Chevron Outlines Plan for Higher Returns, Lower Carbon
March 09 2021 - 8:42AM
Dow Jones News
By Dave Sebastian
Chevron Corp. said it plans to more than double its return on
capital employed by 2025 and reduce carbon intensity by 35% by
2028.
"Chevron's message to investors is summarized in four words:
higher returns, lower carbon," Chairman and Chief Executive Michael
Wirth said.
The company said it doubled its initial estimate of savings from
its acquisition of Noble Energy to $600 million, contributing to an
expected reduction in 2021 operating expenses of 10% from 2019.
The company said it expects capital to decrease for the next
five years for its expansion in Kazakhstan, and plans to increase
investment in attractive assets such as its position in the
Permian.
Chevron also affirmed its 2021-25 guidance for organic capital
and exploratory expenditures of $14 billion to $16 billion.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
March 09, 2021 09:27 ET (14:27 GMT)
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