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 water injection operations at two projects in the deepwater U.S. Gulf of Mexico to enhance oil and natural gas recovery at its Jack/St. Malo and Tahiti facilities. These projects aim to maximize returns from existing resources and contribute to Chevron's goal of producing 300,000 net barrels of oil equivalent per day in the region by 2026.
At the Jack/St. Malo facility, Chevron achieved first water injection at the St. Malo field, expecting to add approximately 175 million barrels of oil equivalent to the field's gross ultimate recovery. The Tahiti facility has started injecting water into its first deepwater Gulf producer-to-injector conversion wells, recently surpassing 500 million gross barrels of oil-equivalent cumulative production.
These achievements follow the recent production startup at Chevron's high-pressure Anchor field, reinforcing the company's position in technological delivery and project execution in the Gulf.
Chevron (NYSE: CVX), through its subsidiary Chevron Australia New Ventures, has been awarded a greenhouse gas (GHG) assessment permit offshore Western Australia. The G-18-AP permit covers 8,467 km² and water depths of 50-1100m. This will be part of a CCS hub to store emissions, including from Chevron's LNG assets. Chevron holds a 70% interest, while Woodside Energy holds 30%. Chevron plans to farm down 5% equity to GS Caltex, conditional on approvals. This permit adds to Chevron's CCUS portfolio, including the Gorgon CCS project, which has stored 10 million tonnes of CO2-equivalent. According to the IEA, global net zero is unattainable without CCUS.
Chevron (NYSE: CVX) has announced the start of oil and natural gas production from its Anchor project in the deepwater U.S. Gulf of Mexico. This marks a significant milestone, utilizing industry-first high-pressure technology rated for 20,000 psi operation and reaching reservoir depths of 34,000 feet below sea level.
The Anchor semi-submersible floating production unit (FPU) has a design capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas per day. Located approximately 140 miles off Louisiana's coast, the project consists of seven subsea wells tied to the FPU. The Anchor field's total potentially recoverable resources are estimated at up to 440 million barrels of oil equivalent.
Chevron holds a 62.86% working interest in the project, with TotalEnergies E&P USA, Inc. owning the remaining 37.14%. The Anchor FPU is designed as an all-electric facility to reduce carbon emissions, utilizing waste heat recovery and existing pipeline infrastructure for direct transport to U.S. Gulf Coast markets.
Chevron (NYSE:CVX) announced significant changes, including the relocation of its headquarters from San Ramon, California, to Houston, Texas, and several senior leadership transitions. CEO Mike Wirth and Vice Chairman Mark Nelson will move to Houston by the end of 2024, with corporate functions migrating over the next five years. The company currently has about 7,000 employees in Houston and 2,000 in San Ramon.
Key leadership changes include: Nigel Hearne, EVP of Oil, Products & Gas, retiring after 35 years; Mark Nelson taking over this role; Rhonda Morris, VP and Chief HR Officer, retiring after 31 years; Michelle Green succeeding Morris; Colin Parfitt, VP Midstream, retiring after 29 years; and Andy Walz appointed as President of Downstream, Midstream & Chemicals. These changes aim to enhance collaboration and operational efficiency.
Chevron (NYSE: CVX) reported earnings of $4.4 billion ($2.43 per share - diluted) for Q2 2024, down from $6.0 billion ($3.20 per share - diluted) in Q2 2023. Adjusted earnings were $4.7 billion ($2.55 per share - diluted), compared to $5.8 billion ($3.08 per share - diluted) last year. Foreign currency effects decreased earnings by $243 million. Chevron's global production rose by 11% driven by the acquisition of PDC Energy and strong performance in the Permian and DJ Basins.
The company returned $6 billion to shareholders, totaling over $50 billion in the last two years. However, worldwide net oil-equivalent production was up 11% from a year ago but partly offset by downtime in Australia. The company's cash flow from operations stood at $6.3 billion, in line with the year-ago period.
Capex increased to $4.0 billion from $3.8 billion last year, reflecting higher investments in upstream projects. Chevron executed agreements in Namibia, Brazil, Equatorial Guinea, and Angola to expand exploration acreage. The quarterly dividend was declared at $1.63 per share, payable on September 10, 2024.
Chevron (NYSE: CVX) will hold its 2Q 2024 earnings conference call on Friday, August 2, 2024, at 11:00 a.m. ET (8:00 a.m. PT). The call will feature Mike Wirth, Chairman and CEO, Eimear Bonner, CFO, and Jake Spiering, General Manager of Investor Relations. Participants can dial in using the number 888-271-8608 with the conference ID 3154534, or access the live webcast via www.chevron.com. A replay will be available in the 'Investors' section of the website. Chevron is a leading energy company focused on expanding its oil and gas business while lowering carbon intensity and growing lower carbon ventures like renewable fuels and hydrogen.
Chevron (NYSE: CVX) highlighted its 2024 business performance at its Annual Meeting of Stockholders. Chairman and CEO Michael Wirth emphasized strong operational performance, cost and capital discipline, and consistent cash returns to shareholders. Chevron achieved its highest-ever annual production of 3.1 million barrels per day in 2023. The first quarter marked the ninth consecutive quarter with adjusted earnings over $5 billion and an adjusted ROCE above 12%. Key projects in the Gulf of Mexico and advancements in lower carbon intensity fuels were noted. Recent acquisitions, including PDC Energy and ACES Delta, enhance Chevron's U.S. presence and green hydrogen capabilities. Wirth reiterated financial priorities: growing dividends, efficient capital investment, maintaining a strong balance sheet, and returning excess cash to stockholders. Preliminary meeting results are online, with final results to be filed with the SEC.
Chevron Pipe Line Company and American Aerospace Technologies received a waiver from the FAA to conduct unmanned aircraft surveillance in the San Joaquin Valley. The AiRanger UAS, designed by AATI, supports aerial surveillance for Chevron's pipeline facilities. The DAA system capabilities were demonstrated in California, leading to the issuance of a waiver. The AiRanger UAS is a fixed-wing aircraft capable of long-range operations beyond visual line of sight, marking a milestone in unmanned aviation.
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