Edgar Filing: CHEVRON CORP

Document



	UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

____________

FORM 11-K
____________

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

		For the fiscal year ended December 31, 2017

OR

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

		For the transition period from ________________ to __________________

		Commission file number 001-00368

	A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:

CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

	B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:


				Chevron Corporation
				6001 Bollinger Canyon Road
				San Ramon, CA 94583
				____________

PN:001

CHEVRON

EMPLOYEE SAVINGS INVESTMENT PLAN

FINANCIAL STATEMENTS

AND SUPPLEMENTAL SCHEDULE

TOGETHER WITH REPORT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

DECEMBER 31, 2017 AND 2016

CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

TABLE OF CONTENTS



		PAGE
Report of Independent Registered Public Accounting Firm		1 - 2
Financial Statements:
	Statements of Net Assets Available for Benefits as of December 31, 2017 and 2016	3
	Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2017	4
	Notes to Financial Statements	5 - 14
Supplemental Schedule:

	Schedule H - Part IV, Line 4(i) - Schedule of Assets Held as of December 31, 2017	15 - 22

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Plan Administrator

Chevron Employee Savings Investment Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Chevron Employee Savings Investment Plan (the Plan) as of December 31, 2017 and 2016, and the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes and supplemental schedule of assets held as of December 31, 2017 (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

- 1 -

Supplemental Information

The supplemental schedule of assets held as of December 31, 2017 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Morris Davis Chan & Tan LLP

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

Alameda, California

June 21, 2018

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2017 AND 2016

(thousands of dollars)



			2017		2016

Assets

	Investments - at fair value:
	Chevron Corporation common stock		$	7,953,209	$	8,516,499
	Registered investment companies			5,023,427		4,456,960
	Vanguard Brokerage Option			261,412		276,501
	Collective investment funds			6,261,954		5,713,241
	Separate Account			301,546		284,152
		Total investments		19,801,548		19,247,353


	Notes receivable from participants			136,977		135,116

		Total assets		19,938,525		19,382,469

Liabilities				—		—

Net assets available for benefits			$	19,938,525	$	19,382,469
The accompanying notes are an integral part of these financial statements.

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

YEAR ENDED DECEMBER 31, 2017

(thousands of dollars)



Additions

	Contributions:
		Employer contributions		$	259,150
		Participant contributions			327,786
		Participant rollovers			218,758
			Total contributions		805,694

	Investment income
		Net appreciation in fair value of investments			1,956,723
		Dividends			482,332
		Interest			11,030
			Total investment increase		2,450,085

	Interest on notes receivable from participants				3,831

	Total additions				3,259,610

Deductions

	Distribution to participants				2,698,409
	Administrative fees				5,145

	Total deductions				2,703,554

			Net increase		556,056

Net assets available for benefits:
	Beginning of year				19,382,469

	End of year			$	19,938,525
The accompanying notes are an integral part of these financial statements.

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

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. The Corporation 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 2017 and 2016, the maximum contribution amount on a before-tax and Roth 401(k) basis was the annual Code 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 2017.

The Company matching contribution is made in cash and distributed according to the participants’ current payroll deduction distribution elections. Participants may elect to receive dividends on shares in their Chevron Stock and Chevron ESOP accounts as a taxable distribution, or reinvest the dividends into their Chevron Stock account.

Vesting. Employees are always fully vested in all contributions to their accounts, as well as the investment income earned from all contributions to the Plan.

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

NOTE 1 - Description of the Plan (Continued)

Participant Accounts. Contributions are invested in funds within a number of Plan investments. Employee contributions are comprised of basic and supplemental contributions and rollover contributions from other qualified retirement plans or from a rollover IRA, on a pre-tax, after-tax, or Roth 401(k) basis.

Trustee. 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 2017 ranged from 2.23% to 9.50%. Most loan repayments are made through payroll deductions and the principal and interest paid by the participants are reinvested in the participants’ accounts. Notes receivable from participants totaled $136,976,666 and $135,115,786 as of December 31, 2017 and 2016, respectively.

Plan Termination. The Corporation expects to continue the ESIP indefinitely, but has the authority to amend or terminate the ESIP at any time. In the event of a plan termination, the trust fund shall continue until any previously unallocated assets of the Plan are allocated to accounts and distributed to participants or beneficiaries in accordance with applicable law and pursuant to written rules and procedures adopted by the Corporation prior to such termination. In addition, upon plan termination, neither the Corporation nor any other person shall have a liability or obligation to provide additional benefits. Participants or beneficiaries shall obtain benefits solely from the trust fund.

- 6 -

CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

NOTE 1 - Description of the Plan (Continued)

Plan Expenses. In accordance with the Department of Labor’s (DOL) rules under ERISA section 408(b)(2), total all-in fees are disclosed by the service provider. In accordance with these DOL rules, recordkeeping and trustee fees are unbundled and paid by the participants. Other administrative expenses relating to the Plan, including audit fees and participant education retirement services are paid by the Plan to the extent Plan forfeiture funds are sufficient. If not, such fees are paid by the Corporation. Certain Chevron employee and administrative costs are being reimbursed to the Corporation by the Plan.

NOTE 2 - Summary of Significant Accounting Policies

Accounting Pronouncement. In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 No. 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.

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).

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

NOTE 2 - Summary of Significant Accounting Policies (Continued)

Realized gains (losses) on investments are based on sales proceeds less average cost. Sales and purchases between participants are included in realized gains (losses). Security purchases and sales are recorded as of the trade date for such transactions.

Dividend income earned on investments held and interest income earned on funds pending investment are recorded on an accrual basis.

Notes Receivable from Participants. Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable from participants are reclassified as distributions based upon the terms of the Plan rules.

Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

NOTE 3 - Fair Value Measurements

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:


Level 1:	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.


Level 2:	Inputs to the valuation methodology include:


•	Quoted prices for similar assets or liabilities in active markets;


•	Quoted prices for identical or similar assets or liabilities in inactive markets;


•	Inputs other than quoted prices that are observable for the asset or liability; and


•	Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

- 8 -

CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

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, 2017 and 2016.


