Chevron Corporation (NYSE: CVX) today published its second report
describing the company’s approach to managing climate change risks and
its resilience under a low carbon scenario. Titled Climate
Change Resilience – A Framework for Decision Making, the
publication builds on the company’s prior report on managing climate
change risks and provides more detail on the company’s approach to
governance, risk management, strategic planning and emission reduction
investments and activities, including key metrics.
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“We proactively consider climate change in our business decisions, and
we have the experience, processes and governance in place to manage the
risks,” said Michael Wirth, Chevron’s Chairman and CEO. “We believe we
are equipped to continue to succeed in any business environment as we
deliver affordable, reliable energy that is a fundamental driver of
economic growth and human progress.”
Aligned with the Financial Stability Board’s Task Force on
Climate-Related Financial Disclosures recommendations, Chevron’s report
explains the company’s strategic decision-making approach to climate
change related risks. These include ongoing evaluations of the company’s
portfolio and future investments, its views of supply, demand, commodity
and carbon prices, and the factors that drive global economic change.
The report summarizes Chevron’s work to test the competitiveness of its
current assets under multiple scenarios, including some of the most
restrictive greenhouse gas reduction proposals such as the Sustainable
Development Scenario from the International Energy Agency. The results
demonstrate that the company’s portfolio, due to its maturity and
diversity across assets and geographies, is resilient in a wide variety
of possible scenarios and enables Chevron to be flexible in response to
potential changes.
“We know that climate change is a growing area of interest for our
investors and other stakeholders. We’re committed to addressing the
risks of climate change while delivering the energy that benefits
societies and economies,” said Dr. Ronald Sugar, lead independent
director for Chevron’s Board of Directors.
Chevron is a leader in improving how reliable and affordable energy is
developed and delivered to meet global demand. The company is making its
operations more energy efficient, reducing flaring, managing methane
emissions and investing in low-carbon technologies. In addition, Chevron
is investing in the innovations and innovators of tomorrow through
research and development and investments in science, technology,
engineering and math focused education.
Chevron Corporation is one of the world's leading integrated energy
companies. Through its 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 petrochemicals and additives; generates power;
and develops and deploys technologies that enhance business value in
every aspect of the company's operations. Chevron is based in San Ramon,
Calif. More information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains forward-looking statements relating to
Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum, chemicals
and other energy-related industries. Words or phrases such as
“anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,”
“pursues,” “may,” “could,” “should,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,”
“objectives,” “strategies,” “opportunities” and similar expressions are
intended to identify such forward-looking statements. These statements
are not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, many of which are beyond the
company’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. The reader should not
place undue reliance on these forward-looking statements, which speak
only as of the date of this report. Unless legally required, Chevron
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are: changing
crude oil and natural gas prices; changing refining, marketing and
chemicals margins; the company's ability to realize anticipated cost
savings and expenditure reductions; actions of competitors or
regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or product
substitutes; technological developments; the results of operations and
financial condition of the company's suppliers, vendors, partners and
equity affiliates, particularly during extended periods of low prices
for crude oil and natural gas; the inability or failure of the company’s
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production
from existing and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of planned
projects; the potential disruption or interruption of the company’s
operations due to war, accidents, political events, civil unrest, severe
weather, cyber threats and terrorist acts, crude oil production quotas
or other actions that might be imposed by the Organization of Petroleum
Exporting Countries, or other natural or human causes beyond its
control; changing economic, regulatory and political environments in the
various countries in which the company operates; general domestic and
international economic and political conditions; the potential liability
for remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes required by existing or future
environmental statutes and regulations, including international
agreements and national or regional legislation and regulatory measures
to limit or reduce greenhouse gas emissions; the potential liability
resulting from other pending or future litigation; the company’s future
acquisition or disposition of assets or shares or the delay or failure
of such transactions to close based on required closing conditions; the
potential for gains and losses from asset dispositions or impairments;
government-mandated sales, divestitures, recapitalizations,
industry-specific taxes, changes in fiscal terms or restrictions on
scope of company operations; foreign currency movements compared with
the U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the impact of the 2017 U.S. tax legislation on the
company's future results; the effects of changed accounting rules under
generally accepted accounting principles promulgated by rule-setting
bodies; the company's ability to identify and mitigate the risks and
hazards inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 19 through
22 in this report. Other unpredictable or unknown factors not discussed
in this report could also have material adverse effects on
forward-looking statements.
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