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Chevron Affiliate Inks LNG Agreement with JOVO Subsidiary
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Leading integrated energy player Chevron Corporation (CVX - Free Report) reported that its subsidiary, Chevron U.S.A. Inc., has inked a five-year LNG supply accord with the subsidiary of privately-owned Chinese company, JOVO. The deal pertains to the supply of 500,000 metric tons of liquefiednatural gas (LNG) a year to the latter. JOVO’s subsidiary – Singapore Carbon Hydrogen Energy – is expected to receive the first delivery in 2018.
Chevron believes that this deal will support the commercialization of its natural gas holdings and in turn, help it become one of the top 10 LNG suppliers in the world. Notably, Chevron’s massive Gorgon project – that will soon resume its production - in offshore Western Australia is also expected to support the company’s aim to become one of the largest LNG suppliers globally.
The $54 billion project, upon completion, would have the capacity to produce 15.6 million metric tons of LNG every year from the three production lines. The development is also expected to generate sufficient natural gas to provide electricity to 2.5 million homes in Australia. It is to be noted that Chevron is the operator of the Gorgon LNG project with a 47.3% equity holding. Exxon Mobil Corporation (XOM - Free Report) – the largest U.S. oil company by market value – and Royal Dutch Shell plc have a 25% stake each in the development.
Also, Chevron is developing the Wheatstone LNG development in Western Australia with a 64% stake. The facility will have an initial capacity of about 8.9 million metric tons per year of LNG.
San Ramon, CA-based Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Chevron currently holds a Zacks Rank #2 (Buy), implying that it will outperform the broader U.S. equity market over the next one to three months.
Other well-ranked player from the energy sector that warrants a look includes Murphy USA Inc. (MUSA - Free Report) . The stock sports a Zacks Rank #1 (Strong Buy).
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Chevron Affiliate Inks LNG Agreement with JOVO Subsidiary
Leading integrated energy player Chevron Corporation (CVX - Free Report) reported that its subsidiary, Chevron U.S.A. Inc., has inked a five-year LNG supply accord with the subsidiary of privately-owned Chinese company, JOVO. The deal pertains to the supply of 500,000 metric tons of liquefiednatural gas (LNG) a year to the latter. JOVO’s subsidiary – Singapore Carbon Hydrogen Energy – is expected to receive the first delivery in 2018.
Chevron believes that this deal will support the commercialization of its natural gas holdings and in turn, help it become one of the top 10 LNG suppliers in the world. Notably, Chevron’s massive Gorgon project – that will soon resume its production - in offshore Western Australia is also expected to support the company’s aim to become one of the largest LNG suppliers globally.
The $54 billion project, upon completion, would have the capacity to produce 15.6 million metric tons of LNG every year from the three production lines. The development is also expected to generate sufficient natural gas to provide electricity to 2.5 million homes in Australia. It is to be noted that Chevron is the operator of the Gorgon LNG project with a 47.3% equity holding. Exxon Mobil Corporation (XOM - Free Report) – the largest U.S. oil company by market value – and Royal Dutch Shell plc have a 25% stake each in the development.
Also, Chevron is developing the Wheatstone LNG development in Western Australia with a 64% stake. The facility will have an initial capacity of about 8.9 million metric tons per year of LNG.
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San Ramon, CA-based Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Chevron currently holds a Zacks Rank #2 (Buy), implying that it will outperform the broader U.S. equity market over the next one to three months.
Other well-ranked player from the energy sector that warrants a look includes Murphy USA Inc. (MUSA - Free Report) . The stock sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>