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Chevron Corp CVX

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Chevron Shareholders Support Proposal to Reduce Scope 3 Emissions

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Approximately 61% of votes cast supported a shareholder proposal for Chevron to reduce Scope 3 emissions of its energy products in the medium- and long-term future, as defined by the company. The proposal neither defined precise timelines nor imposed methods for doing so. Chevron already has in place Scope 1 and 2 reduction targets for 2028. Scope 3 emissions present a different challenge, however, given their relative amount and the fact they occur during use or combustion of oil and natural gas that takes place outside the company’s control. In 2019, Chevon’s Scope 3 emissions composed 91% of its emissions from total products sold.

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Company Profile

Business Description

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. Chevron is the second- largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.3 million cubic feet a day of natural gas and 1.9 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the U.S. and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2020 stood at 11.1 billion barrels of oil equivalent, including 6.1 billion barrels of liquids and 29.9 trillion cubic feet of natural gas.

Contact
6001 Bollinger Canyon Road
San Ramon, CA, 94583-2324
T +1 925 842-1000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 13,379

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