Chevron Reports Business Results at Annual Stockholders Meeting

Chevron Corporation CVX today provided an overview of the company's 2018 operational performance and its future prospects at its 2019 Annual Meeting of Stockholders at its corporate headquarters in San Ramon, California.

The company earned $14.8 billion last year, compared with $9.2 billion in 2017. In the first quarter of this year, Chevron's oil-equivalent production of 3.04 million barrels per day was up almost seven percent from a year ago. Production has exceeded three million barrels per day for the last two quarters. Chevron expects to increase oil and natural gas production by 4 to 7 percent in 2019, excluding the effects of asset sales. Over the last few years, the company has repositioned itself to deliver sustained value for investors.

"Our strong portfolio of attractive investments is driving production and cash flow growth and offers a differentiated value proposition from our peer companies," said Michael Wirth, Chevron's chairman of the board and chief executive officer. "We have a sustainable portfolio underpinned by high-quality resources and strong reserve replacement. We expect to grow production with a disciplined and ratable capital program, investing in short-cycle, high return opportunities with low execution risk. Production growth coupled with strong cash margins leads to growing cash flow."

Chevron's first financial priority continues to be maintaining and growing its dividend. In January the company announced a six percent dividend increase, putting Chevron on track to make 2019 the 32nd consecutive year of increased annual per-share dividend payout. The company also plans to increase its share repurchase rate by 25 percent to $5 billion per year.

Stockholders voted on 8 items. The preliminary results can be accessed via chevron.com online here. Final voting results will be posted in the same location after they have been reported on a Form 8-K, which will be filed with the U.S. Securities and Exchange Commission. Specific information about the proposals before Chevron stockholders this year may be found in the "Investors" 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 news 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," "drives," "may," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on schedule," "on track," "is slated," "goals," "objectives," "strategies" "opportunities," "poised," 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 news 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 the company's 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, tarrifs, sanctions, 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 18 through 21 of the company's 2018 Annual Report on Form 10-K. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190529005822/en/