Posted by OilVoice Press - OilVoice
SAN RAMON, Calif.--(BUSINESS WIRE)--May 30, 2018-- Chevron Corporation (NYSE: CVX) today provided an overview of the company's 2017 operational performance and expressed confidence in its prospects at its 2018 Annual Meeting of Stockholders at its corporate headquarters in San Ramon, California.
“Chevron has emerged from the changes that have reshaped the world's energy landscape as a stronger, leaner and more agile enterprise,” said Michael Wirth, Chevron's Chairman and CEO. “Last month, we reported earnings of $3.6 billion for the first quarter, marking our best quarter in three and a half years. During the same period, we achieved an all-time quarterly production record for the company. Today, we stand ready to win in any environment.”
A key corporate objective for Chevron in 2017 was to be cash balanced, generating sufficient cash flow to cover all cash needs, even in an environment of lower commodity prices. In 2017, reported after tax income was $9.2 billion and full-year cash flow from operations was $20.5 billion. In 2017, Chevron was cash balanced, without relying on proceeds from asset sales, surpassing one of the company's primary corporate goals for the year.
“Chevron's first financial priority is maintaining and growing the dividend,” Wirth added. “In January, we announced a four percent dividend increase, putting us on track to make 2018 the 31st consecutive year of increased annual per-share dividend payout. Global demand for our products continues to grow, and Chevron has many advantages as it competes in the ever-evolving market for energy.”
Stockholders voted on 10 items. As reported during the meeting, the preliminary report of the Inspector of Elections was as follows:
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. Specific information about the proposals before Chevron stockholders this year may be found in the Investor Relations section of the company's website under Stockholder Services – “Annual Meeting Materials.”
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