Exclusive-Exxon, Chevron look to make renewable fuels without costly refinery upgrades -sources By Reuters – Investing.com

Exclusive-Exxon, Chevron look to make renewable fuels without costly refinery upgrades -sources By Reuters – Investing.com

By Laura Sanicola

(Reuters) - U.S. oil major Exxon Mobil Corp (NYSE:), along with Chevron Corp (NYSE:), is seeking to bulk up in the burgeoning renewable fuels space by finding ways to make such products at existing facilities, sources familiar with the efforts said.

The two largest U.S. oil companies want to produce sustainable fuels without ponying up billions of dollars that some refineries are spending to reconfigure operations to make such products. Renewable fuels account for 5% of U.S. fuel consumption, but are poised to grow as various sectors adapt to cut overall carbon emissions to combat global climate change.