Chevron Corporation (NYSE: CVX) today provided an overview of the
company’s 2017 operational performance and expressed confidence in its
prospects at its 2018 Annual Meeting of Stockholders at its corporate
headquarters in San Ramon, California.
“Chevron has emerged from the changes that have reshaped the world’s
energy landscape as a stronger, leaner and more agile enterprise,” said
Michael Wirth, Chevron’s Chairman and CEO. “Last month, we reported
earnings of $3.6 billion for the first quarter, marking our best quarter
in three and a half years. During the same period, we achieved an
all-time quarterly production record for the company. Today, we stand
ready to win in any environment.”
A key corporate objective for Chevron in 2017 was to be cash balanced,
generating sufficient cash flow to cover all cash needs, even in an
environment of lower commodity prices. In 2017, reported after tax
income was $9.2 billion and full-year cash flow from operations was
$20.5 billion. In 2017, Chevron was cash balanced, without relying on
proceeds from asset sales, surpassing one of the company’s primary
corporate goals for the year.
“Chevron’s first financial priority is maintaining and growing the
dividend,” Wirth added. “In January, we announced a four percent
dividend increase, putting us on track to make 2018 the 31st consecutive
year of increased annual per-share dividend payout. Global demand for
our products continues to grow, and Chevron has many advantages as it
competes in the ever-evolving market for energy.”
Stockholders voted on 10 items. As reported during the meeting, the
preliminary report of the Inspector of Elections was as follows:
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Item 1: An average of 98 percent of the votes cast were voted for the
10 nominees for election to the board of directors.
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Item 2: Approximately 97 percent of the votes cast were voted to
ratify the appointment of PricewaterhouseCoopers LLP as the
independent registered public accounting firm for the company.
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Item 3: Approximately 93 percent of the votes cast were voted to
approve, on an advisory basis, the compensation of the company’s named
executive officers.
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Item 4: Approximately 68 percent of the votes cast were voted against
the stockholder proposal regarding a report on lobbying.
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Item 5: Approximately 93 percent of the votes cast were voted against
the stockholder proposal regarding a report on business with
conflict-complicit governments.
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Item 6: Approximately 92 percent of the votes cast were voted against
the stockholder proposal regarding a report on transition to a low
carbon business model.
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Item 7: Approximately 55 percent of the votes cast were voted against
the stockholder proposal regarding a report on methane emissions.
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Item 8: Approximately 76 percent of the votes cast were voted against
the stockholder proposal to require an independent chairman.
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Item 9: Approximately 74 percent of the votes cast were voted against
the stockholder proposal to recommend an independent director with
environmental expertise.
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Item 10: Approximately 66 percent of the votes cast were voted against
the stockholder proposal to set the special meetings threshold at 10
percent.
Final voting results will be reported on a Form 8-K, which will be filed
with the U.S. Securities and Exchange Commission and available at www.chevron.com.
Specific information about the proposals before Chevron stockholders
this year may be found in the Investor Relations section of the
company’s website under Stockholder Services – “Annual Meeting
Materials.”
Chevron Corporation is one of the world’s leading integrated energy
companies. Through its subsidiaries that conduct business worldwide, the
company is involved in virtually every facet of the energy industry.
Chevron explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and lubricants;
manufactures and sells petrochemicals and additives; generates power;
and develops and deploys technologies that enhance business value in
every aspect of the company’s operations. Chevron is based in San Ramon,
Calif. More information about Chevron is available at www.chevron.com.
NOTICE
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR
THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION
REFORM ACT OF 1995
This press release contains forward-looking statements relating to
Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum, chemicals
and other energy-related industries. Words or phrases such as
“anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,”
“pursues,” “may,” “could,” “should,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,”
“objectives,” “strategies,” “opportunities,” and similar expressions are
intended to identify such forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, many of which are beyond the
company’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. The reader should not
place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Unless legally required,
Chevron undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are: changing
crude oil and natural gas prices; changing refining, marketing and
chemicals margins; the company's ability to realize anticipated cost
savings and expenditure reductions; actions of competitors or
regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or product
substitutes; technological developments; the results of operations and
financial condition of the company's suppliers, vendors, partners and
equity affiliates, particularly during extended periods of low prices
for crude oil and natural gas; the inability or failure of the company’s
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production
from existing and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of planned
projects; the potential disruption or interruption of the company’s
operations due to war, accidents, political events, civil unrest, severe
weather, cyber threats and terrorist acts, crude oil production quotas
or other actions that might be imposed by the Organization of Petroleum
Exporting Countries, or other natural or human causes beyond the
company’s control; changing economic, regulatory and political
environments in the various countries in which the company operates;
general domestic and international economic and political conditions;
the potential liability for remedial actions or assessments under
existing or future environmental regulations and litigation; significant
operational, investment or product changes required by existing or
future environmental statutes and regulations, including international
agreements and national or regional legislation and regulatory measures
to limit or reduce greenhouse gas emissions; the potential liability
resulting from other pending or future litigation; the company’s future
acquisition or disposition of assets or shares or the delay or failure
of such transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or impairments;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, changes in fiscal terms or restrictions on
scope of company operations; foreign currency movements compared with
the U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the impact of the 2017 U.S. tax legislation on the
company’s future results; the effects of changed accounting rules under
generally accepted accounting principles promulgated by rule-setting
bodies; the company's ability to identify and mitigate the risks and
hazards inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 19 through
22 of the company’s 2017 Annual Report on Form 10-K. Other unpredictable
or unknown factors not discussed in this press release could also have
material adverse effects on forward-looking statements.
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