The Environmental Performance Of Chevron In Terms Of Fulfilling Social Needs Within Society And Stakeholders

1787 words - 7 pages

With annual revenue of US $19.02 billion, Chevron Corporation is the 16th largest integrated oil and gas energy company in the world. Globally they account for a workforce of approximately 62,000 (Forbes 2011). In 2010, the company produced 2.763 million barrels of oil per day (Chevron 2012). Corporations as large as Chevron owe a great amount of responsibility towards the society and environment above and beyond the economic and legal obligations. The industry is strongly linked to environmental scandals and companies make various efforts to address these issues (Farache and Perks 2010, 235). The following thesis will review the Environmental performance of Chevron in terms of fulfilling social needs within society and stakeholders.
Many accept that the sole legitimate purpose of a business is to maximize profit and shareholder value. In doing so there is a growing concern whether the companies have acted in a social and environmentally accepted manner (Brueckner 2011, 25). Chevron's vision, "to be the global energy company most admired for its people, partnership and performance" reflects the Chevron Way and they value to place the highest priority on the health and safety of their workforce and protecting the environment. They claim to proactively work towards improving their processes to reduce pollution and waste (Chevron 2012).
For instance The Gorgon Project in Australia shows how energy development and the environment coexist. The project involves development of a liquefied natural gas (LNG) and domestic gas. Barrow Island is a class “A” nature reserve and Chevron has been operating there for more than 45 years while reducing their footprint. Natural gas is the cleanest burning fossil fuel and the plant is equipped with the world's largest carbon dioxide injection facility, which injects 40% of the emission underground. Therefore, LNG sold globally enables to reduce 45 million tonnes less greenhouse emissions per year; this was recognized by the Carbon Sequestration Leadership Forum and European Commission. Further, they have engineered their LNG plant's lighting system in such a way that it does not harm the natural habitats and its species, preventing stress caused to them and their hatchlings (Chevron 2010; Chevron Australia 2012). In 2011 Chevron Australia has been awarded the Environment Award for its best practices in environmental management and stewardship by the Australian Petroleum Production and Exploration Association’s (APPEA 2011).

Similarly, in Indonesia and Philippines, Chevron produces geothermal energy which is a form of clean renewable energy generated using the earth's own heat while producing no greenhouse emissions. In Indonesia alone they produce more that 630 megawatts of clean and affordable energy for approximately 4 million homes. At the same time they are committed to protect the endangered wildlife in corporation with the community, park rangers and international wildlife groups to protect the...

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