Company’s methane intensity has reduced more
than 50% since 2016
Chevron Corporation (NYSE: CVX) today published a methane report
that builds on Chevron’s ongoing efforts to promote transparency on
climate-related matters. This report details information on
Chevron’s approach to detecting, measuring and reducing methane
intensity. Since 2016, Chevron has reduced the company’s methane
intensity by 50 percent. Chevron’s U.S. upstream methane intensity
is 85 percent lower than the U.S. upstream production sector
average as of 2020.
“Our strategy is clear – leverage our strengths to safely
deliver lower carbon energy to a growing world. Effective methane
management is important for lower carbon intensity oil and gas
production,” said Balaji Krishnamurthy, corporate vice president of
Strategy and Sustainability. “Chevron’s ambition is to be a global
leader in methane emissions performance. Our goal is simple – keep
methane in the pipe.”
Chevron is taking action to meet that aim through reducing
methane intensity, improving methane detection and advancing
measurement. In particular, we aim to design and operate facilities
to help prevent methane emissions and deploy technologies to
validate performance, inform repairs and improve inventories.
In the Permian Basin, as part of the standard design, we include
vapor recovery units for tank batteries and compressor stations.
Since 2011, we have included compressed air for pneumatic
controllers to eliminate methane emissions from that source. In
addition, we have committed to designing, where possible, all new
upstream facilities to operate without routine methane
emissions.
Chevron is testing emerging technology and incorporating
innovative solutions into our methane management programs. We are
working toward integrating comprehensive direct measurement into
existing emission factor-based inventories as protocols are
developed and technologies become more widely available to improve
methane detection at both the site and source levels. Since 2016,
we have tested 13 advanced detection and measurement technologies.
The full Methane Report is available here.
This report includes information that addresses a stockholder
proposal requesting Chevron to report on the reliability of methane
emissions disclosures, a proposal the Board of Directors
recommended stockholders support, and which passed at the company’s
2022 Annual Stockholders Meeting in May.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines. More information about Chevron is available at
www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions, including the military conflict between Russia and
Ukraine and the global response to such conflict; changing
refining, marketing and chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates,
particularly during the COVID-19 pandemic; the inability or failure
of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to
achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company’s future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to implement capital allocation strategies,
including future stock repurchase programs and dividend payments;
the effects of changed accounting rules under generally accepted
accounting principles promulgated by rule-setting bodies; the
company’s ability to identify and mitigate the risks and hazards
inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 20
through 25 of the company’s 2021 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221025005640/en/
Deena McMullen (432) 363-7085
Chevron (NYSE:CVX)
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