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 Shipping and Wärtsilä have partnered to convert engines on six LNG carriers from dual-fuel to spark gas operation, aiming to reduce greenhouse gas emissions by lowering methane slip. This industry-first initiative supports Chevron's efforts to reduce the carbon intensity of its operations. The conversion project, designed to modify engines for optimized combustion, is expected to reduce methane emissions intensity of Chevron's LNG fleet. Methane, although shorter-lived in the atmosphere than CO₂, traps 25-30 times more heat over a 100-year period. The order for the first two vessels was booked by Wärtsilä in Q3 2024. This technology complements Wärtsilä's portfolio of solutions for reducing methane emissions from vessels, leveraging their nearly three decades of experience in LNG technology.
Chevron Shipping Company and Mitsui O.S.K. Lines (MOL) have agreed to install the Wind Challenger, a hard sail wind-assisted propulsion system, on a new LNG carrier. This marks the world's first LNG carrier equipped with such a system. The vessel, under construction at Hanwha Ocean's Geoje Shipyard, is scheduled for delivery in 2026.
The Wind Challenger system, developed by MOL and Oshima Shipbuilding, aims to reduce fuel consumption and GHG emissions using telescopic sails. The installation is designed to minimize impact on existing LNG carrier designs and maintain ship-shore compatibility. This collaboration represents a significant step towards reducing carbon intensity in the LNG fleet and aligns with MOL's goal of achieving net-zero emissions by 2050.
Chevron (NYSE: CVX) has initiated water injection operations at two projects in the deepwater U.S. Gulf of Mexico to enhance oil and natural gas recovery at its Jack/St. Malo and Tahiti facilities. These projects aim to maximize returns from existing resources and contribute to Chevron's goal of producing 300,000 net barrels of oil equivalent per day in the region by 2026.
At the Jack/St. Malo facility, Chevron achieved first water injection at the St. Malo field, expecting to add approximately 175 million barrels of oil equivalent to the field's gross ultimate recovery. The Tahiti facility has started injecting water into its first deepwater Gulf producer-to-injector conversion wells, recently surpassing 500 million gross barrels of oil-equivalent cumulative production.
These achievements follow the recent production startup at Chevron's high-pressure Anchor field, reinforcing the company's position in technological delivery and project execution in the Gulf.
Chevron (NYSE: CVX), through its subsidiary Chevron Australia New Ventures, has been awarded a greenhouse gas (GHG) assessment permit offshore Western Australia. The G-18-AP permit covers 8,467 km² and water depths of 50-1100m. This will be part of a CCS hub to store emissions, including from Chevron's LNG assets. Chevron holds a 70% interest, while Woodside Energy holds 30%. Chevron plans to farm down 5% equity to GS Caltex, conditional on approvals. This permit adds to Chevron's CCUS portfolio, including the Gorgon CCS project, which has stored 10 million tonnes of CO2-equivalent. According to the IEA, global net zero is unattainable without CCUS.
Chevron (NYSE: CVX) has announced the start of oil and natural gas production from its Anchor project in the deepwater U.S. Gulf of Mexico. This marks a significant milestone, utilizing industry-first high-pressure technology rated for 20,000 psi operation and reaching reservoir depths of 34,000 feet below sea level.
The Anchor semi-submersible floating production unit (FPU) has a design capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas per day. Located approximately 140 miles off Louisiana's coast, the project consists of seven subsea wells tied to the FPU. The Anchor field's total potentially recoverable resources are estimated at up to 440 million barrels of oil equivalent.
Chevron holds a 62.86% working interest in the project, with TotalEnergies E&P USA, Inc. owning the remaining 37.14%. The Anchor FPU is designed as an all-electric facility to reduce carbon emissions, utilizing waste heat recovery and existing pipeline infrastructure for direct transport to U.S. Gulf Coast markets.
Chevron (NYSE:CVX) announced significant changes, including the relocation of its headquarters from San Ramon, California, to Houston, Texas, and several senior leadership transitions. CEO Mike Wirth and Vice Chairman Mark Nelson will move to Houston by the end of 2024, with corporate functions migrating over the next five years. The company currently has about 7,000 employees in Houston and 2,000 in San Ramon.
Key leadership changes include: Nigel Hearne, EVP of Oil, Products & Gas, retiring after 35 years; Mark Nelson taking over this role; Rhonda Morris, VP and Chief HR Officer, retiring after 31 years; Michelle Green succeeding Morris; Colin Parfitt, VP Midstream, retiring after 29 years; and Andy Walz appointed as President of Downstream, Midstream & Chemicals. These changes aim to enhance collaboration and operational efficiency.
Chevron (NYSE: CVX) reported earnings of $4.4 billion ($2.43 per share - diluted) for Q2 2024, down from $6.0 billion ($3.20 per share - diluted) in Q2 2023. Adjusted earnings were $4.7 billion ($2.55 per share - diluted), compared to $5.8 billion ($3.08 per share - diluted) last year. Foreign currency effects decreased earnings by $243 million. Chevron's global production rose by 11% driven by the acquisition of PDC Energy and strong performance in the Permian and DJ Basins.
The company returned $6 billion to shareholders, totaling over $50 billion in the last two years. However, worldwide net oil-equivalent production was up 11% from a year ago but partly offset by downtime in Australia. The company's cash flow from operations stood at $6.3 billion, in line with the year-ago period.
Capex increased to $4.0 billion from $3.8 billion last year, reflecting higher investments in upstream projects. Chevron executed agreements in Namibia, Brazil, Equatorial Guinea, and Angola to expand exploration acreage. The quarterly dividend was declared at $1.63 per share, payable on September 10, 2024.
Chevron (NYSE: CVX) will hold its 2Q 2024 earnings conference call on Friday, August 2, 2024, at 11:00 a.m. ET (8:00 a.m. PT). The call will feature Mike Wirth, Chairman and CEO, Eimear Bonner, CFO, and Jake Spiering, General Manager of Investor Relations. Participants can dial in using the number 888-271-8608 with the conference ID 3154534, or access the live webcast via www.chevron.com. A replay will be available in the 'Investors' section of the website. Chevron is a leading energy company focused on expanding its oil and gas business while lowering carbon intensity and growing lower carbon ventures like renewable fuels and hydrogen.
Chevron (NYSE: CVX) highlighted its 2024 business performance at its Annual Meeting of Stockholders. Chairman and CEO Michael Wirth emphasized strong operational performance, cost and capital discipline, and consistent cash returns to shareholders. Chevron achieved its highest-ever annual production of 3.1 million barrels per day in 2023. The first quarter marked the ninth consecutive quarter with adjusted earnings over $5 billion and an adjusted ROCE above 12%. Key projects in the Gulf of Mexico and advancements in lower carbon intensity fuels were noted. Recent acquisitions, including PDC Energy and ACES Delta, enhance Chevron's U.S. presence and green hydrogen capabilities. Wirth reiterated financial priorities: growing dividends, efficient capital investment, maintaining a strong balance sheet, and returning excess cash to stockholders. Preliminary meeting results are online, with final results to be filed with the SEC.
Chevron Pipe Line Company and American Aerospace Technologies received a waiver from the FAA to conduct unmanned aircraft surveillance in the San Joaquin Valley. The AiRanger UAS, designed by AATI, supports aerial surveillance for Chevron's pipeline facilities. The DAA system capabilities were demonstrated in California, leading to the issuance of a waiver. The AiRanger UAS is a fixed-wing aircraft capable of long-range operations beyond visual line of sight, marking a milestone in unmanned aviation.