Chevron Corp. shareholders will vote on proposals aiming to require the No. 2 U.S. oil producer to reduce the environmental impact of its products and report on climate business risks.
Chevron has pledged to limit the pace of growth of its carbon emissions that contribute to climate change, but has not set longer-term targets to achieve net-zero as many European oil companies have done.
Shareholder proposals include reducing so-called Scope 3 emissions that come from the use of its fuels and a request that the company report the impact of net zero 2050 scenarios on its finances and business assumptions, according to the company’s proxy filing on April 8.
Chevron has set emissions targets for this decade and laid out plans to keep project spending low but increase oil and gas output.
The company is recommending that its stockholders vote against the shareholder proposals, including one for an independent board chair after the next CEO transition.
Other proposals asks for more lobbying disclosures and to shift to being a “public benefit corporation,” a legal structure in which directors must balance the interests of shareholders and other stakeholders.
Shareholders last May voted to approve a proposal demanding that the company issue a report on its climate change-related lobbying activities, a major win for activists against Big Oil.
Chevron issued a climate lobbying report in December.
The filing included details on executive compensation, including $29 million for CEO Michael Wirth in 2020, down from $33.1 million in 2019.
The company had a $5.54 billion full-year loss for 2020, its first since 2016, compared with earnings of $2.92 billion in 2019.
If dealmakers can get over the past year, with its misery as treacherous and deep as a river of mud, they may find a promising market in the months ahead.
Analysts at Cowen & Co. boosted their earnings estimates for Apache due to better-realized pricing, notably in gas that “reflect greater exposure to daily pricing versus bid week.”
The appointment of Tiffany “TJ” Thom Cepak as board chairman replaces Mark A. “Mac” McFarland, who was named as permanent president and CEO of California Resources last month.