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A fuel truck drives by a Chevron gas station on April 29, 2021 in Richmond, California.

Justin Sullivan/Getty Images

Chevron

announced steps it would take to become a lower carbon business in a press release before a presentation at 10 a.m. Tuesday morning. Its stock is rising.

Chevron listed four goals for 2030: grow renewable natural gas production to 40,000 MMBtu a day, boost renewable fuels production capacity to 100,000 barrels a day, increase hydrogen production to 150,000 metric tons a year, and expand carbon capture to 25 million metric tons a year.

“Chevron intends to be a leader in advancing a lower carbon future,” said Michael Wirth, Chevron’s chairman and CEO. “Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships.”

Chevron stock was up 0.6% at 7:38 a.m. in premarket trading, while

Exxon Mobil

(XOM) was up 0.5%, and the

Energy Select Sector SPDR ETF

(XLE) had risen 0.7%.

Dow Jones Industrial Average

futures are little changed.

Chevron has been among the leaders in the U.S. in the shift toward less carbon-intensive fuel, but its stock has lagged behind its peers this year. Chevron shares are up 16% in 2021, while Exxon has gained 34%, and the Energy Select Sector SPDR ETF has risen 30%.

Write to Ben Levisohn at ben.levisohn@barrons.com

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