Chevron Corporation (NYSE: CVX) today provided an overview of
the company’s business priorities and outlook at its annual
stockholders meeting, held virtually to provide convenient access
for all stockholders and eliminate public health concerns around
the COVID-19 pandemic, as well as the significant costs associated
with holding an in-person meeting.
For the past year, Chevron’s portfolio showed resilience,
adjusting to extreme market conditions to balance short-term
cashflow with preserving long-term value.
“Chevron has navigated through the challenges of the last year
better than most in our industry,” said Michael Wirth, Chevron’s
chairman and CEO. “We're optimistic about the future as we work to
deliver higher returns and lower carbon.”
Chevron is taking action to reduce the carbon intensity of its
operations and assets, increase the use of renewables and offsets
in support of its business, and invest in low-carbon technologies
to enable commercial solutions.
Wirth told stockholders about three core elements of Chevron’s
business strategy: consistency, preparation and adaptability.
“Consistent values, because the world changes, but our
foundation doesn't. Staying prepared, because our business has
cycles, and adaptive, because we live in a dynamic world.”
Chevron’s financial priorities remain consistent. First, protect
the dividend, which is on track for the 34th consecutive year with
an increase in annual dividend payout per share. Second, invest at
a lower reinvestment rate because of vastly improved capital
efficiency. Third, preserve the balance sheet, which led the
industry before the pandemic and continues to do so today. Finally,
when the first three priorities are met, Chevron has a track record
of repurchasing shares, as it has done in 13 of the last 17
years.
“We're a company you can count on in good times and in tough
ones,” Wirth said.
The preliminary results from the meeting can be accessed online
at chevron.com. 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 is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions. More information
about Chevron is available at www.chevron.com.
NOTICE
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.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
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,”
“advances,” “commits,” “forecasts,” “projects,” “believes,”
“approaches,” “seeks,” “schedules,” “estimates,” “positions,”
“pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,”
“outlook,” “trends,” “guidance,” “focus,” “on track,” “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, and production curtailments due to market conditions;
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 ability to achieve the anticipated
benefits from the acquisition of Noble Energy, Inc.; 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 23 of the company's 2020 Annual Report
on Form 10-K and in other 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/20210526005276/en/
Sean Comey -- +1 925-842-5509
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