Chevron to reduce oil and gas production carbon intensity, deliver high returns to investors
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Loading... - Lisa Steiner
- 01 Mar 2023
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Chevron Corporation reported on its progress to leverage its strengths to safely deliver lower carbon energy to a growing world at its annual investor meeting.
“Chevron intends to be a leader in both traditional and new energy businesses,” said Mike Wirth, chairman and CEO. “We’re growing energy supply, lowering carbon intensity, and returning more cash to shareholders.” Last month, Chevron increased its dividend per share by 6%, and its Board authorized a new $75 billion share repurchase program.
Lower carbon
Chevron updated investors on progress toward achieving its target to reduce the carbon intensity of its oil and gas production to 24 kg per boe by 2028, in part through execution of carbon abatement projects.
Also, the company provided updates on its new energy business lines with the company halfway to its 2030 renewable fuels target and taking steps to build businesses in carbon capture, offsets, and hydrogen.
“We intend to be a leader delivering lower carbon solutions to our customers in hard-to-abate sectors,” said Jeff Gustavson, President of Chevron New Energies. “We believe we have unique capabilities, well-positioned assets and long-standing customer relationships to safely deliver higher returns and lower carbon.” Read More..
