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 (NYSE: CVX) has initiated a pilot project with Project Canary to certify environmental performance at five sites in the North American upstream region. This partnership aims to enhance transparency in reducing methane emissions. Using the TrustWell™ Certification program, Project Canary will assess over 600 data points relevant to the environmental impact of Chevron's operations. The certification process is expected to start in the first half of 2022, with plans to supply Responsibly Sourced Gas to market by mid-2022, showcasing Chevron's commitment to lowering carbon emissions.
Chevron Corporation (NYSE: CVX) and Bunge Limited (NYSE: BG) have entered definitive agreements to form a joint venture focused on renewable fuel feedstocks. Bunge will contribute its soybean processing plants in Louisiana and Illinois, while Chevron will invest approximately $600 million in cash. The venture aims to double production capacity from 7,000 tons per day by the end of 2024 and explore further renewable opportunities. Chevron plans to produce 100,000 barrels per day of renewable diesel and sustainable aviation fuel by 2030, securing a reliable feedstock supply for lower carbon intensity fuels.
Chevron Corporation (NYSE: CVX) will hold its annual investor day on March 1, 2022, at 10:00 a.m. ET. The event will feature presentations and discussions led by key executives, including CEO Mike Wirth and other senior management members. Attendees will gain insights into Chevron's business strategies and future directions. Details for accessing the live webcast can be found on their official website. Chevron aims to enhance energy solutions while reducing carbon intensity in operations.
Chevron Corporation reported earnings of $5.1 billion for Q4 2021, a significant recovery from a $665 million loss in Q4 2020. Full-year earnings reached $15.6 billion, compared to a $5.5 billion loss in 2020. The company achieved record cash flow from operations of $29.2 billion and free cash flow of $21.1 billion in 2021. Chevron increased its dividend by 4% to $1.34 per share and announced a further 6% increase to $1.42. Net oil-equivalent production rose to 3.10 million barrels per day. Foreign currency effects positively impacted earnings by $306 million.
Chevron Corporation (NYSE: CVX) announced a quarterly dividend of $1.42 per share, marking an increase of 8 cents (approximately 6%) over the previous dividend. This increase positions Chevron for its 35th consecutive year of annual dividend growth. The dividend is payable on March 10, 2022, to shareholders recorded as of the close of business on February 16, 2022.
The company remains committed to providing affordable, reliable energy while focusing on reducing carbon intensity.
Chevron has launched the Keep Clean Preferred Vendor Program to enhance lubricant operations for businesses of all sizes. This program connects customers with reputable vendors offering vital tools and services that optimize lubricant efficiency and minimize downtime. Chevron emphasizes a holistic approach to lubricant management, ensuring cleanliness and operational reliability. The initiative aligns with Chevron's commitment to customer success, as articulated by Rebecca Zwetzig, America’s ISOCLEAN Program Manager, and aims to expand to additional services in the future.
Chevron (NYSE: CVX) has pledged $250,000 to support wildfire relief efforts in Boulder County, Colorado. The donations include $150,000 to the American Red Cross and $100,000 to the Community Foundation Boulder County Wildfire Fund. Chevron will also match qualifying donations made by employees and retirees. Hodge Walker, vice president of Chevron's Rockies Business Unit, emphasized the company's commitment to help local communities recover and rebuild. This initiative reflects Chevron's ongoing commitment to corporate responsibility and support for affected employees.
Chevron Corporation (NYSE: CVX) is set to conduct its quarterly earnings conference call on January 28, 2022, at 11:00 a.m. ET. Key speakers will include CEO Mike Wirth and CFO Pierre Breber. Investors can join the call by dialing 888-609-5704 and using conference ID 5209887. The call will be accessible via a live webcast on Chevron's official website, where a replay will also be available. Chevron continues to focus on sustainable energy solutions while producing crude oil, natural gas, and related products.
Chevron Corporation announced the retirement of Barbara J. Burger, President of Chevron Technology Ventures, after 34 years of service. Jim Gable, currently VP of Downstream Technology & Services, will succeed her on February 1, 2022. Under Burger’s leadership, CTV advanced its strategy in integrating external technologies to enhance energy production. Gable brings over 23 years of experience, aiming to further strengthen CTV's impact on energy innovation.
On December 14, 2021, Progress Rail, a Caterpillar company (NYSE: CAT), BNSF Railway, and Chevron (NYSE: CVX) announced a memorandum of understanding to demonstrate a hydrogen fuel cell-powered locomotive. This collaboration aims to assess hydrogen's viability as a sustainable alternative to diesel fuel in rail transportation. The project includes designing a prototype locomotive, developing fueling infrastructure, and conducting tests on BNSF's rail lines. If successful, this initiative could significantly lower carbon emissions and advance the hydrogen economy in heavy-duty transport.
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