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.