Chevron pivots to renewables through acquisitions
In February of 2022, Chevron made several investments aimed at helping the organization pursue its long-term strategy of achieving an overall greater level of corporate sustainability. During the month, the company completed the $3.2 billion all-cash acquisition of Renewable Energy Group Inc, an Iowa-based producer of advanced biofuels. Chevron U.S.A. Inc., a Chevron subsidiary, also announced its investment in Carbon Clean in February of 2022. Carbon Clean is a UK-based producer of cost-effective industrial carbon capture technologies which are expected to play a pivotal role in helping energy intensive industries to reduce harmful emissions.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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