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, Talos Energy, and Carbonvert have signed a memorandum of understanding (MOU) to expand their joint venture on the Bayou Bend CCS project in Texas. This hub aims to sequester up to 275 million metric tons of CO2. Chevron will hold a 50% equity stake, with Talos and Carbonvert each holding 25%. The joint venture is positioned as a significant step in the development of offshore carbon capture and storage in the U.S., following the initial 2021 lease win.
Chevron U.S.A. and Bunge North America have formed Bunge Chevron Ag Renewables LLC, marking the completion of their previously announced joint venture. This new entity aims to innovate in the development of renewable fuel feedstocks by combining Bunge's oilseed processing expertise with Chevron's fuel manufacturing capabilities. The collaboration underscores both companies' commitment to sustainability and meeting the growing demand for cleaner energy solutions.
Chevron Corporation (NYSE: CVX) reported earnings of $6.3 billion for Q1 2022, markedly up from $1.4 billion in Q1 2021, translating to $3.22 per share. Adjusted earnings stood at $6.5 billion. Cash flow from operations reached $8.1 billion with free cash flow at $6.1 billion. The company achieved record unconventional production in the Permian Basin at 692,000 barrels of oil equivalent per day. Chevron's capital expenditures increased to $2.8 billion, reflecting a 10% rise from last year, as it aims to expand its operations in energy and renewables.
The Board of Directors of Chevron Corporation (NYSE: CVX) has declared a quarterly dividend of $1.42 per share, scheduled for payment on June 10, 2022. Shareholders on record as of the close of business on May 19, 2022, will receive this dividend. Chevron continues to focus on producing reliable and cleaner energy while also developing technologies to enhance operational efficiency. The company aims to lower carbon intensity in its operations and grow its lower carbon businesses alongside traditional energy sources.
Bunge (NYSE: BG) and Chevron (NYSE: CVX) have announced a strategic partnership with CoverCress Inc. to develop a new renewable oilseed and animal feed crop. This collaboration aims to enhance sustainability in agriculture and meet the growing demand for renewable fuels. The CoverCress™ technology, derived from field pennycress, will provide farmers with an additional revenue stream while benefiting soil health. Both companies have invested in CCI, which will supply grain for processing, establishing a dedicated farm-to-fuel supply chain.
Chevron Corporation (NYSE: CVX) will host its quarterly earnings conference call on April 29, 2022, at 11:00 a.m. ET. Key speakers include CEO Mike Wirth and CFO Pierre Breber. Investors can listen in via the dial-in number 800-357-3979 or through a live webcast on www.chevron.com. Chevron emphasizes its commitment to sustainable energy solutions alongside traditional operations, including crude oil and natural gas production.
Chevron (NYSE: CVX) has joined the Global Centre for Maritime Decarbonisation (GCMD) to support the development of scalable lower carbon technologies, including ammonia as marine fuel. This partnership aims to advance decarbonization in the hard-to-abate shipping sector, facilitating pilot projects and aligning with the International Maritime Organization's climate goals. Chevron's New Energies unit, launched in 2021, focuses on lower carbon solutions like hydrogen and carbon capture. This collaboration underscores Chevron's commitment to reducing carbon intensity across the maritime value chain.
Chevron's New Energies division has partnered with Restore the Earth Foundation for a reforestation project in St. Charles Parish, Louisiana. This initiative covers up to 8,800 acres and aims to plant approximately 1.7 million native bald cypress seedlings. The project is expected to facilitate carbon sequestration and contribute to local ecosystem restoration. Chevron's investment reflects its commitment to lower carbon solutions, supporting both corporate sustainability goals and customer demands for reduced carbon footprints.
Chevron Products Company has launched Delo 400 XSP SAE 15W-40 with ISOSYN Advanced Technology, designed for heavy-duty diesel engines. This full synthetic engine oil aims to enhance engine protection and reduce oil consumption, catering to heavy-duty diesel truck owners in extreme conditions. It boasts excellent soot dispersancy and wear control, promoting longer service life and minimizing downtime. Backward compatible, it supports both diesel and gasoline engines. The product will be available at Walmart and Walmart.com.
Chevron Corporation (NYSE: CVX) has raised its share buyback guidance to $5 - $10 billion per year. The company also increased its return on capital employed target to 12% by 2026 at $60 Brent and expects operating cash flow per share to grow 10% per year through 2026. Chevron reaffirmed its commitment to reducing carbon intensity and expanding new energy businesses, aiming for significant returns while balancing traditional and renewable energy investments.
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