•	Common 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.


•	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.


•	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.

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.

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

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, 2017 and 2016:



	Investments at Fair Value (in thousands) as of December 31, 2017
	Level 1		Level 2			Level 3		Total

Common stocks	$	7,953,209	$	—		$	—	$	7,953,209
Registered investment companies	5,023,427		—			—		5,023,427
Vanguard Brokerage Option	261,412		—			—		261,412
Collective investment funds	—		6,261,954			—		6,261,954
Separate Account:
Preferred stock	—		2,953			—		2,953
Corporate bonds	—		112,981			—		112,981
Mortgages	—		107,172			—		107,172
U.S. government securities	—		65,969			—		65,969
Asset-backed securities	—		429			—		429
Cash equivalents	—		10,060			—		10,060
Receivables	—		2,193			—		2,193
Liabilities	—		(211		)	—		(211		)
	—		301,546			—		301,546

Total investments, at fair value	$	13,238,048	$	6,563,500		$	—	$	19,801,548



	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:
Preferred stock	—		2,774					2,774
Corporate bonds	—		123,313			—		123,313
Mortgages	—		93,549			—		93,549
U.S. government securities	—		53,957			—		53,957
Asset-backed securities	—		675			—		675
Cash equivalents	—		10,756			—		10,756
Receivables	—		2,821			—		2,821
Liabilities	—		(3,693		)	—		(3,693		)
	—		281,378			—		281,378

Total investments, at fair value	$	13,249,960	$	5,994,619		$	—	$	19,244,579

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

NOTE 4 - Investments

At December 31, 2017 and 2016, 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 Fund¹		Money Market
Vanguard Federal Money Market Fund		Money Market
Vanguard Total Bond Market Index Fund¹		Fixed Income
Vanguard Institutional Total Bond Market Index Trust		Fixed Income
Vanguard Short-Term Bond Index Fund		Fixed Income
Vanguard Institutional Index Fund ¹		Large-Cap Stock
Vanguard Institutional 500 Index Trust		Large-Cap Stock
Vanguard Total Stock Market Index Fund¹		Growth and Income Stock
Vanguard Institutional Total Stock Market Index Trust		Growth and Income Stock
Vanguard Extended Market Index Fund ¹		Small & Mid-Cap Growth Stock
Vanguard Institutional Extended Market Trust		Small & Mid-Cap Growth Stock
Vanguard Developed Markets Index Fund		International Stock
Vanguard Small Cap Index Fund		Small Cap Value Stock
Vanguard REIT Index Fund		Real Estate
Vanguard Emerging Markets Stock Index Fund		International Stock
Vanguard Total World Stock Index Fund		Global Stock
SSgA US Inflation Protected Bond Fund		Fixed Income

Target Date Retirement Funds



Fund Name		Fund Type
Vanguard Target Retirement Income Trust Plus²		Balanced
Vanguard Target Retirement 2010 Trust Plus³		Balanced
Vanguard Target Retirement 2015 Trust Plus ²		Balanced
Vanguard Target Retirement 2020 Trust Plus ²		Balanced
Vanguard Target Retirement 2025 Trust Plus ²		Balanced
Vanguard Target Retirement 2030 Trust Plus²		Balanced
Vanguard Target Retirement 2035 Trust Plus ²		Balanced
Vanguard Target Retirement 2040 Trust Plus ²		Balanced
Vanguard Target Retirement 2045 Trust Plus ²		Balanced
Vanguard Target Retirement 2050 Trust Plus ²		Balanced

¹Fund was terminated as an investment option effective June 30, 2016.
²Fund was terminated as an investment option effective November 30, 2017.
³ Fund was merged into Vanguard Target Retirement Trust Plus effective June 30, 2018.

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

NOTE 4 - Investments (Continued)

Target Date Retirement Funds



Fund Name		Fund Type
Vanguard Target Retirement 2055 Trust Plus ²		Balanced
Vanguard Target Retirement 2060 Trust Plus ²		Balanced
Vanguard Target Retirement 2065 Trust Plus ²		Balanced
Vanguard Target Retirement Income Trust Select ⁴		Balanced
Vanguard Target Retirement 2015 Trust Select ⁴		Balanced
Vanguard Target Retirement 2020 Trust Select ⁴		Balanced
Vanguard Target Retirement 2025 Trust Select ⁴		Balanced
Vanguard Target Retirement 2030 Trust Select ⁴		Balanced
Vanguard Target Retirement 2035 Trust Select ⁴		Balanced
Vanguard Target Retirement 2040 Trust Select ⁴		Balanced
Vanguard Target Retirement 2045 Trust Select ⁴		Balanced
Vanguard Target Retirement 2050 Trust Select ⁴		Balanced
Vanguard Target Retirement 2055 Trust Select ⁴		Balanced
Vanguard Target Retirement 2060 Trust Select ⁴		Balanced
Vanguard Target Retirement 2065 Trust Select ⁴		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
American Funds EuroPacific Growth Fund		International Stock

² Fund was terminated as an investment option effective November 30, 2017.
⁴Fund was added as an investment option effective December 1, 2017.

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.

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CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

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 believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.

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 and Party-In-Interest 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 and related party transactions.

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 Employee Retirement Income Security Act. The plaintiffs seek to recover for the Plan losses allegedly incurred as a result of purportedly excessive administrative and investment fees and imprudent investment options. Chevron denies the plaintiffs’ allegations and has filed a motion to dismiss the complaint. The complaint was dismissed with prejudice by the trial court. The plaintiffs have filed an appeal and the appeals process is on-going. The amount at issue, if any, has yet to be determined with certainty.

- 13 -

CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

NOTE 8 - Subsequent Events (Continued)


•	Effective January 1, 2018, Fidelity Management Trust Company and Fidelity Workplace Services LLC became the trustee and recordkeeper, respectively, of the Plan.

