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The Newsletter of the Chevron UK Pensioners’ Association IN SIGHT ISSUE 36 Date of last supplementation Spring 2017 For Chevron UK pensioners It was December 2013 INSIDE For Caltex UK Expatriate THIS ISSUE pensioners it was 1st September 2012 General p.1 Chairman’s Letter p.2 - 4 CHAIRMAN MEETS WITH CHEVRON HEAD Various p.5 OF TOTAL REMUNERATION I’ll drink to that p.6 On 21st March Association Chairman Alan Higgins met with names p.7 Chevron Global Head of Total Remuneration Taryn Shawstad at Canary Wharf in . Our raison d’etre p.8 Mrs. Shawstad is based in San Ramon, California. Jokes p.9 Not surprisingly our long awaited pension supplementation Equitable Life p.10 was top of the agenda. Various p.11 Company news p.12 COMPANY CANCEL RETIREE WELFARE PROGRAMME Commencing in 1987 when it was first introduced by Texaco the Retiree Welfare Programme has been a lifeline to former Please check employees of heritage Chevron, Gulf and Texaco. theaddress label Sadly it has been announced that the Welfare Programme on the envelope is no more - but the Association has a cunning plan! for your current All is revealed in our Chairman’s letter overleaf. subscription status 1) Standing Order STRENGTH IN NUMBERS 2) Subscription due In these difficult times it has never been more important for this MMMM/YYYY=date Association to have strength in numbers. Our membership is your annual now over 1000 strong but extra members can only strengthen subscription due. our voice. Please ask your old colleagues and any new retirees 3) FYI you may know to join us. See page 8 for our ‘raison d’etre’. Chevron Insight Newsletter:Layout 1 4/20/17 9:22 AM Page 2

LETTER FROM THE CHAIRMAN

Once again here at the very end of March, the daffodils are almost out in , probably a month earlier than usual! It has undoubtedly been quite a different winter here in the northeast of Scotland because thus far, very little snow and many simply beautiful days, albeit very cold but with glorious sunshine! Carpets of crocuses across the city will give way to the beautiful yellow of the daffodils beside all our roads, providing a real lift for everybody heading in and out of Aberdeen! Sadly the industry position in Aberdeen has steadily worsened over the last few months. There continue to be many company closures with literally thousands of redundancies, more than 120,000 in the last two years - and these are having a knock-on effect right across the city! Many other businesses are now being forced to close - shops, , restaurants – and I am sure some of them have gone for good! Saying that however, there are just a few glimmers of hope that maybe the worst is now past, only time will tell! There have also been a number of major mergers in recent weeks. There will undoubtedly be some fall-out from these, but it is generally recognised that the industry is now leaner and more economically effective than has been the case for many years! It is now more than 40 months since our last pensions supplementation! Far too long - with many retiree costs creeping steadily upwards. While we recognise the pressures on the Company during these difficult times, it is just oh so easy to let pensions supplementations become a really low priority and yet so many people who gave their all working for the Company in the past, are the ones who ultimately suffer! Here in Scotland, not only do we have increased taxes imposed by the Scottish Parliament, but now local councils have also been given the freedom to increase council taxes by some 3%, making quite a considerable increase for pensioners to swallow! I am sure it is just the same in , and Northern Ireland too! Increased heating and fuel costs have also had an effect, the latter then feeding through to supermarket prices, not to mention those other costs like insurance and utilities, that just quietly creep upwards on direct debits while you are not really looking! On the other hand, the banks continue to reduce interest rates to almost nothing at all, which in turn produces absolutely nothing from any savings retirees might have!

