Chevron Corporation provided an update on its efforts to use its advantages to securely supply lower carbon energy to the developing 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.
Chevron anticipates delivering higher returns while expanding the supply of energy while maintaining capital and cost restraint. in keeping with these goals. “We have the capital discipline and balance sheet strength to offer a differentiated value proposition,” said Pierre Breber, Chevron’s CFO. “We’re winning back investors with consistent and growing cash returned to shareholders across the commodity price cycle.”
“Chevron is investing in advantaged assets in the Permian Basin, Gulf of Mexico, Kazakhstan, Australia and elsewhere that we believe drive superior performance,” said Nigel Hearne, executive vice president, Oil, Products, and Gas. “We’re focused on executing with excellence to grow value across our portfolio.”
Chevron provided investors with an update on its efforts to meet its goal of reducing the carbon intensity of its oil and gas production to 24 kg per barrel of oil equivalent by 2028, which would be accomplished in part by implementing carbon reduction projects. The corporation also presented updates on its new energy business lines, saying that it is halfway to achieving its 2030 renewable fuels objective and moving forward with plans to establish 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.”
