The Progression of Chevron's Income

In the early years, you were able to get a lot of your revenue from pension money. How did that work out for Chevron? Well, we needed an option for it to provide lifetime income. We knew about annuities and so part of the money was going into annuities. And even though the temptation was let's take all of the commission up front, we were never those people. So we were the ones that did a step down and said, well, let's take a chunk of commission up front and then let's take the trails.

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