Chevron prefers to pay dividends than invest in wind and solar -CEO

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A sign of the Chevron gas station in Del Mar, California, is seen on April 25, 2013. REUTERS / Mike Blake / File Photo

HOUSTON, Sept. 15 (Reuters) – Chevron Corp. CEO Mike Wirth said Wednesday the company would prefer to return money to its shareholders rather than use it to invest in solar and wind energy projects.

Both renewable energy sources generate low financial returns for shareholders, Wirth said in an interview with CNBC. Investors could use Chevron’s dividend payments to invest directly in renewable projects, he added.

“We prefer to redistribute it to shareholders and let them plant trees,” the Chevron chief said.

Reports by Sabrina Valle and Liz Hampton; Editing by Chris Reese and Peter Cooney

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