chevron new energies

accelerating lower carbon solutions

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In a growing world faced with complex energy challenges, innovative solutions are required to deliver a lower carbon future. At Chevron New Energies, we understand the importance of addressing climate change. Our goal is to help our customers meet their lower carbon ambitions and help reduce the carbon intensity of our operations. By leveraging our extensive capabilities and partnerships, Chevron New Energies will help deliver scalable solutions with measurable impact – particularly in industrial sectors that are harder to abate. With a $10 billion capital allocation through 2028, we remain committed to investing in a lower carbon future and look forward to collaborating in new ways to accelerate progress.

“At Chevron New Energies, we’re well positioned to reduce emissions of the essential industries that enable modern society. Customers can be confident in our ability to move quickly with an entrepreneurial mindset to serve their needs, as we help build the lower carbon energy system of tomorrow.”

Jeff Gustavson

President of Chevron New Energies

portfolio

our portfolio

ccus
Carbon capture, utilization, and storage (CCUS) illustration

carbon capture, utilization, and storage (CCUS)

Carbon capture, utilization, and storage (CCUS) is a critical enabler of global net zero and our commitment to accelerate progress toward the lower carbon ambitions of our customers and company.

Chevron has decades of operational experience, a proven track record of carbon-capture projects and is already deploying CCUS technologies in locations across the globe. We’re taking action by deploying CCUS to lower the carbon intensity of our existing assets and growing our CCUS business to help reduce emissions of the essential industries that enable modern society. We are leveraging our expertise and global reach to advance CCUS technologies and scaling viable lower carbon solutions across the value chain (capture, transport, utilization, and storage) with a focus on hard-to-abate, energy intensive industries such as refining, petrochemicals, power, steel and cement.

We operate Gorgon, one of the world’s largest integrated CCS projects. We are investing in emerging CCUS technologies to bring early insights through pilot programs – often using Chevron’s existing assets – and to accelerate commercialization of promising technologies. To achieve our ambitions, we are also exploring hub opportunities in the United States and abroad.

hydrogen
hydrogen illustration

hydrogen

Chevron believes in the value of delivering large-scale hydrogen solutions that support a lower carbon world. We aim to deliver lower carbon energy to a growing world by creating a profitable, large-scale, lower carbon hydrogen business that builds on our existing assets, capabilities and customers. We’re well positioned to participate across the value chain to supply industrial, power and heavy-duty transportation customers.

Chevron currently produces approximately 1 million tonnes per year of hydrogen through our traditional business and has experience in retail hydrogen going back to 2005. Chevron has been investing in hydrogen research and development for decades and holds more than 75 patents from early commercial ventures that are applicable to our future development plans.

We’re exploring profitable opportunities for growth across the value chain, from upstream production through distribution into transportation, power generation and other industrial sectors. For example, at our refinery in Richmond, California, excess capacity in the new hydrogen units, combined with existing and future strategic partnerships, will be a foundation to support hydrogen demand growth.

Chevron is evaluating using hydrogen as an alternative for industries dependent on combustible fuels and assessing development of hydrogen production hubs. We are also leveraging our capabilities in carbon capture, utilization, and storage to unlock market opportunities for hydrogen solutions.

renewables
renewable fuels illustration

renewable fuels and products

Renewable fuels are important products that can help reduce the lifecycle carbon intensity of transportation fuels while meeting the world’s growing energy needs.

We are responsive to our customers who will increasingly need renewable fuels and products like renewable natural gas, hydrogen, renewable diesel, sustainable aviation fuel, and renewable base oils and lubricants. By 2025, we expect to grow renewable natural gas 10X, renewable diesel and sustainable aviation fuel 3X, and renewable base oils and lubricants 20X.

carbonoffsets
offsets illustration

carbon offsets

Carbon offsets are expected to play an important role in global carbon reductions, especially in sectors that do not have cost-effective reduction opportunities or for activities where emissions are harder to abate.

Chevron’s experience in developing and using carbon offsets dates back nearly two decades. We have a global carbon trading organization and actively invest in scalable, nature-based solutions – like soil carbon storage, reforestation, mangrove restoration – to build a portfolio of high-quality credits.

We are growing a carbon offsets business to help achieve our net zero ambitions, as well as provide a solution for our customers to help achieve their emission reduction goals. Carbon offsets are available now for use, and they can also be integrated with other lower carbon solutions to help maximize efficiency.

emergingtechnologies
emerging technologies illustration

emerging technologies

Chevron has a long history of identifying and driving innovation through investments in emerging technologies, research and development, piloting, trials and university partnerships.

We are currently exploring opportunities to commercialize and scale next generation of emerging technologies to add to our lower carbon solutions offering. Initially, we’re leveraging Chevron’s core capabilities in subsurface, drilling, wells, facilities, and our operating history in geothermal to progress and scale the next generation of geothermal energy that will allow access to this widespread baseload resource. Our near-term focus on novel geothermal is based on its baseload-nonintermittent nature, unlocking a key lower carbon power source that can greatly complement, and be an alternative to other renewable sources to meet growing renewable power demand.

Our team partners closely with Chevron Technology Ventures to continually monitor the energy technology landscape to identify additional synergistic emerging areas that have potential to enhance the way Chevron produces energy.

leadership

leadership

Chevron New Energies leadership is on a mission to accelerate progress to a lower carbon future and help customers and partners do the same. Our team of senior leaders have diverse backgrounds and expertise in engineering, technology, commercial, business development, and policy. We invite you to read our leaders’ bios to learn more.

Photo of Jeff Gustavson

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President
Chevron New Energies

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Vice President
Carbon Capture, Utilization, and Storage

Photo of Barbara Harrison

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Vice President
Offsets & Emerging

Photo of Daniel Droog

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Vice President
Origination New Energies

Photo of Manish Misra

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Vice President
Strategy & Integration

Photo of Melissa Shute

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General Manager
Corporate Affairs

Photo of Nathan Cope

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General Manager
Finance & Planning

Photo of Stacey Saunders

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Vice President & General Counsel
Chevron New Energies

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connect with us

We work closely with partners and customers to understand and address complex, lower carbon business opportunities. Contact us at newenergies@chevron.com to explore how our reliable and cost-effective lower carbon energy solutions could help you meet your lower carbon ambitions.