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Chevron (CVX) Initiates Carbon Capture Project in California
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The American oil and gas giant, Chevron Corporation (CVX - Free Report) , recently declared that it is launching a carbon capture and storage (CCS) project. The project intends to bring down the carbon intensity of Chevron’s operations in San Joaquin Valley, CA.
CVX aims to decrease its carbon intensity by erecting the CO2 post-combustion capture equipment, capturing CO2 and then storing it securely thousands of feet underground. The CCS development will start at the company’s Kern River Eastridge cogeneration plant in Kern County, CA.
For this purpose, Chevron made an application to get a conditional use permit from the Planning and Natural Resources Department of Kern County and the company plans to work with appropriate regulators throughout the development.
Chris Powers, Vice President of Carbon Capture, Utilization and Storage (CCUS) for Chevron, mentioned that the company believes that the future of energy is low-carbon and that the reduction of the carbon intensity of the energy that is used daily is well-aligned with the objectives of the Paris Agreement. “We are excited about the opportunity to collaborate and progress this CCS initiative in San Joaquin Valley, a region where we have lived and worked for over a century,” he added.
Along with the Eastridge cogeneration project, CVX is presently evaluating and setting up several carbon capture technology demonstrations to mature more proficient and cost-effective capture solutions, thereby possibly facilitating future projects not only for the company but also for other industries.
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, Chevron 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.
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $8.67 per share, up about 145.6% from the projected year-ago earnings of $3.53. Devon Energy’s stock has rallied 194.1% in a year.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 13.4%. DVN is valued at around $46.9 billion.
Murphy USA is valued at around $5.8 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 47.3% over the past 60 days from $11.42 to $16.82.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 79.4% in a year.
PBF Energy’s stock has increased 104.5% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 141.4% over the past 60 days from $2.39 to $5.77 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $5.77 per share, up about 330.8% from the projected year-ago loss of $2.50.
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Chevron (CVX) Initiates Carbon Capture Project in California
The American oil and gas giant, Chevron Corporation (CVX - Free Report) , recently declared that it is launching a carbon capture and storage (CCS) project. The project intends to bring down the carbon intensity of Chevron’s operations in San Joaquin Valley, CA.
CVX aims to decrease its carbon intensity by erecting the CO2 post-combustion capture equipment, capturing CO2 and then storing it securely thousands of feet underground. The CCS development will start at the company’s Kern River Eastridge cogeneration plant in Kern County, CA.
For this purpose, Chevron made an application to get a conditional use permit from the Planning and Natural Resources Department of Kern County and the company plans to work with appropriate regulators throughout the development.
Chris Powers, Vice President of Carbon Capture, Utilization and Storage (CCUS) for Chevron, mentioned that the company believes that the future of energy is low-carbon and that the reduction of the carbon intensity of the energy that is used daily is well-aligned with the objectives of the Paris Agreement. “We are excited about the opportunity to collaborate and progress this CCS initiative in San Joaquin Valley, a region where we have lived and worked for over a century,” he added.
Along with the Eastridge cogeneration project, CVX is presently evaluating and setting up several carbon capture technology demonstrations to mature more proficient and cost-effective capture solutions, thereby possibly facilitating future projects not only for the company but also for other industries.
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, Chevron 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 #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include — Devon Energy (DVN - Free Report) , Murphy USA (MUSA - Free Report) and PBF Energy (PBF - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Devon Energy’s 2022 earnings is projected at $8.67 per share, up about 145.6% from the projected year-ago earnings of $3.53. Devon Energy’s stock has rallied 194.1% in a year.
Devon Energy beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 13.4%. DVN is valued at around $46.9 billion.
Murphy USA is valued at around $5.8 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 47.3% over the past 60 days from $11.42 to $16.82.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 79.4% in a year.
PBF Energy’s stock has increased 104.5% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 141.4% over the past 60 days from $2.39 to $5.77 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $5.77 per share, up about 330.8% from the projected year-ago loss of $2.50.