,481         1,670         1,664   
 

Federal Home Loan

  

PC Pool G04587

     1,535,435         1,669         1,658   
 

Federal Home Loan

  

PC Pool G30458

     815,402         900         888   
 

Federal Home Loan

  

PC Pool G02494

     760,409         841         831   
 

Federal Home Loan

  

PC Pool G03281

     736,875         813         803   
 

Federal Home Loan

  

PC Pool G06995

     714,091         787         777   
 

Federal Home Loan

  

PC Pool G04378

     666,136         750         742   
 

Federal Home Loan

  

PC Pool G06962

     672,821         743         733   
 

Federal Home Loan

  

PC Pool G06570

     525,942         583         576   
 

Federal Home Loan

  

PC Pool G03392

     477,585         527         521   
 

Federal Home Loan

  

PC Pool G01665

     419,308         462         456   
 

Federal Home Loan

  

PC Pool G03268

     406,662         449         443   
 

Federal Home Loan

  

PC Pool G06571

     402,180         444         439   
 

Federal Home Loan

  

PC Pool G02993

     393,492         434         428   
 

Federal Home Loan

  

PC Pool G04715

     373,762         413         408   
 

Federal Home Loan

  

PC Pool G06238

     360,892         400         395   
 

Federal Home Loan

  

PC Pool G03698

     354,228         390         385   
 

Federal Home Loan

  

PC Pool G03697

     345,457         381         376   
 

Federal Home Loan

  

PC Pool G08271

     311,333         343         339   
 

Federal Home Loan

  

PC Pool G12339

     287,357         313         313   
 

Federal Home Loan

  

PC Pool G04140

     281,785         311         307   
 

Federal Home Loan

  

PC Pool G05862

     250,390         275         273   
 

Federal Home Loan

  

PC Pool 1Q0558

     218,795         234         235   
 

Federal Home Loan

  

PC Pool G03955

     207,579         229         226   
 

Federal Home Loan

  

PC Pool G01749

     178,668         195         194   
 

Federal Home Loan

  

PC Pool G13338

     175,222         192         193   
 

Federal Home Loan

  

PC Pool 1G2080

     180,497         191         192   
 

Federal Home Loan

  

PC Pool G13346

     174,502         191         192   
 

Federal Home Loan

  

PC Pool 1H2581

     180,152         191         191   
 

Federal Home Loan

  

PC Pool 1Q0557

     176,924         189         189   
 

Federal Home Loan

  

PC Pool G30303

     172,506         187         188   
 

Federal Home Loan

  

PC Pool 1Q0479

     173,595         186         186   
 

Federal Home Loan

  

PC Pool 1B1150

     169,475         181         181   
 

Federal Home Loan

  

PC Pool G12758

     149,381         164         166   

 

* Party-in-Interest as defined by ERISA.

 

- 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, 2012

(thousands of dollars)

 

(a)   (b)    (c)           (d)      (e)  

        

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
 

Federal Home Loan

  

PC Pool G03720

     128,861       $ 142       $ 140   
 

Federal Home Loan

  

PC Pool H09070

     123,146         138         136   
 

Federal Home Loan

  

PC Pool 1Q0556

     117,095         125         125   
 

Federal Home Loan

  

PC Pool 781274

     117,913         125         123   
 

Federal Home Loan

  

PC Pool G01767

     99,013         114         113   
 

Federal Home Loan

  

PC Pool 847671

     102,783         110         110   
 

Federal Home Loan

  

PC Pool G03081

     97,682         110         109   
 

Federal Home Loan

  

PC Pool G05603

     94,591         110         108   
 

Federal Home Loan

  

PC Pool 1G2667

     99,430         106         105   
 

Federal Home Loan

  

PC Pool G12277

     94,050         103         103   
 

Federal Home Loan

  

PC Pool H09203

     91,561         100         99   
 

Federal Home Loan

  

PC Pool 848349

     88,585         96         95   
 

Federal Home Loan

  

PC Pool G30305

     83,821         94         93   
 

Federal Home Loan

  

PC Pool G03457

     76,840         85         84   
 

Federal Natl Mtg Assn

  

Pool 888366

     2,699,934         3,125         3,111   
 

Federal Natl Mtg Assn

  

Pool AE0381

     2,378,726         2,588         2,577   
 

Federal Natl Mtg Assn

  

Pool 995788

     1,712,544         1,883         1,882   
 

Federal Natl Mtg Assn

  

