Welcome to our dedicated page for Chevron Corporation news (Ticker: CVX), a resource for investors and traders seeking the latest updates and insights on Chevron Corporation stock.
Chevron Corporation (NYSE: CVX) is a renowned American multinational energy corporation headquartered in San Ramon, California. As the second-largest direct descendant of Standard Oil, Chevron is a significant player in the global oil and gas industry, operating in over 180 countries. The company's core business includes the exploration, production, and refining of oil and natural gas. Chevron's production activities span North America, South America, Europe, Africa, Asia, and Australia, with a daily output of 3.1 million barrels of oil equivalent, encompassing 7.7 million cubic feet of natural gas and 1.8 million barrels of liquids.
Chevron's refining operations are primarily based in the United States and Asia, boasting a total refining capacity of 1.8 million barrels of oil per day. As of the end of 2023, the company reported proven reserves of 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
In addition to its traditional oil and gas ventures, Chevron is actively pursuing initiatives in renewable energy. A notable example is its partnership with Brightmark Fund Holdings LLC, forming Brightmark RNG Holdings LLC. This venture focuses on producing renewable natural gas (RNG) from dairy manure using anaerobic digestion technology. The latest project under this initiative is the Eloy Renewable Natural Gas center in Eloy, Arizona, which aims to capture methane from local dairy operations, converting it into RNG, fertilizer, and water. This circular approach not only reduces greenhouse gas emissions but also enhances agricultural and energy systems.
The project has significant environmental and economic benefits, including reducing carbon-dioxide equivalent emissions by over 900,000 tons through anaerobic digestion. It also supports the local economy by creating jobs and promoting sustainable agricultural practices.
Chevron continues to innovate and adapt in the rapidly evolving energy sector. The company is committed to lowering the carbon intensity of its operations and expanding into new, lower-carbon businesses such as hydrogen, carbon capture, and other emerging technologies. For more detailed information about Chevron's operations and initiatives, visit their official website at www.chevron.com.
Chevron (CVX) reported Q3 2024 earnings of $4.5 billion ($2.48 per share), down from $6.5 billion ($3.48 per share) in Q3 2023. Worldwide net oil-equivalent production increased 7% year-over-year, with U.S. and Permian Basin production setting quarterly records. The company returned a record $7.7 billion to shareholders, including $4.7 billion in share repurchases and $2.9 billion in dividends. Chevron started key projects in the U.S. Gulf of Mexico and announced a $6.5 billion sale of Canadian assets. The company is targeting $2-3 billion in structural cost reductions by 2026.
Chevron U.S.A. Inc. is partnering with Houston Texans Legends Community and Kids' Meals Houston for a record-breaking volunteerism event on October 17, 2024. As part of Chevron's H-Town Blitz program, volunteers aim to pack 18,000 brown bag lunches for distribution to children across the Greater Houston Area. The event will take place at Chevron's Downtown Offices in Houston.
Key highlights include:
- Chevron will present an $18,000 donation to Kids' Meals Houston
- 10-12 former Houston Texans players will participate
- The event marks Kids' Meals' 18th year of providing free, healthy meals to hungry children
- Chevron's Chief Diversity and Inclusion Officer, Josetta Jones, will be present
The initiative aims to support Kids' Meals' mission to end childhood hunger in Houston.
Chevron U.S.A. Inc. is partnering with Houston Texans Legends Community and Kids' Meals Houston for a volunteerism event on October 17, 2024. The initiative, part of Chevron's H-Town Blitz program, aims to set a new daily record by packing 18,000 brown bag lunches for distribution to children across the Greater Houston Area. Chevron will also present a $18,000 donation to Kids' Meals Houston.
The event will take place at Chevron's Downtown Offices in Houston, featuring Josetta Jones, Chevron's Chief Diversity and Inclusion Officer, Beth Harp, CEO of Kids' Meals, former Houston Texans players, and Chevron employee volunteers. The day marks the 18th anniversary of Kids' Meals' mission to end childhood hunger by providing free, healthy meals to children in need.
Chevron Canada , a subsidiary of Chevron (CVX), has announced a US$6.5 billion all-cash sale of its interests in the Athabasca Oil Sands Project and Duvernay shale to Canadian Natural Resources The transaction includes:
- 20% non-operated interest in the Athabasca Oil Sands Project
- 70% operated interest in the Duvernay shale
- Related interests in Alberta, Canada
The deal has an effective date of September 1, 2024, and is expected to close in Q4 2024, subject to approvals. The assets contributed 84,000 boe/d of production to Chevron in 2023. This sale aligns with Chevron's plan to divest $10-15 billion in assets by 2028 to optimize its global energy portfolio.
