Chevron Corporation - CVX STOCK NEWS

Chevron Corporation (NYSE: CVX) announced its North American upstream assets received Project Canary's highest ratings for operational and environmental performance. The independent assessment highlighted that 82 wells achieved 'Platinum' status while 3 wells earned 'Gold' status. This certification positions Chevron favorably in the Responsibly Sourced Natural Gas (RSG) market, allowing the company to market certified gas starting in the second half of 2022. Chevron aims to significantly lower carbon emissions, having already reduced methane intensity by 85% compared to the industry average.

Cheniere Energy, Inc. (LNG) announced long-term liquefied natural gas (LNG) sale agreements with Chevron (CVX) for a combined 2.0 million tonnes per annum. The first agreement involves Chevron purchasing 1.0 mtpa from Sabine Pass Liquefaction, starting in 2026. The second contract is for 1.0 mtpa from Cheniere Marketing, commencing in 2027, contingent upon a positive investment decision for new liquefaction capacity. Both agreements highlight increasing LNG demand and are tied to the Henry Hub price. Early termination of an LNG Terminal Use Agreement with Chevron is also noted.

Chevron Corporation (NYSE: CVX) has completed its acquisition of Renewable Energy Group, Inc. (NASDAQ: REGI) following stockholder approval. This merger is designed to position Chevron as a leading renewable fuels company in the U.S., offering a range of low-carbon solutions to customers. Cynthia “CJ” Warner, ex-CEO of REG, joins Chevron's Board, bringing valuable expertise. The acquisition aims to enhance Chevron's capabilities in both traditional and renewable energy sectors, thereby expanding its market share and product offerings.

Chevron has entered into agreements to supply renewable natural gas for a demonstration of Walmart's heavy-duty trucks integrated with Cummins' new 15-liter natural gas engine. The collaboration aims to help Walmart achieve its goal of zero emissions by 2040. Chevron will link the renewable natural gas to compressed natural gas for the trucks, sourced from biomethane produced from organic waste. This partnership highlights Chevron's commitment to decarbonization and sustainable energy solutions for fleet operators.

Chevron (NYSE: CVX) has signed a memorandum of understanding with KazMunayGas (KMG) to explore lower carbon business opportunities in Kazakhstan. This partnership aims to evaluate projects in carbon capture, hydrogen, energy efficiency, and more. The MoU was signed in Nur-Sultan during the Foreign Investors Council's plenary session. Chevron's commitment to Kazakhstan's energy future aligns with the country's goal to achieve carbon neutrality by 2060. This collaboration is expected to advance lower carbon technologies and support Kazakhstan's energy transition efforts.

Chevron Corporation (NYSE: CVX) announced Dr. Wanda M. Austin as the new lead independent director of its Board, effective May 25, 2022. She succeeds Dr. Ronald D. Sugar, who remains on the Board. Dr. Austin has been a Board member since December 2016 and will continue to chair the Board Nominating and Governance Committee. CEO Mike Wirth praised her leadership skills and contributions, while acknowledging Dr. Sugar's impactful tenure during significant company challenges. Chevron is focused on delivering reliable energy and enhancing its low-carbon initiatives.

Chevron Corporation (NYSE:CVX) announced changes to its organizational structure, effective October 1, 2022, to improve execution and drive higher returns while reducing carbon emissions. The company will consolidate its Upstream, Midstream, and Downstream segments under a new executive vice president, overseeing a streamlined value chain. New executive appointments include Mark Nelson and Nigel Hearne. This transformation builds on Chevron's 2020 enterprise-wide changes, aiming for better capital allocation and business development as the energy sector evolves.

Chevron Corporation (NYSE: CVX) outlined its business plans at the annual stockholders meeting, emphasizing a focus on higher returns and lower carbon emissions. CEO Michael Wirth stated the company aims to lead in lower carbon intensity energy by leveraging its capabilities. Chevron completed its integration of Noble Energy and formed Chevron New Energies. The company is targeting a 10% increase in U.S. oil and gas production and plans over 50% capital spending growth compared to 2021. Chevron's acquisition of Renewable Energy Group, Inc. (NASDAQ: REGI) is expected to finalize mid-year.

Chevron U.S.A. Inc., through its New Energies division, has finalized an expanded joint venture with Talos Energy Inc. and Carbonvert, Inc. to develop the Bayou Bend CCS offshore carbon capture hub, effective May 1, 2022. Chevron acquires a 50% stake for $50 million, including $30 million upfront. The joint venture will comprise 25% Talos, 25% Carbonvert, and 50% Chevron, with Talos acting as operator. An Area of Mutual Interest covers approximately 231,000 acres in Jefferson County, Texas, enabling future project expansions.