Pool AL2439

     1,625,246         1,770         1,762   
 

Federal Natl Mtg Assn

  

Pool 725330

     1,282,603         1,433         1,436   
 

Federal Natl Mtg Assn

  

Pool 725228

     920,159         1,028         1,022   
 

Federal Natl Mtg Assn

  

Pool AD0249

     809,760         890         890   
 

Federal Natl Mtg Assn

  

Pool AD0198

     744,544         816         814   
 

Federal Natl Mtg Assn

  

Pool AE0012

     690,873         780         776   
 

Federal Natl Mtg Assn

  

Pool AE0442

     655,666         740         721   
 

Federal Natl Mtg Assn

  

Pool AD0663

     611,419         672         670   
 

Federal Natl Mtg Assn

  

Pool 995405

     597,319         649         646   
 

Federal Natl Mtg Assn

  

Pool 735415

     481,614         551         558   
 

Federal Natl Mtg Assn

  

Pool AE0875

     513,961         559         556   
 

Federal Natl Mtg Assn

  

Pool AE0380

     464,293         505         502   
 

Federal Natl Mtg Assn

  

Pool 995212

     433,845         485         486   
 

Federal Natl Mtg Assn

  

Pool 888015

     416,179         466         464   
 

Federal Natl Mtg Assn

  

Pool 889390

     395,207         434         434   
 

Federal Natl Mtg Assn

  

Pool 889886

     376,316         439         430   
 

Federal Natl Mtg Assn

  

Pool 888956

     376,508         421         422   
 

Federal Natl Mtg Assn

  

Pool 677709

     356,531         392         392   
 

Federal Natl Mtg Assn

  

Pool 888559

     341,373         388         388   
 

Federal Natl Mtg Assn

  

Pool 888291

     341,816         375         376   
 

Federal Natl Mtg Assn

  

Pool AE0382

     346,808         377         375   
 

Federal Natl Mtg Assn

  

Pool AE0620

     321,678         350         348   
 

Federal Natl Mtg Assn

  

Pool 888891

     318,284         359         345   
 

Federal Natl Mtg Assn

  

Pool 890341

     307,393         340         336   
 

Federal Natl Mtg Assn

  

Pool AD0284

     302,896         330         328   
 

Federal Natl Mtg Assn

  

Pool AE0952

     294,439         330         326   
 

Federal Natl Mtg Assn

  

Pool 888151

     299,519         327         324   
 

Federal Natl Mtg Assn

  

Pool 889528

     285,857         320         317   
 

Federal Natl Mtg Assn

  

Pool 888631

     262,750         289         289   
 

Federal Natl Mtg Assn

  

Pool AD0931

     245,761         270         270   
 

Federal Natl Mtg Assn

  

Pool 555285

     239,658         268         268   
 

Federal Natl Mtg Assn

  

Pool AL0406

     216,334         237         234   
 

Federal Natl Mtg Assn

  

Pool 995694

     201,607         228         226   
 

Federal Natl Mtg Assn

  

Pool AD0111

     195,377         221         219   
 

Federal Natl Mtg Assn

  

Pool 256985

     185,337         212         211   
 

Federal Natl Mtg Assn

  

Pool 888136

     190,011         209         209   

 

* Party-in-Interest as defined by ERISA.

 

- 23 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

EIN 94-0890210 PLAN NO. 001

SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD

DECEMBER 31, 2012

(thousands of dollars)

 

(a)   (b)    (c)           (d)      (e)  

        

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
 

Federal Natl Mtg Assn

  

Pool 888365

     190,560       $ 209       $ 207   
 

Federal Natl Mtg Assn

  

Pool 257095

     186,738         205         202   
 

Federal Natl Mtg Assn

  

Pool AL1043

     183,918         197         196   
 

Federal Natl Mtg Assn

  

Pool AD0650

     177,273         195         193   
 

Federal Natl Mtg Assn

  

Pool 888894

     159,474         179         177   
 

Federal Natl Mtg Assn

  

Pool AE0006

     166,603         188         172   
 

Federal Natl Mtg Assn

  

Pool 310048

     152,457         172         170   
 

Federal Natl Mtg Assn

  

Pool 256937

     150,543         169         167   
 

Federal Natl Mtg Assn

  

Pool AD0112

     144,710         163         162   
 

Federal Natl Mtg Assn

  

Pool 832257

     149,630         157         159   
 

Federal Natl Mtg Assn

  

