Mubasher: Chevron plans to invest $10 billion in low-carbon developments until 2028 amid mounting pressure on producers to adopt climate-friendly practices, according to a press release.
The investment plan includes $2 billion to lower the carbon intensity of Chevron’s operations, representing more than triple the company’s previous guidance of $3 billion.
The company reaffirmed its expectation to earn double-digit return on capital employed by 2025 while generating $25 billion of cash flow, above its dividend and capital spending, over the next five years. This comes in line with the average price of $60 per barrel for Brent crude oil.
Chevron also affirmed its 2028 upstream production greenhouse gas intensity targets, which equate to an expected 35% reduction from 2016 levels.
The company has declined to set a target date to reach net-zero carbon emissions, FOXBusiness reported.