Chevron Corporation - CVX STOCK NEWS

Chevron (NYSE: CVX) announced Dr. Anoop Kumar as the new president of the National Lubricating Grease Institute (NLGI). Based in Liberty, Missouri, the NLGI focuses on lubricating grease manufacturers. Dr. Kumar, with over thirty years of experience, aims to bring change to the industry with his six strategic priorities, including sustainability and addressing the lithium shortage. He has contributed significantly to the grease sector with 29 patents and over 90 publications. Chevron congratulated Dr. Kumar, anticipating his leadership will benefit the lubricant and grease industry.

Restaurant Technologies is enhancing its sustainability by integrating refined oil biofuels from Chevron Renewable Energy Group into its fleet operations. This initiative is part of a circular economy, utilizing the used cooking oil collected from over 34,000 customers nationwide, turning it into biodiesel and renewable diesel. Initially, the fleet will operate on a B30-B50 blend, minimizing carbon footprint. Both companies aim to promote lower carbon solutions in the transportation sector, with plans for further deployment across additional depot locations.

Chevron Lubricants has launched Delo TorqForce Syn FD-1, a full synthetic lubricant aimed at enhancing the performance of large mining haul trucks and support equipment. This product is engineered to outperform conventional lubricants, offering benefits such as an expanded temperature range for all-weather performance, advanced protection against wear and oxidation, and extended service intervals, allowing oil changes to extend from 4,000 to 6,000 hours. Chevron's rigorous testing ensures reliable performance, maximizing productivity in harsh conditions.

Cheniere Energy Partners reported a second quarter 2022 net income of $342 million, down from $395 million in 2021. Adjusted EBITDA rose to $1.0 billion, a 42% increase. Revenue soared 121% to $4.18 billion. The company declared a cash distribution of $1.060 per common unit for unitholders, reaffirming a full year distribution guidance of $4.00 - $4.25. A long-term LNG agreement with Chevron was also established, with deliveries starting in 2026. However, non-cash losses in commodity derivatives affected net income significantly.

Cheniere Energy reported robust financial results for Q2 2022, achieving Consolidated Adjusted EBITDA of approximately $2.5 billion and $5.7 billion for the three and six months ended June 30, respectively. Net income was $0.7 billion for Q2, a significant recovery from a loss in Q2 2021. Full-year guidance for Consolidated Adjusted EBITDA is raised to $9.8 - $10.3 billion. The company secured long-term contracts totaling 140 million tonnes of LNG through 2050 and made a positive final investment decision on the Corpus Christi Stage 3 Project.

Chevron (CVX) and Brightmark announced the successful first delivery of renewable natural gas (RNG) from the Athena Project in Minnehaha County, South Dakota. The partnership aims to produce and market RNG from dairy biomethane, contributing to lower carbon fuel solutions. The captured methane from manure will be converted into RNG for transportation and electricity. This milestone highlights the collaboration's potential to support sustainable fuel initiatives and reduce lifecycle carbon emissions.

Chevron Corporation (NYSE: CVX) announced the appointment of Alana K. Knowles as Vice President and Controller, effective March 1, 2023. She succeeds David A. Inchausti, who will retire after 35 years with the company on February 28, 2023. Knowles has extensive experience within Chevron, having held various leadership roles since joining the company in 1988, including Vice President – Finance, Downstream & Chemicals. Chevron's CEO Michael Wirth praised her leadership skills and experience in the industry.

Chevron Corporation (NYSE: CVX) reported impressive second-quarter earnings of $11.6 billion ($5.95 per share) for 2022, up from $3.1 billion in 2021. Adjusted earnings stood at $11.4 billion, reflecting substantial growth across business segments, particularly in upstream operations with earnings of $8.6 billion. Cash flow from operations reached $13.8 billion, while free cash flow was $10.6 billion. Chevron enhanced its balance sheet, reducing its debt ratio to below 15% and raising its share repurchase target to $15 billion. The company completed its acquisition of Renewable Energy Group, reinforcing its commitment to both traditional and renewable energy investments.

The Board of Directors of Chevron Corporation declared a quarterly dividend of $1.42 per share, payable on September 12, 2022. Shareholders will receive this dividend if their names appear on the transfer records by the close of business on August 19, 2022. Chevron, a leading integrated energy company, focuses on affordable and reliable energy, aiming to reduce carbon intensity while growing lower carbon businesses alongside traditional operations.