Oil CEO At CERA: "Our Strategy Is To Stay As Oily As We Can For As Long As We Can".
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“I think the issue of how we best move toward a lower carbon energy system is getting reframed,” said Mike Wirth, chief executive of Chevron, which recorded a record-high $36.5 billion profit last year. Wirth was the first executive to speak Monday at CERAWeek by S&P Global, the annual industry conference focused on energy markets, geopolitics and technology. Over the last year, he said, energy costs and security were finally getting proper attention, alongside climate change. “I think the discussion is moving to a more balanced state. I hope it is,” Wirth said.
Hours later, Mike Sommers, head of the American Petroleum Institute, the industry’s top lobby group, referred to this same goal of delivering energy that is affordable, reliable and clean. “For too long we’ve been talking about only one of those legs of the stool,” he said, referring to cutting emissions. “I think Washington has started to wake up to the fact that we need to talk about the other two as well.”
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(Ed. - ExxonMobil CEO Darrin) Woods, however, has used carbon capture technology to argue that his company need not reduce its fossil fuel production in order to cut emissions. “We’ve got to stay focused on the fact that emissions is the issue the world needs to address,” Woods said, not oil and gas themselves. He said the company plans to spend about $17 billion through 2027 on this and other low-carbon technologies, like biofuels and hydrogen, out of total planned capital spending of $100-$125 billion over that period.
Others were more plain-spoken. “Our strategy is to stay as oily as we can for as long as we can,” said Rick Muncrief, chief executive of Devon Energy. Natural gas is “here to stay,” said Jack Fusco, the head of Cheniere Energy, the country’s largest producer of liquified natural gas.
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https://insideclimatenews.org/news/09032023/cera-week-houston-fossil-fuel-executives/
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