"Our Strategy Is Not To Follow The Europeans": Uhhh, OK, US Oil Majors, Frack, Talk "Technology"
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For now, Exxon and Chevron are sticking to what they know best, shale drilling in the Permian Basin of Texas and New Mexico, deepwater offshore production and trading natural gas. In fact, Chevron is acquiring a smaller oil company, Noble Energy, to increase its reserves.
“Our strategy is not to follow the Europeans,” said Daniel Droog, Chevron’s vice president for energy transition. “Our strategy is to decarbonize our existing assets in the most cost-effective way and consistently bring in new technology and new forms of energy. But we’re not asking our investors to sacrifice return or go forward with three decades of uncertainty on dividends.”
Chevron says it is increasing its own use of renewable energy to power its operations. It also says it is reducing emissions of methane, a powerful greenhouse gas. And the company has invested more than $1.1 billion in various projects to capture and sequester carbon so it isn’t released into the atmosphere.
Its venture capital arm, Chevron Technology Ventures, is investing in new-energy start-ups like Zap Energy, which is developing modular fusion nuclear reactors that release no greenhouse gases and limit radioactive waste. Another, Carbon Engineering, removes carbon dioxide from the atmosphere to convert into fuel.
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https://www.nytimes.com/2020/09/21/business/energy-environment/oil-climate-change-us-europe.html
