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Chevron Corp. – ‘S-4’ on 2/26/24 – ‘EX-99.2’

On:  Monday, 2/26/24, at 4:25pm ET   ·   Accession #:  1193125-24-46223   ·   File #:  333-277356

Previous ‘S-4’:  ‘S-4/A’ on 8/15/23   ·   Next:  ‘S-4/A’ on 3/28/24   ·   Latest:  ‘S-4/A’ on 4/24/24   ·   23 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/26/24  Chevron Corp.                     S-4                  151:45M                                    Donnelley … Solutions/FA

Registration Statement – Securities for a Merger   —   Form S-4   —   SA’33

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-4         Registration Statement - Securities for a Merger    HTML  10.94M 
 2: EX-5.1      Opinion of Counsel re: Legality                     HTML     44K 
 3: EX-8.1      Opinion of Counsel re: Tax Matters                  HTML     44K 
 4: EX-21.1     Subsidiaries List                                   HTML     44K 
 5: EX-23.2     Consent of Expert or Counsel                        HTML     37K 
 6: EX-23.3     Consent of Expert or Counsel                        HTML     38K 
 7: EX-23.4     Consent of Expert or Counsel                        HTML     39K 
 8: EX-24.1     Power of Attorney                                   HTML     64K 
12: EX-FILING FEES  Filing Fees                                     HTML     48K 
 9: EX-99.1     Miscellaneous Exhibit                               HTML     50K 
10: EX-99.2     Miscellaneous Exhibit                               HTML     41K 
11: EX-99.3     Miscellaneous Exhibit                               HTML     38K 
18: R1          Cover Page                                          HTML     74K 
19: R2          Consolidated Statement of Income                    HTML    130K 
20: R3          Consolidated Statement of Comprehensive Income      HTML    114K 
21: R4          Consolidated Balance Sheet                          HTML    188K 
22: R5          Consolidated Balance Sheet (Parenthetical)          HTML     65K 
23: R6          Consolidated Statement of Cash Flows                HTML    121K 
24: R7          Consolidated Statement of Equity                    HTML    128K 
25: R8          Consolidated Statement of Equity (Parenthetical)    HTML     48K 
26: R9          Pay vs Performance Disclosure                       HTML    386K 
27: R10         Summary of Significant Accounting Policies          HTML     71K 
28: R11         Changes in Accumulated Other Comprehensive Losses   HTML     76K 
29: R12         Information Relating to the Consolidated Statement  HTML    118K 
                of Cash Flows                                                    
30: R13         New Accounting Standards                            HTML     53K 
31: R14         Lease Commitments                                   HTML    173K 
32: R15         Summarized Financial Data - Chevron U.S.A. Inc.     HTML     56K 
33: R16         Summarized Financial Data - Tengizchevroil LLP      HTML     57K 
34: R17         Summarized Financial Data - Chevron Phillips        HTML     55K 
                Chemical Company LLC                                             
35: R18         Fair Value Measurements                             HTML    109K 
36: R19         Financial and Derivative Instruments                HTML     90K 
37: R20         Assets Held for Sale                                HTML     41K 
38: R21         Equity                                              HTML     47K 
39: R22         Earnings Per Share                                  HTML     67K 
40: R23         Operating Segments and Geographic Data              HTML    158K 
41: R24         Investments and Advances                            HTML    120K 
42: R25         Litigation                                          HTML     79K 
43: R26         Taxes                                               HTML    155K 
44: R27         Properties, Plant and Equipment                     HTML    121K 
45: R28         Short-Term Debt                                     HTML     55K 
46: R29         Long-Term Debt                                      HTML     84K 
47: R30         Accounting for Suspended Exploratory Wells          HTML     73K 
48: R31         Stock Options and Other Share-Based Compensation    HTML     70K 
49: R32         Employee Benefit Plans                              HTML    478K 
50: R33         Other Contingencies and Commitments                 HTML     56K 
51: R34         Asset Retirement Obligations                        HTML     56K 
