Chevron shareholders re-elect all directors, CEO confident of Hess deal By Reuters

(Reuters) – chevron (NYSE:) shareholders voted Wednesday to re-elect all 12 current directors to its board in a show of support for the oil major.

CEO Michael Wirth said the company was undergoing a Federal Trade Commission review of its proposed acquisition of the oil producer. Hess Corporation (NYSE:) was confident that Chevron’s position would be confirmed in arbitration in the coming weeks.

The $53 billion deal requires approval from U.S. regulators and faces the following challenges: ExxonMobil (NYSE:) and CNOOC (NYSE:) claim to have preemptive rights over the sale of Hess’ Guyana assets.

Chevron’s shares fell 1.4% in afternoon trading, following a broader stock market decline.

Shareholders rejected all four proposals put forward by investors, with 98% opposing a report on the risks posed by voluntary carbon reduction commitments and 92% opposing a report on what impact it would have on business if consumers drastically reduced their use of disposable products. was opposed. Virgin plastic.

A proposal to hire an outside group to evaluate Chevron’s human rights policies received a 78% opposition rate, the lowest rejection rate of any resolution.

Approximately 85% of shareholders voted against a petition by hunger group Oxfam America to issue a tax transparency report that follows the Global Reporting Initiative’s tax standards guidelines.

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

Wirth also pointed out that the company has completed several acquisitions in recent years, including deals for U.S. oil and gas producers. PDC Energy (NASDAQ:) and renewable fuels manufacturer ACES Delta in 2023.