Chevron Corporation (NYSE: CVX) today announced that its
subsidiary, Chevron U.S.A. Inc. (Singapore Branch) (Chevron), has
safely delivered its first shipment of offset-paired liquefied
natural gas (LNG) cargo.
Greenhouse gas emissions for the cargo, from the Gorgon Project
off the northwest coast of Western Australia, will be fully offset
via the retirement of high-quality nature-based and energy
efficiency offsets in Cambodia, Indonesia and Nepal.
“Chevron’s first full lifecycle emissions offset cargo advances
our net zero ambitions and represents a significant milestone in
Chevron’s relationship with CPC Corporation, Taiwan,” said John
Kuehn, President of Chevron Supply and Trading, a division of
Chevron U.S.A. Inc.
“We share the view that the future of energy is lower carbon and
expect this offset-paired cargo to be the first of many as we
leverage our capabilities, assets, and customer relationships to
deliver energy solutions to a growing world.”
For this cargo, Chevron’s Scope 1 and 2 emissions (emissions
from upstream production, transportation, liquefaction and
shipping) were calculated based on methodology jointly developed by
Chevron, Pavilion Energy Trading & Supply Pte. Ltd. and
QatarEnergy in 2021, with Scope 3 emissions calculated based on
PACE Global report1 for regas and distribution and IPCC 2006
emission factor2 for combustion.
The emissions will be fully offset via the surrender of Verra3
certified offsets, namely the Katingan Peatland Restoration and
Conservation Project in Indonesia, the Southern Cardamom REDD+
Project in Cambodia and the Energy Efficient Cooking Solution in
Nepal.
About Chevron
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.
About CPC Corporation, Taiwan
CPC was founded on June 1, 1946 with a mandate to lead the
country’s energy sector. For the more than 70 years since then, we
have fulfilled that commitment by taking on responsibility for the
development of national energy resources. We have consistently
ensured a stable supply of petroleum product despite recurring oil
crises, liberalization of the domestic market and fluctuations in
produces prices. While tackling these challenges, we have not
wavered in making our just contribution to Taiwan’s economic
progress and its citizens’ welfare. More information about CPC is
available at www.cpc.com.tw.
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.
1 “LNG and Coal Life Cycle Assessment of GHG Emissions” by PACE
Global (Oct 2015) for Regas/Distribution. 2 IPCC 2006 Taiwan Gov
Model for Combustion. 3 Verra is a nonprofit organization that
operates the world’s leading carbon crediting program, the Verified
Carbon Standard (VCS) Program, as well as other programs in
environmental and social markets
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Cameron Van Ast cameron.vanast@chevron.com +61 0 439 022 658
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