Chevron Delivers First Offset-Paired LNG Cargo

SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today announced that its subsidiary, Chevron U.S.A. Inc. (Singapore Branch) (Chevron), has safely delivered its first shipment of offset-paired liquefied natural gas (LNG) cargo.

Greenhouse gas emissions for the cargo, from the Gorgon Project off the northwest coast of Western Australia, will be fully offset via the retirement of high-quality nature-based and energy efficiency offsets in Cambodia, Indonesia and Nepal.

�Chevron’s first full lifecycle emissions offset cargo advances our net zero ambitions and represents a significant milestone in Chevron’s relationship with CPC Corporation, Taiwan,” said John Kuehn, President of Chevron Supply and Trading, a division of Chevron U.S.A. Inc.

“We share the view that the future of energy is lower carbon and expect this offset-paired cargo to be the first of many as we leverage our capabilities, assets, and customer relationships to deliver energy solutions to a growing world.”

For this cargo, Chevron’s Scope 1 and 2 emissions (emissions from upstream production, transportation, liquefaction and shipping) were calculated based on methodology jointly developed by Chevron, Pavilion Energy Trading & Supply Pte. Ltd. and QatarEnergy in 2021, with Scope 3 emissions calculated based on PACE Global report¹ for regas and distribution and IPCC 2006 emission factor² for combustion.

The emissions will be fully offset via the surrender of Verra³ certified offsets, namely the Katingan Peatland Restoration and Conservation Project in Indonesia, the Southern Cardamom REDD+ Project in Cambodia and the Energy Efficient Cooking Solution in Nepal.

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 growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About CPC Corporation, Taiwan

CPC was founded on June 1, 1946 with a mandate to lead the country’s energy sector. For the more than 70 years since then, we have fulfilled that commitment by taking on responsibility for the development of national energy resources. We have consistently ensured a stable supply of petroleum product despite recurring oil crises, liberalization of the domestic market and fluctuations in produces prices. While tackling these challenges, we have not wavered in making our just contribution to Taiwan’s economic progress and its citizens’ welfare. More information about CPC is available at www.cpc.com.tw.

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¹ “LNG and Coal Life Cycle Assessment of GHG Emissions” by PACE Global (Oct 2015) for Regas/Distribution.

² IPCC 2006 Taiwan Gov Model for Combustion.

³Verra is a nonprofit organization that operates the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program, as well as other programs in environmental and social markets

Contacts

Cameron Van Ast

cameron.vanast@chevron.com
+61 0 439 022 658