Chevron shareholders back board, reject climate proposals

HOUSTON - Chevron Corporation (NYSE: CVX), currently trading near its 52-week low with a market capitalization of $237 billion, recently held its Annual Meeting of Stockholders, where a significant majority expressed support for the company’s current board of directors and executive compensation, while rejecting several climate-related proposals. According to InvestingPro analysis, the company maintains a "Fair" overall financial health score and appears undervalued based on its Fair Value assessment. The energy giant reported robust backing from its shareholders, with over 1.4 billion shares represented at the meeting, amounting to roughly 85% of its outstanding common stock.

At the meeting, shareholders voted on a series of seven items, with the preliminary report showing strong endorsement for the company’s governance. The 12 nominees for the board of directors received an average of 97% of the votes cast. Additionally, about 96% of the votes supported the ratification of PricewaterhouseCoopers LLP as Chevron’s independent registered public accounting firm for 2025, and around 94% were in favor of the named executive officer compensation. InvestingPro data shows that Chevron has maintained dividend payments for 55 consecutive years and has raised its dividend for 37 consecutive years, demonstrating long-term commitment to shareholder returns.

A proposal to amend the company’s Restated Certificate of Incorporation for officer exculpation received a more modest 63% of the outstanding shares. In contrast, shareholder proposals concerning the commissioning of a third-party report on human rights practices, reporting on renewable energy stranded asset risks, and allowing holders of 10% of common stock to call special meetings were rejected, with 89%, 98%, and 75% voting against them, respectively.

The company’s chairman and chief executive officer, Mike Wirth, acknowledged the strong performance in 2024 and the first quarter of 2025, attributing it to effective project execution and disciplined cost and capital management. Recent InvestingPro data reveals that 11 analysts have revised their earnings downwards for the upcoming period, though the company maintains strong fundamentals with a healthy 39% gross profit margin and operates with a moderate level of debt. Wirth expressed gratitude for the shareholders’ confidence in Chevron’s governance and performance, pledging to continue delivering industry-leading value.Want deeper insights? InvestingPro offers exclusive access to detailed financial analysis, Fair Value calculations, and comprehensive Pro Research Reports for over 1,400 US stocks, including Chevron.

Final voting results on all agenda items will be disclosed in a Form 8-K to be filed with the U.S. Securities and Exchange Commission. Details on the proposals presented at the meeting can be found in the 2025 Proxy Statement available on Chevron’s website.

This news article is based on a press release statement from Chevron Corporation. Chevron is a global leader in integrated energy, with annual revenue of $195 billion and strong cash flows that sufficiently cover interest payments. The company focuses on oil and gas production, manufacturing transportation fuels, lubricants, petrochemicals, and developing new energy technologies. The company aims to expand its traditional oil and gas business, reduce carbon intensity, and grow in renewable fuels, carbon capture, hydrogen, and power generation sectors.

In other recent news, Chevron Corporation reported its first-quarter 2025 earnings, surpassing expectations with an adjusted earnings per share (EPS) of $2.18, slightly above the projected $2.15. However, the company’s revenue fell short, coming in at $47.6 billion against a forecast of $48.39 billion. In other developments, Chevron received a 60-day extension from the U.S. government to continue its operations in Venezuela, amidst ongoing negotiations with the Venezuelan government. Despite this, Chevron ended its oil production contracts in Venezuela but plans to retain its staff in the country. The U.S. government is also preparing to grant Chevron a limited license to maintain its oil assets in Venezuela, although importing oil from the country remains barred. Additionally, HSBC downgraded Chevron’s stock from a Buy to a Hold rating, adjusting the price target from $176 to $158, citing changes in Chevron’s buyback program and distribution yields. These recent developments highlight Chevron’s strategic maneuvers in a complex geopolitical and economic landscape.

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