Chevron Corp on Tuesday outlined a plan to expand oil and gas production through 2025 without spending significantly more and to limit the pace of growth of its carbon emissions.
Chief executive officer Michael Wirth made the case on Tuesday in an annual presentation to investors and analysts that Chevron could lower its carbon footprint and generate profits even if oil prices dip.Chevron now targets a 35% reduction in its carbon intensity by 2028 and said it will eliminate routine flaring by 2030. But the intensity goals mean that emissions overall can increase if production rises, and it has not set a net zero carbon target like European and some US peers.
Chief rival Exxon has pledged to boost its energy transition spending to 3% from 1%, while Shell plans to increase spending on low-carbon energy to 25% of overall capital expenditure by 2025. Chevron, the largest oil company to make a big purchase during last year's market lows, doubled its cost savings expectations from the Noble Energy deal to US$600 million, helping lower operating expenses 10% this year compared with 2019.
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