Chevron (CVX) Shuts Down Biodiesel Plants Amid Market Challenges

Chevron Corporation (CVX) recently confirmed the indefinite idling of two biodiesel production facilities in the U.S. Midwest due to weakening economics for renewable fuels. This decision comes as a significant move for the second-largest U.S. oil producer, which had previously acquired biodiesel maker Renewable Energy Group for $3.15 billion in 2022. The acquisition is aimed toward expanding CVX’s renewable fuels production to 100,000 barrels per day by 2030, adding 10 biodiesel plants and one renewable di ...