(Chevron, 25.May.2022) — Chevron Corporation (NYSE: CVX) provided an overview of the company’s business plans and operations at its annual stockholders meeting.
“We are focused on delivering higher returns, lower carbon and superior shareholder value,” said Michael Wirth, Chevron’s chairman and CEO. “Our strategy is clear: leverage our strengths to deliver lower carbon intensity energy to a growing world. Our capabilities, assets, and customers are distinct advantages. We’re building on these strengths as we aim to lead in lower carbon intensity oil, products, and natural gas, and to advance new products and solutions that reduce the carbon emissions of major industries.”
In the past year, Chevron completed the transformation of the organization, integrated Noble Energy’s people and assets, and formed Chevron New Energies.
The company is working toward achieving updated targets to reduce the carbon intensity of operations. “We intend to be a leader in carbon-efficient production of traditional energy while building new energy businesses, where we have competitive advantages,” Wirth added.
Chevron announced the proposed acquisition of Renewable Energy Group, Inc. (NASDAQ: REGI) in February, which is expected to be completed around the middle of this year.
“Chevron is doing its part to grow domestic supply, with U.S. oil and gas production up 10 percent over the first quarter of last year,” Wirth said. “Our total of 2022 capital spending plus announced acquisitions is expected to be more than 50 percent higher than 2021.”
The company maintains a clear and consistent approach through the business cycle, including its top financial priorities: growing the dividend; reinvesting to grow future cash flows; strengthening the balance sheet; and returning excess cash to stockholders.
“We look to the future with optimism, applying over 140 years of experience to tackle the difficult problems that must be solved,” Wirth concluded.