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



	COMMON STOCK
*	Chevron Corporation		Common Stock	63,530,684	$	4,167,220	$	7,953,209

		TOTAL COMMON STOCK			4,167,220		7,953,209

	REGISTERED INVESTMENT COMPANIES
*	Vanguard PRIMECAP Fund Admiral Shares			8,997,065	845,726		1,202,098
*	Vanguard Federal Money Market Fund Investor Shares			990,423,559	990,424		990,424
*	Vanguard Developed Markets Index Fund Institutional Plus Shares			37,083,169	752,017		836,596
*	Vanguard Windsor II Fund Admiral Shares			9,849,062	577,661		661,069
*	Vanguard Short-Term Bond Fund Index Institutional Plus Shares			25,933,894	273,016		269,194
*	Vanguard Small Cap Index Fund Institutional Plus Shares			1,445,613	239,305		295,339
*	Vanguard REIT Index Fund Institutional Shares			6,594,546	118,098		119,955
*	Vanguard Emerging Market Stock Index Fund Institutional Plus Shares			2,084,134	173,999		201,307
*	Vanguard World Stock Fund Institutional Shares			732,734	95,088		110,965
	American Funds EuroPacific Growth Fund Class R-6			5,993,600	274,264		336,480

		TOTAL REGISTERED INVESTMENT COMPANIES			4,339,598		5,023,427

*	VANGUARD BROKERAGE OPTION				261,412		261,412

	COLLECTIVE INVESTMENT FUNDS
*	Vanguard Institutional 500 Index Trust			14,388,260	1,481,666		1,983,709
*	Vanguard Institutional Total Bond Market Index Trust			11,313,270	1,129,792		1,139,473
*	Vanguard Institutional Extended Markets Index Trust			7,126,639	735,315		1,008,918
*	Vanguard Institutional Total Stock Market Index Trust			5,613,765	583,900		777,282
*	Vanguard Target Date Retirement Income Trust Select			2,311,616	77,812		78,318
*	Vanguard Target Date Retirement Trust 2015 Select			3,403,491	117,085		118,033
*	Vanguard Target Date Retirement Trust 2020 Select			8,631,722	303,687		306,512
*	Vanguard Target Date Retirement Trust 2025 Select			7,702,420	274,851		277,749
*	Vanguard Target Date Retirement Trust 2030 Select			3,951,882	142,478		144,046
*	Vanguard Target Date Retirement Trust 2035 Select			2,985,755	108,775		110,085
*	Vanguard Target Date Retirement Trust 2040 Select			2,499,067	91,876		93,065
*	Vanguard Target Date Retirement Trust 2045 Select			2,328,773	86,168		87,306
*	Vanguard Target Date Retirement Trust 2050 Select			1,437,205	53,150		53,852
*	Vanguard Target Date Retirement Trust 2055 Select			591,223	21,854		22,141
*	Vanguard Target Date Retirement Trust 2060 Select			353,250	13,060		13,233
*	Vanguard Target Date Retirement Trust 2065 Select			52,522	1,166		1,181
*	SSgA U.S. Inflation Protected Bond Index Non-lending Service Funds Class C			3,420,874	45,874		47,051

		TOTAL COLLECTIVE INVESTMENT FUNDS			5,268,509		6,261,954

	SEPARATE ACCOUNT
	Preferred Stock
		Citigroup	Capital XIII Preferred Stock	107,450	2,874		2,953

	Corporate bonds
		21st Century Fox America Company	Guaranty 02/41 6.150%	295,000	336		392
		21st Century Fox America Company	Guaranty 03/37 6.150%	290,000	325		380
		21st Century Fox America Company	Guaranty 11/37 6.650%	80,000	93		110
		21st Century Fox America Company	Guaranty 12/34 6.200%	70,000	78		90
		21st Century Fox America Company	Guaranty 12/35 6.400%	285,000	321		379
		AT&T Inc	Sr Unsecured 02/47 5.650%	475,000	474		520
		AT&T Inc	Sr Unsecured 03/48 4.500%	1,125,000	1,126		1,054

