Chevron Corp. has advised shareholders to reject private investment manager TRC Capital Corporation's mini tender offer to purchase up to 0.052%, or 1 million shares, of the oil major's common shares at $114.00 per share.

The company cautioned shareholders that the offer is 4.21% below the closing price of Chevron's stock on Aug. 24, the last trading day prior to the date of the offer, and 4.09% below its closing price of $118.87 per share on Sept. 4.