HOUSTON — Chevron launched its low-carbon energy unit three years ago to jump-start projects in everything from biofuels and hydrogen to carbon capture and geothermal.
Now, the oil and gas company and its rivals are weighing how much to invest in those emerging areas.
“We still will support and grow our oil and gas business because billions of people depend on that each and every day,” Jeff Gustavson, president of Chevron New Energies, said in an interview. “But we see an opportunity to grow these new lower-carbon businesses and solutions which fit capabilities, customers and assets at the same time.”
Gustavson was promoted to his current position in 2021 after serving as the company’s vice president of North American exploration and production business.
