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 (NYSE: CVX) is frequently in the news as one of the world’s leading integrated energy companies. Company announcements highlight its role in producing crude oil and natural gas, manufacturing transportation fuels, lubricants, petrochemicals and additives, and developing technologies that support both its core energy operations and its emerging new energies businesses.
News about Chevron often centers on quarterly and annual financial results, including earnings, cash flow from operations, capital expenditures, and segment performance in U.S. and international upstream and downstream operations. These releases provide details on net oil-equivalent production, refinery crude unit inputs, refined product sales, and the contribution of affiliates such as Tengizchevroil. They also discuss how acquisitions like Hess Corporation affect production, earnings, and portfolio composition.
Investors following CVX news will see regular updates on capital programs and guidance. Chevron has announced multi-year capital expenditure ranges, with most spending directed to upstream projects such as U.S. shale and tight assets and global offshore developments, and a portion allocated to downstream projects and initiatives that lower the carbon intensity of operations and grow new energies businesses. Investor day presentations describe expectations for cash flow growth, return on capital employed, and synergies from acquisitions.
Chevron’s news flow also includes leadership and governance developments, such as changes in executive roles, appointments to the board of directors, and amendments to corporate by-laws. In addition, the company issues advisories for earnings conference calls and webcasts, giving investors and analysts access to management’s commentary on results and outlook.
Another theme in Chevron-related news is its expansion into new energies and power solutions, including renewable fuels, carbon capture and offsets, hydrogen, and power generation for data centers. The company’s involvement with technology partners, such as its use of a predictive procurement platform described by Arkestro, illustrates how Chevron applies digital tools to procurement and supply chain management.
For anyone tracking CVX, this news page brings together earnings releases, capital program updates, acquisition integration milestones, leadership changes, and strategic announcements on new energy initiatives, providing a consolidated view of Chevron’s ongoing developments.
Chevron has completed a retrofit of its Pasadena Refinery in Texas, increasing its processing capacity of lighter crudes by nearly 15% to 125,000 barrels per day. The Light Tight Oil (LTO) Project enhances facility reliability and safety while expanding product flexibility. The refinery will now produce jet fuel and export gas oil.
The upgrade allows Chevron to process more equity crude from the Permian Basin and supply more products to U.S. Gulf Coast customers. The project, which began planning in 2019 and construction in 2020, logged over 4 million work hours. The phased start-up is expected to continue through Q1 2025 to ensure proper operation and product specifications.
Chevron has announced its 2025 capital expenditure budget, setting an organic capex range of $14.5-15.5 billion for consolidated subsidiaries and $1.7-2.0 billion for affiliate capex, representing a $2 billion year-over-year reduction. Upstream spending is expected to be about $13 billion, with two-thirds allocated to U.S. portfolio development. Permian Basin spend will be reduced to $4.5-5.0 billion, prioritizing free cash flow over production growth.
The company expects to recognize a restructuring charge of $0.7-0.9 billion after-tax in Q4 2024, related to achieving $2-3 billion in structural cost reductions by end of 2026. Additional non-cash, after-tax charges of $0.4-0.6 billion are anticipated for impairments, asset sales, and other obligations.
Chevron (CVX) reported Q3 2024 earnings of $4.5 billion ($2.48 per share), down from $6.5 billion ($3.48 per share) in Q3 2023. Worldwide net oil-equivalent production increased 7% year-over-year, with U.S. and Permian Basin production setting quarterly records. The company returned a record $7.7 billion to shareholders, including $4.7 billion in share repurchases and $2.9 billion in dividends. Chevron started key projects in the U.S. Gulf of Mexico and announced a $6.5 billion sale of Canadian assets. The company is targeting $2-3 billion in structural cost reductions by 2026.
Chevron U.S.A. Inc. is partnering with Houston Texans Legends Community and Kids' Meals Houston for a record-breaking volunteerism event on October 17, 2024. As part of Chevron's H-Town Blitz program, volunteers aim to pack 18,000 brown bag lunches for distribution to children across the Greater Houston Area. The event will take place at Chevron's Downtown Offices in Houston.
Key highlights include:
- Chevron will present an $18,000 donation to Kids' Meals Houston
- 10-12 former Houston Texans players will participate
- The event marks Kids' Meals' 18th year of providing free, healthy meals to hungry children
- Chevron's Chief Diversity and Inclusion Officer, Josetta Jones, will be present
The initiative aims to support Kids' Meals' mission to end childhood hunger in Houston.