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Inflation is beginning to rise as a result of these price changes. RPI reached 2.5% and CPI 1.6% last month – and continuing inexorably to trend upward. It is also worth making the point that the majority of British companies, as evidenced by members with pensions from sources other than Chevron, report these are reviewed on the basis of RPI and NOT CPI, as Chevron does! However, with the Bank of England now forecasting inflation to reach 2.8% by the first half of 2018, before dropping back to 2.4% in three years time, I think it is actually anyone’s guess as to what the real situation will be by then. But from the current situation, it is now time the Company took note and recognised the plight of their former employees here in the UK. The Association continues to work hard to try and bring these issues to the Company’s attention, both in writing to the Company and seeking meetings with senior Company personnel, to make representations on this extremely unsatisfactory situation. We are also extremely disappointed at the demise of the Chevron Retiree Welfare Programme. We understand that this has been of real benefit to many pensioners since 1987, when first introduced by Texaco. Since the Texaco merger, former employees from the heritage Chevron, Gulf and Texaco companies have received annual advantages, at an absolutely minimum cost to the Company. But what is even more distressing is that this programme cessation has not been announced to retirees from the date of closure - and will not be so until the next edition of ‘Retiree News’! It has just been allowed to wither by word of mouth! I think you will agree that this is rather a sad situation for those who have been involved since 1987. The Association Committee held its AGM in London on 10 November last year, at which time Mr Alan Dennison stepped up to the plate and was elected as a committee member. Thank you very much to him for that! The Committee then held a meeting earlier this year in February, with a number of relevant topics being discussed. We will also hold another meeting in July, to prepare for our AGM on 9 November 2017, which will be held at the same venue as last year, namely Kingsway College, Victoria Rooms, Vincent Square,London. This in itself raises another very interesting issue. So strongly do many retirees feel about this situation that with some coordination provided by the Association, some former Company LCP’s are hoping to continue to arrange annual lunches in their local areas AT ACTUAL COST. Where such lunches can be arranged with the support of local retirees, they will be entirely independent and in no way subsidised by the Company. If you are 3 Chevron Insight Newsletter:Layout 1 4/20/17 9:22 AM Page 4

interested in attending a lunch in your area, or indeed would be willing to arrange one yourself, then please do let the Association know. As a start, we have a page on our website which details all the lunches we know about and also potential lunches right across the country. (http://www.cukpa.org.uk/newsite/?page_id=1226) If you have any questions, then Dave Poulter and I would be delighted to hear from you – and we will put you in touch with the people local to your area, who may already have something underway. If there is nothing as yet in your local area, maybe you would be willing to get something started? Please do not hesitate to get in touch and we will help if we possibly can. Thank you very much for your support, this is very much appreciated by all. Incidentally, I learned recently that at one time some of the senior managers from Pembroke became ‘Visiting Members’, the forerunners of Chevron LCP’s, when they retired – a really nice touch! We think our volunteers should now be called ‘Lunch Coordinators’ or LC’s – does anyone have any better ideas? In conclusion, while I would like to thank all our members for their continued and valuable support, I would also sincerely like to thank the Association Committee for their continued support, assistance and commitment in keeping everything going as best we can. We all recognise that without this hard work from everyone in their own way, the Association simply could not continue. These are difficult times but it is absolutely essential to stay strong and keep the torch burning brightly for everyone. We can only do our best! Thank you so much for your continued support! ALAN HIGGINS

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Lessons from Confucius 1. Do not walk behind me, for I may not lead. Do not walk ahead of me, for I may not follow. Do not walk beside me for the path is narrow. In fact, just ‘p’ off and leave me alone. 2. Sex is like air. It's not that important unless you aren't getting any. 3. No one is listening until you pass wind. 4. Never test the depth of the water with both feet. 5. If you think nobody cares whether you're alive or dead, try missing a couple of direct debits. 6. Before you criticize someone, you should walk a mile in their shoes. That way, when you criticize them, you're a mile away and you have their shoes. 7. If at first you don't succeed, sky-diving is not for you. 8. Give a man a fish and he will eat for a day. Teach him how to fish, and he will sit in a boat and drink beer all day. 9. Some days you are the dog, some days you are the tree. 10. A closed mouth gathers no foot. 11. There are two excellent theories for arguing with women. Neither one works. 12. When we are born, we are naked, wet and hungry, and then get slapped on our ass to make us cry. Things just go downhill from there.