Pool 907860

     147,540         159         158   
 

Federal Natl Mtg Assn

  

Pool 995597

     145,726         158         158   
 

Federal Natl Mtg Assn

  

Pool 889157

     142,851         158         156   
 

Federal Natl Mtg Assn

  

Pool AD0494

     137,726         151         151   
 

Federal Natl Mtg Assn

  

Pool 745942

     131,295         147         147   
 

Federal Natl Mtg Assn

  

Pool 745398

     130,963         146         147   
 

Federal Natl Mtg Assn

  

Pool AE0379

     135,193         147         146   
 

Federal Natl Mtg Assn

  

Pool 760744

     130,000         141         139   
 

Federal Natl Mtg Assn

  

Pool AE0616

     121,373         134         133   
 

Federal Natl Mtg Assn

  

Pool 256901

     119,509         134         132   
 

Federal Natl Mtg Assn

  

Pool 995487

     118,198         132         132   
 

Federal Natl Mtg Assn

  

Pool 745238

     120,076         129         128   
 

Federal Natl Mtg Assn

  

Pool AE0063

     115,033         129         127   
 

Federal Natl Mtg Assn

  

Pool AD0692

     115,929         127         125   
 

Federal Natl Mtg Assn

  

Pool AL0852

     115,375         127         125   
 

Federal Natl Mtg Assn

  

Pool 725271

     111,748         120         119   
 

Federal Natl Mtg Assn

  

Pool 995575

     107,915         119         119   
 

Federal Natl Mtg Assn

  

Pool 725417

     104,311         112         112   
 

Federal Natl Mtg Assn

  

Pool 995005

     102,081         110         110   
 

Federal Natl Mtg Assn

  

Pool 735869

     101,566         109         109   
 

Federal Natl Mtg Assn

  

Pool 888262

     100,104         109         108   
 

Federal Natl Mtg Assn

  

Pool 936482

     97,001         107         107   
 

Federal Natl Mtg Assn

  

Pool 725206

     96,639         106         106   
 

Federal Natl Mtg Assn

  

Pool 735523

     96,756         104         103   
 

Federal Natl Mtg Assn

  

Pool 889151

     90,990         102         101   
 

Federal Natl Mtg Assn

  

Pool 745303

     94,601         101         101   
 

Federal Natl Mtg Assn

  

Pool 888791

     88,356         97         96   
 

Federal Natl Mtg Assn

  

Pool 256614

     86,293         95         93   
 

Federal Natl Mtg Assn

  

Pool AL0144

     79,932         87         87   
 

Federal Natl Mtg Assn

  

Pool 555191

     22,369         23         22   
 

Federal Natl Mtg Assn

  

Pool 555162

     7,363         7         7   
             

 

 

 
 

Total mortgages

              80,592   
             

 

 

 
 

U.S. Government securities

           
 

US Treasury Note

   Due 10/2013 0.500%      14,200,000         14,247         14,237   
 

US Treasury Note

   Due 04/2013 0.625%      13,000,000         13,044         13,023   
 

US Treasury Note

   Due 05/2013 0.500%      7,000,000         7,014         7,011   
 

US Treasury Note

   Due 10/2013 0.250%      3,100,000         3,102         3,102   
 

US Treasury Note

   Due 11/2013 0.500%      1,200,000         1,204         1,203   
 

US Treasury Note

   Due 01/2013 0.625%      970,000         973         970   
 

California St

   Cas 04/2039 Fixed 7.550%      2,540,000         3,259         3,645   
 

Illinois St

   Ils 03/2018 Fixed 5.665%      1,875,000         2,093         2,136   

 

* Party-in-Interest as defined by ERISA.

 

- 24 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

EIN 94-0890210 PLAN NO. 001

SCHEDULE H - PART IV, LINE 4(i) - SCHEDULE OF ASSETS HELD

DECEMBER 31, 2012

(thousands of dollars)

 

(a)   (b)    (c)           (d)      (e)  

        

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including

Maturity Date, Rate of Interest,

Collateral, Par, or Maturity Value

   Number of
Shares / Units
     Cost      Current Value  
 

Illinois St

  

Ils 03/2017 Fixed 5.365%

     1,840,000       $ 2,023       $ 2,061   
 

New Jersey St Turnpike Auth

  

Njstrn 01/2041 Fixed 7.102%

     1,420,000         2,000         2,014   
 

California St

  

Cas 04/2034 Fixed 7.500%

     1,420,000         1,789         1,970   
 

California St

  

