Chevron Corp.’s newly created New Energies business unit will exercise capital discipline in low-carbon partnerships similar to its traditional fossil fuel deal activity, which has historically been a strength of the second largest U.S. oil producer.

“Negotiating deals is something we have done across upstream and downstream for many years,” Chevron CEO Mike Wirth told analysts during the company’s first-ever ESG-focused investor day titled ‘Energy Transition Spotlight’ on Sept. 14.

“Although these are new technologies, the fundamentals of the commercial transactions remain similar,” he added.

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