Chevron environmental record

Chevron Corporation plays a major role in the production of greenhouse gas emissions.^[1] Over its history, Chevron has produced 58,598 million tonnes of carbon dioxide. In their 2023 reporting, Chevron’s emissions intensity metrics show that its upstream oil production emits ~24 kg CO₂e per barrel of oil equivalent, its gas production is also ~24 kg CO₂e/boe, methane intensity is ~2 kg CO₂e/boe, and flaring intensity is about 3 kg CO₂e/boe. For this reason, Chevron faces the difficult challenge of reducing its environmental impact while continuing to operate efficiently.^[2] Chevron must adapt to climate change regulations such as carbon taxes, creating an increase on their financial pressure, and decrease on consumers who support and use this company’s goods and services.^[3]

Chevron's operations are being affected by climate in situations like natural disasters and climate extreme weather events. Some of this can be hurricanes, floodings that directly affect the company’s operations by imposing threats to its infrastructure, including offshore platforms and refineries.^[4] All of these types of damage also cause the company to spend large amounts of their capital on repairs, and maintenance.^[5] To sum up, Chevron is seen as a negative company that affects the environment which affects their image, causing their reputation to be negative. For this reason, investors may prefer to spend their money in other companies that do not have a bad image because of climate change.^[6]