Help Please We are unable to trace: Mr Brian Barnett, Mr Brian B. Cockram, Mr Brian Giddings, Mr D Greening, Mr & Mrs R Jewers, Mrs MECS, WW Stiles, TM Thomas, JL Williamson, Mr Reg. Wilson, can you please help with more information: A. Lovell paid us for the first time on the 1st December 2014, and Mr John Herbert paid us for the first time on the 1st June 2016, we have no details about them. Also Earthport Plc paid us £5 on the 14 March 2016 does anyone know who the member could be please. For any information about the above please contact Dave Poulter, email [email protected], Phone 01245601451, or 98 Goshawk Drive, , , CM2 8XP.

YOUR ANNUAL SUBS In March 2015 we revised our membership subscriptions - first change since 2003. Subs are now £10 pa for under age 80 and £5 for the over 80’s as well as surviving spouses. Would you please check your bank standing orders to ensure that you are paying the correct amount. Many members are still continuing to pay the old amount of £7 for the under 80’s.

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I’LL DRINK TO THAT! 1. What drink was first introduced in Somerset in the 1930’s and was named after the scientific name for the blackcurrant? 2. The Coca Cola Company has it’s headquarters in which American state? 3. How many units of alcohol are there in total in a bottle of wine that has an alcohol volume of 12%? 4. What liqueur shares it’s name with the Dutch word for ’lawyer’. 5. What drink is sometimes referred to as ’Adams ale’? 6. What drink brand originated in the 19th century when the owner of an oyster bar in London began offering a gin based drink with a mixture of herbs and liqueurs as an aid to digestion, serving it in a small tankard known as a ’number one cup’? 7. In the first chapter of Alice’s Adventures in Wonderland, what happens to Alice when she drinks from a bottle labelled ‘drink me’? 8. What are the four types of alcoholic drink mentioned in the lyrics of the 1997 hit single ‘Tubthumping’ by Chumbawumba? 9. Best known for their machines that allow people to make their own carbonated drinks at home, what company reintroduced their slogan ‘get busy with the fizzy’ in 2010? 10. Which cocktail is reportedly named after a surfer who, after losing a contest, had too many drinks and kept bumping into furniture? Answers on page 11

NOW IS THE TIME “Americans can always be counted on to do the right thing; after they have exhausted all other possibilities” Winston Churchill

We suspect that Winston wasn’t talking about Chevron when he made this statement! But after 40 months without a supplementation surely now is the right time to do ‘the right thing’.

GULF REUNION The next GULF get together will be at the (off Portland St.) on Tuesday 6th June. Meet up at noon. These get togethers are organized by Nick Burrell who can be contacted by email - [email protected] or phone - 07968 030777

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CANAL PUB NAMES From the Navigation Inn and Sloop Inn to the Bricklayer’s Arms, many canal and riverside pubs take their name either from their watery locations, cargo-bearing boats or the labourers that toiled nearby. Let’s take a look at some of these pubs that still have their ale taps flowing today…

The Shroppie Fly, Union Canal The Shropshire Union Canal, nicknamed ‘the Shroppie’, was completed in 1835 by Thomas Telford. This was quite late on in the canal-building era, and was during a period when were cut more ruthlessly through the landscape, tacking hills and contours with flights of locks – such as the 15 locks at , where you’ll find the Shroppie Fly pub. This canal-side pub used to be a warehouse, served by ‘fly’ boats that transported cargo along the ‘the Shroppie’ 24 hours a day. The pub’s bar is built in the shape of a narrowboat. The Shroppie Fly, Audlem Wharf, Shropshire Street, Audlem, Crewe CW3 0DX http:// www.shroppiefly.com/

