Chevron Corp Stock Price, News & Analysis

Chevron Corporation has announced its 2023 capital expenditure budgets totaling $14 billion for consolidated subsidiaries and $3 billion for equity affiliates. This represents a 25% increase from 2022. The budget includes $2 billion allocated to lower carbon initiatives, more than double last year's amount. Chevron's plans align with its goal to enhance returns while investing in both traditional and renewable energy sources, despite expected mid-single-digit cost inflation.

Chevron Corporation (NYSE: CVX) announced a definitive agreement to acquire full ownership of Beyond6, LLC, which includes a network of 55 compressed natural gas stations across the U.S., from Mercuria Energy Trading and B6 CEO Andrew West. This acquisition strengthens Chevron's position in renewable natural gas (RNG) and complements its traditional energy offerings. A long-term supply relationship will also be established between Chevron and Mercuria for delivering RNG. The transaction is subject to customary closing conditions.

Pertamina Power Indonesia, Keppel Infrastructure, and Chevron (CVX) have signed a Joint Study Agreement (JSA) to explore green hydrogen and ammonia projects in Sumatera, Indonesia. This initiative aims to harness geothermal energy to potentially produce 40,000 to 160,000 tonnes of green hydrogen annually. The JSA aligns with Indonesia's net-zero emissions goal by 2060, leveraging the country's significant geothermal resources. The collaboration underscores the companies' commitment to sustainable energy solutions and Indonesia's role in the lower carbon energy transition.

Chevron Corporation (NYSE: CVX) and Mitsui O.S.K. Lines (MOL) have signed a Joint Study Agreement (JSA) to evaluate transporting liquified carbon dioxide (CO₂) from Singapore to permanent storage in offshore Australia.

The JSA aims to assess the feasibility of transporting up to 2.5 million tonnes per annum of CO₂ by 2030. This partnership aligns with Chevron's commitment to advancing carbon capture, utilization, and storage solutions while supporting regional net-zero goals.

Chevron Corporation (NYSE: CVX) is partnering with JERA to explore lower carbon opportunities, focusing on the U.S. and Asia Pacific. They have signed a Joint Study Agreement to investigate co-development of lower carbon fuel in Australia, with a feasibility study expected by year-end 2023. The collaboration includes studying liquid organic hydrogen carriers to facilitate hydrogen transport and energy storage. Both companies aim to advance clean energy solutions, with Chevron leveraging its expertise in LNG and carbon capture.

Chevron reported a robust third quarter 2022, with earnings of $11.2 billion ($5.78 per share), significantly up from $6.1 billion ($3.19 per share) in the same quarter last year. Adjusted earnings reached $10.8 billion, driven largely by a 50% increase in investments and a record production of over 700,000 barrels per day in the Permian Basin. Notably, the company distributed $6.5 billion to shareholders and increased dividends by 6% per share. Cash flow from operations surged to $15.3 billion, reflecting strong financial health and growth in energy supply.

The Board of Directors of Chevron Corporation (CVX) has declared a quarterly dividend of $1.42 per share, payable on December 12, 2022, to stockholders on record as of November 18, 2022. Chevron is a leading integrated energy company focused on providing affordable, reliable, and cleaner energy solutions. The company continues to aim for lower carbon intensity in its operations while expanding lower carbon business alongside traditional areas.

Chevron Corporation (NYSE: CVX) has published its annual methane report, showcasing a significant reduction of over 50% in methane intensity since 2016. The report emphasizes Chevron's commitment to transparency and sustainability, highlighting that its U.S. upstream methane intensity is 85% lower than the national average as of 2020. Chevron aims to be a global leader in methane emissions management through advanced detection technologies and improved facility designs. Additionally, a stockholder proposal for reliable methane emissions disclosure was endorsed by the board and passed in 2022.

Air Liquide, Chevron (CVX), LyondellBasell (LYB), and Uniper have announced a collaborative study to evaluate the development of a hydrogen and ammonia production facility along the U.S. Gulf Coast. This project aims to support decarbonization efforts and increase clean ammonia exports. The consortium intends to utilize each participant's expertise in various technologies, focusing on producing hydrogen through natural gas with carbon capture and renewable hydrogen via electrolysis. The development could leverage existing Gulf Coast infrastructure for lower carbon energy supplies.