Welcome to our dedicated page for Chevron news (Ticker: CVX), a resource for investors and traders seeking the latest updates and insights on Chevron stock.
Chevron Corporation reports news across its integrated energy operations, including crude oil and natural gas production, refining, transportation fuels, lubricants, petrochemicals, additives, and energy technologies. Company updates commonly cover quarterly earnings, cash flow, shareholder returns, upstream production volumes, downstream refining throughput, commodity-price effects, legal reserves, and operating conditions across its global asset base.
Chevron news also reflects governance and capital-structure topics, material agreements, and strategy around growing oil and gas, lowering the carbon intensity of operations, and developing new energies businesses.
Bunge (NYSE: BG), Corteva (NYSE: CTVA), and Chevron (NYSE: CVX) announced a collaboration to introduce proprietary winter canola hybrids aimed at producing low-carbon plant-based oil. This initiative targets the renewable fuels market in the southern United States, creating a sustainable crop rotation for farmers while enhancing soil health. The plan includes a pilot program in the 2022-23 growing season to optimize management practices. Executives from the collaborating companies emphasized the importance of feedstock innovation for advancing a lower-carbon energy future and supporting agricultural productivity.
Chevron Corporation (NYSE: CVX) has announced the second retail event in its Chevron Exchange Q&A Series, featuring a virtual fireside chat with Jeff Gustavson, President of Chevron New Energies, scheduled for March 23, 2023. The event, moderated by Jeanine Wai, will begin at 11:00 a.m. ET and will address top-voted questions from verified retail shareholders about Chevron's strategy and financial performance. Shareholders can submit and upvote questions until 48 hours before the event at the provided link. A live webcast and replay will be accessible through Chevron's investor site.
Chevron (CVX) and JERA Co., Inc. have signed a Memorandum of Understanding (MOU) to collaborate on carbon capture and storage (CCS) projects in the United States and Australia. This partnership aims to enhance their existing LNG relationship and demonstrates a commitment to advancing lower carbon solutions. The collaboration follows a previous announcement in November 2022 regarding lower carbon fuel co-development. Chevron's Vice President emphasized the importance of long-term relationships for successful energy transition projects. JERA aims for net-zero CO2 emissions by 2050, aligning with Chevron's focus on reducing carbon intensity.
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.