Chevron Reports 2014 Performance and Future Growth

SAN RAMON – Chevron Corporation has provided an overview of the company’s 2014 operational and social performance and how the company is managing through current market conditions at its 2015 Annual Meeting of Stockholders in San Ramon, California.

“We have the financial strength to meet the challenges of a volatile crude price environment and significant efforts are underway to manage to a lower cost structure and capital spend rate,” said John Watson, chairman of the board and chief executive officer. “We’re reducing capital spending, we have implemented significant cost-reduction programs and have further streamlined our portfolio as planned.”

The company informed stockholders on its commitment to safety, noting that 2014 was Chevron’s best year on every key measure of personal safety, process safety and environmental performance.

Stockholders voted on 13 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 each of the 12 nominees for election to the board of directors.
  • Item 2: Approximately 99 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 94 percent of the votes cast were voted to approve, on an advisory basis, the compensation for the company’s named executive officers.
  • Item 4: Approximately 95 percent of the votes cast were voted against the stockholder proposal to disclose charitable contributions of $5,000 or more.
  • Item 5: Approximately 72 percent of the votes cast were voted against the stockholder proposal regarding a report on lobbying.
  • Item 6: Approximately 96 percent of the votes cast were voted against the stockholder proposal to cease using corporate funds for political purposes.
  • Item 7: Approximately 96 percent of the votes cast were voted against the stockholder proposal to adopt a dividend policy.
  • Item 8: Approximately 91 percent of the votes cast were voted against the stockholder proposal regarding targets reduce greenhouse gas emissions.
  • Item 9: Approximately 73 percent of the votes cast were voted against the stockholder proposal regarding a report on shale energy operations.
  • Item 10: Approximately 55 percent of the votes cast were voted for the stockholder proposal regarding proxy access.
  • Item 11: Approximately 78 percent of the votes cast were voted against the stockholder proposal to adopt a policy for an independent chairman.
  • Item 12: Approximately 80 percent of the votes cast were voted against the stockholder proposal to recommend an independent director with environmental expertise.
  • Item 13: Approximately 69 percent of the votes cast were voted against the stockholder proposal to set meetings threshold at 10 percent.

“The board will consider the final voting results carefully, including the vote on proxy access and the thoughtful stockholder discussions on that issue,” Watson stated.

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.

 

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