press release

Chevron Highlights 2014 Performance and Future Growth

SAN RAMON, Calif., May 27, 2015 – 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.

Updated: May 2015