Chevron Corp Stock Price, News & Analysis

Chevron Corporation (NYSE: CVX) reported impressive second-quarter earnings of $11.6 billion ($5.95 per share) for 2022, up from $3.1 billion in 2021. Adjusted earnings stood at $11.4 billion, reflecting substantial growth across business segments, particularly in upstream operations with earnings of $8.6 billion. Cash flow from operations reached $13.8 billion, while free cash flow was $10.6 billion. Chevron enhanced its balance sheet, reducing its debt ratio to below 15% and raising its share repurchase target to $15 billion. The company completed its acquisition of Renewable Energy Group, reinforcing its commitment to both traditional and renewable energy investments.

The Board of Directors of Chevron Corporation declared a quarterly dividend of $1.42 per share, payable on September 12, 2022. Shareholders will receive this dividend if their names appear on the transfer records by the close of business on August 19, 2022. Chevron, a leading integrated energy company, focuses on affordable and reliable energy, aiming to reduce carbon intensity while growing lower carbon businesses alongside traditional operations.

Chevron Corporation (NYSE: CVX) is set to hold its quarterly earnings conference call on Friday, July 29, 2022, at 11:00 a.m. ET (8:00 a.m. PT). This call will feature key executives, including Jay Johnson, Pierre Breber, and Roderick Green, discussing the company's financial performance and strategic initiatives. Investors can listen in via dial-in or through a live webcast on the Chevron website. A replay will also be available in the Investors section afterward.

Chevron Corporation (NYSE: CVX) announced its North American upstream assets received Project Canary's highest ratings for operational and environmental performance. The independent assessment highlighted that 82 wells achieved 'Platinum' status while 3 wells earned 'Gold' status. This certification positions Chevron favorably in the Responsibly Sourced Natural Gas (RSG) market, allowing the company to market certified gas starting in the second half of 2022. Chevron aims to significantly lower carbon emissions, having already reduced methane intensity by 85% compared to the industry average.

Cheniere Energy, Inc. (LNG) announced long-term liquefied natural gas (LNG) sale agreements with Chevron (CVX) for a combined 2.0 million tonnes per annum. The first agreement involves Chevron purchasing 1.0 mtpa from Sabine Pass Liquefaction, starting in 2026. The second contract is for 1.0 mtpa from Cheniere Marketing, commencing in 2027, contingent upon a positive investment decision for new liquefaction capacity. Both agreements highlight increasing LNG demand and are tied to the Henry Hub price. Early termination of an LNG Terminal Use Agreement with Chevron is also noted.

Chevron Corporation (NYSE: CVX) has completed its acquisition of Renewable Energy Group, Inc. (NASDAQ: REGI) following stockholder approval. This merger is designed to position Chevron as a leading renewable fuels company in the U.S., offering a range of low-carbon solutions to customers. Cynthia “CJ” Warner, ex-CEO of REG, joins Chevron's Board, bringing valuable expertise. The acquisition aims to enhance Chevron's capabilities in both traditional and renewable energy sectors, thereby expanding its market share and product offerings.

Chevron has entered into agreements to supply renewable natural gas for a demonstration of Walmart's heavy-duty trucks integrated with Cummins' new 15-liter natural gas engine. The collaboration aims to help Walmart achieve its goal of zero emissions by 2040. Chevron will link the renewable natural gas to compressed natural gas for the trucks, sourced from biomethane produced from organic waste. This partnership highlights Chevron's commitment to decarbonization and sustainable energy solutions for fleet operators.

Chevron (NYSE: CVX) has signed a memorandum of understanding with KazMunayGas (KMG) to explore lower carbon business opportunities in Kazakhstan. This partnership aims to evaluate projects in carbon capture, hydrogen, energy efficiency, and more. The MoU was signed in Nur-Sultan during the Foreign Investors Council's plenary session. Chevron's commitment to Kazakhstan's energy future aligns with the country's goal to achieve carbon neutrality by 2060. This collaboration is expected to advance lower carbon technologies and support Kazakhstan's energy transition efforts.

Chevron Corporation (NYSE: CVX) announced Dr. Wanda M. Austin as the new lead independent director of its Board, effective May 25, 2022. She succeeds Dr. Ronald D. Sugar, who remains on the Board. Dr. Austin has been a Board member since December 2016 and will continue to chair the Board Nominating and Governance Committee. CEO Mike Wirth praised her leadership skills and contributions, while acknowledging Dr. Sugar's impactful tenure during significant company challenges. Chevron is focused on delivering reliable energy and enhancing its low-carbon initiatives.