enhanced methane disclosures are on the way

On May 25, Chevron shareholders approved a proxy proposal seeking additional detail on our methane emissions reporting. The proposal, which was endorsed by the Board of Directors, calls on Chevron to document our methane management actions.

Chevron has been active in methane management reporting, covering detection, emissions management, and disclosures. Chevron is also investing to reduce methane emissions and flaring. Improving methane detection, rethinking facility designs, optimizing equipment and deploying new operational practices are a few examples of the projects already underway to lower emissions.

Chevron consistently seeks to enhance our environmental, social and governance reporting, including around methane emissions.

• We have taken action to meet our 2028 target to reduce methane emissions intensity by more than 50% from 2016 levels and eliminate routine flaring by 2030.
• We are deploying methane leak detection technology through our global methane detection campaign. The campaign focuses on scaling up proven and emerging detection technologies and modes of deployment, such as satellites, aircrafts and drones.
• To date we, through our business units, have completed campaigns in Argentina, the Denver-Julesburg Basin, the Gulf of Mexico, the Permian Basin and Kazakhstan.

Through voluntary reporting, we regularly update stockholders on our climate-related progress.

In the U.S., we calculate our methane emissions using the greenhouse gas reporting methodology required by the U.S. Environmental Protection Agency.

Though Chevron doesn’t agree with everything contained in the proxy proposal, we share shareholder concerns about improving accuracy and transparency in methane emissions reporting.

We aim to increase transparency in our climate-change related reporting and support efforts to advance the accuracy and reliability of such information in our disclosures.