Independent environmental assessment in Permian
and DJ basins positions Chevron in Responsibly Sourced Natural Gas
(RSG) market
Chevron Corporation (NYSE: CVX) announced that the company’s
participating North American upstream assets earned Project
Canary’s highest ratings on operational and environmental
performance. Project Canary’s independent analysis was conducted on
Chevron assets in Texas and Colorado by the Denver-based climate
tech and environmental assessment company.
As a result of the certification process, 82 wells achieved
“Platinum” status and 3 wells received “Gold” status, Project
Canary’s highest ratings and confirmation of Chevron’s
industry-leading practices, including continuous monitoring.
Chevron plans to market RSG from the certified assets in the second
half of 2022.
“This certification is an important milestone in our journey to
deliver affordable, reliable, ever-cleaner energy to a growing
world. Chevron deploys several technologies to detect and measure
methane emissions and certified responsibly sourced gas is part of
our broader commitment to lowering the carbon emissions intensity
of our operations,” said Steve Green, president, Chevron North
America Exploration and Production. “In addition to demonstrating
transparency, an independent assessment provides validation of our
current practices and insights to inform and shape how we continue
to achieve our lower carbon aspirations.”
The pilot project focuses on two sites in the Midland Basin of
the Permian in Texas and three sites in Chevron’s Mustang
Development Area of the DJ Basin in Colorado. The five sites
produce a total of approximately 80 million cubic feet of natural
gas per day. Project Canary's TrustWell™ program accounts for
operational impacts on water, air, land, and community.
“The results of our independent assessment and certification of
Chevron’s operations in the Permian and DJ basins demonstrate
strong performance across its operating assets, positioning Chevron
in the fast-emerging markets for differentiated gas,” said Chris
Romer, CEO and co-founder, Project Canary. “Buyers of RSG certified
by Project Canary can have confidence that each producing well has
been reviewed and verified for aspects of Chevron’s environmental
and social performance.”
In 2020, Chevron’s U.S. onshore production methane intensity was
85% lower than the U.S. industry average. The company continues to
design, construct, and operate facilities with strategies to limit
fugitive emissions. For example, it has reduced fugitive methane
and volatile organic compound emissions in U.S. onshore operations
through leak detection and repair, low-/no-emissions pneumatic
devices, and centralized production facilities in addition to
utilizing continuous monitoring. The company is also expanding its
methane detection capabilities to identify the best opportunities
to further lower emissions and is on track to reduce methane
emissions intensity by more than 50% from 2016 levels by 2028.
About Chevron Chevron is one of the world’s leading
integrated energy companies. We believe affordable, reliable and
ever-cleaner energy is essential to achieving a more prosperous and
sustainable world. Chevron produces crude oil and natural gas;
manufactures transportation fuels, lubricants, petrochemicals and
additives; and develops technologies that enhance our business and
the industry. We are focused on lowering the carbon intensity in
our operations and seeking to grow lower carbon businesses along
with our traditional business lines. More information about Chevron
is available at www.chevron.com.
About Project Canary Project Canary is a SaaS-based data
analytics company focused on accurate corporate climate ESG data
for emission-intensive industrial companies. We are the leaders in
holistic environmental assessments (air, water, land, and
community). Project Canary scores responsible operations,
delivering independent emission profiles via high-fidelity
continuous monitoring technology to provide actionable
environmental performance data. Our sensor portfolio includes
high-fidelity spectroscopy-based methane detection and emissions
quantification for the oil and gas sectors, plus Aeris
Technologies’ laser-based gas analyzers covering other emissions,
including ethane, nitrous oxide, formaldehyde, ethylene oxide,
benzene, and more. Formed as a Public Benefit Corporation, Project
Canary’s Denver-based team of scientists, engineers, and seasoned
industry operators identify and quantify areas to reduce emissions.
www.projectcanary.com
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions, including the military conflict between Russia and
Ukraine and the global response to such conflict; changing
refining, marketing and chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates,
particularly during the COVID-19 pandemic; the inability or failure
of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to
achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company’s future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to implement capital allocation strategies,
including future stock repurchase programs and dividend payments;
the effects of changed accounting rules under generally accepted
accounting principles promulgated by rule-setting bodies; the
company’s ability to identify and mitigate the risks and hazards
inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 20
through 25 of the company’s 2021 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220629005356/en/
Chevron Contact: Deena McMullen, External Affairs
deena.mcmullen@chevron.com Project Canary Contact: Rachael
Shayne, Chief Marketing Officer
rachael.shayne@projectcanary.com
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