said it has more than tripled its planned total capital investment in growing lower carbon energy businesses to $10 billion through 2028 from $3 billion. The oil and gas giant’s stock rose 0.3% in premarket trading. The new investment plan includes $2 billion to lower the carbon intensity of Chevron’s operations. The company’s plans include growing renewable natural gas production to 40,000 MMBtu per day, grow hydrogen production to 150,000 tonnes per year, increase renewable fuels production to 100,000 barrels per day and increase carbon capture and offsets to 25 million tonnes per year. “Renewable fuels, hydrogen and carbon capture target customers such as airlines, transport companies and industrial producers,” said Chevron New Energies President Jeff Gustavson. “These sectors of the economy are not easily electrified, and customers are seeking lower carbon fuels and other solutions to reduce carbon emissions.” Chevron’s stock has rallied 16.0% year to date through Monday, while the SPDR Energy Select Sector ETF
has climbed 29.7% and the Dow Jones Industrial Average
has advanced 13.9%.