Llandoger Trow, This famous Bristol pub near the historic docks is rumoured to be the watering hole where Daniel Defoe met Alexander Selkirk, the inspiration for Robinson Crusoe. is a village northwest of Bristol on the in Monmouthshire, where trows (flat-bottomed barges) were once built. These craft, along with ‘sloops’ (one-masted sailing boats), shipped timber and charcoal downriver to and Bristol for boat-building. In Llandogo itself there is a pub called the Sloop Inn. The Llandoger Trow, Llandoger Row, Kings Street, Bristol BS1 4ER

Prospect of , A true London institution, the is the oldest pub on the Thames, dating back to the time of Henry VIII. Originally named The Pelican, it was long referred to as the Devil’s Tavern for its reputation for attracting smugglers, thieves and pirates to plot their dark deeds. The pub was rebuilt after a fire in the 18th century and is believed to have been named after a Whitby collier who used to moor on the bank outside the pub in his boat The Prospect. He was such a regular fixture that locals would direct visitors looking for the pub by telling them it was right next to the Prospect of Whitby, and the name supposedly stuck. Prospect of Whitby, 57 Wall, Wapping, London, E1W 3SH

Tide End Cottage This early-19th century pub sits 50 yards from the River Thames in in the London Borough of Richmond upon Thames. It’s so named because downstream from Teddington Lock the Thames is tidal – in fact, the river below the lock is salt water, despite being over 30 miles from the coast. The pub’s beautiful sign depicts the “small ships” that were assembled at nearby Tough’s Boatyard in 1940, to sail across the Channel to help the in the Dunkirk evacuation. Tide End Cottage, 8 Ferry Road, Teddington, Middlesex TW11 9NN http://www.tideendcottage-teddington.co.uk/

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OUR RAISON D’ETRE The Association is an independent voluntary group funded by member subscriptions, whose purpose is to represent and assist Chevron retirees in resolving any type of pensioner issues. Upon retirement a Chevron pensioner finds him/herself in a more dependant situation to that of employment. Retiree benefits have a tendency to slip down the Company agenda in the tide of industry and world events. The Association exists to bring the plight of retirees’ financial and other circumstances to the Company’s attention. It is the sole organization focus on combatting any lethargy to ensure that the retiree benefits remain competitive with recognized indices. The Association is very appreciative of having regular and ongoing access to the ‘right’ people across the Company. To this end the Association Mission activities can be listed as:  To remind current management of the debt they owe to retirees, by striving to persuade the Company to honour past promises and obligations.  To be vexatious complainers.  To represent pensioners financial interests through constant pressure on the Company.  To engage in regular and ongoing dialogue with the right Chevron and other people.  To provide, develop and encourage communication via the website and newsletter.  To act as a direct conduit to the pension administrator re member queries and problems.  To maintain contact with current employees (and deferreds) at local offices, by all means possible.  To support and lobby on behalf of ex Caltex (UK) overeas pensioners/ deferreds.  To investigate charitable and hardship issues, where they exist amongst Chevron retirees.  To link with other industry pensioner associations.  To brief new Chevron managers on pensioner issues.  To seek and compile pensions activity and data from other competitor companies.  To defend the Company from unjust criticism when appropriate.  To be recognized and achieve deserved credit for pressing overdue supplementations.

NICE LITTLE EARNER You arrive at your hotel and check in at reception. Typically when booking in, you give reception your credit card (for any charges to your room) and they don't retain the card. You go to your room and settle in. All is good. The hotel receives a call and the caller asks for (as an example) room 620 - which happens to be your room. The phone rings in your room. You answer and the person on the other end says the following: 'This is reception, when checking in, we came across a problem with your credit card information. Please re-read me your credit card numbers and verify the last 3 digits numbers at the reverse side of your card.' Not thinking anything wrong, since the call seems to come from reception you oblige. But actually, it is a scam by someone calling from outside the hotel. They have asked for a random room number, then ask you for your credit card and address information. They sound so professional, that you think you are talking to reception. TAKE CARE

