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Chevron (CVX) Signs MOU With Cummins for Hydrogen Business
Chevron Corporation (CVX - Free Report) through its subsidiary Chevron Products Companyannounced a memorandum of understanding (MOU) with Cummins Inc. (CMI - Free Report) , a worldwide leader in power and hydrogen technology. The MOU aims to explore a potential collaboration for generating commercially feasible business prospects in hydrogen and other alternative energy sources.
The MOU establishes a framework for Chevron and Cummins to coordinate on four main goals, such as promoting hydrogen as a decarbonizing alternative for transportation and industry through public policy; increasing market demand for hydrogen-powered commercial cars and industrial uses; constructing infrastructure to enable hydrogen usage in industries and fuel cell vehicles and researching on how Cummins’ electrolyzer and fuel cell technology may be used in one or more of Chevron's domestic refineries.
Andy Walz, president, Chevron Americas Fuels & Lubricants, stated that “Chevron is committed to developing and delivering affordable, reliable, ever-cleaner energy, and collaborating with Cummins is a positive step toward our goal of building a large-scale business in a lower-carbon area that is complementary to our current offerings”.
He went on to add that Chevron is investing in lower-carbon solutions like hydrogen that will enable its customers to minimize the carbon intensity of their companies and daily lives. The company also put money on producing and delivering renewable natural gas, mixing renewables with its fuels, coprocessing biofeedstocks in its refineries and taking emission-reduction initiatives to lower its carbon footprint.
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.
Zacks Rank & Key Picks
Chevron has a Zacks Rank #3 (Hold), currently. Some better-ranked players in the energy space are Matador Resources Company (MTDR - Free Report) and Continental Resources, Inc. , each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.