Chevron U.S.A. Inc. is partnering with Houston Texans Legends Community and Kids' Meals Houston for a volunteerism event on October 17, 2024. The initiative, part of Chevron's H-Town Blitz program, aims to set a new daily record by packing 18,000 brown bag lunches for distribution to children across the Greater Houston Area. Chevron will also present a $18,000 donation to Kids' Meals Houston.
The event will take place at Chevron's Downtown Offices in Houston, featuring Josetta Jones, Chevron's Chief Diversity and Inclusion Officer, Beth Harp, CEO of Kids' Meals, former Houston Texans players, and Chevron employee volunteers. The day marks the 18th anniversary of Kids' Meals' mission to end childhood hunger by providing free, healthy meals to children in need.
Chevron Canada , a subsidiary of Chevron (CVX), has announced a US$6.5 billion all-cash sale of its interests in the Athabasca Oil Sands Project and Duvernay shale to Canadian Natural Resources The transaction includes:
- 20% non-operated interest in the Athabasca Oil Sands Project
- 70% operated interest in the Duvernay shale
- Related interests in Alberta, Canada
The deal has an effective date of September 1, 2024, and is expected to close in Q4 2024, subject to approvals. The assets contributed 84,000 boe/d of production to Chevron in 2023. This sale aligns with Chevron's plan to divest $10-15 billion in assets by 2028 to optimize its global energy portfolio.
Chevron (NYSE: CVX) has announced a $250,000 donation to support relief and recovery efforts following the devastation caused by Hurricane Helene in Florida, Georgia, North Carolina, South Carolina, and Tennessee. The funds will be distributed as follows:
- $125,000 to Fuel Relief Fund for regional relief efforts
- $75,000 to Team Rubicon for emergency response teams
- $50,000 to Volunteer Florida for volunteer mobilization and recovery efforts
Chevron will also match qualifying donations from employees and retirees, and provide financial contributions to organizations where its employees volunteer. The company has a significant presence in Florida and Georgia, supplying over 1,600 independently owned Chevron and Texaco stations and operating numerous fuel terminals in both states.
Honeywell (NASDAQ: HON) and Chevron (NYSE: CVX) have announced a strategic collaboration to develop advanced AI-Assisted solutions for refining processes. The partnership aims to enhance efficiency, safety, and reliability in industrial automation.
Key aspects of the collaboration include:
- Development of a new generation of AI-Assisted alarm management solutions
- Creation of an Alarm Guidance application to help operators respond effectively to alarms and operational events
- Integration of AI into Honeywell's Experion® distributed control system (DCS)
This collaboration aligns with Honeywell's focus on automation as one of its three powerful megatrends. The partnership aims to address industry challenges, including workforce shortages, through institutional knowledge capture and workflow digitalization.
Chevron (NYSE: CVX) has announced its upcoming quarterly earnings conference call, scheduled for Friday, November 1, 2024, at 11:00 a.m. ET (8:00 a.m. PT). The call will feature key speakers including Mike Wirth, Chairman of the Board and CEO, Eimear Bonner, Vice President and CFO, and Jake Spiering, General Manager of Investor Relations.
Investors can access the call via phone (888-256-9157, Conference ID: 8860912) or through a live webcast on www.chevron.com. A replay will be available on the company's website under the 'Investors' section. Chevron, as a leading integrated energy company, focuses on producing crude oil and natural gas, manufacturing various fuels and chemicals, and developing technologies to enhance its business and the industry.
Chevron announced that the Federal Trade Commission (FTC) has completed its antitrust review of the company's merger with Hess , satisfying a key closing condition. Chevron Chairman and CEO Mike Wirth expressed optimism about the merger's benefits for shareholders, the industry, and Guyana. To facilitate the merger's completion, Hess CEO John Hess will not join Chevron's Board of Directors but will serve as an advisor on government relations and social investments in Guyana, as well as support for the Salk Institute's Harnessing Plants Initiative.
The merger's completion remains subject to other closing conditions, including the resolution of ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement. Chevron is confident in its position regarding the arbitration process. Hess shareholders approved the merger agreement in May 2024.