Chevron Corporation (NYSE: CVX) today provided an overview of
the company’s business plans and operations at its annual meeting
of stockholders.
“We’re always pleased to be able to address our stockholders and
the important questions on their minds. We believe Chevron is well
positioned to lead in both traditional and new energy, while safely
delivering higher returns, lower carbon and superior shareholder
value,” said Michael Wirth, Chevron’s chairman and CEO. “We’re at
the center of one of the world’s greatest challenges – meeting the
energy needs of a growing world and doing so in lower carbon
ways.”
The events of the past year demonstrated the vital role that
affordable and reliable energy plays in the world economy, while
Chevron continued to advance energy progress, delivering record
U.S. oil and gas production with growth of nearly 4 percent in
2022.
The company’s investments in 2022 increased by more than 75
percent over 2021. Chevron completed the acquisition of Renewable
Energy Group, Inc. last year to become the second-largest producer
of bio-based diesel fuels in the United States.
"Our financial priorities have remained consistent, as we aim to
reward stockholders with dividend growth, invest for long-term
returns, maintain a strong balance sheet to mitigate commodity
price risk and return surplus cash via share buy-backs through the
cycle," Wirth said.
The company has worked to reduce upstream greenhouse gas
intensity through the execution of projects focused on energy
efficiency, flaring reduction and methane management.
“Our capabilities, assets and customer relationships are
distinct advantages,” Wirth said. “We’re building on these
strengths as we aim to lead in lower carbon intensity oil, products
and natural gas.”
The preliminary results from the meeting can be accessed online
at chevron.com. Final voting results will be posted in the same
location after they have been reported on a Form 8-K, which will be
filed with the U.S. Securities and Exchange Commission. Specific
information about the proposals before Chevron stockholders this
year may be found in the “Investors” section of the company’s
website under “Stockholder Services – Annual Meeting
Materials.”
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. Chevron produces crude oil
and natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance our business and the industry. We aim to grow our
traditional oil and gas business, lower the carbon intensity of our
operations and grow new lower carbon businesses in renewable fuels,
hydrogen, carbon capture, offsets and other emerging technologies.
More information about Chevron is available at www.chevron.com.
NOTICE
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans 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,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “progress,”
“may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,”
“trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” 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 news 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 and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic, market and
political conditions, including the military conflict between
Russia and Ukraine and the global response to such conflict;
changing refining, marketing and chemicals margins; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; development of large carbon capture
and offset markets; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity
affiliates, particularly during the COVID-19 pandemic; 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, terrorist acts, or other
natural or human causes beyond the company’s control; the potential
liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant
operational, investment or product changes undertaken or 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 pending or
future litigation; the company’s future acquisitions or
dispositions 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, taxes and tax audits, tariffs, sanctions,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; higher inflation and related impacts; material reductions
in corporate liquidity and access to debt markets; the receipt of
required Board authorizations to implement capital allocation
strategies, including future stock repurchase programs and dividend
payments; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rulesetting 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 20
through 26 of the company's 2022 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230531005482/en/
Braden Reddall -- +1 925-842-2209
Chevron (NYSE:CVX)
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