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Chevron May Not Be An Oil-First Company in 2040, CEO says

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Chevron has built a $170 billion fossil fuels empire that has made the 141-year-old company synonymous with the oil-and-gas industry.

But the climate crisis is forcing oil companies large and small to rethink their once-reliable business models.

Twenty years from now we'll be earning our profits from energy. But our company looks quite different today than it did 20 years ago,"

CHEVRON CEO MICHAEL WIRTH

The Chevron (CVX) boss pointed specifically to expansions into cleaner alternatives such as green hydrogen, renewable natural gas and carbon capture and storage.

Facing political and shareholder pressure, BP (BP), Shell (RDSA) and other European oil majors already see the writing on the wall. In recent years they've announced plans to gradually retreat from fossil fuels, slash emissions and embrace clean energy including electric vehicle charging and renewable natural gas, a fuel produced naturally from bio sources like dairy farms, landfills and wastewater treatment facilities.

"Twenty years from now we'll be earning our profits from energy. But our company looks quite different today than it did 20 years ago," he said in the interview.
 

"We support the president's priorities," Wirth said, pointing specifically to the Paris climate agreement, methane regulation and global engagement on climate change. "We also agree that the future of energy is lower carbon."