Chevron Corporation (NYSE: CVX) today published an update to its
March 2018 report describing the company’s approach to managing
climate change risks and its resilience under a low carbon
scenario. The update supplements Climate Change Resilience: A
Framework for Decision Making with new information on the company’s
governance framework and climate change related actions and
investments.
“This update highlights work we are doing to address climate
change risks to our business and new opportunities we’re pursuing.
It incorporates responses to some of the thoughtful insights
stockholders have shared with us during our engagements,” said
Michael Wirth, Chevron’s chairman and chief executive officer. “We
look forward to ongoing conversations on how we are managing
climate risks to our business and taking on new opportunities to
reduce greenhouse gas emissions and develop lower carbon
energy.”
In response to discussions with investors and other
stakeholders, Chevron is providing more insight on climate change
governance. This includes information about how the Board of
Directors and executive leadership exercise their oversight
responsibilities with respect to climate change.
The Board established greenhouse gas emissions performance
measures that will be a factor in determining compensation for
executives and nearly all other employees beginning in 2019. The
metrics aim to reduce methane emissions intensity by 20 to 25
percent and flaring intensity by 25 to 30 percent from 2016 – 2023,
aligned with the timing of milestones in the Paris Agreement. The
intensity will be measured based on Chevron’s equity ownership of
oil and gas assets, not just the projects over which Chevron has
operational control. Chevron will report on annual achievement of
methane and flaring performance measures as part of its Annual
Proxy Statement in 2020.
The company has also created an Environmental, Social and
Governance (ESG) team which regularly engages with investors and
other key stakeholders to understand and respond to ESG reporting
preferences. Chevron continues to align its reporting with the
framework outlined by the Financial Stability Board’s Task Force on
Climate-Related Financial Disclosures (TCFD).
“We take our corporate responsibility seriously. I am pleased
that Chevron is providing this update to its previous reports on
climate risks. In prior engagements with stockholders, I have
reinforced the important role the Board plays in overseeing
Chevron’s management of climate change risks and its assessment of
opportunities,” said Dr. Ronald Sugar, lead independent director
for Chevron’s Board of Directors.
Additionally, in 2018, the company joined the Oil and Gas
Climate Initiative, a global collaboration focused on industry’s
efforts to address climate change issues. Chevron continues to
invest in companies and technology designed to lower emissions and
advance lower-carbon business opportunities.
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.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
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,” “may,” “could,” “should,”
“will,” “budgets,” “outlook,” “trends,” ”guidance,” “focus,” “on
schedule,” “on track,” "is slated,” “goals,” “objectives,”
“strategies,” “opportunities,” 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, tariffs,
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 19 through 22 of the company’s 2017 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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Sean Comey -- +1 925-842-5509
Chevron (NYSE:CVX)
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