Cas 10/2039 Fixed 7.300%

     1,410,000         1,775         1,954   
 

Los Angeles CA Unif Sch Dist

  

Losscd 07/2034 Fixed 6.758%

     1,285,000         1,692         1,700   
 

California St

  

Cas 03/2040 Fixed 7.625%

     535,000         690         768   
 

Illinois St

  

Ils 03/2016 Fixed 4.961%

     540,000         584         591   
 

California St

  

Cas 11/2040 Fixed 7.600%

     250,000         324         366   
 

California St

  

Cas 10/2019 Fixed 6.200%

     195,000         231         237   
 

California St

  

Cas 04/2014 Fixed 5.250%

     150,000         161         158   
 

California St

  

Cas 03/2019 Fixed 6.200%

     60,000         71         72   
             

 

 

 
 

Total U.S. Government securities

              57,218   
             

 

 

 
 

Asset-backed securities

           
 

Chase Issuance Trust

  

CHAIT 2012 A8 A8

     2,800,000         2,800         2,798   
 

SLM Student Loan Trust

  

SLMA 2012 C A2 144A

     1,830,000         1,841         1,930   
 

Small Business Administration

  

SBAP 2006 20G 1

     278,715         320         322   
 

Small Business Administration

  

SBAP 2007 20D 1

     241,242         273         277   
 

Small Business Administration

  

SBAP 2007 20C 1

     239,631         270         271   
 

Small Business Administration

  

SBAP 2007 20G 1

     160,056         184         185   
 

Small Business Administration

  

SBAP 2006 20C 1

     157,314         179         181   
 

Small Business Administration

  

SBAP 2007 20A 1

     149,005         167         171   
 

Small Business Administration

  

SBAP 2006 20A 1

     113,211         127         127   
 

Small Business Administration

  

SBAP 2005 20I 1

     101,826         114         114   
 

Small Business Administration

  

SBAP 2005 20E 1

     92,822         103         104   
 

Small Business Administration

  

SBAP 2005 20G 1

     91,618         102         102   
 

Small Business Administration

  

SBAP 2001 20L 1

     82,197         91         91   
             

 

 

 
 

Total asset-backed securities

              6,673   
             

 

 

 
 

Cash equivalents

           
 

Currency

  

Foreign Currency

     8,085,946         8,086         8,086   
             

 

 

 
 

Total cash equivalents

              8,086   
             

 

 

 
 

Receivables

              2,559   
             

 

 

 
 

Liabilities

              (147
             

 

 

 
 

TOTAL SEPARATE ACCOUNT

              283,941   
             

 

 

 
 

CASH EQUIVALENTS

           
 

Currency

        21,359,923         21,360         21,360   
             

 

 

 
 

TOTAL CASH EQUIVALENTS

              21,360   
             

 

 

 
 

TOTAL INVESTMENTS PER FINANCIAL STATEMENTS

           16,788,803   
 

NOTES RECEIVABLE FROM PARTICIPANTS

   Interest rates ranging from 2.980% to 12.000%            136,847   
             

 

 

 
 

TOTAL INVESTMENTS PER FORM 5500

         $ 16,925,650   
             

 

 

 

 

* Party-in-Interest as defined by ERISA.

 

- 25 -


CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

EIN 94-0890210 PLAN NO. 001

SCHEDULE H - PART IV, LINE 4(j) - SCHEDULE OF REPORTABLE TRANSACTIONS

FOR THE YEAR ENDED DECEMBER 31, 2012

(thousands of dollars)

 

(a)    (b)    (c)      (d)      (e)      (f)      (g)      (h)      (i)  

Identity of party involved

  

Description of asset
(include interest rate and
maturity in case of a  loan)

   Purchase price      Selling price      Lease rental      Expense
incurred with
transaction
     Cost of asset      Current value of
asset on transaction
date
     Net gain or
(loss)
 

Category (iii) - Series of Transactions (Aggregate) in Excess of 5% of Plan Assets

  

        

Chevron Corporation*

   Common Stock    $  1,235,266       $ —            N/A       $  —         $ 1,235,266       $ 1,235,266       $ —      

Chevron Corporation*

   Common Stock      —            1,483,834         N/A         —            921,037         1,483,834         562,797   

There were no category (i), (ii) or (iv) reportable transactions during the year ended December 31, 2012.

 

* Party-in-interest as defined by ERISA.

 

- 26 -