SAN RAMON, Calif., May 28 (UPI) -- Chevron's top executive said the company would vet the shoot down of proposals to spend less on political maneuvering and more on environmental issues.
Chevron stockholders voted on 13 items, with just under half of them tied in part to political or environmental issues.
More than 70 percent of the shareholders voted against reports on lobbying and nearly all of them voted against an end to using corporate funds for political purposes. On environmental issues, 91 percent voted against a proposal to cut greenhouse gas emissions and 80 percent voted against a move to consider an independent director with environmental expertise.
"The board will consider the final voting results carefully," Chairman John Watson said in a statement.
Chevron has pressed for expanded options for exports of natural gas produced from domestic U.S. resources. A special permit is required to send liquefied natural gas to countries without a free-trade agreement with the United States. Environmental groups argue more exports would lead to more hydraulic fracturing, the controversial drilling practice known also as fracking.
The company said in its annual meeting last year was its best in terms of safety and environment performance.
Chevron is among the energy companies posting heavy losses in a depressed crude oil market. Fourth quarter earnings of $3.5 billion represented a 30 percent decline year-on-year for Chevron. Full year 2014 earnings were $19.2 billion, compared with $21.4 billion the previous year.
"We have the financial strength to meet the challenges of a volatile crude price environment and significant efforts are underway to manage to a lower cost structure and capital spend rate," Watson said. "We're reducing capital spending, we have implemented significant cost-reduction programs and have further streamlined our portfolio as planned."
