Chevron Corp Stock Price, News & Analysis

Chevron (NYSE: CVX) has announced that Chairman and CEO Mike Wirth will participate in the Goldman Sachs Energy, CleanTech & Utilities Conference 2025 on Wednesday, January 8, 2025, at 9:00 AM ET. During the conference, Wirth will discuss the company's corporate strategy focused on delivering higher returns, lower carbon, and superior shareholder value.

As one of the world's leading integrated energy companies, Chevron emphasizes its commitment to providing affordable, reliable, and cleaner energy. The company's operations span crude oil and natural gas production, manufacturing of transportation fuels, lubricants, petrochemicals, and additives. Chevron's strategic objectives include expanding its oil and gas business while reducing operational carbon intensity and developing lower carbon businesses in areas such as renewable fuels, carbon capture, offsets, hydrogen, and emerging technologies.

Synchrony (NYSE: SYF) has announced the extension of its partnership with Chevron U.S.A. for the Techron Advantage Credit Card program. This renewal coincides with the 100th anniversary of Chevron's first consumer credit card, introduced in 1924. The partnership, spanning 17 years, combines Synchrony's consumer financing expertise with Chevron's innovation-focused approach.

The Techron Advantage Credit Card program features digital application options, access to the Synchrony Car Care™ network with over a million locations, 6-month promotional financing on purchases of $199+, and fuel credits of three cents per gallon, with Techron Advantage Visa® cardholders eligible for up to additional 10 cents per gallon off. The program will see a new value proposition rollout in 2025 to complement Chevron Texaco Rewards program.

Chevron has completed a retrofit of its Pasadena Refinery in Texas, increasing its processing capacity of lighter crudes by nearly 15% to 125,000 barrels per day. The Light Tight Oil (LTO) Project enhances facility reliability and safety while expanding product flexibility. The refinery will now produce jet fuel and export gas oil.

The upgrade allows Chevron to process more equity crude from the Permian Basin and supply more products to U.S. Gulf Coast customers. The project, which began planning in 2019 and construction in 2020, logged over 4 million work hours. The phased start-up is expected to continue through Q1 2025 to ensure proper operation and product specifications.

Chevron has announced its 2025 capital expenditure budget, setting an organic capex range of $14.5-15.5 billion for consolidated subsidiaries and $1.7-2.0 billion for affiliate capex, representing a $2 billion year-over-year reduction. Upstream spending is expected to be about $13 billion, with two-thirds allocated to U.S. portfolio development. Permian Basin spend will be reduced to $4.5-5.0 billion, prioritizing free cash flow over production growth.

The company expects to recognize a restructuring charge of $0.7-0.9 billion after-tax in Q4 2024, related to achieving $2-3 billion in structural cost reductions by end of 2026. Additional non-cash, after-tax charges of $0.4-0.6 billion are anticipated for impairments, asset sales, and other obligations.

Chevron (CVX) reported Q3 2024 earnings of $4.5 billion ($2.48 per share), down from $6.5 billion ($3.48 per share) in Q3 2023. Worldwide net oil-equivalent production increased 7% year-over-year, with U.S. and Permian Basin production setting quarterly records. The company returned a record $7.7 billion to shareholders, including $4.7 billion in share repurchases and $2.9 billion in dividends. Chevron started key projects in the U.S. Gulf of Mexico and announced a $6.5 billion sale of Canadian assets. The company is targeting $2-3 billion in structural cost reductions by 2026.

Chevron U.S.A. Inc. is partnering with Houston Texans Legends Community and Kids' Meals Houston for a record-breaking volunteerism event on October 17, 2024. As part of Chevron's H-Town Blitz program, volunteers aim to pack 18,000 brown bag lunches for distribution to children across the Greater Houston Area. The event will take place at Chevron's Downtown Offices in Houston.

Key highlights include:

• Chevron will present an $18,000 donation to Kids' Meals Houston
• 10-12 former Houston Texans players will participate
• The event marks Kids' Meals' 18th year of providing free, healthy meals to hungry children
• Chevron's Chief Diversity and Inclusion Officer, Josetta Jones, will be present

The initiative aims to support Kids' Meals' mission to end childhood hunger in Houston.

Chevron U.S.A. Inc. is partnering with Houston Texans Legends Community and Kids' Meals Houston for a volunteerism event on October 17, 2024. The initiative, part of Chevron's H-Town Blitz program, aims to set a new daily record by packing 18,000 brown bag lunches for distribution to children across the Greater Houston Area. Chevron will also present a $18,000 donation to Kids' Meals Houston.

The event will take place at Chevron's Downtown Offices in Houston, featuring Josetta Jones, Chevron's Chief Diversity and Inclusion Officer, Beth Harp, CEO of Kids' Meals, former Houston Texans players, and Chevron employee volunteers. The day marks the 18th anniversary of Kids' Meals' mission to end childhood hunger by providing free, healthy meals to children in need.

Chevron Canada , a subsidiary of Chevron (CVX), has announced a US$6.5 billion all-cash sale of its interests in the Athabasca Oil Sands Project and Duvernay shale to Canadian Natural Resources The transaction includes:

• 20% non-operated interest in the Athabasca Oil Sands Project
• 70% operated interest in the Duvernay shale
• Related interests in Alberta, Canada

The deal has an effective date of September 1, 2024, and is expected to close in Q4 2024, subject to approvals. The assets contributed 84,000 boe/d of production to Chevron in 2023. This sale aligns with Chevron's plan to divest $10-15 billion in assets by 2028 to optimize its global energy portfolio.

Chevron (NYSE: CVX) has announced a $250,000 donation to support relief and recovery efforts following the devastation caused by Hurricane Helene in Florida, Georgia, North Carolina, South Carolina, and Tennessee. The funds will be distributed as follows:

• $125,000 to Fuel Relief Fund for regional relief efforts
• $75,000 to Team Rubicon for emergency response teams
• $50,000 to Volunteer Florida for volunteer mobilization and recovery efforts

Chevron will also match qualifying donations from employees and retirees, and provide financial contributions to organizations where its employees volunteer. The company has a significant presence in Florida and Georgia, supplying over 1,600 independently owned Chevron and Texaco stations and operating numerous fuel terminals in both states.