52: R35         Revenue                                             HTML     46K 
53: R36         Other Financial Information                         HTML     58K 
54: R37         Financial Instruments - Credit Losses               HTML     45K 
55: R38         Acquisition of PDC Energy, Inc.                     HTML     52K 
56: R39         Agreement to Acquire Hess Corporation               HTML     54K 
57: R40         Schedule II - Valuation and Qualifying Accounts     HTML     65K 
58: R41         Summary of Significant Accounting Policies          HTML    108K 
                (Policies)                                                       
59: R42         Changes in Accumulated Other Comprehensive Losses   HTML     75K 
                (Tables)                                                         
60: R43         Information Relating to the Consolidated Statement  HTML    129K 
                of Cash Flows (Tables)                                           
61: R44         Lease Commitments (Tables)                          HTML    127K 
62: R45         Summarized Financial Data - Chevron U.S.A. Inc.     HTML     57K 
                (Tables)                                                         
63: R46         Summarized Financial Data - Tengizchevroil LLP      HTML     56K 
                (Tables)                                                         
64: R47         Summarized Financial Data - Chevron Phillips        HTML     54K 
                Chemical Company LLC (Tables)                                    
65: R48         Fair Value Measurements (Tables)                    HTML    102K 
66: R49         Financial and Derivative Instruments (Tables)       HTML    114K 
67: R50         Earnings Per Share (Tables)                         HTML     65K 
68: R51         Operating Segments and Geographic Data (Tables)     HTML    153K 
69: R52         Investments and Advances (Tables)                   HTML    114K 
70: R53         Taxes (Tables)                                      HTML    157K 
71: R54         Properties, Plant and Equipment (Tables)            HTML    119K 
72: R55         Short-Term Debt (Tables)                            HTML     53K 
73: R56         Long-Term Debt (Tables)                             HTML     85K 
74: R57         Accounting for Suspended Exploratory Wells          HTML     73K 
                (Tables)                                                         
75: R58         Stock Options and Other Share-Based Compensation    HTML     64K 
                (Tables)                                                         
76: R59         Employee Benefit Plans (Tables)                     HTML    477K 
77: R60         Asset Retirement Obligations (Tables)               HTML     52K 
78: R61         Acquisition of PDC Energy, Inc. (Tables)            HTML     49K 
79: R62         Summary of Significant Accounting Policies          HTML     60K 
                (Details)                                                        
80: R63         Changes in Accumulated Other Comprehensive Losses   HTML     99K 
                (Details)                                                        
81: R64         Information Relating to the Consolidated Statement  HTML    137K 
                of Cash Flows - Summary of Information (Details)                 
82: R65         Information Relating to the Consolidated Statement  HTML     46K 
                of Cash Flows - Narrative (Details)                              
83: R66         Information Relating to the Consolidated Statement  HTML     50K 
                of Cash Flows - Cash Balances (Details)                          
84: R67         Lease Commitments - Balance Sheets (Details)        HTML     82K 
85: R68         Lease Commitments - Lease Cost (Details)            HTML     45K 
86: R69         Lease Commitments - Cash Paid (Details)             HTML     48K 
87: R70         Lease Commitments - ASC 842 (Details)               HTML     79K 
88: R71         Lease Commitments - Narrative (Details)             HTML     40K 
89: R72         Summarized Financial Data - Chevron U.S.A. Inc. -   HTML     62K 
                Summary of Income Statement Information (Details)                
90: R73         Summarized Financial Data - Chevron U.S.A. Inc. -   HTML     79K 
                Summary of Balance Sheet Information (Details)                   
91: R74         Summarized Financial Data - Tengizchevroil LLP -    HTML     71K 
                Summary of Income Statement Information (Details)                
