Chevron Corp on Tuesday tripled its planned capital investment to $10 billion through 2028 to expand its lower carbon energy businesses.
Oil majors across the globe are racing to reposition themselves as leaders of a shift away from oil, thanks to the mounting pressure from investors and environmentalists.
Chevron said it would grow renewable natural gas production to 40 billion British Thermal units per day and increase renewable fuels production capacity to 100,000 barrels per day to meet growing customer demand for renewable diesel and sustainable aviation fuel.
The company also reaffirmed its expectation to generate $25 billion in cash flow, above its dividend and capital spending, over the next five years.
The announcement comes ahead of Chevron energy transition conference scheduled to be held later in the day. --Reuters