SAN RAMON, Calif.--(BUSINESS WIRE)--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.
NOTICE
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR
THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION
REFORM ACT OF 1995
This news 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,” “positions,”
“pursues,” “drives,” “may,” “could,” “should,” “will,” “budgets,”
“outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is
slated,” “goals,” “objectives,” “strategies” “opportunities,” “poised,”
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 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.
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; the company’s ability to realize anticipated cost
savings and expenditure reductions; 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 the company’s suppliers, vendors, partners and
equity affiliates, particularly during extended periods of low prices
for crude oil and natural gas; 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
operations due to war, accidents, political events, civil unrest, severe
weather, cyber threats and terrorist acts, crude oil production quotas
or other actions that might be imposed by the Organization of Petroleum
Exporting Countries, or other natural or human causes beyond the
company’s control; changing economic, regulatory and political
environments in the various countries in which the company operates;
general domestic and international economic and political conditions;
the potential liability for remedial actions or assessments under
existing or future environmental regulations and litigation; significant
operational, investment or product changes 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 other pending or future litigation; the company’s future
acquisition or disposition 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 impairments;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, tarrifs, sanctions, changes in fiscal terms or
restrictions on scope of company operations; foreign currency movements
compared with the U.S. dollar; material reductions in corporate
liquidity and access to debt markets; the effects of changed accounting
rules under generally accepted accounting principles promulgated by
rule-setting bodies; the company’s 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 “Risk Factors” on pages 18
through 21 of the company’s 2018 Annual Report on Form 10-K. Other
unpredictable or unknown factors not discussed in this news release
could also have material adverse effects on forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005822/en/
Source: Chevron Corporation
Sean Comey, San Ramon
+1 925-842-5509