Chevron Highlights 2014 Performance and Future Growth at Annual Meeting of Stockholders
May 27 2015 - 1:00PM
Business Wire
Chevron Corporation (NYSE: CVX) today provided an overview of
the company’s 2014 operational and social performance and how the
company is managing through current market conditions at its 2015
Annual Meeting of Stockholders in San Ramon, California.
“We have the financial strength to meet the challenges of a
volatile crude price environment and significant efforts are
underway to manage to a lower cost structure and capital spend
rate,” said John Watson, chairman of the board and chief executive
officer. “We’re reducing capital spending, we have implemented
significant cost-reduction programs and have further streamlined
our portfolio as planned.”
The company informed stockholders on its commitment to safety,
noting that 2014 was Chevron’s best year on every key measure of
personal safety, process safety and environmental performance.
Stockholders voted on 13 items. As reported during the meeting,
the preliminary report of the Inspector of Elections was as
follows:
- Item 1: An average of 98 percent of the
votes cast were voted for each of the 12 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 94 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 95 percent of the
votes cast were voted against the stockholder proposal to disclose
charitable contributions of $5,000 or more.
- Item 5: Approximately 72 percent of the
votes cast were voted against the stockholder proposal regarding a
report on lobbying.
- Item 6: Approximately 96 percent of the
votes cast were voted against the stockholder proposal to cease
using corporate funds for political purposes.
- Item 7: Approximately 96 percent of the
votes cast were voted against the stockholder proposal to adopt a
dividend policy.
- Item 8: Approximately 91 percent of the
votes cast were voted against the stockholder proposal regarding
targets reduce greenhouse gas emissions.
- Item 9: Approximately 73 percent of the
votes cast were voted against the stockholder proposal regarding a
report on shale energy operations.
- Item 10: Approximately 55 percent of
the votes cast were voted for the stockholder proposal regarding
proxy access.
- Item 11: Approximately 78 percent of
the votes cast were voted against the stockholder proposal to adopt
a policy for an independent chairman.
- Item 12: Approximately 80 percent of
the votes cast were voted against the stockholder proposal to
recommend an independent director with environmental
expertise.
- Item 13: Approximately 69 percent of
the votes cast were voted against the stockholder proposal to set
meetings threshold at 10 percent.
“The board will consider the final voting results carefully,
including the vote on proxy access and the thoughtful stockholder
discussions on that issue,” Watson stated.
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 is one of the world’s leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company’s success is driven by the ingenuity and commitment of its
employees and their application of the most innovative technologies
in the world. Chevron is involved in virtually every facet of the
energy industry. The company explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and other energy products; manufactures and
sells petrochemical products; generates power and produces
geothermal energy; provides energy efficiency solutions; and
develops the energy resources of the future, including biofuels.
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,” ”may,” ”could,” “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 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; 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 equity affiliates; 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 production or manufacturing facilities or
delivery/transportation networks due to war, accidents, political
events, civil unrest, severe weather, other natural or human
factors, or crude oil production quotas that might be imposed by
the Organization of Petroleum Exporting Countries; the potential
liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant
investment or product changes required by existing or future
environmental statutes, regulations and litigation; 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; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rule-setting bodies;
and the factors set forth under the heading “Risk Factors” on pages
22 through 24 of the company’s 2014 Annual Report on Form 10-K. In
addition, such results could be affected by general domestic and
international economic and political conditions. 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/20150527005952/en/
Chevron CorporationMelissa Ritchie, 925-790-3372
Chevron (NYSE:CVX)
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