Chevron pledges to deliver higher returns and cut carbon emissions
The company would increase oil and gas output by about 3.5% through 2025
Stocks impacted: Chevron Corporation (CVX)
Chevron Corporation announced plans to increase return on capital employed and lower carbon intensity. In particular, at its annual investor meeting, the company reaffirmed its 2021-2025 guidance for organic capital and exploratory expenditures of $14 billion to $16 billion. The firm also said through 2025 it would increase oil and gas output by about 3.5% on a compound annual basis. Chevron aims to boost output to around 3.5 million barrels of oil and gas per day by 2025, from about 2.98 million barrels per day last year. Late last week, Chevron reported it was collaborating with Schlumberger's New Energy arm and Microsoft to develop a major bioenergy plant with carbon capture and storage in California. Chevron stocks finished 0.23% lower on Tuesday.
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