Chevron Corp Stock Price, News & Analysis

Bayou Bend CCS LLC announced a significant expansion of its carbon capture and sequestration project with the acquisition of nearly 100,000 acres in Chambers and Jefferson Counties, Texas. This expansion brings the total project area to approximately 140,000 acres, with a gross storage capacity exceeding one billion metric tons. Bayou Bend aims to provide carbon transportation and storage solutions for industrial emitters in the Houston Ship Channel region. Chevron (NYSE: CVX), Talos Energy (NYSE: TALO), and Carbonvert are key partners in this joint venture, with Chevron now serving as the operator.

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 $10 to $20 billion annually, alongside expected free cash flow growth exceeding 10% at $60 Brent. The company aims for over 3% annual growth in oil and gas production by 2027 and maintains capital expenditures between $13 billion and $15 billion through 2027. Chevron is also focused on lowering carbon intensity and investing in new energy initiatives, targeting a reduction to 24 kg per barrel of oil equivalent by 2028.

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.