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Chevron (CVX) Shuts Gorgon Plant on Malfunctioning Equipment
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U.S. energy giant Chevron Corporation (CVX - Free Report) has decided to stall the first production line at the Gorgon LNG project’s Train One export plant. This is probably the eighth outage at the Gorgon plant since the commencement of operations.
Failure of a flow measurement device led to the stalling of production at the Gorgon Train One plant. The month-long shutdown will allow management to replace the faulty equipment. The company will also perform routine maintenance work at the plant during the shutdown.
Gorgon LNG is not only the most expensive project of Chevron but is also the largest single resource project in Australia. It delivers natural gas to international and domestic customers. The $54 billion project has faced several challenges in production since the dispatch of its first cargo in Mar 2016.
While Chevron is the chief operator of the Gorgon LNG project holding a 47.3% stake, Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell PLC own 25% interests each. The remaining stakes are held by Osaka Gas, Tokyo Gas and Chubu Electric Power.
Zacks Rank & Key Pick
Headquartered in California, 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.
The company has underperformed the Zacks categorized Oil & Gas-International Integrated industry in the last 12 months. During the aforesaid period, shares of Chevron rallied almost 5% while the broader industry gained around 6%.
However, the company posted a positive earnings surprise of 65.88% in the last quarter. Moreover, in the trailing four quarters it has reported average positive earnings surprise of 32.36%.
The company currently carries a Zacks Rank #3 (Hold).
Repsol reported positive average earnings surprise of 46.34% in the trailing four quarters.
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Chevron (CVX) Shuts Gorgon Plant on Malfunctioning Equipment
U.S. energy giant Chevron Corporation (CVX - Free Report) has decided to stall the first production line at the Gorgon LNG project’s Train One export plant. This is probably the eighth outage at the Gorgon plant since the commencement of operations.
Failure of a flow measurement device led to the stalling of production at the Gorgon Train One plant. The month-long shutdown will allow management to replace the faulty equipment. The company will also perform routine maintenance work at the plant during the shutdown.
Gorgon LNG is not only the most expensive project of Chevron but is also the largest single resource project in Australia. It delivers natural gas to international and domestic customers. The $54 billion project has faced several challenges in production since the dispatch of its first cargo in Mar 2016.
While Chevron is the chief operator of the Gorgon LNG project holding a 47.3% stake, Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell PLC own 25% interests each. The remaining stakes are held by Osaka Gas, Tokyo Gas and Chubu Electric Power.
Zacks Rank & Key Pick
Headquartered in California, 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.
The company has underperformed the Zacks categorized Oil & Gas-International Integrated industry in the last 12 months. During the aforesaid period, shares of Chevron rallied almost 5% while the broader industry gained around 6%.
However, the company posted a positive earnings surprise of 65.88% in the last quarter. Moreover, in the trailing four quarters it has reported average positive earnings surprise of 32.36%.
The company currently carries a Zacks Rank #3 (Hold).
Repsol, S.A. (REPYY - Free Report) is a better-ranked player in the same industry, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Repsol reported positive average earnings surprise of 46.34% in the trailing four quarters.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>