Chevron shareholders on Wednesday re-elected all its 12 board directors, in a sign of support for the oil major at a time when it is caught in the regulatory crosshairs over its $53 billion proposed buyout of oil producer Hess Corp.
CEO Michael Wirth said the company was moving ahead on the
U.S. Federal Trade Commission's review of the deal in the coming weeks.
The deal also faces a challenge by Exxon Mobil and CNOOC,
which claim they have pre-emption rights to any sale of Hess' Guyana assets.
"We anticipate moving the FTC approval process in
coming weeks and are confident our position (on Exxon Mobil's claim of right of
first refusal on Hess' Guyana assets) will be affirmed in arbitration,"
Wirth said.
Meanwhile, shareholders rejected all four proposals brought
forward by investors, with 98% voting against reporting about the risks from
voluntary carbon-reduction commitments and 92% voting against a report on how
the business would be affected by consumers sharply cutting their use of
single-use and virgin plastics.
A proposal to hire an outside group to evaluate Chevron's
human rights policies fell with 78% opposed, the lowest rejection of any of the
resolutions.
Chevron's board had recommended a "no vote" to all
the proposals.
Wirth pointed out that the company has completed several
acquisitions in recent years, including deals for U.S. oil and gas producer PDC
Energy and renewable fuels maker ACES Delta in 2023.
The company could see its footprint continue to shrink in
California, Wirth added, as it becomes uncompetitive for Chevron to invest in
its headquarters-state amid regulatory challenges.
Chevron also said its operations have not been affected by
the conflict in the Middle East region.