Chevron Corporation today provided an overview of the company’s 2017 operational performance and expressed confidence in its prospects at its 2018 Annual Meeting of Stockholders at its corporate headquarters in San Ramon, California.
“Chevron has emerged from the changes that have reshaped the world’s energy landscape as a stronger, leaner and more agile enterprise,” said Michael Wirth, Chevron’s Chairman and CEO. “Last month, we reported earnings of $3.6 billion for the first quarter, marking our best quarter in three and a half years. During the same period, we achieved an all-time quarterly production record for the company. Today, we stand ready to win in any environment.”
A key corporate objective for Chevron in 2017 was to be cash balanced, generating sufficient cash flow to cover all cash needs, even in an environment of lower commodity prices. In 2017, reported after tax income was $9.2 billion and full-year cash flow from operations was $20.5 billion. In 2017, Chevron was cash balanced, without relying on proceeds from asset sales, surpassing one of the company’s primary corporate goals for the year.
“Chevron’s first financial priority is maintaining and growing the dividend,” Wirth added. “In January, we announced a four percent dividend increase, putting us on track to make 2018 the 31st consecutive year of increased annual per-share dividend payout. Global demand for our products continues to grow, and Chevron has many advantages as it competes in the ever-evolving market for energy.”
Stockholders voted on 10 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 the 10 nominees for election to the board of directors.
Item 2: Approximately 97 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 93 percent of the votes cast were voted to approve, on an advisory basis, the compensation of the company’s named executive officers.
Item 4: Approximately 68 percent of the votes cast were voted against the stockholder proposal regarding a report on lobbying.
Item 5: Approximately 93 percent of the votes cast were voted against the stockholder proposal regarding a report on business with conflict-complicit governments.
Item 6: Approximately 92 percent of the votes cast were voted against the stockholder proposal regarding a report on transition to a low carbon business model.
Item 7: Approximately 55 percent of the votes cast were voted against the stockholder proposal regarding a report on methane emissions.
Item 8: Approximately 76 percent of the votes cast were voted against the stockholder proposal to require an independent chairman.
Item 9: Approximately 74 percent of the votes cast were voted against the stockholder proposal to recommend an independent director with environmental expertise.
Item 10: Approximately 66 percent of the votes cast were voted against the stockholder proposal to set the special meetings threshold at 10 percent.
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.”