Chevron Corp., the fourth-largest U.S. oil company, said it will invest as much as $60 million during the next three to four years in new technology companies whose innovations may help Chevron grow and cut costs. San Francisco-based Chevron, which had about $30 billion in revenue last year, will invest the money through its Chevron Technology Ventures unit. It's the first oil company to have a venture capital unit that invests in new technology. The investments will go to companies that do research in information technology and can improve Chevron's computer network; biotechnology, which can lead to developments such as sulfur-eating organisms that cut refinery emissions; and materials science, which can improve offshore oil platforms. Chevron shares rose $1.38 to close at $95.06 on the NYSE.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World