92: R75         Summarized Financial Data - Tengizchevroil LLP -    HTML     77K 
                Summary of Balance Sheet Information (Details)                   
93: R76         Summarized Financial Data - Chevron Phillips        HTML     72K 
                Chemical Company LLC - Summary of Income Statement               
                Information (Details)                                            
94: R77         Summarized Financial Data - Chevron Phillips        HTML     77K 
                Chemical Company LLC - Summary of Balance Sheet                  
                Information (Details)                                            
95: R78         Fair Value Measurements - Summary of Assets and     HTML     91K 
                Liabilities Measured on a Recurring Basis                        
                (Details)                                                        
96: R79         Fair Value Measurements - Summary of Assets and     HTML     67K 
                Liabilities Measured On a Non-Recurring Basis                    
                (Details)                                                        
97: R80         Fair Value Measurements - Narrative (Details)       HTML     74K 
98: R81         Financial and Derivative Instruments - Fair Value   HTML     53K 
                of Derivatives Not Designated as Hedging                         
                Instruments (Details)                                            
99: R82         Financial and Derivative Instruments - Effect of    HTML     50K 
                Derivatives Not Designated On Hedging Instruments                
                (Details)                                                        
100: R83         Financial and Derivative Instruments - Additional   HTML     51K  
                Information (Details)                                            
101: R84         Financial and Derivative Instruments - Effect of    HTML     92K  
                Netting Derivative Assets and Liabilities                        
                (Details)                                                        
102: R85         Assets Held for Sale (Details)                      HTML     41K  
103: R86         Equity (Details)                                    HTML     59K  
104: R87         Earnings Per Share (Details)                        HTML     82K  
105: R88         Operating Segments and Geographic Data - Narrative  HTML     43K  
                (Details)                                                        
106: R89         Operating Segments and Geographic Data - Segment    HTML     76K  
                Earnings (Details)                                               
107: R90         Operating Segments and Geographic Data - Segment    HTML     73K  
                Assets (Details)                                                 
108: R91         Operating Segments and Geographic Data - Segment    HTML     83K  
                Sales and Operating Revenues (Details)                           
109: R92         Operating Segments and Geographic Data - Segment    HTML     57K  
                Income Taxes (Details)                                           
110: R93         Investments and Advances - Summary of Investment    HTML     87K  
                and Advances and Equity in Earnings (Details)                    
111: R94         Investments and Advances - Narrative (Details)      HTML     84K  
112: R95         Investments and Advances - Summary of Financial     HTML    144K  
                Information of All Equity Affiliates (Details)                   
113: R96         Litigation (Details)                                HTML     64K  
114: R97         Taxes - Summary of Components of Income Tax         HTML     66K  
                (Details)                                                        
115: R98         Taxes - Effective Income Tax Reconciliation         HTML     79K  
                (Details)                                                        
116: R99         Taxes - Narrative (Details)                         HTML     63K  
117: R100        Taxes - Summary of Deferred Tax Assets and          HTML     83K  
                Liabilities (Details)                                            
118: R101        Taxes - Summary of Unrecognized Income Tax          HTML     73K  
                Benefits and Taxes Other Than on Income (Details)                
119: R102        Properties, Plant and Equipment (Details)           HTML     92K  
