Chevron Highlights 2016 Performance and Future Plans at Annual Meeting of Stockholders

SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today provided an overview of the
company’s 2016 operational and social performance and future growth
plans for the company at its 2017 Annual Meeting of Stockholders in
Midland, Texas.

“2016 was a transition year for Chevron and the industry,” said John
Watson, chairman of the board and chief executive officer. “We took
significant actions to reduce costs, limit cash consumption and protect
the balance sheet. As oil prices improved, recovery in earnings was
evident in the second half of the year. This progress has continued into
2017.”

Watson reiterated that he is confident about the company’s future. “We
are well positioned with a strong portfolio and the right business
model, including a profitable downstream and chemical business and an
upstream portfolio of shorter cycle opportunities, highlighted by our
enviable position in the Permian Basin,” said Watson. “Our long-term
strength is also underpinned by projects in Kazakhstan, Australia, the
deepwater Gulf of Mexico, and attractive future options in West Africa,
South America, Asia and North America.”

Stockholders voted on 10 items. As reported during the meeting, the
preliminary report of the Inspector of Elections was as follows:

• Item 1: An average of 97 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 93 percent of the votes cast were voted to
  approve, on an advisory basis, the compensation of the company’s named
  executive officers.
• Item 4: Approximately 88 percent of the votes cast were voted, on an
  advisory basis, in favor of an annual advisory vote on named executive
  officer compensation.
• Item 5: Approximately 71 percent of the votes cast were voted against
  the stockholder proposal regarding a report on lobbying.
• Item 6: Approximately 94 percent of the votes cast were voted against
  the stockholder proposal regarding a report on business with
  conflict-complicit governments.
• Item 7: Withdrawn
• Item 8: Approximately 73 percent of the votes cast were voted against
  the stockholder proposal regarding a report on transition to a low
  carbon economy.
• Item 9: Approximately 61 percent of the votes cast were voted against
  the stockholder proposal to require an independent chairman.
• Item 10: Approximately 80 percent of the votes cast were voted against
  the stockholder proposal to recommend an independent director with
  environmental expertise.
• Item 11: Approximately 69 percent of the votes cast were voted against
  the stockholder proposal to set the special meetings threshold at 10
  percent.

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.”

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.

NOTICE

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,” “focus,” “on
schedule,” “on track,” “goals,” “objectives,” “strategies” 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 press release.
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 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 20 through 22 of the
company’s 2016 Annual Report on Form 10-K. Other unpredictable or
unknown factors not discussed in this press release could also have
material adverse effects on forward-looking statements.

Contacts

Chevron Corporation
Melissa Ritchie
[email protected]