What are y’all’s predictions in regards to staffing levels and profitability of CVX given the current administration (and EPA rule proposals, not to mention individual state regulations) vendetta on reducing oil consumption? Mike states that only 25% of a barrel of Chevron oil goes into transportation, but is that really true? Does CVX have a future in the “Green new world” into 2050 and beyond?
18 replies (most recent on top)
Ahh, the good ol' days, when all we had to worry about was finding, producing, and marketing oil and gas.
Don’t stop…Drillin…..those tanks will need some fillin…yeah!
Funny how the “worlds largest investment fund” mentioned by 7eck is the built on………oil. But Norway isn’t the largest. Still it’s the result of their oil profits.
Yeah, now go ask China and India for their projected emissions between 2022 and 2025. These two countries alone will have everyone beat. What’s more, the world media and Climate Change hoaxers will only look the other way or try to cover it up.
Chevron’s projected emissions between 2022 and 2025 are equivalent to the emissions from 364 coal-fired power plants annually – and dwarf the total emissions of 10 European countries combined for a similar three-year period: Austria, Norway, Sweden, Switzerland, Denmark, Lithuania, Slovenia, Estonia, Latvia and Iceland.
New research by Corporate Accountability, a non-profit, transnational corporate watchdog, found that 93% of the offsets Chevron bought and counted towards its climate targets from voluntary carbon markets between 2020 and 2022 were too environmentally problematic to be classified as anything other than worthless or junk.
The worldest largest investment fund just announced they are coming after us to get real about cleaning up our act. We are doomed. They will back activitist proposals at the next shareholder meeting.
Global investment in energy is slated to hit roughly $2.8 trillion in 2023, according to a new report from the International Energy Agency, with over $1.7 trillion of that set to go on clean energy technologies such as EVs, renewables and storage.
In a sign of how the energy transition is progressing, the IEA’s World Energy Investment report said solar investments were expected to attract over $1 billion a day in 2023.
In a statement, Fatih Birol, the IEA’s executive director, said investment in solar was “set to overtake the amount of investment going into oil production for the first time.”
Speaking to CNBC’s Arabile Gumede Thursday morning, Birol said there was a “growing gap between the investment in fossil energy and investment [in] clean energy.”
2050 and beyond??? Christ, who cares? I’ll be long retired by then and probably in a nursing home or dead.
We are doomed with the Permian. Prices will rise and we will be stuck with nothing.
With 14 years to go to retirement I’m not worried. I’ll keep driving my ICE. Might put solar on the house, but still working the numbers on all that.
@1obw, sorry to hear that, I didn't think the Permian would peak until later in the decade. All that means is that there will be more M&A activity to substitute for our non-existent exploration program.
@pth, in China EVs are heavily subsidized by the CCP. They actually are a good model, as the vast, vast majority of their EVs are in crowded cities - nothing in the countryside. See @rsc who mentions the likely same outcome in the US. Also note that in the US Tesla (the rich man's car, akin to BMWs) dominates the conversation. Toyota has held its own. Nissan, GM and Ford have bombed with their 1st generation EVs, maybe they can get it right the next generation.
Word on the street is that Permian has already peaked and will decline from Dec or so. If so, we won't have a lot of oil to sell even if people want to buy it.
If you believe all the news (really, opinion) out of Los Angeles and New York, then Chevron is doomed. Looking at things more even-handed, there's a strong likelihood that EVs will take hold in any metropolis you care to name, where commute and driving distances are short and charging stations are as frequent as Starbucks and Walgreens. For the rest of the country and the world, ICEs will still be more practical where driving distances are longer and charging stations equally sparse. Then there's the prickly matter of whether the US electric grid can sustain millions of EVs. Outside the US and Europe, this EV transition will be even slower. Realize we're only talking about cars. Other forms of transportation (airlines, 18-wheelers, etc.) will be even more challenged by a conversion to electric. Petrochemicals will not decrease at all. The complexion of Chevron may change a bit by 2050, but there will still be a robust Chevron in existence.
Uh, in China, which already has the most cars in the world, EVs are already 21% of the market. They will hit 50% in just a few years. The world will hit 50% EVs by about 2035.
Long before 2050 AI will be running this chat board, and all companies. We will all be paid universal basic income by a benevolent central entity and living in a technology utopia. Bud will be free.
Only 6% of cars are electric, go figure out when that number gets to 50% [it will happen but maybe not by 2050], and that is only in US and Europe, the rest of the world have long way to transition. So yeah fossils fuel will be around for at least 4 more decades as the most dominant fuel.