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Chevron will invest $10 billion for renewable fuels, hydrogen and carbon capture

US oil company set out plans to adapt to the energy transition through the investment of more cash in new low carbon sources

Chevron will invest $10 billion for renewable fuels, hydrogen and carbon capture

San Ramon, September 15 - Neftegaz.RU. Chevron announced that the company will invest more than $10 billion through 2028 on efforts to improve its low-carbon segments.
The commitment is more than triple of its previous guidance of $3 billion.

The US major listed 4 goals for 2030:
  • grow renewable natural gas production to 40,000 MMBtu a day
  • boost renewable fuels production capacity to 100,000 barrels a day
  • increase hydrogen production to 150,000 metric tons a year
  • expand carbon capture to 25 million metric tons a year
With Brent at $60 per barrel, Chevron expects to earn double-digit returns on capital employed by 2025, while also cutting emissions intensity by 35% by 2028.
Chevron´s Chief Executive Mike Wirth said:
  • Chevron intends to be a leader in advancing a lower carbon future
  • Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets and customer relationships
  • With the anticipated strong cash generation of our base business, we expect to grow our dividend, buy back shares and invest in lower carbon businesses
  • We believe a strategy that combines a high return, lower carbon traditional business with faster growing, profitable new energy ones positions us to deliver long-term value to our shareholders
The planned $10 billion spend includes $2 billion to reduce the carbon intensity of Chevron’s operations.
In 2020, the company’s emissions from operations amounted to 54m tonnes of carbon dioxide equivalent.

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