\nChevron Corporation (NYSE: CVX) today provided an overview of the company\u2019s business plans and operations at its annual meeting of stockholders.<\/p>\n
\n\u201cWe\u2019re always pleased to be able to address our stockholders and the important questions on their minds. We believe Chevron is well positioned to lead in both traditional and new energy, while safely delivering higher returns, lower carbon and superior shareholder value,\u201d said Michael Wirth, Chevron\u2019s chairman and CEO. \u201cWe\u2019re at the center of one of the world\u2019s greatest challenges \u2013 meeting the energy needs of a growing world and doing so in lower carbon ways.\u201d<\/p>\n
\nThe events of the past year demonstrated the vital role that affordable and reliable energy plays in the world economy, while Chevron continued to advance energy progress, delivering record U.S. oil and gas production with growth of nearly 4 percent in 2022.<\/p>\n
\nThe company\u2019s investments in 2022 increased by more than 75 percent over 2021. Chevron completed the acquisition of Renewable Energy Group, Inc. last year to become the second-largest producer of bio-based diesel fuels in the United States.<\/p>\n
\n“Our financial priorities have remained consistent, as we aim to reward stockholders with dividend growth, invest for long-term returns, maintain a strong balance sheet to mitigate commodity price risk and return surplus cash via share buy-backs through the cycle,” Wirth said.<\/p>\n
\nThe company has worked to reduce upstream greenhouse gas intensity through the execution of projects focused on energy efficiency, flaring reduction and methane management.<\/p>\n
\n\u201cOur capabilities, assets and customer relationships are distinct advantages,\u201d Wirth said. \u201cWe\u2019re building on these strengths as we aim to lead in lower carbon intensity oil, products and natural gas.\u201d<\/p>\n
\nThe preliminary results from the meeting can be accessed online at chevron.com<\/a>. 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 \u201cInvestors\u201d section of the company\u2019s website under \u201cStockholder Services \u2013 Annual Meeting Materials.\u201d<\/p>\n \nChevron is one of the world\u2019s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies. More information about Chevron is available at www.chevron.com<\/a>.<\/p>\n NOTICE<\/b><\/p>\n As used in this news release, the term \u201cChevron\u201d and such terms as \u201cthe company,\u201d \u201cthe corporation,\u201d \u201cour,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cits\u201d 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.<\/i><\/p>\n Please visit Chevron\u2019s website and Investor Relations page at www.chevron.com<\/a> and www.chevron.com\/investors<\/a>, LinkedIn: www.linkedin.com\/company\/chevron<\/a>, Twitter: @Chevron, Facebook: www.facebook.com\/chevron<\/a>, and Instagram: www.instagram.com\/chevron<\/a>, where Chevron often discloses important information about the company, its business, and its results of operations.<\/i><\/p>\n CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF \u201cSAFE HARBOR\u201d PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995<\/b><\/p>\n This news release contains forward-looking statements relating to Chevron\u2019s operations and energy transition plans that are based on management\u2019s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201ctargets,\u201d \u201cadvances,\u201d \u201ccommits,\u201d \u201cdrives,\u201d \u201caims,\u201d \u201cforecasts,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201capproaches,\u201d \u201cseeks,\u201d \u201cschedules,\u201d \u201cestimates,\u201d \u201cpositions,\u201d \u201cpursues,\u201d \u201cprogress,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cbudgets,\u201d \u201coutlook,\u201d \u201ctrends,\u201d \u201cguidance,\u201d \u201cfocus,\u201d \u201con track,\u201d \u201cgoals,\u201d \u201cobjectives,\u201d \u201cstrategies,\u201d \u201copportunities,\u201d \u201cpoised,\u201d \u201cpotential,\u201d \u201cambitions,\u201d \u201caspires\u201d 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\u2019s 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.<\/i><\/p>\n 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 the company\u2019s 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; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and <\/i>epidemics, and any related government policies and actions; disruptions in the company\u2019s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; 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; development of large <\/i>carbon capture and offset markets; the results of operations and financial condition of the company\u2019s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company\u2019s 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\u2019s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company\u2019s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or 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\u2019s 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 <\/i>impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rulesetting bodies; the company\u2019s 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 \u201cRisk Factors\u201d on pages 20 through 26 of the company’s 2022 Annual Report on Form 10-K and in 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.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230531005482\/en\/<\/a><\/span><\/p>\n \nBraden Reddall — +1 925-842-2209<\/p>\n KEYWORDS:<\/b> United States North America California<\/p>\n INDUSTRY KEYWORDS:<\/b> Energy Utilities Oil\/Gas<\/p>\n<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230531005482\/en\/827248\/3\/Chevron_logo_2020.jpg\"){kind=icon}
<\/td>\n<\/tr>\n