Chevron Corp - CVX STOCK NEWS

Chevron (CVX), Engine No. 1, and GE Vernova have announced a partnership to develop power solutions for U.S. data centers using natural gas. The joint venture aims to deliver up to 4 gigawatts (GW) of power capacity, equivalent to powering 3-3.5 million U.S. homes, with initial service targeted by the end of 2027.

The project, dubbed 'power foundries,' will utilize seven U.S.-made GE Vernova 7HA natural gas turbines and will be located in the U.S. Southeast, Midwest, and West regions. The power generation will initially bypass the existing transmission grid to avoid increasing electricity prices for consumers. The facilities will be designed with flexibility to integrate carbon capture and storage (capable of capturing >90% CO2) and renewable energy resources.

This initiative aims to support the growing demand for electricity in data centers, particularly for AI development, while creating thousands of jobs and contributing to U.S. reindustrialization.

Chevron (NYSE: CVX) has announced the start of oil production at its Future Growth Project (FGP) at the Tengiz oil field in Kazakhstan. The FGP, representing the field's third processing plant, is expected to increase production capacity by 260,000 barrels per day at full capacity, targeting a total output of one million barrels of oil equivalent per day.

This milestone follows the completion of the Wellhead Pressure Management Project (WPMP) in 2024. The combined FGP and WPMP projects have implemented significant infrastructure improvements, including five Frame 9 gas turbine generators, four large compression trains, a new centralized control center, and enhanced sour gas handling capabilities.

The Tengiz field, recognized as the world's deepest producing supergiant oil field, is operated by Tengizchevroil LLP, with ownership split between Chevron (50%), KazMunayGas (20%), ExxonMobil (25%), and Lukoil (5%).

Brightmark RNG Holdings , a joint venture between Chevron U.S.A. Inc. (NYSE: CVX) and Brightmark Fund Holdings , has announced the delivery of first gas at 10 renewable natural gas (RNG) projects across the Midwest. This milestone makes the company one of the leading dairy RNG providers in the United States, now operating 15 RNG projects in a region that generates nearly 43% of the nation's agricultural products.

The company's methane reduction process involves collaborating with farmers to produce RNG through anaerobic digestion, collecting organic waste and upgrading it into transportation fuel. To date, Brightmark has reduced emissions by more than 1.2 million tons of CO₂eq, equivalent to planting and growing nearly 20 million trees for 10 years.

Chevron (NYSE: CVX) has announced the appointment of Laura Lane as vice president and Chief Corporate Affairs Officer, effective February 1. Lane will oversee the company's government affairs, communications, and social investment activities from Houston, replacing Al Williams, who is retiring in April after 34 years of service.

Lane joins Chevron from UPS, where she served as EVP & chief corporate affairs and sustainability officer. Her experience includes senior positions at Citigroup and Time Warner, as well as government roles at the US Trade Representative office and as a Foreign Service Officer with the US Department of State. She holds degrees from Georgetown University and Loyola University Chicago.

Chevron (NYSE: CVX) has announced the commencement of oil production from the Whale semi-submersible platform in the deepwater U.S. Gulf of Mexico. Chevron owns a 40% working interest in the project, with Shell Offshore Inc. holding the majority 60% stake as operator.

This milestone follows Chevron's achievements in the region, including the high-pressure Anchor project and enhanced water injection operations at Jack/St. Malo and Tahiti facilities. The Whale project is expected to reach a peak production of 100,000 gross barrels of oil equivalent per day, with up to 15 wells in its initial development phase.

Located approximately 200 miles southwest of Houston on Alaminos Canyon Block 773, at a water depth exceeding 8,600 feet, the facility employs energy-efficient gas turbines and compression systems. This simplified design aims to deliver lower emissions, reduced costs, and improved returns, supporting Chevron's goal of reaching 300,000 net barrels of oil equivalent per day in the U.S. Gulf of Mexico by 2026.

Chevron (NYSE: CVX) has announced its upcoming fourth quarter 2024 earnings conference call, scheduled for Friday, January 31, 2025, at 11:00 a.m. ET. The conference call will feature key executives including Mike Wirth, Chairman and CEO, Eimear Bonner, CFO, and Jake Spiering, General Manager of Investor Relations.

The event will be accessible via phone (dial-in: 866-409-1555, Conference ID: 8815912) and through a live webcast on the company's website. A replay will be available in the 'Investors' section of chevron.com. The company continues to focus on growing its oil and gas business while working to lower carbon intensity and expand into renewable fuels, carbon capture, hydrogen, and other emerging technologies.

Chevron (NYSE: CVX) has announced that Chairman and CEO Mike Wirth will participate in the Goldman Sachs Energy, CleanTech & Utilities Conference 2025 on Wednesday, January 8, 2025, at 9:00 AM ET. During the conference, Wirth will discuss the company's corporate strategy focused on delivering higher returns, lower carbon, and superior shareholder value.

As one of the world's leading integrated energy companies, Chevron emphasizes its commitment to providing affordable, reliable, and cleaner energy. The company's operations span crude oil and natural gas production, manufacturing of transportation fuels, lubricants, petrochemicals, and additives. Chevron's strategic objectives include expanding its oil and gas business while reducing operational carbon intensity and developing lower carbon businesses in areas such as renewable fuels, carbon capture, offsets, hydrogen, and emerging technologies.

Synchrony (NYSE: SYF) has announced the extension of its partnership with Chevron U.S.A. for the Techron Advantage Credit Card program. This renewal coincides with the 100th anniversary of Chevron's first consumer credit card, introduced in 1924. The partnership, spanning 17 years, combines Synchrony's consumer financing expertise with Chevron's innovation-focused approach.

The Techron Advantage Credit Card program features digital application options, access to the Synchrony Car Care™ network with over a million locations, 6-month promotional financing on purchases of $199+, and fuel credits of three cents per gallon, with Techron Advantage Visa® cardholders eligible for up to additional 10 cents per gallon off. The program will see a new value proposition rollout in 2025 to complement Chevron Texaco Rewards program.

Chevron has completed a retrofit of its Pasadena Refinery in Texas, increasing its processing capacity of lighter crudes by nearly 15% to 125,000 barrels per day. The Light Tight Oil (LTO) Project enhances facility reliability and safety while expanding product flexibility. The refinery will now produce jet fuel and export gas oil.

The upgrade allows Chevron to process more equity crude from the Permian Basin and supply more products to U.S. Gulf Coast customers. The project, which began planning in 2019 and construction in 2020, logged over 4 million work hours. The phased start-up is expected to continue through Q1 2025 to ensure proper operation and product specifications.