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



AT&T Inc	Sr Unsecured 05/46 4.750%	475,000	$	473	$	465
AT&T Inc	Sr Unsecured 09/40 5.350%	560,000	616		591
AT&T Inc	Sr Unsecured 144A 11/31 8.250%	821,000	1,140		1,139
Bank of America Corp Capital Trust XI Limited	Guaranty 05/36 6.625%	2,470,000	2,736		3,199
Bank of America Corp	Sr Unsecured 144A 12/23 Var 3.004%	2,080,000	2,204		2,085
Bank of America Corp	Subordinated 08/24 4.200%	400,000	400		421
Bank of America Corp	Subordinated 10/26 4.250%	375,000	365		395
Bank One Capital III	Limited Guaranty 09/30 8.750%	450,000	619		662
Barclays	Plc Subordinated 05/28 4.836%	325,000	325		338
Barclays	Plc Subordinated 09/24 4.375%	1,075,000	1,073		1,101
BNP Paribas	10/24 4.250%	2,825,000	2,844		2,982
BNP Paribas	Guaranty 144A 09/25 Var 4.375%	675,000	669		705
BNSF Railway Co	2007 1 P Pass Thru Ce 04/24 5.996%	340,928	399		379
Boston Properties LP	Sr Unsecured 05/21 4.125%	955,000	1,034		998
Boston Properties LP	Sr Unsecured 10/19 5.875%	475,000	546		501
Boston Properties LP	Sr Unsecured 11/20 5.625%	545,000	634		589
Burlingtn No	SF 06 1 TR Pass Thru Ce 01/24 5.720%	131,138	154		140
Burlingtn No	SF 06 2 TR Pass Thru Ce 04/24 5.629%	168,916	197		180
Burlingtn No	SF 99 2 TR Pass Thru Ce 01/21 7.570%	53,621	64		56
Burlingtn North Santa Fe	Sr Unsecured 09/22 3.050%	575,000	576		586
Burlingtn North Santa Fe	Sr Unsecured 09/23 3.850%	475,000	473		502
Capital One Financial Co	Sr Unsecured 06/23 3.500%	1,375,000	1,376		1,399
Capital One Financial Co	Sr Unsecured 10/25 4.200%	700,000	708		720
Cemex Finance LLC	Sr Secured 144A 04/24 6.000%	1,475,000	1,423		1,552
Cemex Sab De Cv	Sr Secured 144A 05/25 6.125%	1,175,000	1,062		1,254
Charter Comm Opt LLC/CAP	Sr Secured 05/47 5.375%	875,000	869		897
Charter Comm Opt LLC/CAP	Sr Secured 07/25 4.908%	700,000	699		744
Charter Comm Opt LLC/CAP	Sr Secured 10/45 6.484%	1,600,000	1,763		1,865
Cigna Corp	Sr Unsecured 03/23 7.650%	270,000	344		326
Cigna Corp	Sr Unsecured 05/27 7.875%	234,000	311		316
Cox Communications Inc	Sr Unsecured 144A 02/25 3.850%	1,400,000	1,391		1,433
Cox Communications Inc	Sr Unsecured 144A 08/27 3.500%	1,500,000	1,485		1,480
Cox Communications Inc	Sr Unsecured 144A 12/22 3.250%	1,575,000	1,467		1,578
CRH America Inc Company	Guaranty 144A 05/25 Var 3.875%	725,000	724		757
CSX Transportation Inc	Sr Secured 01/23 6.251%	126,206	151		142
CSX Transportation Inc	Sr Unsecured 06/20 9.750%	100,000	142		117
Dell Int LLC/EMC Corp	Sr Secured 144A 06/23 5.450%	1,400,000	1,427		1,513
Dillards Inc	Sr Unsecured 05/27 7.750%	125,000	121		144
Dillards Inc	Sr Unsecured 07/26 7.750%	210,000	207		240
Dillards Inc	Sr Unsecured 08/18 7.130%	230,000	241		235
Dillards Inc	Sr Unsecured 12/28 7.000%	280,000	265		308
Dominion Resources Inc Jr	Subordina 04/21 VAR	400,000	400		416
Dominion Resources Inc Jr	Subordina 07/20 2.579%	325,000	325		325
Dominion Resources Inc Jr	Subordina 10/54 VAR	1,325,000	1,325		1,431
Dow Chemical Co/The	Sr Unsecured 05/39 9.400%	1,225,000	1,901		2,094
Dow Chemical Co/The	Sr Unsecured 11/29 7.375%	480,000	636		640
Eaton Corp Company	Guaranty 11/22 2.750%	650,000	648		652
Enel Finance Intl Nv Company	Guaranty 144A 09/37 6.800%	1,300,000	1,476		1,738
Enel Finance Intl Nv Company	Guaranty 144A 10/39 6.000%	700,000	671		871
ERP Operating LP	Sr Unsecured 04/23 3.000%	625,000	619		632
ERP Operating LP	Sr Unsecured 12/21 4.625%	723,000	787		774
FedEx Corp	1998 Pass Tst Pass Thru Ce 07/23 6.720%	125,116	148		135
Ford Motor Credit Co LLC	Sr Unsecured 01/20 2.681%	650,000	651		652
Ford Motor Credit Co LLC	Sr Unsecured 01/20 8.125%	300,000	378		332

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



Ford Motor Credit Co LLC	Sr Unsecured 08/21 5.875%	1,800,000	$	2,017	$	1,977
HSBC Holdings Plc	Plc Sr Unsecured 03/26 4.300%	400,000	399		425
HSBC Holdings Plc	Plc Sr Unsecured 04/21 5.100%	515,000	570		553
HSBC Holdings Plc	Plc Subordinated 05/36 6.500%	1,560,000	1,731		2,036
HSBC Holdings Plc	Plc Subordinated 09/37 6.500%	900,000	1,000		1,184
Imperial Brands Finance Company	Guaranty 144A 07/22 3.750%	975,000	971		1,008
Imperial Brands Finance Company	Guaranty 144A 07/25 4.250%	2,625,000	2,599		2,752
JPMorgan Chase & Co	Subordinated 09/24 3.875%	850,000	849		887
JPMorgan Chase & Co	Subordinated 10/27 4.250%	700,000	736		744
Kinder Morgan Ener Part Company	Guaranty 02/24 4.150%	650,000	644		674
Kinder Morgan Ener Part Company	Guaranty 03/43 5.000%	1,125,000	994		1,142
Kinder Morgan Ener Part Company	Guaranty 09/39 6.500%	1,575,000	1,642		1,859
Lloyds Banking Group	Plc Subordinated 03/26 4.650%	675,000	671		713
Lloyds Banking Group	Plc Subordinated 11/24 4.500%	1,445,000	1,447		1,516
Macys Retail Hldgs Inc Company	Guaranty 02/28 7.000%	255,000	304		275
Macys Retail Hldgs Inc Company	Guaranty 04/29 6.900%	990,000	1,122		1,045
Macys Retail Hldgs Inc Company	Guaranty 07/24 6.650%	390,000	468		428
Macys Retail Hldgs Inc Company	Guaranty 07/34 6.700%	835,000	1,005		874
Myriad Int Holdings Bv Company	Guaranty 144A 07/20 6.000%	1,275,000	1,307		1,369
Myriad Int Holdings Bv Company	Guaranty 144A 07/25 5.500%	1,575,000	1,574		1,715
Myriad Int Holdings Bv Company	Guaranty 144A 07/27 4.850%	425,000	425		441
Navient Corp.	Sr Unsecured 06/18 8.450%	1,850,000	2,009		1,897
Nordstrom Inc	Sr Unsecured 03/28 6.950%	125,000	164		142
Petrobras Global Finance Company	Guaranty 05/23 4.375%	1,525,000	1,521		1,508
Petroleos Mexicanos Company	Guaranty 01/45 6.375%	1,250,000	1,078		1,257
Petroleos Mexicanos Company	Guaranty 01/46 5.625%	800,000	794		740
Petroleos Mexicanos Company	Guaranty 06/35 6.625%	1,425,000	1,632		1,522
Petroleos Mexicanos Company	Guaranty 08/26 6.875%	850,000	961		964
Petroleos Mexicanos Company	Guaranty 144A 03/27 6.500%	650,000	644		710
Relx Capital Company	Guaranty 01/19 8.625%	275,000	350		292
Relx Capital Company	Guaranty 10/22 3.125%	1,240,000	1,145		1,249
Rio Oil Finance Trust	Sr Secured 144A 01/27 9.750%	1,862,092	1,862		2,011
Rio Oil Finance Trust	Sr Secured 144A 07/24 9.250%	2,018,973	1,988		2,180
Royal Bk Scotlnd Grp	Plc Subordinated 12/22 6.125%	2,250,000	2,216		2,466
Royal Bk Scotlnd Grp	Plc Subordinated 12/23 6.000%	1,100,000	1,134		1,212
Telecom Italia Capital Company	Guaranty 06/18 6.999%	1,135,000	1,270		1,156
Telecom Italia Capital Company	Guaranty 06/19 7.175%	1,825,000	1,972		1,937
Telecom Italia Capital Company	Guaranty 06/38 7.721%	550,000	569		710
Telecom Italia Capital Company	Guaranty 07/36 7.200%	425,000	399		528
Time Warner Cable Inc Company	Guaranty 02/19 8.750%	335,000	443		357
Time Warner Cable Inc Company	Guaranty 02/20 5.000%	80,000	89		83
Time Warner Cable Inc Company	Guaranty 07/38 7.300%	800,000	875		1,003
Time Warner Cable Inc Company	Guaranty 09/21 4.000%	760,000	814		783
TransCanada Trust Company	Guaranty 03/77 VAR	625,000	625		645
TransCanada Trust Company	Guaranty 05/75 VAR	1,450,000	1,453		1,526
TransCanada Trust Company	Guaranty 08/76 VAR	450,000	450		487
Ultrapar International SA Company	Guaranty 144A 10/26 5.250%	700,000	687		713
Union Pacific RR Co	07 3 Pass Thru Ce 01/31 6.176%	281,863	337		325
UNP RR Co	2006 Pass Trst Pass Thru Ce 07/30 5.866%	385,919	450		435
Unum Group	Sr Unsecured 02/28 7.190%	110,000	120		132
Unum Group	Sr Unsecured 03/28 7.250%	245,000	277		308
Unum Group	Sr Unsecured 12/28 6.750%	75,000	82		92
Verizon Communications	Sr Unsecured 01/36 4.272%	3,467,000	3,375		3,449
Verizon Communications	Sr Unsecured 04/49 5.012%	975,000	964		1,023

