Chevron Highlights 2016 Performance and Future Plans at Annual Meeting of Stockholders
May 31 2017 - 10:30AM
Business Wire
Chevron Corporation (NYSE: CVX) today provided an overview of
the company’s 2016 operational and social performance and future
growth plans for the company at its 2017 Annual Meeting of
Stockholders in Midland, Texas.
“2016 was a transition year for Chevron and the industry,” said
John Watson, chairman of the board and chief executive officer. “We
took significant actions to reduce costs, limit cash consumption
and protect the balance sheet. As oil prices improved, recovery in
earnings was evident in the second half of the year. This progress
has continued into 2017.”
Watson reiterated that he is confident about the company’s
future. “We are well positioned with a strong portfolio and the
right business model, including a profitable downstream and
chemical business and an upstream portfolio of shorter cycle
opportunities, highlighted by our enviable position in the Permian
Basin,” said Watson. “Our long-term strength is also underpinned by
projects in Kazakhstan, Australia, the deepwater Gulf of Mexico,
and attractive future options in West Africa, South America, Asia
and North America.”
Stockholders voted on 10 items. As reported during the meeting,
the preliminary report of the Inspector of Elections was as
follows:
- Item 1: An average of 97 percent of the
votes cast were voted for each of the 12 nominees for election to
the board of directors.
- Item 2: Approximately 98 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 93 percent of the
votes cast were voted to approve, on an advisory basis, the
compensation of the company’s named executive officers.
- Item 4: Approximately 88 percent of the
votes cast were voted, on an advisory basis, in favor of an annual
advisory vote on named executive officer compensation.
- Item 5: Approximately 71 percent of the
votes cast were voted against the stockholder proposal regarding a
report on lobbying.
- Item 6: Approximately 94 percent of the
votes cast were voted against the stockholder proposal regarding a
report on business with conflict-complicit governments.
- Item 7: Withdrawn
- Item 8: Approximately 73 percent of the
votes cast were voted against the stockholder proposal regarding a
report on transition to a low carbon economy.
- Item 9: Approximately 61 percent of the
votes cast were voted against the stockholder proposal to require
an independent chairman.
- Item 10: Approximately 80 percent of
the votes cast were voted against the stockholder proposal to
recommend an independent director with environmental
expertise.
- Item 11: Approximately 69 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,” “focus,” “on schedule,” “on track,” “goals,”
“objectives,” “strategies” 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 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 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 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 20 through 22 of the
company’s 2016 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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Chevron CorporationMelissa Ritchiemritchie@chevron.com
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