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 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.
Chevron Products Company launched Delo Syn ATF 668, a fully synthetic transmission fluid for Allison heavy-duty automatic truck and bus transmissions. This innovative fluid enhances transmission performance with over 13 times anti-shudder durability compared to TES 295 fluids, ensuring smoother shifts and extended clutch friction durability. It supports longer service life, lower maintenance costs, and is backwards compatible with TES 295 and TES 389 fluids. This product transition is recommended for all Allison users, enhancing operational efficiency for fleet operators.
Chevron Corporation (NYSE:CVX) has appointed Eimear Bonner as vice president, effective August 2. Bonner will continue as president of Chevron Technical Center and chief technology officer. With over 22 years in various leadership roles, she brings extensive experience managing Chevron's largest joint venture, Tengizchevroil in Kazakhstan. Bonner's background includes a focus on business performance, stakeholder relationships, and organizational transformation. Chevron emphasizes its commitment to cleaner energy and innovative technology development.
Chevron Corporation (NYSE:CVX) announced the retirement of Joseph C. Geagea, executive vice president of Technology, Projects and Services, after 40 years of service. He will transition to a senior advisor role until March 1, 2022. CEO Michael Wirth commended Geagea for his significant contributions across various global business sectors. Geagea's career included pivotal roles in upstream operations and commercialization of natural gas. Chevron aims to advance a lower-carbon future through renewable investments and technology development.
Chevron Corporation (NYSE: CVX) reported a net income of $3.1 billion for Q2 2021, marking a significant recovery from a loss of $8.3 billion in Q2 2020. Adjusted earnings were $3.3 billion, compared to an adjusted loss of $2.9 billion the previous year. Sales surged to $36 billion, up from $16 billion. Upstream production averaged 3.13 million barrels per day, a 5% increase year-over-year. The company plans to resume share repurchases at a rate of $2-3 billion annually and is focusing on renewable energy initiatives, including hydrogen collaboration agreements.
Chevron Corporation (NYSE: CVX) has appointed Jeff Gustavson as president of Chevron New Energies, effective August 2, 2021. He will lead a new organization aimed at exploring low-carbon opportunities, focusing on hydrogen, carbon capture, and biofuels. CEO Michael Wirth emphasized this move aligns with Chevron's strategy for higher returns and lower carbon emissions. Ryder Booth has been appointed as the vice president of Chevron North America Exploration & Production Company, succeeding Gustavson. Further details on Chevron’s projects will be shared during an investor presentation on September 14.
The Board of Directors of Chevron Corporation (CVX) has declared a quarterly dividend of $1.34 per share, payable on September 10, 2021. This announcement reflects Chevron's commitment to providing consistent income to its shareholders. As a leading integrated energy company, Chevron aims to produce reliable energy while focusing on lowering carbon intensity and investing in low-carbon technologies. The record date for this dividend is August 19, 2021.
Chevron Corporation (NYSE: CVX) announced that its subsidiary, Chevron Australia Pty Ltd, will advance the $4 billion (AU$6 billion) Jansz-Io Compression (J-IC) project. This investment marks a significant commitment to Australian operations, following the Gorgon Stage 2 project. The J-IC project aims to enhance gas supply from the Jansz-Io field to the LNG plants on Barrow Island using advanced subsea compression technology, which will help in energy transitions across the Asia Pacific. Construction is projected to take five years.
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