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Chevron holds ASM, Highlights 2013 Performance and Future Growth

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By Joseph BAMIDELE

HOUSTON – Chevron Corporation (NYSE: CVX) today held its Annual Stakeholders Meeting (ASM) and has provided an overview of the company’s 2013 operational and social performance and future growth plans at its 2014 Annual Meeting of Stockholders in Midland, Texas .

“Chevron’s 2013 results demonstrate that we remain well positioned to grow profitably and continue to deliver superior stockholder value,” said John Watson , chairman of the board and chief executive officer. “We continue to advance key development projects, which underpin our planned growth strategy and capacity to deliver affordable energy to world markets, a cornerstone of economic prosperity.”

During the meeting, Watson discussed Chevron’s 2013 financial and operational performance, highlighting earnings of $21.4 billion and return on capital employed (ROCE) of 13.5 percent. In 2013, the company marked its 26th consecutive year of annual dividend payment increases, which included last year’s dividend increase of 11.1 percent. Chevron announced another quarterly dividend increase of 7 percent in April 2014 . Watson also said that Chevron led its peer group in total stockholder return for the five-year period ending Dec. 31, 2013 .

Watson further reiterated Chevron’s long-standing dedication to safe, reliable operations. Reinforcing the company’s commitment to process safety, he noted that Chevron’s goal remains zero incidents and ensuring that everyone goes home safely, every day. Watson also discussed the partnerships Chevron has formed to address health, education and economic development in the communities where the company operates. Over the past eight years, Chevron has made nearly $1.5 billion in social investments to local communities.

George Kirkland , Chevron vice chairman, said the company is on track to grow production to 3.1 million barrels of oil-equivalent per day by 2017, up 20% from 2013, with more growth expected through the end of the decade. To reach this goal, the company has more than 70 projects, each with a Chevron share of more than $250 million , scheduled to start-up by the end of this decade. In Australia , the Gorgon project continues to make steady progress toward first liquefied natural gas (LNG), and is 80 percent complete with start-up expected in mid-2015. Wheatstone is now almost 35 percent complete and remains on schedule for a start-up in 2016.

Kirkland continued by outlining Chevron’s profitable growth plans, which focus on building legacy assets associated with crude oil and natural gas. These plans include investing $39.8 billion in 2014, which represents a $2 billion reduction from 2013 spending.
In 2013, Chevron maintained an industry leading earnings per barrel average, which was nearly five dollars per barrel higher than the company’s peer group over the past three years. Chevron has also had the highest ROCE in the Upstream sector since 2011, with an industry leading 17.2 percent in 2013.

Additionally, Kirkland discussed Chevron’s Downstream and Chemicals business, where the company’s refining and marketing earnings per barrel ranked 2nd among peers. This business also posted 10 percent ROCE in spite of a challenging margin environment for the industry.

Kirkland concluded by affirming the Downstream and Chemicals business focus on select areas of growth, including key Chevron Phillips Chemical projects that take advantage of existing infrastructure and attractive feedstocks. This year, the joint-venture company plans to start-up the world’s largest on-purpose 1-hexene plant and broke ground on a world-scale ethylene cracker and derivatives unit on the U.S. Gulf Coast . Also, Chevron’s Pascagoula base oil plant is slated to reach full production by mid-year, making Chevron the largest producer of premium base oil in the world.

Stockholders voted on 10 items and supported the board’s recommendation on each. As of May 28, 2014 , the preliminary report of the Inspector of Election was as follows:

Item 1: An average of 98 percent of the votes cast were voted for each of the 12 nominees for election to the board of directors.

Item 2: Approximately 98 percent of the votes cast were voted to ratify the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the company.

Item 3: Approximately 94 percent of the votes cast were voted to approve, on an advisory basis, the compensation for the company’s named executive officers.

Item 4: Approximately 94 percent of the votes cast were voted against the stockholder proposal regarding charitable contribution disclosure.

Item 5: Approximately 75 percent of the votes cast were voted against the stockholder proposal regarding lobbying disclosure.

Item 6: Approximately 72 percent of the votes cast were voted against the stockholder proposal regarding report on shale energy operations.

Item 7: Approximately 81 percent of the votes cast were voted against the stockholder proposal to designate an independent chairman.

Item 8: Approximately 65 percent of the votes cast were voted against the stockholder proposal to grant holders of 10 percent of the Corporation’s outstanding common stock the power to call special meetings.

Item 9: Approximately 78 percent of the votes cast were voted against the stockholder proposal to nominate an independent director with environmental expertise.

Item 10: Approximately 76 percent of the votes cast were voted against the stockholder proposal to report on guidelines for country selection for operations.

Final voting results will be reported on Form 8-K, which will be filed with the Securities and Exchange Commission and available on chevron’s website. 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.”

Chevron is one of the world’s leading integrated energy companies, with 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 petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels.

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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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