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



	Wells Fargo & Company	Subordinated 07/27 4.300%	1,325,000	$	1,353	$	1,411
	Wells Fargo Bank NA	Unsecured 12/19 2.150%	1,750,000	1,748		1,747
	Wells Fargo Bank NA	Unsecured 12/19 VAR	900,000	900		908
	Xerox Corporation	Sr Unsecured 05/18 6.350%	380,000	446		386
	Xerox Corporation	Sr Unsecured 05/21 4.500%	395,000	414		413
	Xerox Corporation	Sr Unsecured 12/19 5.625%	665,000	754		699
	Zoetis Inc	Sr Unsecured 11/20 3.450%	450,000	449		461
	Zoetis Inc	Sr Unsecured 11/25 4.500%	775,000	773		846

	Total Corporate bonds			108,496		112,981

Mortgages
	American Express Credit Account	AMXCA 2017 3A	1,100,000	1,100		1,091
	American Express Credit Account	AMXCA 2017 4A	1,730,000	1,730		1,721
	Fannie Mae	Fnr 2007 47 PE	327,679	354		348
	Fannie Mae	Fnr 2008 24 GD	7,589	8		8
	Fannie Mae	Fnr 2009 40 TB	35,736	40		39
	Fannie Mae	Fnr 2009 53 QM	15,689	17		17
	Fannie Mae	Fnr 2010 123 WT	330,399	375		379
	Fannie Mae	Fnr 2010 136 BA	2,401,271	2,497		2,486
	Fannie Mae	Fnr 2013 118 FB	684,766	688		690
	Fannie Mae Whole Loan	Fnw 2003 W2 1A2	69,183	79		81
	Fannie Mae Whole Loan	Fnw 2004 W2 5A	42,245	49		48
	Fannie Mae Whole Loan	Fnw 2004 W8 3A	31,296	37		36
	Fannie Mae Whole Loan	Fnw 2005 W1 1A3	56,473	67		65
	Fannie Mae Whole Loan	Fnw 2007 W10 1A	103,105	117		113
	Fannie Mae Whole Loan	Fnw 2007 W10 2A	31,051	35		34
	Federal Home Loan	PC Pool 1B1150	51,523	55		54
	Federal Home Loan	PC Pool 1G2080	58,172	62		61
	Federal Home Loan	PC Pool 1G2667	26,250	28		27
	Federal Home Loan	PC Pool 1H2581	54,690	58		58
	Federal Home Loan	PC Pool 1Q0479	78,144	84		82
	Federal Home Loan	PC Pool 1Q0556	30,787	33		32
	Federal Home Loan	PC Pool 1Q0557	64,011	68		67
	Federal Home Loan	PC Pool 1Q0558	87,272	94		92
	Federal Home Loan	PC Pool 1Q1400	286,201	312		303
	Federal Home Loan	PC Pool 2B2591	510,824	525		520
	Federal Home Loan	PC Pool 2B3797	768,788	795		781
	Federal Home Loan	PC Pool 781274	39,710	42		42
	Federal Home Loan	PC Pool 782735	209,613	226		220
	Federal Home Loan	PC Pool 840380	1,214,189	1,259		1,229
	Federal Home Loan	PC Pool 840402	3,016,302	3,114		3,060
	Federal Home Loan	PC Pool 847671	29,212	31		31
	Federal Home Loan	PC Pool 848349	25,085	27		26
	Federal Home Loan	PC Pool 849254	744,479	768		774
	Federal Home Loan	PC Pool 849625	939,611	976		956
	Federal Home Loan	PC Pool C91853	1,467,413	1,527		1,524
	Federal Home Loan	PC Pool C91857	965,635	1,040		1,022
	Federal Home Loan	PC Pool E02703	668,041	710		695
	Federal Home Loan	PC Pool G01665	91,317	101		101
	Federal Home Loan	PC Pool G01749	40,047	44		44
	Federal Home Loan	PC Pool G01767	30,134	35		34
	Federal Home Loan	PC Pool G01777	1,280,846	1,410		1,434
	Federal Home Loan	PC Pool G03081	25,054	28		28

