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.
Bayou Bend CCS LLC has announced the expansion of its carbon capture and sequestration project along the Texas Gulf Coast, acquiring nearly 100,000 acres in Chambers and Jefferson Counties. This increase, combined with 40,000 acres previously acquired offshore, brings the total to approximately 140,000 acres with a storage capacity exceeding one billion metric tons. The project, a joint venture between Chevron (50%), Talos Energy (25%), and Carbonvert (25%), aims to serve industrial emitters in the Houston Ship Channel and Beaumont/Port Arthur area. Chevron is now the operator of the project as of March 1, 2023.
Chevron Corporation (NYSE: CVX) announced at its annual investor meeting an increase in share buyback guidance to
Chevron Corporation (NYSE: CVX) has entered into an agreement with Sembcorp Marine Repairs & Upgrades Pte. Ltd. to enhance the carbon efficiency of its LNG fleet. This collaboration aims to install advanced technologies aboard Chevron vessels, including a reliquefication system and hull air lubrication, to reduce carbon emissions and improve operational efficiency. The initiative aligns with the International Maritime Organization's decarbonization targets. Expected completion of the upgrades is by mid-2025, bolstering Chevron’s commitment to lower carbon solutions in the maritime sector.
Chevron has signed a memorandum of understanding (MoU) with the Egyptian Ministry of Petroleum and Mineral Resources to optimize practices aimed at reducing methane emissions. This collaboration builds on previous commitments made during COP27 and aligns with Egypt's goals under the Global Methane Pledge. Initiatives include study tours and workshops focused on methane control technologies. Chevron reports a 50% reduction in its upstream methane intensity since 2016 and emphasizes the importance of collaborative efforts to enhance skills for effective emissions management.
Chevron Corporation (NYSE: CVX) and the Fab Foundation launched the Chevron Fab STEM Fellowship, supporting global STEM educators. Awarded to Nathan Pritchett from Tulsa, Oklahoma, and Pieter Verduijn from Aruba, each fellow receives a stipend of $10,000 to innovate inclusive STEM education programs.
This one-year program aims to engage underrepresented student populations, involving visits to Fab Labs for curriculum development. Chevron's commitment to STEM has empowered over 100,000 individuals through educational initiatives, showcasing its investment in future problem solvers.
Chevron is developing the Hayhurst Solar Power Facility in New Mexico, a joint venture with Algonquin Power & Utilities Corp. The solar array spans 120 acres and will produce 20 megawatts of energy daily, supporting Chevron's operations in the Permian Basin. This initiative aims to reduce the carbon intensity of Chevron's operations and enhance energy efficiency. The solar array is expected to be operational by the end of 2022, with Algonquin managing the facility and Chevron purchasing the generated solar energy.
Chevron Corporation (NYSE: CVX) has scheduled its annual investor day on February 28, 2023, at 8:30 a.m. ET. The meeting will feature presentations and a Q&A session led by the executive team, including CEO Mike Wirth and other key executives. Attendees will gain insights into Chevron's business strategy and future directions. Interested parties can access the live webcast and details via www.chevron.com. Chevron remains committed to providing affordable and sustainable energy while focusing on reducing carbon intensity in its operations.
Chevron Corporation (CVX) reported a fourth quarter 2022 earnings of $6.4 billion ($3.33 per share), up from $5.1 billion in Q4 2021. Adjusted earnings were $7.9 billion ($4.09 per share), compared to $4.9 billion ($2.56 per share) in the previous year. The company achieved a record cash flow from operations of $49.6 billion in 2022, with full-year earnings totaling $35.5 billion, up from $15.6 billion in 2021. U.S. production increased to a record 1.2 million barrels per day, while the company allocated $11 billion to dividends and $11.25 billion to share repurchases.
Chevron Corporation (NYSE: CVX) has appointed Mark A. Nelson as vice chairman and executive vice president, Strategy, Policy & Development, effective February 1, 2023. Nelson, who previously served as executive vice president of Downstream & Chemicals and in other leadership roles, will continue to oversee Chevron’s Strategy & Sustainability, Corporate Affairs, and Business Development functions. CEO Michael K. Wirth praised Nelson’s significant contributions and results-driven approach, indicating his role is essential for executing the company’s strategy. Chevron remains focused on sustainable energy solutions while maintaining its core operations.
The Board of Directors of Chevron Corporation (NYSE: CVX) declared a quarterly dividend of $1.51 per share, marking a 6% increase from the previous dividend. This dividend will be payable on March 10, 2023, to shareholders on record by February 16, 2023. Additionally, the Board authorized a significant share repurchase program totaling $75 billion, which replaces a prior $25 billion authorization and will commence on April 1, 2023. This marks Chevron's 36th consecutive year of increasing its annual dividend payout, reflecting the company's commitment to enhancing shareholder value.
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