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 sign 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 acquisition of oil producer Hess Corp in the coming weeks and was confident that Chevron’s position would be affirmed in arbitration.

The $53 billion deal requires US regulatory approval and faces a challenge from Exxon Mobil and CNOOC, which say they have rights of first refusal on any sale of Hess’ Guyana assets.

Chevron shares fell 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 releasing reports on the risks of voluntary carbon reduction commitments and 92% voting against a report on how the business would be affected if consumers drastically cut back. the use of disposable products and virgin plastics.

The proposal to hire an outside group to evaluate Chevron’s human rights policies fell with 78% opposition, the lowest rejection of any of the resolutions.

About 85% of shareholders voted against anti-hunger group Oxfam America’s petition for the company to issue a tax transparency report that follows the guidelines of the Global Reporting Initiative Tax Standards.

Chevron’s board recommended a “no vote” on all proposals.

Wirth also highlighted that the company has completed several acquisitions in recent years, including deals for North American 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)