http://www.businesswire.com/news/home/20161223005123/en/Chevron-Announces-Sale-Geothermal-Operations
10 replies (most recent on top)
What a bunch of cry babies. The geothermal business s---ed. Profits were marginal because electricity prices were not free market. It was an unneeded distraction. Chevron is a business, not a charity or a government. Grow up.
No longer energy company
Geothermal was the one renewable energy that Chevron could credibly claim it had a major stake. Used yo be some activity in biofuels. Now it's essentially nothing in renewables. Time to remove renewable energy from the corporate strategy. Now it's all oil and gas.
Star Energy, who put the consortium of buyers together, has a less than stellar reputation for it's treatment of employees, vendors, and environment. Lots of instances of consultants not being paid for contracted work. Just goes to show what a load of crap Chevron's stated vision of being most admired and desired partner of choice. Anyone remember CVX's "We Agree" marketing campaign a few years back where Chevron touted its geothermal business line? Put an organization under stress and you see it's true colors.
Wonder how many 100's of millions in bonus Watson will get for selling the carcass of Chevron to XOM? It will be his farewell legacy.
1pku, operating ANYWHERE has its complexities on a number of levels. There only reason these geothermal operation in Indonesia are being sold is ... Chevron needs cash. Asset sales will continue until we only have the very core assets under the Chevron banner. After that, who knows. We will likely be bought out by ExxonMobil.
operating in Indonesia is very complex on a number of levels ... in the long-run it is the right decision ...
As someone who worked on the "clean" side of chevron operations. They only use it as a hedge. They will never do anything serious with it ever again. The geothermal assets were the only REAL renewable thing they took seriously.
We agree!
There goes the renewable energy part of the asset portfolio.