Slide 1: Proxy Season 2022
the human ~@ energy company” Proxy Season 2022
Slide 2: Cautionary Statements Relevant to Forward-Looking Information
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on manag
Slide 3: Executive compensation pay elements
Pay element Purpose Base Salary Fixed level of competitive base pay to attract and retain executive talent Annual Incentive Plan (Chevron Incentive Plan–CIP) Recognize annual performance achievements in: Financial Results (35%); Capital Management (30%); Operating and Safety Performance (25%); Energ
Slide 4: Strong alignment of 2021 performance and pay outcomes
Strong alignment of 2021 performance and pay outcomes No change in 2021 CEO/NEOs target compensation 2021 bonus rating at 1.50 2019-2021 performance shares vested at 160% Earnings $15.6B >$21B increase over 2020 actual Cash flow from operating activities $29.2B >$18B increase over 2020 actual ROCE(1
Slide 5: Significant pay at risk
Significant pay at risk Rigorous goal-setting and performance evaluation by independent committee Committee oversight balances rigor and limited discretion Strong alignment of pay and performance Committee has discretion to reduce CIP and performance share payouts Robust stock ownership guidelines N
Slide 6: Chevron Incentive Plan (CIP)
Chevron Incentive Plan (CIP) Corporate Performance Rating CIP formula (overall award capped at 200% of target) Base salary Bonus Percentage (CEO target 160%; bonus opportunity range 75% - 125% of target based on individual performance) Individual Bonus Component Corporate Performance Rating Componen
Slide 7: Strong governance
Strong governance Ronald D. Sugar Lead Director Retired Chairman and CEO, Northrop Grumman Corporation (2, 3) John B. Frank Vice Chairman, Oaktree Capital Group, LLC (1) Alice P. Gast President, Imperial College London (2, 4) Enrique Hernandez, Jr. Executive Chairman, Inter-Con Security Systems, Inc
Slide 8: Responses to 2021 proxy proposals
Increased trade associations disclosures Lobbying expenditures and total annual % dues used for lobbying Updated political contributions twice a year Provided detailed scenario analysis and internal assurance review* Under NZE, traditional business model would evolve Impacts of IEA Net Zero 2050 sce
Slide 9: 2022 Stockholder proxy proposals
2022 Stockholder proxy proposals Proposal Primary filer Board recommendation highlights and additional Chevron views Item 5: Adopt medium- and long-term GHG reduction targets Follow This AGAINST: Chevron has set: (1) various GHG intensity targets through 2028; (2) a net zero aspiration by 2050 for U
Slide 10: 2022 Stockholder proxy proposals (con't)
2022 Stockholder proxy proposals (con’t) Proposal Primary filer Board recommendation highlights and additional Chevron views Item 8: Report on Business with Conflict-Complicit Governments International Brotherhood of Teamsters General Fund AGAINST: The proposal is focused on Myanmar. In January 2022