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- Chevron and Calbio are expanding their partnership on biomethane fuel projects for dairy products
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Published31-01-23
Sent byChevron Corporation
Originally Posted bydivisions, 6. October 2022
SAN RAMON, Calif. and VISALIA, Calif., Jan. 31, 2023 /CSRwire/ -- Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and California Bioenergy LLC (CalBio) announced a joint investment in their second dairy biomethane production and marketing holding company known as a renewable natural gas (RNG) transportation fuel in California. . In the signing, holding company CalBioGas Hilmar LLC obtained seed funding from Chevron to build infrastructure for dairy biomethane projects in Merced County, California.
Manure storage on dairy farms results in the release of methane, a potent greenhouse gas. CalBio brings technology and operational expertise to help dairy farmers build digesters and methane capture projects to convert that methane to beneficial use as renewable natural gas, which is carbon negative under the California Low Carbon Fuel standard over one cycle. of life. Under the terms of the agreement, Chevron will provide additional financing for up to seven digesters and a central retrofit facility at a group of dairy farms in Merced County.
The digester group received grants from the California Department of Food and Agriculture, which are expected to be matched by additional capital to complete the projects. Upon completion, scheduled for 2023, Chevron will commercialize 100% of the renewable natural gas produced in the California automotive fuels market.
“This project garners the support of many groups, including seven California dairy farmers who are national leaders in milk and cheese production; Chevron, one of California's largest energy companies; and grants from the California Department of Food and Agriculture. The strong support of these partners will help California meet its emissions reduction goals,” said Neil Black, CalBio President. "These projects also benefit the local community by creating jobs and protecting local air and water quality."
As part of its low carbon goals, Chevron is complementing the strength of its traditional product businesses with new offerings that help customers support a low carbon future. Carbon negative renewable natural gas made from dairy biomethane is a key part of its portfolio of solutions.
"We are excited to continue our partnership with CalBio and work with local communities and farmers to develop low-carbon fuel solutions," said Andy Walz, president of Americas Fuels & Lubricants at Chevron. "The investment reaffirms our commitment to produce 40,000 MMBTU/D RNG by 2030 and grow the low-carbon businesses that we believe will be a bigger part of the future."
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Contact
CalBio
Ty Korenwinder
tkorenwinder@calbioenergy.com
t. (559) 623-5824
divisions
Tyler Kruzich
TKruzich@chevron.com
t. (925) 549-8686
ABOUT CALIFORNIA BIOENERGY
CalBio is a leading developer of dairy fermenters for the production of renewable electricity and automotive fuels in California. Founded in 2006, CalBio has worked closely with the dairy industry and state agencies to develop programs that help the state meet its methane reduction goals while creating a new revenue stream for California dairy products. For more information visit:www.calbioenergy.com
ABOUT THE CHEVRON
Chevron is one of the world's leading integrated energy companies. We believe that affordable, reliable and increasingly cleaner energy is essential to a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures fuels, lubricants, petrochemicals, and transportation additives; and develops technologies that improve our business and industry. We are focused on reducing the carbon intensity of our operations and growing low-carbon businesses alongside our traditional businesses. For more information on Chevron, seewww.chevron.es.
RELEVANT CAUTIONARY STATEMENTS FOR FUTURE INFORMATION FOR THE PURPOSE OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES DISPUTE REFORM ACT OF 1995
This press release contains forward-looking statements regarding Chevron's energy transition and operating plans that are based on management's current expectations, estimates, and projections with respect to the oil, chemical, and other energy-related industries. Words or expressions such as "anticipate", "expect", "intend", "plan", "aim", "advance", "commit", "impulse", "aim", "foresee", "project", "believe" ”. 'budget'. ,” “Perspectives”, “Trends”, “Direction”, “Focus”, “On Track”, “Objectives”, “Goals”, “Strategy”, “Opportunity”, “Ready”, “Potential”, “Ambition” , "targets" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the Company's control and difficult to predict. As a result, actual results and results could differ materially from those expressed or anticipated in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Chevron does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Important factors that could cause actual results to differ materially from those in forward-looking statements include: changes in crude oil and natural gas prices and demand for the Company's products and production cutbacks due to market conditions market; crude oil production quotas or other measures that may be imposed by the Organization of the Petroleum Exporting Countries and other producing countries; Technological advances; changes in government policies of the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and measures; disruptions in the Company's global supply chain, including supply chain restrictions and increased costs of goods and services; changes in the economic, regulatory and political environment in the different countries in which the company operates; general economic and political conditions at home and abroad, including the military conflict between Russia and Ukraine and the global response to that conflict; changes in refining, marketing and chemical margins; actions of competitors or regulators; schedule of operating expenses; oil recovery time; the competitiveness of alternative energy sources or substitute products; develop large markets for carbon capture and offsetting; the results of operations and financial condition of the Company's vendors, vendors, partners and affiliates, particularly during the COVID-19 pandemic; the inability or failure of the Company's joint venture partners to finance their share of development and operating activities; the possible failure to meet anticipated net production from existing and future oil and natural gas development projects; possible delays in the development, construction or start of the proposed projects; the possible interruption or interruption of the Company's operations due to war, accident, political event, riot, severe weather, cyber threat, terrorist attack or other natural or man-made causes beyond the control of the Company; potential liability for corrective actions or assessments under existing or future environmental regulations and litigation; significant changes in operations, investments or products made or required by existing or future environmental laws and regulations, including international agreements and national or regional laws and government measures to limit or reduce greenhouse gas emissions; potential liability arising from pending or future litigation; the future acquisitions or disposals of assets or interests in the Company or the delay or inability to complete such transactions based on the required closing conditions; potential gains and losses on the disposal of assets or impairments; Sales, divestitures, recapitalizations, tax and tax audits, tariffs, sanctions, changes in tax regimes or limitations on the scope of the Company's operations; currency movements against the US dollar; significant reductions in corporate liquidity and access to bond markets; obtain necessary board approvals to implement capital allocation strategies, including future share repurchase programs and dividend payments; the effects of changes in accounting standards in accordance with generally accepted accounting principles promulgated by regulatory authorities; the Company's ability to identify and mitigate the risks and hazards associated with operating in the global energy sector; and the factors set forth under the heading "Risk Factors" on pages 20-25 of the Company's 2021 Annual Report on Form 10-K and subsequent filings with the US Securities and Exchange Commission. Other factors Unknown or unforeseeable events that are not discussed in this press release could also have a material adverse effect on any forward-looking statement.
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Chevron Corporation
Chevron Corporation
Chevron Corporationis one of the world's leading integrated energy companies. Through its global subsidiaries, the company is active in nearly all facets of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and markets petrochemicals and additives; generates power; and develops and implements technology that enhances business value in all aspects of the company's operations. Chevron is headquartered in San Ramon, California.
Affordable energy is a catalyst for economic growth and prosperity. Our company values drive us to source this energy responsibly, protect the environment and work with our partners to strengthen communities, because our success is tied to the success of the communities in which we operate.
We conduct our business in an ethical and socially responsible manner, protect people and the environment, support universal human rights, and benefit the communities in which we operate.
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