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Chevron (CVX) to Halt Gorgon Project Train 3 for Fault Testing
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Chevron Corporation (CVX - Free Report) has decided to stall Train 3 at the Gorgon LNG project offshore Western Australia for maintenance work and welding inspections. The stoppage is expected to be effective during the second quarter of this year. The decision was taken after welding glitches were detected on propane heating exchangers of trains 1 and 2 at the time of a planned checking. However, repairs on the propane kettles in Train 1 and Train 2 are already done. All three trains were built at the same fabrication yard in South Korea with the first two coming online in 2016 while the Train 3 commenced operations in 2017.
While Chevron is the chief operator of Gorgon LNG project holding 47.3% stake, Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell plc own 25% interest each. The remainder is held by Osaka Gas, Tokyo Gas and Chubu Electric Power.
Gorgon LNG project is the largest single resource endeavor in Australia, dealing with the delivery of natural gas to international and domestic customers. Valued at $69 billion, it is one of the costliest energy projects, employing more than 10,000 people to construct the processing facility at Barrow Island. The Gorgon LNG project boasts a shipment capacity worth 15.6 million metric tons per year.
Also, Chevron informed that a separating unit at its Wheatstone LNG export facility in Australia, which separates gas from liquids, resumed activities in full swing, running 9% above its actual planned capacity of 8.9 million tonnes per year. Incidentally, this unit was temporarily shut down following the detection of a snag within a nozzle on an inlet separator vessel.
Brief on the Company
Chevron is one of the largest publicly-traded oil and gas companies in the world with operations spread to almost every corner of the globe. A component of the Dow Jones Industrial Average, this energy player is a fully-integrated company, participating in every energy-related process, ranging from oil production to refining and marketing. Chevron recently outlined capital spending and investment plans for the 2021-2025 period.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
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Chevron (CVX) to Halt Gorgon Project Train 3 for Fault Testing
Chevron Corporation (CVX - Free Report) has decided to stall Train 3 at the Gorgon LNG project offshore Western Australia for maintenance work and welding inspections. The stoppage is expected to be effective during the second quarter of this year. The decision was taken after welding glitches were detected on propane heating exchangers of trains 1 and 2 at the time of a planned checking. However, repairs on the propane kettles in Train 1 and Train 2 are already done. All three trains were built at the same fabrication yard in South Korea with the first two coming online in 2016 while the Train 3 commenced operations in 2017.
While Chevron is the chief operator of Gorgon LNG project holding 47.3% stake, Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell plc own 25% interest each. The remainder is held by Osaka Gas, Tokyo Gas and Chubu Electric Power.
Gorgon LNG project is the largest single resource endeavor in Australia, dealing with the delivery of natural gas to international and domestic customers. Valued at $69 billion, it is one of the costliest energy projects, employing more than 10,000 people to construct the processing facility at Barrow Island. The Gorgon LNG project boasts a shipment capacity worth 15.6 million metric tons per year.
Also, Chevron informed that a separating unit at its Wheatstone LNG export facility in Australia, which separates gas from liquids, resumed activities in full swing, running 9% above its actual planned capacity of 8.9 million tonnes per year. Incidentally, this unit was temporarily shut down following the detection of a snag within a nozzle on an inlet separator vessel.
Brief on the Company
Chevron is one of the largest publicly-traded oil and gas companies in the world with operations spread to almost every corner of the globe. A component of the Dow Jones Industrial Average, this energy player is a fully-integrated company, participating in every energy-related process, ranging from oil production to refining and marketing. Chevron recently outlined capital spending and investment plans for the 2021-2025 period.
Zacks Rank & Key Picks
Chevron currently has a Zacks Rank #3 (Hold). A better-ranked player in the energyspace is Matador Resources Company (MTDR - Free Report) , presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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