Chevron

Chevron Corporation is an American multinational energy corporation active in more than 180 countries and engaged in every aspect of the oil and gas industries.

Chevron Shareholders with $7.75 Billion in Stock Vote to Increase Dividends to Protect Investor Capital in the Face of Risky Investments in Costly Carbon Reserves

Avoiding “An Economically Unsustainable Path”: Message to Chevron Board About Shareholder Concerns

An As You Sow and Arjuna Capital shareholder resolution calling on Chevron to increase dividends to shareholders in light of continued outsized spending on high-cost, high-carbon projects -- including Arctic drilling, tar sands, and other “unconventional” fossil fuels that are increasingly uneconomical and likely to be stranded -- drew the support of shareholders with $7.75 billion of the company’s stock (4 percent). The resolution was co-filed by Zevin Asset Management.

Read our full statement

The vote underscores shareholders growing concerns about Chevron’s snowballing outlay of capital despite weakening company fundamentals, changing energy markets, and growing climate change impacts. The resolution also goes a step further than recent greenhouse gas transparency and reporting resolutions at BP and Shell, which garnered record-high shareholder support, asking the company to take the steps necessary to protect shareholder value. The filers view today’s Chevron annual meeting vote as an extremely encouraging outcome for a first-time resolution addressing a new and timely issue and shareowners intend to increase the pressure on Chevron and other oil majors in 2016 to respond to shareowners’ concerns.

As You Sow has engaged with Chevron on issues related to hydraulic fracturing and climate change. Read more about our engagements with Chevron below.

Climate Change 2017

STATUS: pending

BE IT RESOLVED: Shareholders request that Chevron issue a report (at reasonable cost, omitting proprietary information), assessing how it can respond to climate change and the resultant transition to a low carbon economy by evaluating the feasibility of altering the company’s energy mix by separating or selling off its highest carbon-risk assets, divisions, and subsidiaries, and/or buying or merging with companies with outstanding assets or technologies in low carbon or renewable energy.

Filing Documents

Related 2017 Engagements

Carbon Asset Transition 2016

STATUS: 6.8%

BE IT RESOLVED: Proponents request that, by February 2017 and annually thereafter in a publication such as the annual or CSR report, Chevron quantify and report to shareholders its reserve replacements in BTUs, by resource category, to assist the Company in responding appropriately to climate-change induced market changes. Such reporting shall be in addition to reserve reporting required by the Securities and Exchange Commission, and should encompass all energy resources produced by the company.

Filing Documents

Press

Related 2016 Engagements

Hydraulic Fracturing 2016

STATUS: 30.7%

BE IT RESOLVED: Shareholders request the Board of Directors to report to shareholders via quantitative indicators on all shale plays where it is operating, by September 30, 2016, and annually thereafter, the results of company policies and practices, above and beyond regulatory requirements, to minimize the adverse water resource and community impacts from the company's hydraulic fracturing operations associated with shale formations. Such reports should be prepared at reasonable cost, omitting confidential information.

Filing Documents

Related 2016 Engagements

Carbon Asset Risk 2015

STATUS: 03.2%

BE IT RESOLVED: Shareholders request the Board of Directors to adopt and issue a dividend policy increasing the amount authorized for capital distribution to shareholders in light of the growing potential for stranded assets and decreasing profitability associated with capital expenditures on high cost, unconventional projects.

Filing Documents

Press

Find more Chevron 2015 press coverage and press releases.

Related 2015 Engagements

Hydraulic Fracturing 2015

STATUS: 26.8%

BE IT RESOLVED: Shareholders request the Board of Directors to report to shareholders via quantitative indicators on all shale plays where it is operating, by September 30, 2015, and annually thereafter, the results of company policies and practices, above and beyond regulatory requirements, to minimize the adverse water resource and community impacts from the company's hydraulic fracturing operations associated with shale formations. Such reports should be prepared at reasonable cost, omitting confidential information.

Filing Documents

Related 2015 Engagements

Carbon Asset Risk 2014

STATUS: Blocked by Company at SEC

Shareholders request Chevron to prepare a report by September 2014, omitting proprietary information and prepared at reasonable cost, on the company’s goals and plans to address global concerns regarding fossil fuels and their contribution to climate change, including analysis of long and short term financial and operational risks to the company.

Filing Documents

Related 2014 Engagements

Hydraulic Fracturing 2014

STATUS: 26.6%

Shareholders request the Board of Directors to report to shareholders via quantitative indicators by September 30, 2014, and annually thereafter, the results of company policies and practices, above and beyond regulatory requirements, to minimize the adverse water resource and community impacts from the company’s hydraulic fracturing operations associated with shale formations. Such reports should be prepared at reasonable cost, omitting confidential information.

Filing Documents

Press

Related 2014 Engagements

Hydraulic Fracturing 2013

STATUS: 31.0%

Our 2013 resolution  requests a report, using qualitative indicators, on the results of company procedures and practices to minimize any adverse environmental and community impacts from the company's natural gas extraction operations. The requested data would include:

  • Percentage of wells reducing methane emissions using "green completions"
  • Total reductions in water pollution and spills
  • Sources and amount of water used for shale energy operations by region and reduction measures implemented
  • Total amount of air emissions reduced annually
  • Systems to track and manage naturally occurring radioactive materials
  • Extent to which closed-loop systems for management of drilling residuals are used
  • Number of community complaints or grievances filed and how many were resolved

Filing Documents

Press

Find more Chevron 2013 press coverage and press releases.

Related 2013 Engagements

Hydraulic Fracturing 2012

STATUS: 27.0%

Our 2012 resolution, on the effects of community opposition and known regulatory impacts, received support from 27% of investors.

Filing Documents

Press

Find more Chevron 2012 press coverage and press releases.

Related 2012 Engagements

Hydraulic Fracturing 2011

STATUS: 40.5%

Our 2011 shareholder resolution requested the company to publish a report on the environmental risks of fracking and policy options the company can adopt to mitigate these risks. 40.5% of investors supported this resolution, an extraordinarily high vote for a first-year resolution.

Filing Documents

Press

Find more Chevron 2011 press coverage and press releases.

Related 2011 Engagements