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



Federal Home Loan	PC Pool G04378	58,291	$	66	$	65
Federal Home Loan	PC Pool G05603	17,207	20		19
Federal Home Loan	PC Pool G05862	60,633	66		67
Federal Home Loan	PC Pool G06238	52,655	58		59
Federal Home Loan	PC Pool G06570	65,183	72		73
Federal Home Loan	PC Pool G06932	591,250	653		671
Federal Home Loan	PC Pool G07074	959,953	1,062		1,063
Federal Home Loan	PC Pool G07568	1,364,728	1,455		1,456
Federal Home Loan	PC Pool G07596	755,080	808		818
Federal Home Loan	PC Pool G08583	1,776,971	1,929		1,890
Federal Home Loan	PC Pool G08759	1,832,375	1,962		1,948
Federal Home Loan	PC Pool G08768	3,320,375	3,553		3,529
Federal Home Loan	PC Pool G12277	14,627	16		15
Federal Home Loan	PC Pool G12339	39,673	43		41
Federal Home Loan	PC Pool G12758	27,658	30		29
Federal Home Loan	PC Pool G13338	31,292	34		33
Federal Home Loan	PC Pool G13346	30,790	34		32
Federal Home Loan	PC Pool G13854	640,253	680		665
Federal Home Loan	PC Pool G14585	1,877,193	1,998		1,953
Federal Home Loan	PC Pool G30305	24,123	27		26
Federal Home Loan	PC Pool G30458	193,554	214		216
Federal Home Loan	PC Pool G60034	1,132,018	1,229		1,205
Federal Home Loan	PC Pool G61080	8,583,344	9,224		9,127
Federal Home Loan	PC Pool H09070	10,683	12		12
Federal Home Loan	PC Pool H09203	9,607	11		10
Federal Home Loan	PC Pool J08788	246,796	266		259
Federal Home Loan	PC Pool Q48869	2,237,537	2,402		2,378
Federal Home Loan	PC Pool V83108	2,244,762	2,405		2,389
Federal Home Loan	PC Pool V83156	2,716,321	2,917		2,888
FHLMC	MultiFamily Structured K055 X1	691,341	66		64
FHLMC	MultiFamily Structured K056 X1	294,017	26		25
FHLMC	MultiFamily Structured K057 X1	636,657	55		53
FHLMC	MultiFamily Structured K065 X1	2,729,275	152		145
FHLMC	MultiFamily Structured K066 X1	2,347,824	146		140
FHLMC	MultiFamily Structured K067 X1	6,145,640	300		292
Federal Natl Mtg Assn	Pool 256985 FN 11/37 Fixed 7.000%	33,943	39		39
Federal Natl Mtg Assn	Pool 310048 FN 02/38 Fixed Var	19,136	22		22
Federal Natl Mtg Assn	Pool 555285 FN 03/33 Fixed Var	65,319	73		74
Federal Natl Mtg Assn	Pool 677709 FN 02/33 Fixed 5.500%	72,409	80		80
Federal Natl Mtg Assn	Pool 725206 FN 02/34 Fixed Var	22,629	25		25
Federal Natl Mtg Assn	Pool 725228 FN 03/34 Fixed Var	242,000	270		275
Federal Natl Mtg Assn	Pool 725271 FN 02/19 Fixed Var	502	1		1
Federal Natl Mtg Assn	Pool 725330 FN 03/34 Fixed Var	326,959	365		371
Federal Natl Mtg Assn	Pool 735415 FN 12/32 Fixed Var	143,879	165		164
Federal Natl Mtg Assn	Pool 735523 FN 12/19 Fixed Var	1,759	2		2
Federal Natl Mtg Assn	Pool 735869 FN 08/35 Floating Var	25,495	27		27
Federal Natl Mtg Assn	Pool 745238 FN 12/20 Fixed Var	3,181	3		3
Federal Natl Mtg Assn	Pool 745303 FN 01/36 Floating Var	37,313	40		39
Federal Natl Mtg Assn	Pool 745398 FN 06/35 Fixed Var	36,031	40		41
Federal Natl Mtg Assn	Pool 745942 FN 04/34 Fixed Var	42,243	47		48
Federal Natl Mtg Assn	Pool 832257 FN 08/35 Floating Var	41,351	43		43
Federal Natl Mtg Assn	Pool 888136 FN 12/21 Fixed Var	32,626	36		34
Federal Natl Mtg Assn	Pool 888262 FN 01/22 Fixed Var	16,713	18		17
Federal Natl Mtg Assn	Pool 888291 FN 03/22 Fixed Var	62,014	68		65

