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 Corporation (NYSE: CVX) has signed definitive agreements to establish a joint venture with Mercuria Energy Trading to own and operate American Natural Gas LLC (ANG) and its network of 60 compressed natural gas (CNG) stations across the United States. This initiative is part of Chevron's strategy to build a renewable natural gas business aiming for a tenfold increase in volumes by 2025, complementing its plan to open over 30 Chevron-branded CNG stations by the same year. The partnership underscores Chevron's commitment to advancing renewable energy solutions.
Chevron Corporation (NYSE: CVX) and Gevo, Inc. (NASDAQ: GEVO) have signed a letter of intent to jointly invest in new facilities to produce sustainable aviation fuel from inedible corn. This collaboration aims to lower lifecycle carbon intensity in aviation fuels and will also generate proteins and corn oil. Gevo will utilize its proprietary technology while Chevron has the right to offtake approximately 150 million gallons of sustainable aviation fuel annually. The partnership is contingent on regulatory approvals and definitive agreements.
Chevron's New Energies division has agreed to acquire an equity interest in ACES Delta, a joint venture focused on green hydrogen production. Located in Delta, Utah, the Advanced Clean Energy Storage project aims to generate, store, and transport green hydrogen for various applications in the western U.S. The initiative will help reduce carbon emissions and expand hydrogen supply across Western states, leveraging Chevron's expertise in heavy-duty transportation and industry. The transaction is subject to negotiation and customary closing conditions.
Chevron Corporation (NYSE: CVX) and Caterpillar Inc. (NYSE: CAT) have announced a collaboration to develop hydrogen demonstration projects aimed at transforming transportation and stationary power applications. The initiative includes demonstrating a hydrogen-fueled locomotive and necessary fueling infrastructure across various U.S. locations. Chevron's commitment to hydrogen is part of its strategy to lower carbon emissions in heavy-duty sectors, while Caterpillar aims to provide customers with diverse fuel options for sustainability.
Chevron U.S.A. Inc. and Caterpillar Inc. have announced a collaboration to explore hydrogen applications in transportation and stationary power. The partnership aims to demonstrate hydrogen as a viable alternative fuel for line-haul rail and marine vessels and to develop hydrogen-fueled locomotives and related infrastructure. Work will commence immediately at various locations across the U.S. Chevron's initiative focuses on advancing hydrogen technology for heavy-duty transportation, while Caterpillar emphasizes its commitment to sustainability through diverse fuel options.
Chevron, Delta, and Google Cloud have entered a memorandum of understanding (MOU) to analyze emissions data from a sustainable aviation fuel (SAF) pilot program. Chevron will produce a SAF test batch at El Segundo Refinery and sell it to Delta at Los Angeles International Airport (LAX). This partnership aims to create transparency in emissions reporting and support Delta's goal of replacing 10% of its jet fuel with SAF by 2030. Google Cloud will develop a data framework to facilitate emissions data analysis.
Chevron Corporation (NYSE: CVX) has committed $3 million to support Hurricane Ida relief efforts. This funding includes $500,000 each for the American Red Cross, Catholic Charities, and Team Rubicon, with the remaining $1.5 million going to local organizations. Chevron aims to assist Gulf Coast communities affected by the hurricane, emphasizing that recovery work is paramount. Employees will also have matching donation opportunities to further aid recovery efforts, ensuring that Chevron stands by its local communities during this challenging time.
Chevron and Bunge have announced a memorandum of understanding for a 50/50 joint venture aimed at boosting renewable fuel production. Chevron is set to invest approximately $600 million into the venture, while Bunge plans to utilize its soybean processing facilities in Louisiana and Illinois. The initiative aims to double the combined processing capacity to 7,000 tons per day by the end of 2024, with a focus on lower carbon intensity feedstocks. The venture is pending final agreements and regulatory approval.
Chevron Corporation (NYSE: CVX) will host its Energy Transition Spotlight conference call and webcast on September 14, 2021, at 10:00 a.m. ET. The event aims to detail strategies for reducing carbon intensity in operations and expanding lower carbon businesses. Key speakers include CEO Mike Wirth and leaders from various divisions. Participants can join the live call or access it later via the company website. Chevron emphasizes its commitment to affordable, reliable, and cleaner energy while investing in low-carbon technologies.
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