Investment Thesis Map
We mined Chevron’s acquisitions, investments and partnerships to discern the company's strategic priorities.
Chevron‘s $220B market cap makes it one of the world’s largest oil & gas companies. But as pressure mounts for corporates to reduce their environmental footprint, the energy giant has ramped up investments into clean energy and partnered with other firms in order to diversify away from oil & gas, recently announcing a pledge to be net-zero by 2050.
Chevron’s strategy for decarbonization is two-pronged: 1) make current oil & gas operations more efficient and less carbon intensive and 2) explore new forms of renewable energy generation. Along these lines, its corporate venture arm, Chevron Technology Ventures (CTV), breaks down its investments as either “core energy” or “future energy.” For instance, Chevron acquired Nexbase — which provides base oils used in manufacturing that are made from renewable raw materials — from the Norway-based company Neste in October 2021 (a core energy acquisition). In contrast, CTV backed offshore wind startup Ocergy‘s Series A round in April (a future energy investment).
Using CB Insights data, we uncovered the 4 most important strategic clean energy priorities highlighted by Chevron’s recent acquisitions, investments, and partnerships. We then categorized companies by their business relationships with Chevron across these priorities.
- Carbon capture & biogas
- Renewable energy
- Electrification of transportation