Results the Right Way
The world is changing, but our values
are not.
Around the globe, economies are searching
for solid ground, and people are reevaluating
their faith in institutions. Against these
currents, The Chevron Way is our anchor.
Through good times and bad, The Chevron
Way principles guide what we do and how
we do it. Ask one of our nearly 62,000
employees to summarize The Chevron Way
in a sentence, and he or she will likely say,
"It's about getting results the right way."
Principles are put to the test in tough times.
As the economic downturn grips communities
where we operate, we will be steadfast.
We plan to continue investing in those communities
to help create jobs, support local
suppliers and strengthen economies — all
things the world needs now.
We make these community investments
through partnerships — one of our core
strengths. Our partnerships bring together
business, community groups, government
and nongovernmental organizations with
one common goal: to produce sustainable
results. To fund these partnerships, we increased our community investments in
2008 and plan on sustaining that level
in 2009.
We focus our community partnerships
in three areas because we believe these
are the most likely avenues for creating
lasting benefits. These areas are basic
human needs, education and economic
development.
Examples are many — here are some of
our proudest.
- Global Fund: We're the first Corporate
Champion of The Global Fund to Fight
AIDS, Tuberculosis and Malaria — a
public-private partnership created by
the United Nations to eradicate these
diseases. Our $30 million commitment
funds programs in six countries
beleaguered by these diseases, and our
more than 700 health care staff support
in-country implementation.
- Education: Since 2003, we have partnered
with the Discovery Channel Global
Education Partnership to support 55
Learning Centers in Angola, Venezuela,
South Africa and Nigeria. In Indonesia last year, we opened a polytechnic
institute in tsunami-ravaged Banda
Aceh through our partnership with
government, nongovernmental organizations
and the United States Agency for
International Development. Along with
our Riau polytechnic, which we opened
in 2001, these institutes provide job
training and livelihoods to thousands.
- NovoBanco: In 2004, Chevron and
partners launched this microlending
bank to spur entrepreneurship among
Angola's low-income households. The
bank has been extremely successful: it
has expanded to three branches, with
plans for 11 more; serves more than
31,000 customers; and, last year, made
more than $10 million in loans.
Inside Chevron, getting results the right
way means never sacrificing safety. To
reach our aspiration of zero accidents,
we're creating a behavior-based safety
culture that's crowned by this tenet: when
a behavior looks unsafe, employees and
contractors alike know they have stop-work
authority. This basic tenet helped make
2008 the safest year in our history and
one of the best in our industry.
Getting results the right way also means
responding to other challenges — from natural
disasters, to economic and social instability,
to global climate change.
Responding to climate change is a long-term
process. Seven years ago, we implemented our
comprehensive Action Plan on Climate Change,
which focuses on reducing emissions, improving
efficiency, investing in research, pursuing
business opportunities, and promoting flexible
and economically sound policies that protect
the environment. As part of the action plan, we
set annual greenhouse gas emissions goals. I
am pleased to report we have met those goals every
year since 2004.
I'm also pleased that we're ranked No. 1 among
U.S.-based oil and gas companies, and No. 2
worldwide, in the 2008 Carbon Disclosure
Leadership Index. Compiled by the Carbon
Disclosure Project, the index highlights companies
taking "best in class" actions to measure
and report carbon emissions. It is the third
time in four years that we have been included.
These are priorities we work on every day. At
the same time, we keep our eyes on the horizon.
That's where long-term needs reside. That's
where growth will take hold. And when it does,
the world will need all the energy it can get.
Finding and producing that energy requires
large capital investments. Most of our 2009
capital budget of $22.8 billion — equal to what
we spent in 2008 — funds the development
of large energy projects. These projects are
designed to increase energy supplies, efficiency
and reliability for decades to come.
That's money well spent, because energy is a
prerequisite for economic growth. By investing
in future supplies, we're investing in future
prosperity.
This year, Chevron celebrates its 130th year
in operation. That's a rare achievement. It has
been accomplished by generations of Chevron
people, focusing their considerable talents as
much on skilled performance as on sustained
partnership.
That's 130 years of getting results the
right way.
Dave O'Reilly
May 2009