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The San Ramon, CA-based American multinational energy company, Chevron Corporation (CVX - Free Report) , announced that it signed an agreement to become part of the Global Centre for Maritime Decarbonisation ("GCMD"). The company intends to assist GCMD’s endeavors to create scalable lower-carbon technologies, comprising those that allow the use of ammonia as a maritime fuel and commercial ways to enable their usage.
Set up with support from the Maritime and Port Authority of Singapore, GCMD is an independent, non-profit organization. GCMD is in Singapore and works together with the maritime industry to strategize pilot project executions and campaigns for well-designed climate policies and standards.
CEO of GCMD, Professor Lynn Loo, said that his organization is looking forward to collaborate with Chevron and make use of its experience as an energy producer, supplier and end user to operationalize pilots to eventually help reduce the time to deploy and adopt decarbonization solutions. He further mentioned that the partnership would allow both entities to work meticulously on the fuels of the future and carbon capture technologies, which are important enablers that will help the sector achieve its net-zero targets.
Aligned with its quest for a lower carbon future, Chevron Shipping is continuing its exploration of newer technologies, energy-saving equipment and lower carbon fuels. It is also working in partnership with industry organizations on these potential solutions.
Mark Ross, president of Chevron Shipping Company, said, "lowering the carbon intensity of shipping requires fundamental changes across the entire maritime value chain." He added that the task of reducing the company’s carbon footprint is complex and that it needs industry-wide collaboration, innovation and a well-designed policy. Lastly, he stated how GCMD brings together knowledge and expertise to help achieve this objective and that his company looks forward to work with GCMD toward their shared lower-carbon vision.
In 2021, Chevron launched Chevron New Energies (CNE) to fast-track lower carbon businesses in hydrogen, carbon capture, utilization and storage, offsets and emerging energy prospects and support Chevron’s continued emphasis on renewable fuels and products. As part of its plan, CNE focuses on customers in those sectors of the economy which are harder to abate than others.
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.
ConocoPhillips is valued at around $133 billion. The consensus estimate for ConocoPhillips’ 2022 earnings has been revised 12.4% 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 99% in a year.
Marathon Oil’s stock has gone up 137.7% in a year. Marathon Oil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 37.4%.
The Zacks Consensus Estimate for MRO’s 2022 earnings is projected at $4.01 per share, up about 155.4% from the projected year-ago earnings of $1.57.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 80% over the past 60 days from $1.14 to $2.05 per share. PBF Energy’s stock has increased 90.3% in a year.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $2.05 per share, up about 182% from the projected year-ago loss of $2.50.
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Chevron (CVX) Joins Nonprofit Decarbonization Organization
The San Ramon, CA-based American multinational energy company, Chevron Corporation (CVX - Free Report) , announced that it signed an agreement to become part of the Global Centre for Maritime Decarbonisation ("GCMD"). The company intends to assist GCMD’s endeavors to create scalable lower-carbon technologies, comprising those that allow the use of ammonia as a maritime fuel and commercial ways to enable their usage.
Set up with support from the Maritime and Port Authority of Singapore, GCMD is an independent, non-profit organization. GCMD is in Singapore and works together with the maritime industry to strategize pilot project executions and campaigns for well-designed climate policies and standards.
CEO of GCMD, Professor Lynn Loo, said that his organization is looking forward to collaborate with Chevron and make use of its experience as an energy producer, supplier and end user to operationalize pilots to eventually help reduce the time to deploy and adopt decarbonization solutions. He further mentioned that the partnership would allow both entities to work meticulously on the fuels of the future and carbon capture technologies, which are important enablers that will help the sector achieve its net-zero targets.
Aligned with its quest for a lower carbon future, Chevron Shipping is continuing its exploration of newer technologies, energy-saving equipment and lower carbon fuels. It is also working in partnership with industry organizations on these potential solutions.
Mark Ross, president of Chevron Shipping Company, said, "lowering the carbon intensity of shipping requires fundamental changes across the entire maritime value chain." He added that the task of reducing the company’s carbon footprint is complex and that it needs industry-wide collaboration, innovation and a well-designed policy. Lastly, he stated how GCMD brings together knowledge and expertise to help achieve this objective and that his company looks forward to work with GCMD toward their shared lower-carbon vision.
In 2021, Chevron launched Chevron New Energies (CNE) to fast-track lower carbon businesses in hydrogen, carbon capture, utilization and storage, offsets and emerging energy prospects and support Chevron’s continued emphasis on renewable fuels and products. As part of its plan, CNE focuses on customers in those sectors of the economy which are harder to abate than others.
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.
Chevron currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include ConocoPhillips (COP - Free Report) , Marathon Oil (MRO - Free Report) and PBF Energy PBF, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips is valued at around $133 billion. The consensus estimate for ConocoPhillips’ 2022 earnings has been revised 12.4% 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 99% in a year.
Marathon Oil’s stock has gone up 137.7% in a year. Marathon Oil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 37.4%.
The Zacks Consensus Estimate for MRO’s 2022 earnings is projected at $4.01 per share, up about 155.4% from the projected year-ago earnings of $1.57.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 80% over the past 60 days from $1.14 to $2.05 per share. PBF Energy’s stock has increased 90.3% in a year.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $2.05 per share, up about 182% from the projected year-ago loss of $2.50.