Chevron Highlights 2015 Performance and Future Plans at Annual Meeting of Stockholders
May 25 2016 - 1:00PM
Business Wire
Chevron Corporation (NYSE: CVX) today provided an overview of
the company’s 2015 operational and social performance and how the
company is managing through current market conditions at its 2016
Annual Meeting of Stockholders in San Ramon, California.
“Low oil and natural gas prices made 2015 a challenging year for
Chevron and the oil and gas industry,” said John Watson, chairman
of the board and chief executive officer. “Chevron is taking
significant actions to ensure we are well placed to emerge from
this challenging operating environment in a position of
strength.”
Watson also reiterated the company’s focus on completing major
projects under construction, enabling reduced spend and production
growth, which will improve free cash flow. Additionally, Chevron is
selectively growing in the lower price environment, while
continuing a strong and diverse portfolio of Upstream and
Downstream assets that position Chevron well for the future.
Stockholders voted on 12 items. As reported during the meeting,
the preliminary report of the Inspector of Elections was as
follows:
- Item 1: An average of 96 percent of the
votes cast were voted for each of the 10 nominees for election to
the board of directors.
- Item 2: Approximately 99 percent of the
votes cast were voted to ratify the appointment of
PricewaterhouseCoopers LLP as the independent registered public
accounting firm for the company.
- Item 3: Approximately 54 percent of the
votes cast were voted to approve, on an advisory basis, the
compensation for the company’s named executive officers.
- Item 4: Approximately 90 percent of the
votes cast were voted to approve an amendment to the Chevron
Corporation Non-Employee Directors’ Equity Compensation and
Deferral Plan.
- Item 5: Approximately 73 percent of the
votes cast were voted against the stockholder proposal regarding a
report on lobbying.
- Item 6: Approximately 92 percent of the
votes cast were voted against the stockholder proposal regarding
targets to reduce greenhouse gas emissions.
- Item 7: Approximately 59 percent of the
votes cast were voted against the stockholder proposal regarding a
climate change impact assessment.
- Item 8: Approximately 93 percent of the
votes cast were voted against the stockholder proposal regarding a
report on reserve replacements.
- Item 9: Approximately 96 percent of the
votes cast were voted against the stockholder proposal to adopt a
dividend policy.
- Item 10: Approximately 69 percent of
the votes cast were voted against the stockholder proposal
regarding a report on shale energy operations.
- Item 11: Approximately 81 percent of
the votes cast were voted against the stockholder proposal to
recommend an independent director with environmental
expertise.
- Item 12: Approximately 70 percent of
the votes cast were voted against the stockholder proposal to set
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 produces
geothermal energy; 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,” “may,” “could,” “should,” “budgets,” “outlook,” “on
schedule,” “on track” 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 report. 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 its
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 and 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 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 21 through 23 of the
company’s 2015 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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version on businesswire.com: http://www.businesswire.com/news/home/20160525005927/en/
Chevron Corporation, San RamonMelissa Ritchie, 925-790-3372
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