A 40% reduction in Greenhouse gases that is a simple drop in without issue? Wayne Gerdes – CleanMPG – April 17, 2023 Toyota RAV4 Prime Imagine this PHEV fueled from the plug for short drives and a lower carbon intensive renewable gasoline for longer ones. Chevron kicked off a road trip across the U.S. Gulf Coast to showcase an innovative, all-new, gasoline blend with > 50 percent renewable content. Chevron and Toyota employees are currently driving Toyota’s Tundra, RAV4 and Camry on a road trip demonstrating the fuel, which is > 40 percent less carbon intensive than traditional gasoline on a lifecycle basis! The road trip will run from Mississippi through Louisiana before concluding in Texas. During the tour, Chevron reps will talk with the public about the benefits of lower carbon fuels including straight up biofuels and renewable gasoline blends. Renewable gasoline blend can notably reduce lifecycle emissions and be used in the existing automotive fleet and with the existing fueling network. The future of transportation is lower carbon emissions and Chevron is increasing the variety of biofuel solutions for customers. The company produces and markets biodiesel, renewable diesel, and renewable natural gas, and is currently building an H2 fueling infrastructure in California. On the gasoline front, Chevron has now developed, produced, and tested blends of renewable gasoline with the goal of such blends being manufactured using today’s infrastructure and used in almost any gasoline-powered vehicle to deliver an immediate carbon intensity reduction over traditional gasoline. Chevron Co-Process’ Biofeed at its El Segundo, California's Refinery Chevron is now able to run biofeed inputs in conjunction with other feed stocks through the gasoline-making fluid catalytic cracking unit at its 269,000 b/d El Segundo, California, refinery as it looks to reduce carbon intensity of its fuels, a company executive said Tuesday. Chevron is the first major to do so. Chevron's El Segundo refinery has 73,800 b/d of fluid catalytic cracking capacity and is a key supplier of gasoline to the Los Angeles area. It has the infrastructure to allow it to use bio-feedstocks and other co-feeds reliably, taking advantage of existing capital investment. Renewable gasoline blends use a variety of feedstocks and technologies to achieve carbon intensity reductions. Along with innovation from engine manufacturers and public policy supporting lower carbon fuels, renewable gasoline blends are intended to reduce the carbon intensity of light and medium duty vehicles already on the road. Chevron and Toyota are exploring new technologies for fueling LD and HD vehicles and are pursuing a strategic alliance to explore new H2 fuel solutions for the transportation sector. Chevron’s Renewable Gasoline Overview The light-duty automotive sector currently accounts for a staggering 57% of U.S. transportation emissions, and renewable gasoline blends are a path toward reducing this figure over both the short and longer terms. In the U.S., the average passenger vehicle is 12 years old. And the average light-duty automobile remains on American roads for almost 20 years before being decommissioned. This means that vehicles sold in the 2030s will still be on the road in the 2050s. With the help of renewable gasoline blends, reducing lifecycle emissions from the current on the road fleet can occur essentially overnight. A renewable gasoline blend is an alternative fuel designed to be seamlessly integrated into the light-duty sector, with no changes to existing engines or infrastructure. Because they can be easily integrated into the existing energy infrastructure, they are an appealing option for reducing lifecycle carbon emissions in the LD sector. Chevron’s renewable gasoline blends are a combination of traditional and renewable fuels. The result is a fuel that PERFORMS IDENTICALLY to traditional gasoline but emits less CO2 on a lifecycle basis. This includes a high energy density making them both efficient and cost-effective. Chevron’s renewable gasoline blends can help drivers reduce their carbon footprint without sacrificing their vehicles’ performance or making costly changes to their engines. These blends can be used in place of traditional gasoline with no changes to existing engines or infrastructure. These drop-in renewable fuels results in a > 40% reduction in lifecycle carbon emissions! A range of solutions is crucial to a lower carbon future Chevron intends to provide a fossil-fuel alternative that is cost-effective. Renewable fuels are already being used in traditional gasoline. Across the U.S., each gallon of gasoline sold contains up to 10% ethanol. Our renewable gasoline blends have more than 50% renewable content. Chevron and Bunge recently closed a transaction that created Bunge Chevron Ag Renewables LLC. The new company is developing renewable fuel feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationships and Chevron’s expertise in fuels manufacturing and marketing. The 50/50 joint venture is intended to help Chevron meet the demand for lower lifecycle carbon intensity fuels and develop renewable feedstocks. It is anticipated the joint venture will be able to establish a reliable supply chain from farmer to fueling station and double the current facility capacities from 7,000 tons per day by the end of 2024. At Chevron’s Investor Day in February, the company detailed progress toward achieving its target to reduce the carbon intensity of its oil and gas production to 24 kg/barrel of oil equivalent by 2028 through execution of carbon abatement projects. The company also provided updates on its new energy business lines with the company halfway to its 2030 renewable fuels target and taking steps to build businesses in carbon capture, offsets, and hydrogen. This is a big deal!