Chevron New Energies (2024)

Carbon capture, utilization, and storage (CCUS) is a critical enabler of global net zero and our commitment to accelerate progress toward the lower carbon ambitions of our customers and company.

Chevron has decades of operational experience and a proven track record of carbon-capture projects and is already deploying CCUS technologies in locations across the globe. We’re taking action by deploying CCUS to lower the carbon intensity of our existing assets and growing our CCUS business to help reduce emissions of the essential industries that enable modern society. We are leveraging our expertise and global reach to advance CCUS technologies and scaling viable lower carbon solutions across the value chain (capture, transport, utilization, and storage) with a focus on hard-to-abate, energy-intensive industries such as refining, petrochemicals, power, steel and cement.

We operate Gorgon, one of the world’s largest integrated CCS projects. Since the system started up in mid-2019, almost 7 million tonnes of CO₂ emissions have been injected as of 2022. We are investing in emerging CCUS technologies to bring early insights through pilot programs – often using Chevron’s existing assets – and to accelerate commercialization of promising technologies. To achieve our ambitions, we are also exploring hub opportunities in the United States and abroad.

View the CCUS fact sheet

Chevron believes in the value of delivering large-scale hydrogen solutions that support a lower carbon world. We aim to deliver lower carbon energy to a growing world by creating a profitable, large-scale, lower carbon hydrogen business that builds on our existing assets, capabilities, and customers. We’re well positioned to participate across the value chain to supply industrial, power and heavy-duty transportation customers.

Chevron currently produces approximately 1 million tonnes per year of hydrogen through our traditional business and has experience in retail hydrogen going back to 2005. Chevron holds more than 75 patents from early commercial ventures that are applicable to our future development plans. We produce approximately 1 million tonnes of hydrogen per year for use in our refining operations. Further, we have the potential to supply and sell hydrogen to customers from our existing refineries by leveraging our distribution capabilities, sales channels and brands. We are currently building hydrogen fueling stations at select locations.

We’re exploring profitable opportunities for growth across the value chain, from upstream production through distribution into transportation, power generation and other industrial sectors. We are also evaluating using hydrogen as an alternative for industries dependent on combustible fuels and assessing development of hydrogen production hubs. And, we are leveraging our capabilities in carbon capture, utilization, and storage to unlock market opportunities for hydrogen solutions.

Renewable fuels are important products that can help reduce the lifecycle carbon intensity of transportation fuels while meeting the world’s growing energy needs.

We are responsive to our customers who will increasingly need renewable fuels and products like renewable natural gas, hydrogen, renewable diesel, sustainable aviation fuel and renewable base oils and lubricants.

Carbon offsets are expected to play an important role in global carbon reductions, especially in sectors that do not have cost-effective reduction opportunities or for activities where emissions are harder to abate.

Chevron’s experience in developing and using carbon offsets dates back nearly two decades. We have a global carbon trading organization and actively invest in scalable, nature-based solutions – like soil carbon storage, reforestation, and mangrove restoration – to build a portfolio of high-quality credits.

We are growing a carbon offsets business to help achieve our net zero ambitions, and we are working to provide verified, low-cost, high-integrity offsets to our customers around the world in an effort to help them achieve their own lower carbon goals. As global demand grows, we expect to be a supplier of offsets by providing customers with offset-paired products. Carbon offsets are available now for use, and they can also be integrated with other lower carbon solutions to help maximize efficiency.

Chevron has a long history of identifying and driving innovation through investments in emerging technologies, research and development, and university partnerships.

We are currently exploring opportunities to commercialize the next generation of emerging technologies. Initially, we are leveraging core capabilities in subsurface, drilling, wells and facilities, and our operating history in geothermal, to advance and scale novel geothermal energy, which can potentially allow access to a widespread baseload, nonintermittent resource that can complement and add capacity to meet the world’s growing renewable-power demand.

In addition to geothermal, we are exploring other emerging lower carbon power technologies, such as lithium extraction. Technologies such as long-duration storage or small, modular nuclear reactors can be part of the solutions needed to deliver on the world’s growing demand for lower carbon energy. Through venture capital, we continue to invest in other lower carbon technologies.

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