Chevron Corporation (NYSE: CVX) today published its second
report describing the company’s approach to managing climate change
risks and its resilience under a low carbon scenario. Titled
Climate Change Resilience – A Framework for Decision Making, the
publication builds on the company’s prior report on managing
climate change risks and provides more detail on the company’s
approach to governance, risk management, strategic planning and
emission reduction investments and activities, including key
metrics.
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the full release here:
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“We proactively consider climate change in our business
decisions, and we have the experience, processes and governance in
place to manage the risks,” said Michael Wirth, Chevron’s Chairman
and CEO. “We believe we are equipped to continue to succeed in any
business environment as we deliver affordable, reliable energy that
is a fundamental driver of economic growth and human progress.”
Aligned with the Financial Stability Board’s Task Force on
Climate-Related Financial Disclosures recommendations, Chevron’s
report explains the company’s strategic decision-making approach to
climate change related risks. These include ongoing evaluations of
the company’s portfolio and future investments, its views of
supply, demand, commodity and carbon prices, and the factors that
drive global economic change.
The report summarizes Chevron’s work to test the competitiveness
of its current assets under multiple scenarios, including some of
the most restrictive greenhouse gas reduction proposals such as the
Sustainable Development Scenario from the International Energy
Agency. The results demonstrate that the company’s portfolio, due
to its maturity and diversity across assets and geographies, is
resilient in a wide variety of possible scenarios and enables
Chevron to be flexible in response to potential changes.
“We know that climate change is a growing area of interest for
our investors and other stakeholders. We’re committed to addressing
the risks of climate change while delivering the energy that
benefits societies and economies,” said Dr. Ronald Sugar, lead
independent director for Chevron’s Board of Directors.
Chevron is a leader in improving how reliable and affordable
energy is developed and delivered to meet global demand. The
company is making its operations more energy efficient, reducing
flaring, managing methane emissions and investing in low-carbon
technologies. In addition, Chevron is investing in the innovations
and innovators of tomorrow through research and development and
investments in science, technology, engineering and math focused
education.
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.
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 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 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 in this report. Other unpredictable or unknown factors
not discussed in this report could also have material adverse
effects on forward-looking statements.
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Chevron CorporationSean Comey, +1 925-842-5509
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