, and Clean Energy Systems) to build a novel plant in Mendota, Calif. that will burn 200,000 tons per year of agricultural biomass to generate electricity while capturing the carbon dioxide emissions, which will get injected deep into the ground.
All told, Chevron says it intends to invest $3 billion on such energy transition ventures, with an aim toward boosting renewable natural gas volumes 10x by 2025 and cutting its overall carbon intensity 35% by 2028. Thanks to government subsidies and incentives these investments should be massively profitable. Wirth said today that in order to properly incentivize reductions in carbon footprint that he would prefer to see a government-set price on carbon....
where a spill of more than 900,000 gallons of oil and brine water oil has flowed into a dry creek bed July 24, 2019 near McKittrick, California. Newsom said the state needs to be more aggressive in regulating oil drilling to avoid other major spills.
For those who prefer a more traditional valuation measure, Chevron at today’s $109.63 trades for 31.5 times expected 2021 earnings per share of $3.50. That might look rich, but is supported both by Wirth’s intention to boost return on capital from roughly 3% this year to 10% by 2025. Further support: Chevron’s $5.16 per share annual dividend payout — currently implying a 4.7% yield.
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