Jeff Gustavson Appointed President, Chevron
New Energies
Ryder Booth Named Vice President,
Mid-Continent Business Unit
Chevron Corporation (NYSE: CVX) today named Jeff Gustavson
president, Chevron New Energies, effective August 2, 2021.
Gustavson will serve as a corporate officer and report to Chevron
Chairman and CEO Michael Wirth.
Gustavson, 49, will lead a new, dedicated organization focused
on low carbon business prospects that have the potential to scale.
Chevron New Energies’ initial focus will include commercialization
opportunities in hydrogen, carbon capture, and offsets and support
of ongoing growth in biofuels. Additional detail about these
efforts will be provided on September 14th during the company’s
Energy Transition Spotlight investor presentation.
“Chevron New Energies reflects our higher returns, lower carbon
strategy,” said Wirth. “We believe the dedication of resources in a
new organization will accelerate growth in multiple business lines
that we expect to be part of a lower carbon energy system.”
Gustavson is currently vice president of Chevron North America
Exploration & Production Company and oversees its Mid-Continent
Business Unit. He previously served as president of Chevron Canada
Limited, and has held positions in Investor Relations, Corporate
Strategic Planning, Finance, Mergers & Acquisitions, and Supply
& Trading.
In a separate appointment, Ryder Booth, 52, has been named vice
president of Chevron North America Exploration & Production
Company, leading the Mid-Continent Business Unit and succeeding
Gustavson. Booth, currently vice president, Capital Projects, will
be responsible for a large resource base of oil and liquids-rich
assets in the mid-continent United States, including Chevron’s
significant Permian assets in Texas and New Mexico. His appointment
is effective August 2, 2021.
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.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions. More information
about Chevron is available at www.chevron.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 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” 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 our
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; public health crises, such as pandemics
(including coronavirus (COVID-19)) and epidemics, and any related
government policies and actions; changing economic, regulatory and
political environments in the various countries in which the
company operates; general domestic and international economic and
political conditions; changing refining, marketing and chemicals
margins; the company’s ability to realize anticipated cost savings,
expenditure reductions and efficiencies associated with enterprise
transformation initiatives; actions of competitors or regulators;
timing of exploration expenses; timing of crude oil liftings; the
competitiveness of alternate-energy sources or product substitutes;
technological developments; the results of operations and financial
condition of the company’s suppliers, vendors, partners and equity
affiliates, particularly during extended periods of low prices for
crude oil and natural gas 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 ability to achieve the anticipated
benefits from the acquisition of Noble Energy, Inc.; 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
pay future dividends; 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 18 through 23 of the company's 2020 Annual Report
on Form 10-K and in other 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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Braden Reddall -- +1 925-842-2209
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