Chevron Reports Business Results at Annual Stockholders Meeting
SAN RAMON, Calif., May 29, 2019 – Chevron Corporation (NYSE: CVX) today provided an overview of the company’s 2018 operational performance and its future prospects at its 2019 Annual Meeting of Stockholders at its corporate headquarters in San Ramon, California.
The company earned $14.8 billion last year, compared with $9.2 billion in 2017. In the first quarter of this year, Chevron’s oil-equivalent production of 3.04 million barrels per day was up almost seven percent from a year ago. Production has exceeded three million barrels per day for the last two quarters. Chevron expects to increase oil and natural gas production by 4 to 7 percent in 2019, excluding the effects of asset sales. Over the last few years, the company has repositioned itself to deliver sustained value for investors.
“Our strong portfolio of attractive investments is driving production and cash flow growth and offers a differentiated value proposition from our peer companies,” said Michael Wirth, Chevron’s chairman of the board and chief executive officer. “We have a sustainable portfolio underpinned by high-quality resources and strong reserve replacement. We expect to grow production with a disciplined and ratable capital program, investing in short-cycle, high return opportunities with low execution risk. Production growth coupled with strong cash margins leads to growing cash flow.”
Chevron’s first financial priority continues to be maintaining and growing its dividend. In January the company announced a six percent dividend increase, putting Chevron on track to make 2019 the 32nd consecutive year of increased annual per-share dividend payout. The company also plans to increase its share repurchase rate by 25 percent to $5 billion per year.
Stockholders voted on 8 items. The preliminary results can be accessed via chevron.com online 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.
Published: May 2019