Chevron Corporation (NYSE: CVX), through its affiliate Chevron
Australia Pty Ltd, is part of three joint ventures that have been
granted an interest in three greenhouse gas assessment permits
offshore Australia.
The blocks, including two in the Carnarvon Basin off the
north-western coast of Western Australia and one in the Bonaparte
Basin offshore Northern Territory, total more than 31,500 km2 or
nearly 7.8 million acres – an area larger than Belgium.
“Chevron has a unique set of capabilities and relationships to
support the further deployment of carbon capture and storage in
Australia,” said Mark Hatfield, managing director of Chevron’s
Australia Business Unit. “We look forward to working with our
venture participants to assess the greenhouse gas storage potential
within these titles, which we hope will benefit Australia and the
region for years to come.”
As part of its global lower carbon strategy, Chevron is focused
on carbon capture, utilization, and storage (CCUS) – primarily
through hubs with third-party emitters as partners and customers –
renewable fuels, hydrogen, offsets, and other emerging
technologies.
“Under almost every scenario, CCUS is expected to be essential
for meeting the net zero ambitions of the Paris Agreement and is
poised to play a crucial role in reducing carbon emissions in
hard-to-abate, energy intensive industries such as LNG, refining,
petrochemicals, power, steel, and cement,” said Chris Powers, vice
president of CCUS for Chevron New Energies. “These and other
ventures also have the potential to help generate higher returns
and lower the carbon intensity of our own operations. We look
forward to collaborating on these efforts.”
Note to Editors: Greenhouse gas assessment permit
[G-10-AP] (1,762 km2 or 680 mi2) involves a Joint Venture of
Chevron Australia Pty Ltd, Woodside Energy Ltd (Operator), BP
Developments Australia Pty Ltd, Japan Australia LNG (MIMI)
Pty Ltd, which is owned equally by Mitsubishi Corporation and
Mitsui & Co., Ltd, and Shell Australia Pty Ltd. Greenhouse
gas assessment permit [G-9-AP] (3,589 km2 or 1,385 mi2)
involves a Joint Venture of Chevron Australia Pty Ltd and Santos
Offshore Pty Ltd (Operator). Greenhouse gas assessment permit
[G-11-AP] (26,239 km2 or 10,130 mi2) involves a Joint Venture
of Chevron Australia Pty Ltd, Santos Offshore Pty Ltd (Operator),
and an affiliate of SK E&S.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable, and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines. More information about Chevron is available at
www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans 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,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” 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 and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic, market and
political conditions, including the military conflict between
Russia and Ukraine and the global response to such conflict;
changing refining, marketing and chemicals margins; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; development of large carbon capture
and offset markets; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity
affiliates, particularly during the COVID-19 pandemic; 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, terrorist acts, or other
natural or human causes beyond the company’s control; the potential
liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant
operational, investment or product changes undertaken or 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, taxes and tax audits, 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 receipt of required Board authorizations to
implement capital allocation strategies, including future stock
repurchase programs and dividend payments; 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 20 through 25 of the company’s 2021
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220908006060/en/
Chevron New Energies Creighton Welch
CreightonWelch@chevron.com
Chevron Australia Cam Van Ast
Cameron.VanAst@chevron.com
Chevron (NYSE:CVX)
Historical Stock Chart
From Feb 2024 to Mar 2024
Chevron (NYSE:CVX)
Historical Stock Chart
From Mar 2023 to Mar 2024