Chevron (NYSE: CVX) has announced a $250,000 donation to support relief and recovery efforts following the devastation caused by Hurricane Helene in Florida, Georgia, North Carolina, South Carolina, and Tennessee. The funds will be distributed as follows:
- $125,000 to Fuel Relief Fund for regional relief efforts
- $75,000 to Team Rubicon for emergency response teams
- $50,000 to Volunteer Florida for volunteer mobilization and recovery efforts
Chevron will also match qualifying donations from employees and retirees, and provide financial contributions to organizations where its employees volunteer. The company has a significant presence in Florida and Georgia, supplying over 1,600 independently owned Chevron and Texaco stations and operating numerous fuel terminals in both states.
Honeywell (NASDAQ: HON) and Chevron (NYSE: CVX) have announced a strategic collaboration to develop advanced AI-Assisted solutions for refining processes. The partnership aims to enhance efficiency, safety, and reliability in industrial automation.
Key aspects of the collaboration include:
- Development of a new generation of AI-Assisted alarm management solutions
- Creation of an Alarm Guidance application to help operators respond effectively to alarms and operational events
- Integration of AI into Honeywell's Experion® distributed control system (DCS)
This collaboration aligns with Honeywell's focus on automation as one of its three powerful megatrends. The partnership aims to address industry challenges, including workforce shortages, through institutional knowledge capture and workflow digitalization.
Chevron (NYSE: CVX) has announced its upcoming quarterly earnings conference call, scheduled for Friday, November 1, 2024, at 11:00 a.m. ET (8:00 a.m. PT). The call will feature key speakers including Mike Wirth, Chairman of the Board and CEO, Eimear Bonner, Vice President and CFO, and Jake Spiering, General Manager of Investor Relations.
Investors can access the call via phone (888-256-9157, Conference ID: 8860912) or through a live webcast on www.chevron.com. A replay will be available on the company's website under the 'Investors' section. Chevron, as a leading integrated energy company, focuses on producing crude oil and natural gas, manufacturing various fuels and chemicals, and developing technologies to enhance its business and the industry.
Chevron announced that the Federal Trade Commission (FTC) has completed its antitrust review of the company's merger with Hess , satisfying a key closing condition. Chevron Chairman and CEO Mike Wirth expressed optimism about the merger's benefits for shareholders, the industry, and Guyana. To facilitate the merger's completion, Hess CEO John Hess will not join Chevron's Board of Directors but will serve as an advisor on government relations and social investments in Guyana, as well as support for the Salk Institute's Harnessing Plants Initiative.
The merger's completion remains subject to other closing conditions, including the resolution of ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement. Chevron is confident in its position regarding the arbitration process. Hess shareholders approved the merger agreement in May 2024.
Chevron Shipping and Wärtsilä have partnered to convert engines on six LNG carriers from dual-fuel to spark gas operation, aiming to reduce greenhouse gas emissions by lowering methane slip. This industry-first initiative supports Chevron's efforts to reduce the carbon intensity of its operations. The conversion project, designed to modify engines for optimized combustion, is expected to reduce methane emissions intensity of Chevron's LNG fleet. Methane, although shorter-lived in the atmosphere than CO₂, traps 25-30 times more heat over a 100-year period. The order for the first two vessels was booked by Wärtsilä in Q3 2024. This technology complements Wärtsilä's portfolio of solutions for reducing methane emissions from vessels, leveraging their nearly three decades of experience in LNG technology.
Chevron Shipping Company and Mitsui O.S.K. Lines (MOL) have agreed to install the Wind Challenger, a hard sail wind-assisted propulsion system, on a new LNG carrier. This marks the world's first LNG carrier equipped with such a system. The vessel, under construction at Hanwha Ocean's Geoje Shipyard, is scheduled for delivery in 2026.
The Wind Challenger system, developed by MOL and Oshima Shipbuilding, aims to reduce fuel consumption and GHG emissions using telescopic sails. The installation is designed to minimize impact on existing LNG carrier designs and maintain ship-shore compatibility. This collaboration represents a significant step towards reducing carbon intensity in the LNG fleet and aligns with MOL's goal of achieving net-zero emissions by 2050.
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