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CHEVRON CORPORATION

(CVX)
  Report
Delayed Nyse  -  04:03 2022-09-29 pm EDT
144.77 USD   -0.69%
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Restaurant Technologies and Chevron Renewable Energy Group Create a Circular Economy to Reuse Restaurant Cooking Oil as Fuel

08/11/2022 | 12:53pm EDT

Midwest fleet that delivers and collects cooking oil now plans to operate using refined oil as biofuel

Restaurant Technologies is taking a step forward in its sustainability journey by utilizing biofuels from Chevron Renewable Energy Group, a subsidiary of Chevron Corporation (NYSE: CVX), in its commercial vehicle fleet. The step is unique because the biofuels come from Restaurant Technologies’ own total oil management business – one which manages millions of gallons of fresh and used cooking oil for major restaurant chains across the U.S. each year.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220811005634/en/

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For more than 10 years, Restaurant Technologies has provided Chevron Renewable Energy Group with used cooking oil, collected from its 34,000+ customers including quick-service and full-service restaurant chains, independent restaurants, grocers, hotels, casinos, universities and hospitals. The used oil is utilized as a feedstock to produce biodiesel and renewable diesel. With Restaurant Technologies now utilizing these lower carbon fuels in its own fleet, the two organizations are creating a working circular economy.

“At Restaurant Technologies, our goal has always been to reduce the impact on humans and the environment by better managing cooking oil,” said Jeff Kiesel, president and CEO of Restaurant Technologies. “And as a company focused on sustainability, we are really excited to be able to 'walk the walk' by fueling our own commercial fleet with biofuel created from the used cooking oil we collect.”

“Chevron believes the future of energy is lower carbon. And bio-based diesel is a lower carbon solution for the transportation sector,” said Kevin Lucke, president of Chevron Renewable Energy Group. “Our collaboration with Restaurant Technologies to secure renewable feedstocks has been critical to our work for years. Now it’s our turn to help them achieve their sustainability goals through the use of biofuels, with the adoption of our EnDura Fuels™.”

Biodiesel and renewable diesel are lower carbon alternatives to traditional petroleum diesel that may help fleet operators reduce the lifecycle carbon intensity of their operations. The fuels are traditionally utilized as a blend, either being blended with one another to produce a 100% renewable fuel or blended with petroleum diesel. Restaurant Technologies will initially utilize a B30-B50 blend, 30-50% InfiniD™ (biodiesel), with the remainder petroleum diesel.

“Restaurant Technologies runs the most effective proprietary closed loop oil management system through its extensive network of depots across the United States,” said Tyler Reeder, managing partner, ECP and board member at Restaurant Technologies. “By adopting a process where the company can use biofuel created through its own business model, Restaurant Technologies is setting an example for those who prioritize sustainability as a business practice.”

Chevron Renewable Energy Group is already delivering biofuels to power Restaurant Technologies’ fleet located at the Des Moines, Iowa depot, with plans to expand to more depot locations across the nation.


© Business Wire 2022
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Financials (USD)
Sales 2022 240 B - -
Net income 2022 36 110 M - -
Net Debt 2022 8 405 M - -
P/E ratio 2022 7,83x
Yield 2022 3,93%
Capitalization 283 B 283 B -
EV / Sales 2022 1,21x
EV / Sales 2023 1,27x
Nbr of Employees 42 595
Free-Float 80,1%
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 144,77 $
Average target price 178,16 $
Spread / Average Target 23,1%
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Managers and Directors
Michael K. Wirth Chairman & Chief Executive Officer
Brant Thomas Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Eimear Bonner Chief Technology Officer & Vice President
Ronald D. Sugar Independent Director
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