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Chevron to Seek Project Canary Certification of Select North American Upstream Assets
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Rhea-AI Summary
Chevron (NYSE: CVX) has initiated a pilot project with Project Canary to certify environmental performance at five sites in the North American upstream region. This partnership aims to enhance transparency in reducing methane emissions. Using the TrustWell™ Certification program, Project Canary will assess over 600 data points relevant to the environmental impact of Chevron's operations. The certification process is expected to start in the first half of 2022, with plans to supply Responsibly Sourced Gas to market by mid-2022, showcasing Chevron's commitment to lowering carbon emissions.
Positive
Initiation of pilot project with Project Canary enhances Chevron's transparency in lowering methane emissions.
Using TrustWell™ Certification, Chevron aims to demonstrate environmental responsibility.
Chevron's methane intensity in U.S. onshore production is 85% lower than industry average.
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Partnership enhances Chevron’s approach to advancing a lower carbon future
HOUSTON & DENVER--(BUSINESS WIRE)--
Chevron Corporation (NYSE: CVX) announced today a pilot project with Project Canary to independently certify operational and environmental performance in the company’s North American upstream region.
“Chevron is focused on delivering reliable, lower carbon energy to a growing world. We aim to achieve this through innovation, both in our application of technology, and in our approach to how we design and run our operations,” said Steve Green, president, Chevron North America Exploration and Production. “We’re pleased to work with Project Canary to pilot an independent well-by-well certification at five sites, enhancing our ability to demonstrate transparency in how we are lowering methane emissions in our operations.”
Project Canary, a mission-driven B-Corp, will use its comprehensive TrustWell™ Certification program to review and analyze aspects of the environmental and social performance of individual wells and facilities in the Permian Basin of Texas and the DJ Basin of Colorado. Chevron will also deploy Canary X continuous, pad-level methane emissions monitoring units at select locations.
More than 600 data points within 24 operational categories are included in a Project Canary TrustWell™ analysis. Operators who earn top rankings are determined by Project Canary to utilize the highest standards and practices across their operations.
The companies expect the TrustWell™ certification process to begin in the first half of 2022 and, based on ratings earned during the review process, anticipate being ready to deliver certified Responsibly Sourced Gas (RSG) to market by mid-2022.
“Chevron is a leader in advancing solutions that deliver reliable energy and address U.S. methane emissions. We’re grateful for the opportunity to leverage our ESG technologies to help further advance their business priorities,” Chris Romer, co-founder and CEO of Project Canary, said. “With our rigorous third-party review, measured performance and continuous action, buyers can have confidence that Chevron is delivering responsible lower carbon energy.”
In 2020, Chevron’s U.S. onshore production methane intensity was 85% lower than the U.S. industry average. The company continues to design, construct, and operate facilities with an eye toward limiting fugitive emissions. For example, it has reduced fugitive methane and volatile organic compound emissions in U.S. onshore operations through leak detection and repair, low-/no-emissions pneumatic devices, and centralized production facilities. The company is also expanding its methane detection capabilities to identify the best opportunities to further lower emissions.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
About Project Canary
Project Canary delivers trusted and reliable, independent Energy ESG data. They are the leaders in the certification of responsible operations throughout the energy value chain and provide measurement-based emission profiles via continuous monitoring technology. Their work helps identify the most responsible energy supply chain operators. Analyzing more than 600 operational data points, TrustWell by Project Canary is the most comprehensive well-pad and mid-stream certification program available. Project Canary is the recognized badge of high standards. Formed as a Public Benefit Corporation, Project Canary’s team of scientists, engineers, and seasoned industry operators have earned recognition for their uncompromising standards, including being named “Best for the World 2021" B Corp. Visit www.projectcanary.com to learn more.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company’s 2020 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
What is Chevron's new initiative with Project Canary?
Chevron has announced a partnership with Project Canary to implement an independent certification program for environmental performance at five North American sites.
How will Chevron's partnership with Project Canary affect methane emissions?
The partnership aims to enhance transparency in Chevron's operations and demonstrate its efforts in reducing methane emissions through independent certification.
When will Chevron start supplying Responsibly Sourced Gas?
Chevron anticipates delivering certified Responsibly Sourced Gas to the market by mid-2022 following the TrustWell™ certification process.
What is the significance of TrustWell™ Certification for Chevron?
TrustWell™ Certification will evaluate over 600 data points to certify Chevron's operational environmental performance, reinforcing its commitment to lower carbon energy.
How does Chevron's methane intensity compare to industry averages?
Chevron's U.S. onshore production methane intensity is 85% lower than the U.S. industry average, highlighting its effective emissions reduction efforts.
