Chevron Moving Away From Oil
CHEVRON CEO SAYS THEY MAY NOT BE AN OIL-FIRST COMPANY IN 2040
(CNN) – Climate change is forcing oil companies large and small to rethink their once-reliable business models.
Chevron’s name has become synonymous with the oil-and-gas industry over its 140 year history. But the company’s CEO Michael Wirth told CNN Business; Chevron may not be an oil-first company in 20 years.
The Chevron boss said oil and gas will still be “a very big part” in 2040, but he pointed specifically to expansions into cleaner alternatives such as green hydrogen, renewable natural gas, and carbon capture and storage.
In recent years, other major oil companies have announced plans to gradually retreat from fossil fuels, slash emissions, and embrace clean energy.