Chevron, formed through the merger of Chevron and Texaco in October 2001, is an integrated energy company with operations in the US and approximately 100 other countries. The company operates in oil and gas exploration and production, oil and gas refining and marketing, power, and chemicals manufacturing. Among its integrated peers, Chevron has above-average leverage to crude oil prices and the lowest exposure to the downstream.
CVX reaffirmed emission reduction goals laid out last fall, namely a 35% reduction in upstream CO2 intensity by 2028, >5% reduction in portfolio carbon intensity by 2028 and Net Zero Scope 1 & 2 by 2050. 2030 goals of 100 mbpd for renewable fuels production, 150 ktpa for hydrogen and 25 mmtpa for carbon capture were also reiterated. The REGI acquisition announced yesterday should get CVX roughly halfway to its renewable fuels target. The company also highlighted partnerships (Bunge in feedstock, Gevo for SAF) that should help bolster the renewable fuels business.