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



Federal Natl Mtg Assn	Pool 888365 FN 04/22 Fixed Var	24,136	$	27	$	25
Federal Natl Mtg Assn	Pool 888366 FN 04/37 Fixed Var	550,019	637		643
Federal Natl Mtg Assn	Pool 888631 FN 08/22 Fixed Var	46,174	51		48
Federal Natl Mtg Assn	Pool 888891 FN 11/37 Fixed Var	36,314	41		41
Federal Natl Mtg Assn	Pool 888956 FN 03/36 Fixed Var	102,282	114		115
Federal Natl Mtg Assn	Pool 889390 FN 03/23 Fixed Var	61,287	67		65
Federal Natl Mtg Assn	Pool 889886 FN 12/37 Fixed Var	50,720	59		57
Federal Natl Mtg Assn	Pool 907860 FN 02/37 Floating Var	49,893	54		53
Federal Natl Mtg Assn	Pool 936482 FN 09/21 Fixed 6.000%	17,681	19		18
Federal Natl Mtg Assn	Pool 995005 FN 10/38 Floating Var	36,786	40		39
Federal Natl Mtg Assn	Pool 995212 FN 05/36 Fixed Var	110,425	123		125
Federal Natl Mtg Assn	Pool 995405 FN 10/23 Fixed Var	106,104	115		112
Federal Natl Mtg Assn	Pool 995487 FN 08/37 Fixed Var	31,456	35		36
Federal Natl Mtg Assn	Pool 995575 FN 09/36 Fixed Var	25,106	28		28
Federal Natl Mtg Assn	Pool 995597 FN 03/24 Fixed Var	24,000	26		25
Federal Natl Mtg Assn	Pool 995694 FN 12/38 Fixed Var	20,595	23		23
Federal Natl Mtg Assn	Pool 995788 FN 09/36 Fixed Var	404,073	444		447
Federal Natl Mtg Assn	Pool AB1763 FN 11/30 Fixed 4.000%	349,464	372		368
Federal Natl Mtg Assn	Pool AD0198 FN 09/38 Fixed Var	156,821	172		174
Federal Natl Mtg Assn	Pool AD0249 FN 04/37 Fixed Var	193,323	213		214
Federal Natl Mtg Assn	Pool AD0284 FN 01/24 Fixed Var	39,800	43		41
Federal Natl Mtg Assn	Pool AD0494 FN 08/37 Fixed Var	29,054	32		32
Federal Natl Mtg Assn	Pool AD0650 FN 09/39 Fixed Var	31,039	34		34
Federal Natl Mtg Assn	Pool AD0663 FN 06/36 Fixed Var	149,711	165		166
Federal Natl Mtg Assn	Pool AD0931 FN 07/35 Fixed Var	48,890	54		54
Federal Natl Mtg Assn	Pool AE0012 FN 09/38 Fixed Var	111,236	126		128
Federal Natl Mtg Assn	Pool AE0379 FN 08/24 Fixed Var	23,170	25		24
Federal Natl Mtg Assn	Pool AE0380 FN 10/24 Fixed Var	93,436	102		98
Federal Natl Mtg Assn	Pool AE0381 FN 12/24 Fixed Var	398,385	433		417
Federal Natl Mtg Assn	Pool AE0382 FN 10/24 Fixed Var	66,962	73		71
Federal Natl Mtg Assn	Pool AE0442 FN 01/39 Fixed Var	107,083	121		122
Federal Natl Mtg Assn	Pool AE0620 FN 05/24 Fixed Var	66,331	72		70
Federal Natl Mtg Assn	Pool AE0875 FN 01/25 Fixed Var	88,188	96		93
Federal Natl Mtg Assn	Pool AL0144 FN 11/37 Floating Var	4,814	5		5
Federal Natl Mtg Assn	Pool AL1043 FN 10/38 Floating Var	63,103	68		66
Federal Natl Mtg Assn	Pool AL2439 FN 06/26 Fixed Var	263,035	286		275
Federal Natl Mtg Assn	Pool AL4147 FN 01/25 Fixed Var	412,698	438		435
Federal Natl Mtg Assn	Pool AL4165 FN 01/31 Fixed Var	3,014,694	3,226		3,221
Federal Natl Mtg Assn	Pool AL4831 FN 02/44 Floating Var	1,015,092	1,051		1,055
Federal Natl Mtg Assn	Pool AL4980 FN 02/44 Floating Var	487,573	505		498
Federal Natl Mtg Assn	Pool AL5129 FN 04/44 Floating Var	1,205,536	1,243		1,247
Federal Natl Mtg Assn	Pool AL5441 FN 09/41 Fixed Var	814,460	886		879
Federal Natl Mtg Assn	Pool AL5749 FN 07/42 Fixed Var	1,055,996	1,145		1,132
Federal Natl Mtg Assn	Pool AL5931 FN 09/28 Fixed Var	575,628	610		594
Federal Natl Mtg Assn	Pool AL5957 FN 05/27 Fixed Var	1,350,934	1,452		1,407
Federal Natl Mtg Assn	Pool AL5968 FN 10/44 Floating Var	1,884,636	1,940		1,915
Federal Natl Mtg Assn	Pool AL6137 FN 07/21 Fixed Var	262,353	282		272
Federal Natl Mtg Assn	Pool AL7205 FN 12/29 Fixed Var	805,680	849		832
Federal Natl Mtg Assn	Pool AL7306 FN 09/42 Fixed Var	1,516,506	1,659		1,633
Federal Natl Mtg Assn	Pool AL7384 FN 09/45 Fixed Var	818,641	898		882
Federal Natl Mtg Assn	Pool AL8816 FN 09/45 Fixed Var	1,623,059	1,771		1,730
Federal Natl Mtg Assn	Pool AL9063 FN 02/31 Fixed Var	1,720,106	1,826		1,777
Federal Natl Mtg Assn	Pool AL9128 FN 02/46 Fixed Var	341,802	375		366
Federal Natl Mtg Assn	Pool AL9407 FN 09/42 Fixed Var	465,712	512		499

