Chevron Corporation (NYSE: CVX) highlighted the company’s 2011 performance and discussed future growth plans at its 2012 Annual Meeting of Stockholders.
“Chevron has tremendous performance momentum and a unique combination of strategic advantages,” said John Watson, chairman and CEO. “We have advantages today because of the thoughtful, deliberate actions we have taken and the capabilities we have built over many years. We are also looking ahead to the next decade, adding opportunities to our portfolio that are expected to drive yet another generation of profitable growth.”
Watson discussed Chevron’s strong 2011 financial and operational performance, which produced earnings of $26.9 billion, a 21.6 percent return on capital employed and cash flow from operations of $41 billion. Watson said that Chevron led its peers in total stockholder returns over the past five years, besting the S&P 500. The company increased its quarterly dividend by 12.5 percent in 2011. Chevron announced another quarterly dividend increase (11 percent) at the end of April 2012. The year 2012 also marks 100 years of continuous regular dividend payments for our stockholders.
Watson reinforced Chevron’s long-standing culture of safety and environmental stewardship, and resulting industry-leading performance. He also highlighted Chevron’s commitment to partnerships that address health, education and economic development issues in the communities where the company operates, and Chevron’s global social investments of approximately $1 billion over the past six years.George Kirkland, vice chairman and executive vice president for Upstream and Gas, discussed Chevron’s capital expenditure program. Chevron is investing $32.7 billion in 2012, with approximately 87 percent of that amount directed to upstream activities as the company continues to develop an enviable project queue. Chevron is increasing exploration activity around the world including evaluation of significant acreage recently added to its upstream portfolio. Downstream investments comprise 11 percent of the total capital expenditure program.
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