Chevron Issues 2010 Corporate Responsibility Report
* Achieved safest year in company history
* Reduced total energy consumption by 33 percent since 1992
* Increased social investment in communities to $197 million
* Spent $2 billion in small U.S. businesses
SAN RAMON, Calif., – Chevron Corporation (NYSE: CVX) achieved its safest year in company history, reduced its total energy consumption by 33 percent compared with 1992 levels, invested $197 million in communities around the world, and spent more than $2 billion with small U.S. businesses, according to the company’s 2010 Corporate Responsibility Report issued today.
“Energy is essential to human progress – it creates jobs, fuels innovation and powers virtually every element of the global economy,” said Chairman and Chief Executive Officer John Watson. “Providing that energy safely, reliably and economically is a great responsibility that we take seriously.”
Chevron’s 2010 Corporate Responsibility Report highlights companywide performance including safety, environmental stewardship, social investments and human rights. Specific results in these categories include:
*Chevron’s workforce had its safest year ever, reducing its Total Recordable Incident Rate by 10 percent and Days Away From Work Rate by 40 percent when compared with 2009.
*Chevron reduced its total energy consumption by 33 percent compared with 1992 levels. In addition, Chevron Energy Solutions’ projects reduced energy use by an average of nearly 30 percent for its customers.
*Chevron contributed $197 million in social investments, mainly in health, education and economic development in 2010. Examples of significant investments include the following.
*Health: Chevron’s initial $30 million investment in the Global Fund to Fight AIDS, Tuberculosis and Malaria helped reach as many as 3.4 million people through HIV/AIDS prevention programs between 2008 and 2010. Chevron has extended its commitment to the Global Fund with an additional $25 million.
*Education: Chevron’s California Partnership expanded investments in science, technology, engineering and math education, reaching more than 245,000 students and 3,900 teachers. In addition, Chevron provided approximately $18 million in funding through its University Partnership Program to help further develop the professionals who will be needed in the energy industry.
*Economic Development: Chevron launched the Niger Delta Partnership Initiative, with an initial investment of $50 million for economic development, conflict resolution and capacity building in the region.
*Chevron’s support of small businesses in regions where the company operates is part of its economic development efforts. During 2010 in the United States alone, Chevron spent $2 billion with small U.S. businesses. Chevron spent $364 million on products and services with women-owned businesses and $254 million with minority-owned businesses.
*Through ongoing stakeholder engagement, Chevron is promoting respect for global human rights. To emphasize its own commitment, Chevron developed plans and provided resources to implement its Human Rights Policy. The Human Rights Campaign Corporate Equality Index gave Chevron a 100 percent rating for the sixth consecutive year.
“We recognize that business success is deeply linked to society’s progress,” added Watson. “Our investments in communities – developed in partnership with those communities – also are investments in the long-term success of our company.”
Chevron’s ninth annual Corporate Responsibility Report demonstrates Chevron’s focus on creating mutual benefit and shared progress in seven geographic areas where some of its most important projects are located.
*Western Australia: Chevron’s strong environmental performance has allowed the company to expand operations, resulting in benefits to its business and the Australian economy. Through its Gorgon Project, the company expects approximately 10,000 jobs to be created at peak construction and an estimated $56 billion to flow into Australia’s gross domestic product.
*Angola: Chevron’s partnerships in Angola focus on improving livelihoods and fostering a stable operating environment. Chevron supported a program to vaccinate approximately 624,000 people against an outbreak of polio, provided technical assistance and microfinancing to local businesses and helped launch an entrepreneurship curriculum for students. Through Chevron’s partnership with Banco Africano de Investimentos Micro Finanças, micro and small entrepreneurs received $9.9 million.
*Richmond, California: Chevron and the community are continuing to work together to overcome challenges. Chevron granted $3.7 million to local nonprofits to meet needs in education, economic development and job training. Chevron’s Richmond Refinery has reduced regulated air emissions by 70 percent since the 1970s, which includes a decrease in flaring by more than 97 percent since 2007. In addition, more than 60 percent of the water used daily at the Richmond Refinery is treated or reclaimed.
*Kazakhstan: Supporting local suppliers and developing a skilled workforce is fostering beneficial economic and social change. Tengizchevroil, in which Chevron is a 50 percent partner, has spent $645 million on social programs since 1993.
*U.S. Gulf of Mexico: Combining technological expertise with a culture of safe, efficient and reliable operations has positioned Chevron as a leader in the deepwater Gulf of Mexico. Following the BP Macondo incident, Chevron demonstrated this leadership by leading the joint-industry task force to raise industry standards to even higher levels. It also responded to community needs by providing $10 million to five Gulf Coast community organizations that participated in environmental and economic relief.
*Nigeria: In addition to the Niger Delta Partnership Initiative, Chevron contributed more than $10 million to eight new projects, whose benefits now reach more than 400 communities and involve more than 600,000 people.
*Indonesia: Chevron continued to strengthen economic opportunities that benefit local communities through microfinance, training and support programs for farmers and continued sponsorship of polytechnic universities in Aceh and Riau provinces. Chevron’s Local Business Development Program has helped participants grow their businesses from $1.3 million in 2001 to more than $123 million in 2010.
For more information on corporate responsibility or the case studies above, read the full 2010 Corporate Responsibility Report at www.chevron.com/corporateresponsibility.
Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
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