Barron's Streetwise CEO Chat: Chevron's Mike Wirth
Jul 2, 2021
Chevron's CEO Mike Wirth discusses oil price fluctuations, production forecasts, and converting dairy farms into gas plants. They explore rising oil prices, OPEC Plus production, and investor interest in decarbonization. Chevron's focus is on renewable technologies, sustainable aviation fuel, hydrogen production, and carbon reduction. They also analyze the company's competitive strengths and industry strategies in addressing climate change.
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Balancing Returns and Sustainability
- Investors now expect energy companies to improve returns while lowering carbon emissions simultaneously.
- Meeting rising demand and addressing climate change requires balancing traditional oil and gas with renewable energy investments.
Dairy Farms to Renewable Gas
- Chevron partners with dairy farmers to capture methane emissions and convert them into renewable natural gas.
- Methane is a potent greenhouse gas, so capturing it helps reduce climate impact while creating useful energy.
Leverage Core Competencies
- Focus on energy investments that leverage your existing skills and infrastructure for competitive advantage.
- Avoid crowded markets like merchant solar and wind unless you can add unique value to differentiate.