Chevron will invest some $3 billion into lowering emissions between now and 2028—a figure it expected to grow, CFO Pierre Breber said at the Reuters Events Global Energy Transition conference.
The acquisition of Noble Energy makes Chevron the No. 2 U.S. shale oil producer behind EOG Resources Inc. and gives it nearly 1 Bcf of international natural gas reserves close to growing markets.
“M&A has started to pick up. You saw a deal announced with Chevron buying Noble. We would expect to see more of those,” James West, senior managing director of Evercore ISI, says.