No room for the timid: The 2035 emissions target must signal strong ambition on climate action, to drive policy and investment and avoid being seen as unrealistic or too costly.
The US giant pretends Labor's policies are thwarting the expansion of its Gorgon and Wheatstone gas plants, which it does not plan to do anyway, to gain leverage with governments.
Chevron chief executive and chairman Mike Wirth has led the operator of the Gorgon and Wheatstone LNG projects and Australia's largest foreign investor since 2018.
The US giant pretends Labor's policies are thwarting the expansion of its Gorgon and Wheatstone gas plants, which it does not plan to do anyway, to gain leverage with governments.
Technical problems at Gorgon and Wheatstone will give Chevron Australia another year of reduced LNG production while US headquarters remains hesitant about the energy transition.
Chevron slashes more than $US20 billion off its five-year spend due to lower demand and prices for fossil fuels but allocates just 2% of its 2022 budget to the energy transition.
The Gorgon and Wheatstone LNG projects are now enjoying cash margins of more than $US30 a barrel at a $US50 price and production from the $111 billion mega-projects is expected to increase.