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SOUND FINANCIAL ADVICE! If you had purchased £1,000 of shares in Delta Airlines one year ago, you would have £49.00 today. If you had purchased £1,000 of shares in AIG insurance company five years ago, you would have £33.00 today. If you had purchased £1,000 of shares in Lehman Brothers nine years ago, you would have nothing today. If you had purchased £1,000 of shares in Northern Rock seven years ago, you would have nothing today. But, if you had purchased £1,000 worth of beer five years ago, drunk all the beer, then taken the aluminium cans to the scrap metal dealer, you would have received £214.00. Based on the above, the best current investment plan is to drink heavily & recycle. A recent study found that the average Briton walks about 900 miles a year. Another study found that Britons drink, on average, 22 of alcohol a year. That means that, on average, Britons get about 41 miles to the ! Makes you proud to be British!

For those who do not listen to the 'Today' programme on BBC Radio 4, this is English humour at its best. Right at the end of a programme recently, there was a discussion about the cost of entry into Premiership football matches where ticket prices of £60 or £100 per game is not uncommon. An elderly chap being interviewed said he could recall many years ago arriving at the turnstiles when the attendant greeted him with: "That will be ten quid, mate". "What?!" the old chap said, "I could get a woman for that!" Without batting an eyelid, the fellow on the turnstile retorted, "Not for 45 minutes each way with a brass band and a meat pie in the interval you couldn't!”

Two friends meet after many years and talk about their past life. One asks the other: "And how's your sex life?" "Same As Coca-Cola" "Oh great!, Full of bubbles, eh?" "Nothing like that! Before it was 'CLASSIC', then it became 'LIGHT' and now it is 'ZERO' !"

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EQUITABLE LIFE – THE LATEST NEWS As those involved with this will know, this has been a long drawn-out saga, full of both hope and despair over the past seventeen years. I do not intend to dwell on the history, other than to say that in August 2008, the Parliamentary Ombudsman agreed that the victims of this debacle should be compensated in full. As we all know, this still has not happened - although the compensation scheme broke the ice in 2011, with some people receiving slightly more than 20% of the money lost. The All Party Parliamentary Group (APPG) - ‘Justice for Equitable Life Policyholders’ - is now the largest APPG in Parliament, with some 227 MP’s involved. If you have not already done so, I would urge you to get your own MP to join the group. Under the chairmanship of Mr Bob Blackman MP Harrow East (Con), there was an intense two-hour debate on 23 March 2017, with comments from many group members. (The details are available from Hansard online). At the end of the debate, Mr Simon Kirby MP Economic Secretary to the Treasury (City Minister) reiterated the Government’s position – again - repeating the same story we have all heard so many times, since the far-off days of Gordon Brown as Prime Minister.

To quote from the end of his speech - In conclusion, I appreciate that some policyholders who have carefully invested for their retirement are now not receiving the income they expected, but we have done more than any other Government to resolve the Government’s part in the Equitable Life issue. We have committed £1.5 billion. We have paid out the £1.12 billion, with more to come, and we have struck the right balance, which is fair to the British taxpayer and supportive to those most vulnerable policyholders.

Following this, Mr Blackman concluded the debate with the following resolution - That this House welcomes the Government’s acceptance in full of the Parliamentary Ombudsman’s findings in relation to its maladministration with regard to Equitable Life; notes that the Parliamentary Ombudsman recommended that policyholders should be put back in the position they would have been had maladministration not occurred; further notes that the overwhelming majority of victims have only received partial compensation compared to the confirmed losses directly attributed to regulatory failures; regrets that the Government made no further funding available in the Spring Budget 2017; and calls on the Government to make a commitment to provide full compensation to victims of the scandal as the economy continues to recover. The fight goes on.

