emissions solutions investment feeds solutions for energy’s biggest challenges
1 min read | may 09, 2023
As a geologist who spent the first half of her career exploring for oil and gas, Sunday Shepherd has built her career out of helping Chevron identify new sources of energy.
The world’s growing need for those resources fuels her passion for helping determine how and why Chevron invests profits. This year, those investments include $8 billion for our U.S. production business and $2 billion for lower carbon capital expenditures across all segments.
“We have a really noble mission: We provide the energy the world needs,” said Shepherd, Chevron’s general manager of strategy. “As we navigate the next 20 years, we’ll continue to advance technologies, and I enjoy thinking through what might be possible.”
the right mix
To safely deliver more lower carbon energy to a growing world, we’re investing in a lower carbon intensity traditional oil and gas business and other lower carbon energy sources.
“We’re focused on areas that have the potential to get to a scale that works for Chevron and that would be strong contributors to the overall energy mix,” Shepherd explained.
This year’s capital budget for supporting production across our operations includes, approximately:
- More than $4 billion for our Permian Basin development.
- More than 20% of total upstream capital expenditure for projects in the Gulf of Mexico.
- $500 million to lower the carbon intensity of our traditional operations.
Across our downstream operations, Chevron plans to spend $1 billion to grow renewable fuels production capacity.
Chevron plans to invest $10 billion in lower carbon projects through 2028 and remains committed to collaborating in new ways to accelerate progress.
investing in the invisible
As we work to reduce the carbon intensity of our existing businesses, we’re investing in a variety of methane reduction tools. This includes technology to detect, measure and fix leaks of the invisible, odorless greenhouse gas.
“Our overall strategy is to keep it in the pipe,” Shepherd said. “We’re accomplishing this through technology, smart facility designs and best operational practices. We are constantly working to lower emissions from our portfolio, and these investments are helping make that possible.”
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