Chevron shareholders re-elect all directors, CEO confident in Hess deal

(Reuters) – Chevron shareholders voted on Wednesday to re-elect all 12 sitting directors to its board, in a show of support for the oil major.

CEO Michael Wirth said the company was moving forward with the U.S. Federal Trade Commission’s review of its proposed takeover of oil producer Hess Corp in the coming weeks, and that he was confident that Chevron’s position would be upheld in arbitration.

The $53 billion deal requires approval from U.S. regulators and faces a challenge from Exxon Mobil and CNOOC, which claim to have pre-emptive rights to any sale of Hess’ assets in Guyana.

Shares of Chevron were down 1.4% in afternoon trading, following a decline in the broader stock market.

Shareholders rejected all four proposals put forward by investors, with 98% voting against publishing information on the risks of voluntary carbon reduction commitments and 92% voting against a report on how the company would affected by a drastic reduction in the use of single-use products and consumers. virgin plastics.

A proposal to hire an outside group to evaluate Chevron’s human rights policies was defeated with 78 percent opposed, the lowest rejection of any resolution.

About 85% of shareholders voted against hunger relief group Oxfam America’s petition asking the company to release a tax transparency report that follows the Global Reporting Initiative’s tax standards guidelines.

Chevron’s board of directors had recommended a “no” to all proposals.

Wirth also highlighted that the company has made several acquisitions in recent years, including deals with US oil and gas producer PDC Energy and renewable fuels maker ACES Delta in 2023.

(Reporting by Seher Dareen in Bengaluru and Gary McWilliams in Houston; editing by Shilpi Majumdar)

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