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MarketScreener Homepage  >  Equities  >  Nyse  >  Chevron Corporation    CVX

CHEVRON CORPORATION

(CVX)
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Chevron : leading the future of energy with a lighter footprint

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08/17/2019 | 10:02pm EDT
feature
leading the future of energy with a
lighter footprint

Chevron signs an agreement to source Permian operations
with wind power

The whisper of wind across the desert of West Texas means a lot more now than a cool break from the summer heat. It also means more affordable, reliable and cleaner energy to support our growing asset base. As global energy demand increases, Chevron is looking to lead in the future of energy; that includes a commitment to developing more energy with less environmental impact. One big step toward that goal is a recently signed 12-year green power purchase agreement (PPA) to supply Chevron's current West Texas Permian electricity load (~65 megawatts) from renewable sources. The electricity will be purchased from a new West Texas wind farm.

a green milestone

'We know the world needs more energy and more forms of energy, and this agreement reaffirms Chevron's belief that renewable energy sources play a role in meeting future energy demand,' said Allen Satterwhite, president, Chevron Pipeline & Power. 'We have long been committed to understanding and evaluating renewable energy sources which are scalable and align with our business assets. This PPA demonstrates that commitment.'

'Our long-term success in the Permian is only possible if we deliver results in a socially and environmentally responsible way', said Jeff Gustavson, vice-president Mid-Continent Business Unit. 'This green power purchase agreement is a great example of a cost-effective business solution which also advances our Chevron Way commitment to protect the environment.'

Through a separate transaction, Chevron will also purchase renewable energy credits, or RECs, administered by the Electric Reliability Council of Texas to meet the state's renewable energy program requirements.

looking to the future

While the green PPA covers Chevron's current electricity demand in the Permian, the power needs are expected to continue to increase over the next decade. To support this growth, Chevron continues to explore additional renewable energy solutions in the Permian as well as opportunities to source more electricity from renewable sources to support other Chevron business assets around the globe. 'The Permian green PPA represents more than a one and done activity,' said Telisa Toliver, CPP general manager. 'It signifies an important step in our broader journey to produce the world's energy with a smaller environmental footprint.'

Published: August 2019

Disclaimer

Chevron Corporation published this content on 19 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2019 02:01:05 UTC

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Financials (USD)
Sales 2019 154 B
EBIT 2019 20 918 M
Net income 2019 13 541 M
Debt 2019 20 525 M
Yield 2019 3,82%
P/E ratio 2019 17,5x
P/E ratio 2020 16,0x
EV / Sales2019 1,67x
EV / Sales2020 1,59x
Capitalization 236 B
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Number of Analysts 26
Average target price 137,27  $
Last Close Price 124,32  $
Spread / Highest target 32,7%
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Michael K. Wirth Chairman & Chief Executive Officer
Patricia E. Yarrington Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Ronald D. Sugar Lead Independent Director
Enrique Hernandez Independent Director
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