Chevron Corporation (NYSE: CVX) today provided an overview of
the company’s work to respond to the COVID-19 pandemic at its 2020
annual meeting of stockholders. This year’s meeting was virtual in
place of an in-person event due to safety concerns related to the
pandemic.
“Our thoughts are with those affected by COVID-19 and the
healthcare workers on the front lines battling to contain the
outbreak,” said Michael Wirth, Chevron’s chairman and CEO.
The energy industry’s continued operations are necessary to
ensure the security, safety, and health of all communities and
critical to efforts to respond to the pandemic. The company’s
biggest challenges are to ensure safe access to its facilities and
continuity of operations. Chevron is successfully running essential
facilities at operational levels necessary to meet current demand.
The company is taking strong precautionary measures to reduce the
risk of exposure, including screening workers and visitors at these
locations.
“We activated our pandemic response plan in January, and have
continued to adapt as events have unfolded,” Wirth said. “I am
proud of our workers who show up every day to keep energy flowing
into the economy.”
Commodity prices have fallen significantly due to the
destruction of demand resulting from the COVID-19 pandemic and the
over-supply of crude oil. The company expects its financial results
will be depressed as long as current market conditions persist.
“Chevron is responding to these unprecedented challenges by
making changes to what we can control,” Wirth said. “It’s always
good to hear from our stockholders. We hope the meeting today left
them with a deeper understanding of how we’ve advanced the business
over the past year and our plans for the year ahead.”
The preliminary results from the meeting can be accessed via
chevron.com here. 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 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.
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.
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 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,”
“will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on
schedule,” “on track,” “is slated,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised” “potential” 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 our
products; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; public health crises, such as pandemics
(including coronavirus (COVID-19)) and epidemics, and any related
government policies and actions; changing economic, regulatory and
political environments in the various countries in which the
company operates; general domestic and international economic and
political conditions; changing refining, marketing and chemicals
margins; the company's ability to realize anticipated cost savings,
expenditure reductions and efficiencies associated with enterprise
transformation initiatives; 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 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 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,
industry-specific taxes, tariffs, sanctions, 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
receipt of required Board authorizations to pay future dividends;
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 18
through 21 of the company's 2019 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/20200527005710/en/
Sean Comey -- +1 925-842-5509
Chevron (NYSE:CVX)
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