Energy giant Chevron Corp. shared its progress toward its low carbon intensity and new energies targets among other updates at its annual investor meeting on Feb. 28, a press release announced on the same day.

“Chevron intends to be a leader in both traditional and new energy businesses,” chairman and CEO Mike Wirth shared at the meeting. “We’re growing energy supply, lowering carbon intensity and returning more cash to shareholders.”

The company announced it had made progress toward reducing its oil and gas production carbon intensity to 24 kg/boe, a goal it hopes to meet by 2028 through carbon abatement projects.

Additionally, Chevron said that it had reached the halfway mark to its 2030 renewable fuels target through its new energy business lines and intends to create new businesses in carbon capture, offsets and hydrogen.

“We intend to be a leader delivering lower carbon solutions to our customers in hard-to-abate sectors,” Chevron New Energies president Jeff Gustavson said. “We believe we have unique capabilities, well-positioned assets and long-standing customer relationships to safely deliver higher returns and lower carbon.”