Chevron to invest $10bln in low-carbon projects

The investment plan includes $2bln to lower the carbon intensity of Chevron’s operations, representing more than triple the company’s previous guidance of $3bln

  
An entrance sign at the Chevron refinery, located near the Houston Ship Channel, is seen in Pasadena, Texas, U.S., May 5, 2019.

An entrance sign at the Chevron refinery, located near the Houston Ship Channel, is seen in Pasadena, Texas, U.S., May 5, 2019.

Reuters/Loren Elliott

Chevron plans to invest $10 billion in low-carbon developments until 2028 amid mounting pressure on producers to adopt climate-friendly practices, according to a press release.

The investment plan includes $2 billion to lower the carbon intensity of Chevron’s operations, representing more than triple the company’s previous guidance of $3 billion.

The company reaffirmed its expectation to earn double-digit return on capital employed by 2025 while generating $25 billion of cash flow, above its dividend and capital spending, over the next five years. This comes in line with the average price of $60 per barrel for Brent crude oil.

Chevron also affirmed its 2028 upstream production greenhouse gas intensity targets, which equate to an expected 35% reduction from 2016 levels.

The company has declined to set a target date to reach net-zero carbon emissions, FOXBusiness reported.

Source: Mubasher

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