Chevron Achieves Record Performance in 2008
06/15/2009
Record performance in 2008 helped enable Chevron Corporation (NYSE:CVX) to reward its investors, fund a robust capital program and position the company to capitalize on the increase in demand for energy that will come with the global economic recovery, attendees were told today at the company's 2009 Annual Meeting of Stockholders.
Record performance in 2008 helped enable Chevron Corporation (NYSE:CVX) to reward its investors, fund a robust capital program and position the company to capitalize on the increase in demand for energy that will come with the global economic recovery, attendees were told today at the company's 2009 Annual Meeting of Stockholders.
"Chevron's been in business for 130 years through 13 major recessions. It's no accident we're still in business today. We look past the downturns to keep our focus on long-term growth," said Dave O'Reilly, chairman and CEO. "Eventually, world economies will grow. Experts say that by 2030 energy demand will increase as much as 30 to 40 percent. When the world starts growing, it will need all the energy it can get. Chevron will be there to supply it."
John Watson, vice chairman of the board, discussed Chevron's strong 2008 financial performance, which produced earnings of $23.9 billion and a return on capital employed of nearly 27 percent.
Watson highlighted that 2008 was the safest year in the company's history and one of the best among the industry. He noted that Lloyds Register, an independent auditor, confirmed that Chevron's environmental management systems meet all international standards. Chevron has met its greenhouse gas emission goals every year since 2004, and is ranked No. 1 among U.S.-based oil and gas companies and No. 2 worldwide in the 2008 Carbon Disclosure Leadership Index. The Index lists companies taking best-in-class actions to measure and report carbon emissions.
Watson stated that Chevron's $22.8 billion capital and exploratory expenditure program for 2009 will fund large, multi-year projects with about 75 percent of program dollars marked for worldwide crude oil and natural gas exploration and production projects and 20 percent dedicated to the company's downstream business.
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