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Chevron’s New Energy Transition (‘Low-carbon Investments’) Unit To Come Into Effect From Aug 2

By John F. Heerdink, Jr.

Reportedly, Chevron Corporation (CVX) announced the creation of a new unit to take care of its low-carbon investments, with an initial focus on alternative energy sources like hydrogen and technologies including carbon capture. The unit is to come into operations from August 2 and will be headed by Jeff Gustavson. The oil majors across the globe are working to reposition themselves as leaders of a shift away from oil, pushed by the mounting pressure from environmentalists and investors. Gustavson, 49, is currently serving as vice president of North America upstream oil exploration business and oversees the mid-continent unit.

“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,” stated Chevron Chief Executive Officer Mike Wirth.

Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide.  To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.

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(Read Original Story: UPDATE 1-Chevron sets up energy transition unit, names company insider as head in Reuters)


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