Chevron Sets New Greenhouse Gas Reduction Goals
03 Octubre 2019 - 07:30AM
Business Wire
Energy Company Plans to Reduce Emission
Intensity from Oil and Natural Gas Production
Chevron Corporation (NYSE: CVX) has established new goals to
reduce net greenhouse gas (GHG) emission intensity from upstream
oil and natural gas. Emission intensity is the emission rate of
greenhouse gas per unit of energy produced. The company intends to
lower upstream oil net GHG emission intensity by 5 - 10 percent and
upstream natural gas net GHG emission intensity by 2 - 5 percent
from 2016 to 2023. The timing is aligned with stocktake milestones
set in the Paris Agreement on climate change.
The GHG emission intensity reduction metrics apply to all
upstream Chevron oil and natural gas, whether Chevron has
operational control or not.
“Global demand for energy continues to grow, and we are
committed to delivering more energy with less environmental
impact,” said Michael Wirth, Chevron's chairman and CEO.
The new reduction goals build on other actions Chevron is taking
to address climate change by lowering the company’s carbon
intensity, increasing its use of renewable energy and investing in
breakthrough technologies. Earlier this year, the company
established reduction goals for methane emission intensity and
flaring intensity.
Chevron is a member of the Oil and Gas Climate Initiative and is
helping fund a $1+ billion effort to develop new technologies and
businesses to reduce GHG emissions. Chevron also established a
Future Energy venture capital fund to invest in technology to
reduce GHG emissions and enable a greater diversity of energy
sources. The company has also invested more than $1 billion in
carbon capture and storage projects in Australia and Canada which
are expected to reduce GHG emissions by about 5 million metric tons
per year. Chevron is using renewable electricity to power some of
its operations in California and Texas.
“Reducing greenhouse gas emissions is a global issue that
requires global engagement and action,” said Wirth. “We are taking
action, while continuing to deliver the affordable, reliable,
ever-cleaner energy that enables human progress.”
NOTICE
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
NOTICE
This news release contains forward-looking statements relating
to Chevron’s operations 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,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “positions,” “pursues,” “may,” “could,” “should,”
“will,” “budgets,” “outlook,” “trends,” ”guidance,” “focus,” “on
schedule,” “on track,” “is slated,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised” 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; changing refining,
marketing and chemicals margins; the company's ability to realize
anticipated cost savings and expenditure reductions; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; technological developments; the
results of operations and financial condition of the company's
suppliers, vendors, partners and equity affiliates, particularly
during extended periods of low prices for crude oil and natural
gas; 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 and terrorist acts, crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries and other producing countries, or other natural
or human causes beyond the company’s control; changing economic,
regulatory and political environments in the various countries in
which the company operates; general domestic and international
economic and political conditions; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes 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, industry-specific taxes, 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 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 18 through 21 of the company’s 2018 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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