120: R103        Short-Term Debt - Summary (Details)                 HTML     58K  
121: R104        Short-Term Debt - Narrative (Details)               HTML     47K  
122: R105        Long-Term Debt (Details)                            HTML    162K  
123: R106        Accounting for Suspended Exploratory Wells -        HTML     58K  
                Summary of Changes and Aging of Capitalized Well                 
                Costs (Details)                                                  
124: R107        Accounting for Suspended Exploratory Wells -        HTML     63K  
                Narrative (Details)                                              
125: R108        Accounting for Suspended Exploratory Wells - Aging  HTML     65K  
                of Costs on a Well and Project Basis (Details)                   
126: R109        Stock Options and Other Share-Based Compensation -  HTML    126K  
                Narrative (Details)                                              
127: R110        Stock Options and Other Share-Based Compensation -  HTML     91K  
                Summary of Valuation Assumptions and Activity                    
                (Details)                                                        
128: R111        Employee Benefit Plans - Narrative (Details)        HTML    145K  
129: R112        Employee Benefit Plans - Summary of Change in       HTML    113K  
                Benefit Obligation and Plan Assets (Details)                     
130: R113        Employee Benefit Plans - Summary of Balance Sheet   HTML     61K  
                Components (Details)                                             
131: R114        Employee Benefit Plans - Amounts Recognized in      HTML     56K  
                Accumulated Other Comprehensive Loss (Details)                   
132: R115        Employee Benefit Plans - Accumulated Benefit        HTML     53K  
                Obligation in Excess of Plan Assets (Details)                    
133: R116        Employee Benefit Plans - Net Periodic Benefit Cost  HTML    110K  
                (Details)                                                        
134: R117        Employee Benefit Plans - Assumptions (Details)      HTML     67K  
135: R118        Employee Benefit Plans - Plan Assets (Details)      HTML    245K  
136: R119        Employee Benefit Plans - Summary of Change in       HTML     73K  
                Assets Measured at Level 3 (Details)                             
137: R120        Employee Benefit Plans - Expected Benefit Payments  HTML     61K  
                (Details)                                                        
138: R121        Other Contingencies and Commitments (Details)       HTML     89K  
139: R122        Asset Retirement Obligations (Details)              HTML     55K  
140: R123        Revenue (Details)                                   HTML     41K  
141: R124        Other Financial Information (Details)               HTML     90K  
142: R125        Financial Instruments - Credit Losses (Details)     HTML     52K  
143: R126        Acquisition of PDC Energy, Inc. - Narrative         HTML     48K  
                (Details)                                                        
144: R127        Acquisition of PDC Energy, Inc. - Schedule of       HTML     63K  
                Recognized Identified Assets Acquired and                        
                Liabilities Assumed (Details)                                    
145: R128        Agreement to Acquire Hess Corporation (Details)     HTML     46K  
146: R129        Schedule II - Valuation and Qualifying Accounts     HTML     57K  
                (Details)                                                        
148: XML         IDEA XML File -- Filing Summary                      XML    294K  
151: XML         XBRL Instance -- d576159ds4_htm                      XML   7.24M  
147: EXCEL       IDEA Workbook of Financial Report Info              XLSX    314K  
14: EX-101.CAL  XBRL Calculations -- cvx-20231231_cal                XML    354K 
15: EX-101.DEF  XBRL Definitions -- cvx-20231231_def                 XML   1.32M 
16: EX-101.LAB  XBRL Labels -- cvx-20231231_lab                      XML   2.41M 
17: EX-101.PRE  XBRL Presentations -- cvx-20231231_pre               XML   2.00M 
13: EX-101.SCH  XBRL Schema -- cvx-20231231                          XSD    340K 
149: JSON        XBRL Instance as JSON Data -- MetaLinks              936±  1.41M  
150: ZIP         XBRL Zipped Folder -- 0001193125-24-046223-xbrl      Zip   8.56M  


