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Chevron (CVX) Expands Stake in Myanmar Project, Swears Exit
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San Ramon, CA-based energy major, Chevron Corporation (CVX - Free Report) has decided to increase its ownership in a gas project in the Southeast Asian country of Myanmar as the company evolves a pathway to withdraw from the country due to violence following the military coup, which transpired last year.
Chevron, which declared its intent to end operations in Myanmar in January, will now buy TotalEnergies’ (TTE - Free Report) 31.2% interest in the Yadana gas field and the 250-mile (about 400 kilometers) MGTC pipeline as a short-term measure, while the French company leaves the country as promised. A subsidiary of Thailand’s national energy company, PTT Plc, which previously proposed to take over as an operator of the project, will also increase its ownership in Yadana.
This action by Chevron and PTT’s unit to take over TotalEnergies’ equity might prevent state-owned Myanmar Oil & Gas Enterprise, the venture’s other owner, from considerably increasing its participation in the Yadana gas field. However, it is not clear if any of the equity interest would go to the Myanmar state-owned entity under the agreement.
Bloomberg reported that Chevron mentioned that its decision to raise its stake does not imply that the company is taking a U-turn from its promise to exit Myanmar. The company said that the increased interest "will provide greater control over incoming JV parties" and keep gas flowing for the people of Myanmar and Thailand.
CVX does not have a withdrawal date for Myanmar yet. Per Chevron, its schedule will be dissimilar to that of TTE, which intends to exit the country by Jul 20.
Chevron is one of the largest publicly traded oil and gas companies in the world with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, CVX is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. The company generates around $95 billion in annual revenues and produces more than three million barrels per day of oil equivalent. It currently churns out oil and natural gas at a 59/41 ratio. As of the end of 2021, the company had proved reserves of approximately 12.4 billion barrels of oil equivalent.
France-based TotalEnergies SE is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves and market capitalization. The company has operations in more than 130 countries across five continents. The company was founded in 1924. The company changed its name from TOTAL SE to TotalEnergies SE, which better reflects its transition to a broad energy company. The new trading symbol of the company is TTE.
ConocoPhillips is valued at around $133.5 billion. The consensus estimate for ConocoPhillips’ 2022 earnings has been revised 23.6% upward over the past 60 days.
COP beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 12.6%. ConocoPhillips has rallied around 102.6% in a year.
ExxonMobil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 5.8%. ExxonMobil stock has increased around 55.2% in a year.
The Zacks Consensus Estimate for XOM’s 2022 earnings is projected at $7.6 per share, which implies an increase of about 41.3% from the projected year-ago earnings of $5.38.
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Chevron (CVX) Expands Stake in Myanmar Project, Swears Exit
San Ramon, CA-based energy major, Chevron Corporation (CVX - Free Report) has decided to increase its ownership in a gas project in the Southeast Asian country of Myanmar as the company evolves a pathway to withdraw from the country due to violence following the military coup, which transpired last year.
Chevron, which declared its intent to end operations in Myanmar in January, will now buy TotalEnergies’ (TTE - Free Report) 31.2% interest in the Yadana gas field and the 250-mile (about 400 kilometers) MGTC pipeline as a short-term measure, while the French company leaves the country as promised. A subsidiary of Thailand’s national energy company, PTT Plc, which previously proposed to take over as an operator of the project, will also increase its ownership in Yadana.
This action by Chevron and PTT’s unit to take over TotalEnergies’ equity might prevent state-owned Myanmar Oil & Gas Enterprise, the venture’s other owner, from considerably increasing its participation in the Yadana gas field. However, it is not clear if any of the equity interest would go to the Myanmar state-owned entity under the agreement.
Bloomberg reported that Chevron mentioned that its decision to raise its stake does not imply that the company is taking a U-turn from its promise to exit Myanmar. The company said that the increased interest "will provide greater control over incoming JV parties" and keep gas flowing for the people of Myanmar and Thailand.
CVX does not have a withdrawal date for Myanmar yet. Per Chevron, its schedule will be dissimilar to that of TTE, which intends to exit the country by Jul 20.
Chevron is one of the largest publicly traded oil and gas companies in the world with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, CVX is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. The company generates around $95 billion in annual revenues and produces more than three million barrels per day of oil equivalent. It currently churns out oil and natural gas at a 59/41 ratio. As of the end of 2021, the company had proved reserves of approximately 12.4 billion barrels of oil equivalent.
France-based TotalEnergies SE is among the top five publicly traded global integrated oil and gas companies based on production volumes, proved reserves and market capitalization. The company has operations in more than 130 countries across five continents. The company was founded in 1924. The company changed its name from TOTAL SE to TotalEnergies SE, which better reflects its transition to a broad energy company. The new trading symbol of the company is TTE.
Chevron currently sports a Zacks Rank #1 (Strong Buy). Some other similar-ranked stocks from the energy space that warrant a look include ConocoPhillips (COP - Free Report) and ExxonMobil (XOM - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips is valued at around $133.5 billion. The consensus estimate for ConocoPhillips’ 2022 earnings has been revised 23.6% upward over the past 60 days.
COP beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 12.6%. ConocoPhillips has rallied around 102.6% in a year.
ExxonMobil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 5.8%. ExxonMobil stock has increased around 55.2% in a year.
The Zacks Consensus Estimate for XOM’s 2022 earnings is projected at $7.6 per share, which implies an increase of about 41.3% from the projected year-ago earnings of $5.38.