Chevron ready to fex

摘要

Chevron’s post-pandemic plan sounds similar to those of its peers — higher returns, lower carbon. But, as it still plans to deliver pre-Covid output growth ambitions with post-Covid capital expenditure (capex) restraint, the higher returns part sounds more plausible than it does for many of its rivals. Chevron tells investors it will remain an oil and gas company at its core, even long into a lower-carbon future — much like larger rival ExxonMobil did earlier this month. It will spend a little more than $3bn on renewables in 2021-28 and cut the carbon intensity of its business by 35pc — a pace well short of those outlined by European peers that are aiming to become customer-focused energy frms.