‘EX-99.2’   —   Miscellaneous Exhibit


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



  EX-99.2  

Exhibit 99.2

200 West Street | New York, NY 10282-2198

Tel: 212-902-1000 | Fax: 212-902-3000

 

LOGO

February 26, 2024

Board of Directors

Hess Corporation

1185 Avenue of the Americas

New York, NY 10036

 

Re:

Registration Statement on Form S-4 of Chevron Corporation, filed February 26, 2024 (the “Registration Statement”)

Ladies and Gentlemen:

Reference is made to our opinion letter, dated October 22, 2023 (“Opinion Letter”), with respect to the fairness from a financial point of view to the holders (other than Chevron Corporation (“Parent”) and its affiliates) of the outstanding shares of common stock, par value $1.00 per share (the “Company Common Stock”), of Hess Corporation (the “Company”) of the exchange ratio of 1.025 shares of common stock, par value $0.75 per share, of Parent to be paid to such holders for each share of Company Common Stock pursuant to the Agreement and Plan of Merger, dated as of October 22, 2023, by and among Parent, Yankee Merger Sub Inc., a wholly owned subsidiary of Parent, and the Company.

The Opinion Letter is provided for the information and assistance of the Board of Directors of the Company in connection with its consideration of the transaction contemplated therein. We understand that the Company has determined to include our opinion in the Registration Statement. In that regard, we hereby consent to the reference to our Opinion Letter under the captions “Summary—Opinion of Hess’ Financial Advisor,” “The Merger—Background of the Merger,” “The Merger—Hess Board’s Recommendations and Its Reasons for the Transaction,” “The Merger—Opinion of Hess’ Financial Advisor”, and “The Merger—Hess Unaudited Prospective Financial Information” and to the inclusion of the foregoing opinion in the Proxy Statement/Prospectus included in the Registration Statement. Notwithstanding the foregoing, it is understood that our consent is being delivered solely in connection with the filing of the Registration Statement and that our Opinion Letter is not to be used, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with, included in or referred to, in whole or in part in any registration statement (including any subsequent amendments to the Registration Statement), proxy statement or any other document, except in accordance with our prior written consent. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.

 

Very truly yours,

/s/ GOLDMAN SACHS & CO. LLC

(GOLDMAN SACHS & CO. LLC)

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘S-4’ Filing    Date    Other Filings
Filed on:2/26/2410-K
10/22/238-K
 List all Filings 


3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/24/24  Chevron Corp.                     S-4/A                144:35M                                    Donnelley … Solutions/FA
 4/12/24  Chevron Corp.                     S-4/A                144:35M                                    Donnelley … Solutions/FA
 3/28/24  Chevron Corp.                     S-4/A                144:26M                                    Donnelley … Solutions/FA


20 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/02/24  Chevron Corp.                     8-K:5,9     1/30/24   19:8.7M
11/02/23  Chevron Corp.                     10-Q        9/30/23   84:9.8M
10/23/23  Chevron Corp.                     8-K:1,8,9  10/22/23   12:992K                                   Paul Weiss Ri… LLP 01/FA
 2/23/23  Chevron Corp.                     10-K       12/31/22  150:26M
 1/27/23  Chevron Corp.                     8-K:5,9     1/24/23   17:648K
12/08/22  Chevron Corp.                     8-K:5,9    12/07/22   11:346K
 2/01/21  Chevron Corp.                     8-K:5,9     1/26/21   13:1.2M
 8/13/20  Chevron Corp.                     8-K:8,9     8/12/20   15:1.3M                                   Donnelley … Solutions/FA
 5/12/20  Chevron Corp.                     8-K:8,9     5/11/20   14:1.2M                                   Donnelley … Solutions/FA
 5/06/20  Chevron Corp.                     10-Q        3/31/20   77:8.1M
 2/21/20  Chevron Corp.                     10-K       12/31/19  142:30M
 2/03/20  Chevron Corp.                     8-K:5,9     1/28/20   15:355K
 2/04/19  Chevron Corp.                     8-K:5,9     1/29/19    4:144K
11/02/17  Chevron Corp.                     10-Q        9/30/17   74:7.8M
 8/04/16  Chevron Corp.                     10-Q        6/30/16   77:7.8M
 2/23/12  Chevron Corp.                     10-K       12/31/11  146:16M                                    Donnelley … Solutions/FA
 2/25/10  Chevron Corp.                     10-K       12/31/09   69:6.7M                                   Donnelley … Solutions/FA
 2/26/09  Chevron Corp.                     10-K       12/31/08   37:4.4M                                   Bowne - Palo Alto/FA
 8/07/08  Chevron Corp.                     10-Q        6/30/08    7:818K                                   RR Donnelley
12/13/05  Chevron Corp.                     8-K:1,5,9  12/07/05    7:428K                                   RR Donnelley
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Filing Submission 0001193125-24-046223   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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