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GOLF SOCIETY FIRST MEETING IN 2017, 5th June Monday 5 June at The Monmouthshire, Llanfoist, Abergavenny, Gwent, NP7 9HE Tel: 01873 852606. Web: www.monmouthshiregolfclub.co.uk George Metcalf Shield open to ex employees and their wives – full handicap (maximum 24) plus a Guest Stableford – full handicap. Suggest you arrive by 10.30am. Please note coffee and rolls are for your own account. 1st tee off is 11.30am. The cost is £36 (same price as last year) and includes a two course meal following the golf. Directions: See website or take A40 through Raglan towards Abergavenny onto A465 to Llanfoist. Then left onto B4269 towards Llanellen (the golf course is approximately 1 mile along B4269). Deposits will not be taken. However, golfers who commit to playing and subsequently cancel at short notice or do not show up will be asked to pay any unrecoverable costs. Dress Code: Smart casual (no jeans, no trainers). For more details Contact : Steve Bennett, Pitch Barn, Old Garden Farm, Rockfield, Monmouth, NP25 5QE Tel: (Home) 01600 772131 (Mobile) 07850 322084 Email: [email protected] Or visit our website www.cukpa.org.uk

Answers to ‘I’ll drink to that’ quiz on page 6 1.Ribena 2. Georgia (Atlanta) 3. 9 - the volume in litres (0.75) multiplied by the alcoholic volume. 4. Advocaat. 5. Water. 6. Pimm’s (Pimm’s Number One Cup is the most popular Pimm’s drink). 7. She shrinks. 8. Whiskey, lager, cider, vodka. 9. Sosa Stream. 10. Harvey Wallbanger (after Tom Harvey).

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Chevron COMPANY NEWS UK Pensioners’ San Ramon, Calif., Jan. 27, 2017 – Chevron Corporation Association (NYSE: CVX) today reported earnings of $415 million ($0.22 Contact the Treasurer per share – diluted) for fourth quarter 2016, compared with C/o 98 Goshawk Drive a loss of $588 million ($0.31 per share – diluted) in the 2015 CHELMSFORD fourth quarter. Foreign currency effects increased earnings Essex CM2 8XP in the 2016 quarter by $26 million, compared with an increase Phone: 01245-601451 of $46 million a year earlier. Full-year 2016 results were a Fighting for You loss of $497 million ($0.27 per share – diluted) compared with earnings of $4.6 billion ($2.45 per share – diluted) in Helping You 2015. Sales and other operating revenues in fourth quarter Informing You 2016 were $30 billion, compared to $28 billion in the year-ago period. YOUR COMMITTEE Chairman NEW YORK, N.Y., March 7, 2017 – Chevron Corporation Alan Higgins (NYSE: CVX) hosted its annual security analyst meeting ([email protected]) in New York where executives highlighted the company's Secretary growing free cash flow from its advantaged portfolio. Dave Low “We intend to be cash balanced in 2017, and to grow ([email protected]) free cash flow in the years thereafter,” said John Watson, Treasurer Chevron’s chairman and chief executive officer. “We're Dave Poulter finishing projects under construction, which adds revenue ([email protected]) and reduces spend. We’re concentrating our new investments on short cycle-time, high-return opportunities from our Insight Editor advantaged positions such as the Permian basin.” Dick Marland Watson noted 75 percent of the company’s 2017 capital ([email protected]) budget is expected to generate cash within the next two years. Trevor Jones Neil Jones Doug Reoch Chevron Share price at 2nd April = $107.26 Ted Williams Alan Dennison Your Pension Website Editor Dave Poulter Don’t forget any pension queries, address changes or bank changes, should be advised to Chevron Pensions. Don’t forget to visit Aon Hewitt Ltd. HD8 1EG - Freephone 0800 the Association website 585824 or from outside the UK - +44 (0)1442 205236 www.cukpa.org.uk or Email: [email protected] Insight is edited You can also check your pension details or access a pension and published by payslip via www.chevronukpension.co.uk and then logging Dick Marland on to your account. 01889 359802