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



	Federal Natl Mtg Assn	Pool AL9535 FN 11/46 Floating Var	2,182,924	$	2,202	$	2,184
	Federal Natl Mtg Assn	Pool AL9781 FN 02/46 Fixed Var	1,580,586	1,704		1,693
	Federal Natl Mtg Assn	Pool AO0810 FN 04/42 Floating Var	1,415,054	1,465		1,474
	Federal Natl Mtg Assn	Pool AR6900 FN 03/43 Floating Var	882,221	901		883
	Federal Natl Mtg Assn	Pool AS2666 FN 06/34 Fixed 4.000%	240,516	257		254
	Federal Natl Mtg Assn	Pool AS9299 FN 03/37 Fixed 3.500%	1,000,132	1,032		1,037
	Federal Natl Mtg Assn	Pool AT7040 FN 09/44 Floating Var	148,696	153		152
	Federal Natl Mtg Assn	Pool AW4688 FN 05/44 Floating Var	613,599	632		624
	Federal Natl Mtg Assn	Pool AX2197 FN 12/44 Floating Var	666,607	685		676
	Federal Natl Mtg Assn	Pool BH9347 FN 10/47 Floating Var	1,794,677	1,831		1,822
	Federal Natl Mtg Assn	Pool BM1357 FN 01/43 Fixed Var	1,410,926	1,529		1,512
	Federal Natl Mtg Assn	Pool MA1814 FN 03/34 Fixed 4.000%	2,007,344	2,164		2,119
	Federal Natl Mtg Assn	Pool MA2055 FN 10/34 Fixed 4.000%	1,572,995	1,683		1,660
	Federal Natl Mtg Assn	Pool MA2141 FN 01/35 Fixed 4.000%	1,830,375	1,972		1,932
	Federal Natl Mtg Assn	Pool MA2366 FN 08/35 Fixed 4.000%	1,066,524	1,149		1,126
	Federal Natl Mtg Assn	Pool MA2962 FN 04/37 Fixed 3.500%	2,131,181	2,210		2,210
	Federal Natl Mtg Assn	Pool MA3894 FN 09/31 Fixed 4.000%	702,636	749		741
	Freddie Mac	Fhr 3312 AB	28,221	32		32
	Freddie Mac	Fhr 4283 EW	683,785	760		728
	Freddie Mac	Fhr 4319 MA	1,366,429	1,534		1,465
	Government National Mortgage	A GNR 2017H17FQ	2,559,627	2,563		2,565
	Vendee Mortgage Trust	Vende 1997 2 Z	68,754	82		79

	Total Mortgages			108,352		107,172

U.S. government securities
	California St	Cas 03/40 Fixed 7.625%	785,000	1,030		1,228
	California St	Cas 04/39 Fixed 7.550%	400,000	513		629
	California St	Cas 10/19 Fixed 6.200%	195,000	231		209
	California St	Cas 10/39 Fixed 7.300%	710,000	894		1,059
	Illinois St	ILS 03/18 Fixed 5.665%	2,100,000	2,349		2,111
	Illinois St	ILS 03/19 Fixed 5.887%	725,000	769		748
	Illinois St	ILS 06/33 Fixed 5.100%	1,450,000	1,378		1,448
	Illinois St	ILS 11/21 Dixed 5.000%	700,000	753		743
	New Jersey St Turnpike Auth	NJSTRN 01/40 Fixed 7.414%	375,000	479		579
	New Jersey St Turnpike Auth	NJSTRN 01/41 Fixed 7.102%	1,070,000	1,483		1,599
	TSY INFL IX	N/B 04/20 0.125%	3,028,295	3,016		3,022
	TSY INFL IX	N/B 04/21 0.125%	2,263,653	2,250		2,254
	US Treasury	N/B 03/18 0.750%	7,000,000	6,976		6,989
	US Treasury	N/B 05/19 1.250%	9,500,000	9,461		9,421
	US Treasury	N/B 07/18 0.750%	500,000	501		498
	US Treasury	N/B 07/20 1.500%	6,470,000	6,469		6,401
	US Treasury	N/B 08/22 1.625%	4,000,000	3,989		3,901
	US Treasury	N/B 08/24 1.875%	2,565,000	2,525		2,496
	US Treasury	N/B 09/19 1.375%	8,000,000	7,983		7,931
	US Treasury	N/B 11/18 1.000%	5,240,000	5,212		5,203
	US Treasury	N/B 12/17 1.000%	7,500,000	7,497		7,500

	Total U.S. government securities			65,758		65,969

Asset-backed securities
	Small Business Administration	SBAP 2001 20L 1	12,687	14		13
	Small Business Administration	SBAP 2005 20E 1	19,713	22		21
	Small Business Administration	SBAP 2005 20G 1	19,338	21		20

- 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, 2017

(thousands of dollars)

(a)

(b)

(c)

(d)

(e)

Description of Investment Including

Identity of Issue, Borrower,

Maturity Date, Rate of Interest,

Number of

Lessor, or Similar Party

Collateral, Par, or Maturity Value

Shares / Units

Cost

Current Value



		Small Business Administration	SBAP 2005 20I 1	26,683	$	30	$	28
		Small Business Administration	SBAP 2006 20A 1	21,101	24		22
		Small Business Administration	SBAP 2006 20C 1	34,850	40		37
		Small Business Administration	SBAP 2006 20G 1	52,423	60		56
		Small Business Administration	SBAP 2007 20A 1	36,708	41		39
		Small Business Administration	SBAP 2007 20C 1	73,603	83		78
		Small Business Administration	SBAP 2007 20D 1	68,640	78		73
		Small Business Administration	SBAP 2007 20G 1	40,283	46		42

		Total Assets			459		429

	Cash Equivalents
		State Street Bank & Trust Co	Short Term Investment Fund	10,059,554	10,060		10,060

	Receivables						2,193

	Liabilities						(211		)

	TOTAL SEPARATE ACCOUNT						301,546

		TOTAL INVESTMENTS PER FINANCIAL STATEMENTS					19,801,548

	PARTICIPANT LOANS		Interest rates ranging from 2.23% to 9.50%				136,977

		TOTAL INVESTMENTS PER FORM 5500					$	19,938,525

* Party-in-interest as defined by ERISA.

- 22 -

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.



	CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN

Date June 27, 2018	/s/ Christine L. Cavallo
	Chevron Corporation, Plan Administrator
	By: Christine L. Cavallo Assistant Secretary and Managing Counsel Chevron Corporation

EXHIBIT INDEX



Exhibit No.			Description

23.1			Consent of Independent Registered Public Accounting Firm, dated June 21, 2018.