We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Chevron (CVX) Starts Production at Mafumeira Sul Project
Read MoreHide Full Article
U.S. energy giant Chevron Corporation (CVX - Free Report) recently announced that its subsidiary, Cabinda Gulf Oil Company, has begun oil and gas production at its Mafumeira Sul Project offshore Angola. Cabinda Gulf, the operator of the project, owns 39.2% stake. Angolan state oil major Sonangol holds 41% interest whereas European oil biggies TOTAL SA and Eni SpA (E - Free Report) hold 10% and 9.8% interests respectively.
This production commencement is in sync with the company’s 2017 objective of speeding up the completion of projects under construction and enhancing the free cash flow. The output from the project will lead to value addition for Angola, Chevron and its partners.
Mafumeira Sul, located 15 miles from Angolan coast and under 200 feet of water, is the second development stage of the Mafumeira Field. Its estimated daily production includes 150,000 barrels of natural gas liquids and 350 million cubic feet of natural gas. Production is expected to be gradually ramped up to full capacity by next year.
Headquartered in California, Chevron is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Chevron posted a negative earnings surprise of 65.63% in the last quarter. Moreover, in the trailing four quarters it has reported average negative earnings surprise of 16.46%.
However, Chevron is one of the largest integrated energy players in the world, based on proved reserves. The company’s oil and gas development project pipeline is among the best in the industry. It also has a good dividend record which is evidenced by the fact that it has raised its annual dividend for 29 consecutive years. Also, it has outperformed the Zacks categorized Oil & Gas-International Integrated industry over the prior six months. During the aforesaid period, shares of Chevron rallied almost 8% while the broader industry gained around 1.7%.
The company currently carries a Zacks Rank #3 (Hold).
A better-ranked player in the broader industry is Crescent Point Energy Corporation (CPG - Free Report) which currently sports Zacks Rank #1 (Strong Buy). The company reported positive earnings surprise in each of the four preceding quarters, the average being 127.16%. You can see the complete list of today’s Zacks #1 Rank stocks here.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs. A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Chevron (CVX) Starts Production at Mafumeira Sul Project
U.S. energy giant Chevron Corporation (CVX - Free Report) recently announced that its subsidiary, Cabinda Gulf Oil Company, has begun oil and gas production at its Mafumeira Sul Project offshore Angola. Cabinda Gulf, the operator of the project, owns 39.2% stake. Angolan state oil major Sonangol holds 41% interest whereas European oil biggies TOTAL SA and Eni SpA (E - Free Report) hold 10% and 9.8% interests respectively.
This production commencement is in sync with the company’s 2017 objective of speeding up the completion of projects under construction and enhancing the free cash flow. The output from the project will lead to value addition for Angola, Chevron and its partners.
Mafumeira Sul, located 15 miles from Angolan coast and under 200 feet of water, is the second development stage of the Mafumeira Field. Its estimated daily production includes 150,000 barrels of natural gas liquids and 350 million cubic feet of natural gas. Production is expected to be gradually ramped up to full capacity by next year.
Headquartered in California, Chevron is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Chevron posted a negative earnings surprise of 65.63% in the last quarter. Moreover, in the trailing four quarters it has reported average negative earnings surprise of 16.46%.
However, Chevron is one of the largest integrated energy players in the world, based on proved reserves. The company’s oil and gas development project pipeline is among the best in the industry. It also has a good dividend record which is evidenced by the fact that it has raised its annual dividend for 29 consecutive years. Also, it has outperformed the Zacks categorized Oil & Gas-International Integrated industry over the prior six months. During the aforesaid period, shares of Chevron rallied almost 8% while the broader industry gained around 1.7%.
The company currently carries a Zacks Rank #3 (Hold).
A better-ranked player in the broader industry is Crescent Point Energy Corporation (CPG - Free Report) which currently sports Zacks Rank #1 (Strong Buy). The company reported positive earnings surprise in each of the four preceding quarters, the average being 127.16%. You can see the complete list of today’s Zacks #1 Rank stocks here.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs. A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>