Chevron Reports Business Results at Annual Stockholders Meeting
29 Mai 2019 - 7:32PM
Business Wire
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 FORTHE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIESLITIGATION 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190529005822/en/
Sean Comey, San Ramon+1 925-842-5509
Chevron (NYSE:CVX)
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