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Chevron (CVX) Gets Stake in Offshore CCS Projects in Australia
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Chevron Corporation (CVX - Free Report) , the American oil and gas giant, has obtained a stake in three greenhouse gas assessment permits as part of a joint venture to develop carbon capture projects offshore Australia.
Two out of the three blocks are in the Carnarvon Basin off the northwestern coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory. These have a combined total area of more than 31,500 km2 or approximately 7.8 million acres.
The first granted permit is for Block G-10-AP. This will be assessed by CVX and its joint venture partners, BP Developments Australia and Japan Australia LNG (MIMI), and Shell Australia with the operator Woodside Energy.
The other two permits include Block G-9-AP and Block G-11-AP. The G-9-AP has been granted to a joint venture between Chevron and Santos Offshore. Meanwhile, the G-11-AP will be developed in cooperation with CVX, Santos Offshore as the operator, with an affiliate of SK E&S.
In line and as part of its global lower-carbon strategy, Chevron is concentrating on carbon capture, utilization, and storage — predominantly through hubs with third-party emitters as partners and customers — for renewable fuels, hydrogen, offsets and other emerging technologies.
Mark Hatfield, the managing director of Chevron’s Australia Business Unit, stated that the company has the know-how and relationships to support the further deployment of carbon capture and storage in Australia. “We look forward to working with our venture participants to assess the greenhouse gas storage potential within these titles, which we hope will benefit Australia and the region for years to come,” he added.
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.
Chevron currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include NexTier Oilfield Solutions , PBF Energy (PBF - Free Report) and Marathon Petroleum (MPC - 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 NexTier’s 2022 earnings stands at $1.35 per share, suggesting an increase of about 413.9% from the year-ago loss of $2.81.
NEX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 269.5%.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings stands at $19.37 per share, suggesting an increase of about 874.8% from the year-ago loss of $2.50.
PBF beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 78%.
The Zacks Consensus Estimate for Marathon Petroleum’s 2022 earnings stands at $21.75 per share, indicating an increase of approximately 763.3% from the year-ago earnings of $2.45.
MPC beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 56.7%.
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Chevron (CVX) Gets Stake in Offshore CCS Projects in Australia
Chevron Corporation (CVX - Free Report) , the American oil and gas giant, has obtained a stake in three greenhouse gas assessment permits as part of a joint venture to develop carbon capture projects offshore Australia.
Two out of the three blocks are in the Carnarvon Basin off the northwestern coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory. These have a combined total area of more than 31,500 km2 or approximately 7.8 million acres.
The first granted permit is for Block G-10-AP. This will be assessed by CVX and its joint venture partners, BP Developments Australia and Japan Australia LNG (MIMI), and Shell Australia with the operator Woodside Energy.
The other two permits include Block G-9-AP and Block G-11-AP. The G-9-AP has been granted to a joint venture between Chevron and Santos Offshore. Meanwhile, the G-11-AP will be developed in cooperation with CVX, Santos Offshore as the operator, with an affiliate of SK E&S.
In line and as part of its global lower-carbon strategy, Chevron is concentrating on carbon capture, utilization, and storage — predominantly through hubs with third-party emitters as partners and customers — for renewable fuels, hydrogen, offsets and other emerging technologies.
Mark Hatfield, the managing director of Chevron’s Australia Business Unit, stated that the company has the know-how and relationships to support the further deployment of carbon capture and storage in Australia. “We look forward to working with our venture participants to assess the greenhouse gas storage potential within these titles, which we hope will benefit Australia and the region for years to come,” he added.
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.
Chevron currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include NexTier Oilfield Solutions , PBF Energy (PBF - Free Report) and Marathon Petroleum (MPC - 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 NexTier’s 2022 earnings stands at $1.35 per share, suggesting an increase of about 413.9% from the year-ago loss of $2.81.
NEX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 269.5%.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings stands at $19.37 per share, suggesting an increase of about 874.8% from the year-ago loss of $2.50.
PBF beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 78%.
The Zacks Consensus Estimate for Marathon Petroleum’s 2022 earnings stands at $21.75 per share, indicating an increase of approximately 763.3% from the year-ago earnings of $2.45.
MPC beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 56.7%.