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.
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.
Chevron has announced its 2025 capital expenditure budget, setting an organic capex range of $14.5-15.5 billion for consolidated subsidiaries and $1.7-2.0 billion for affiliate capex, representing a $2 billion year-over-year reduction. Upstream spending is expected to be about $13 billion, with two-thirds allocated to U.S. portfolio development. Permian Basin spend will be reduced to $4.5-5.0 billion, prioritizing free cash flow over production growth.
The company expects to recognize a restructuring charge of $0.7-0.9 billion after-tax in Q4 2024, related to achieving $2-3 billion in structural cost reductions by end of 2026. Additional non-cash, after-tax charges of $0.4-0.6 billion are anticipated for impairments, asset sales, and other obligations.
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.
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