U.S. oil company Chevron Corporation is making leadership changes to advance its strategy to reduce carbon emissions as part of the industry’s ongoing energy transition.
Chevron said Thursday it had named Jeff Gustavson president of New Energies, effective Aug. 2, 2021. Gustavson will serve as an officer of the company and will report to Chevron President and CEO Michael Wirth.
Gustavson will lead a new organization dedicated to low-carbon business prospects that have the potential to scale. Chevron New Energies’ initial focus will include hydrogen commercialization opportunities, carbon capture and offsets, as well as supporting the continued growth of biofuels.
On Sept. 14, the oil company plans to make a presentation to investors of its Energy Transition Spotlight, which will unveil more details about these efforts.
“Chevron New Energies reflects our strategy of higher performance and lower carbon emissions,” Wirth said. “We believe the dedication of resources in a new organization will accelerate growth in multiple lines of business that we expect to be part of a lower-carbon energy system.”
Gustavson is currently vice president of Chevron North America Exploration & Production Company and oversees its Mid-Continent business unit. He previously served as president of Chevron Canada Limited and has held positions in Investor Relations, Corporate Strategic Planning, Finance, Mergers & Acquisitions, and Supply & Trading.
In another appointment, Ryder Booth has been named vice president of Chevron North America Exploration & Production Company, leading the Mid-Continent Business Unit and succeeding Gustavson. Booth, currently vice president of Capital Projects, will be responsible for a large resource base of oil- and liquids-rich assets in the Mid-Continent United States, including the company’s Permian assets in Texas and New Mexico. His appointment will be effective August 2, 2021.
In March 2021, Chevron reaffirmed its budget reduction plans, doubled its savings estimate from the Noble Energy acquisition and set new carbon emissions reduction targets with expectations to invest about $3 billion over the next few years to boost its energy transition efforts.
