Chevron makes bet on being last man standing – Good move for US oil
Chevron Chief Executive Mike Wirth is doubling down on oil. The boss of the $180 billion U.S. fossil fuel firm told Reuters on Tuesday that he was a fan of the 2015 Paris Agreement to cut carbon emissions, but also didn’t think crude demand would permanently plummet any time soon. There’s a way to square that circle, but it leaves the U.S. oil giant looking a lot different to European rivals, as reported by Reuters.
Chevron Chief Executive Mike Wirth is doubling down on oil. The boss of the $180 billion U.S. fossil fuel firm told Reuters on Tuesday that he was a fan of the 2015 Paris Agreement to cut carbon emissions, but also didn’t think crude demand would permanently plummet any time soon. There’s a way to square that circle, but it leaves the U.S. oil giant looking a lot different to European rivals, as reported by Reuters.
Wirth acknowledged that Covid-19 had hit demand but reckons the same fundamental drivers are in place. For him, the increase in global population from today’s 7.5 billion to a possible 9 billion by 2040 means energy demand will grow, and he thinks the oil sector’s percentage contribution will remain similar to what it is now. By contrast, the UK’s BP said in September that it envisaged its fossil fuel production dropping 40% by 2030.
Those opposing starting points drive diverging strategies. BP wants its wind and solar capacity to increase 20-fold to 50 gigawatts by 2030. Wirth is more focused on ways to offset carbon emissions from the oil he plans to continue pumping.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
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