Chevron Corporation - CVX STOCK NEWS

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.

Chevron Shipping Company has joined the Sea Cargo Charter, an initiative aimed at promoting responsible shipping practices and aligning with United Nations decarbonization targets. This charter provides a framework for assessing and disclosing shipping emissions, aiming to reduce greenhouse gas emissions by at least 50% from 2008 levels by 2050. Mark Ross, president of Chevron Shipping, expressed excitement about joining this initiative to enhance transparency in environmental performance. The inclusion of Chevron signifies its commitment to industry leadership in sustainability.

Chevron Corporation (NYSE: CVX) has announced a 2022 capital and exploratory spending program of $15 billion, at the low end of its previously set guidance of $15 to $17 billion. This marks a 20% increase from 2021. The company is raising its share buyback guidance to $3 to $5 billion annually, up from $2 to $3 billion. The budget emphasizes a commitment to capital discipline and includes $800 million for lower carbon initiatives. Total planned expenditures amount to $15.3 billion, including Chevron's share of affiliates.

Chevron, Pavilion Energy, and QatarEnergy have developed a groundbreaking methodology for quantifying and reporting greenhouse gas emissions associated with liquefied natural gas (LNG) cargoes. This innovative approach aims for universal adoption and enhances transparency in GHG reporting from the wellhead to the discharge terminal. The methodology, backed by sustainability experts, aligns with industry standards and complements existing efforts by the International Group of LNG Importers. This initiative reflects a commitment to accountability and supports decarbonization strategies within the LNG value chain.

Majed Nachawati has been appointed co-lead counsel for consolidated litigation in California regarding paraquat-based herbicides, including Gramoxone, and their alleged link to Parkinson's disease. The lawsuits target Syngenta and Chemical Co., associated with Chevron (CVX) and Phillips 66 (PSX). Plaintiffs claim exposure has caused serious health issues, prompting the litigation to hold manufacturers accountable. Studies have linked paraquat to the progressive brain disorder, emphasizing the need for transparency in product safety.

Chevron Corporation (NYSE: CVX) reported third quarter 2021 earnings of $6.1 billion ($3.19 per share), a significant turnaround from a $207 million loss in Q3 2020. Key highlights include record free cash flow of $6.7 billion and cash flow from operations of $8.6 billion. Operational improvements led to a 7% increase in worldwide net oil-equivalent production to 3.03 million barrels per day. The company reduced debt by $5.6 billion and repurchased $625 million of shares, showcasing strong performance in a favorable market environment.

The Board of Directors of Chevron Corporation (NYSE: CVX) has declared a quarterly dividend of $1.34 per share, payable on December 10, 2021, to shareholders on record as of the close of business on November 18, 2021. Chevron is a leading integrated energy company, focused on delivering affordable and reliable energy while reducing carbon intensity in its operations. The company is committed to growing its lower carbon businesses alongside its traditional energy operations.

Chevron Corporation (CVX) has announced the results of its cash tender offers for various notes, increasing the maximum purchase amount from $2 billion to approximately $2.609 billion. The offers expired on October 8, 2021, with a total of $4.187 billion in notes validly tendered. Of this, $2.589 billion has been accepted for purchase. Holders of accepted notes will receive the total consideration and accrued coupon payments. Chevron emphasizes the importance of these offers for its liquidity management.