Chevron Updates Stockholders at Annual Meeting

Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business plans and operations at its annual meeting of stockholders.

“We’re 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,” said Michael Wirth, Chevron’s chairman and CEO. “We’re at the center of one of the world’s greatest challenges – meeting the energy needs of a growing world and doing so in lower carbon ways.”

The 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.

The company’s 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.

"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.

The company has worked to reduce upstream greenhouse gas intensity through the execution of projects focused on energy efficiency, flaring reduction and methane management.

“Our capabilities, assets and customer relationships are distinct advantages,” Wirth said. “We’re building on these strengths as we aim to lead in lower carbon intensity oil, products and natural gas.”

The preliminary results from the meeting can be accessed online at chevron.com. 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 is one of the world’s 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.