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Chevron (CVX) & MOECO to Boost Japanese Geothermal Technology

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American oil and gas supermajor Chevron Corporation (CVX - Free Report) recently announced the signing of a joint collaboration agreement with the Japanese oil exploration company Mitsui Oil Exploration Co. (“MOECO”).

The partnership between the two firms intends to explore the technical and commercial viability of advanced geothermal energy generation in Japan. Moreover, the new collaboration will study the potential of geothermal resources throughout Japan along with assessing the effectiveness of Advanced Closed Loop (ACL) technology for a joint future pilot project in the country.

CVX and MOECO may also evaluate potential cooperation for advanced geothermal technology opportunities using ACL internationally.

Conventional geothermal projects, which use traditional steam turbines, need high temperatures. However, CVX stated that the ACL technology can potentially allow access to geothermal resources at a wider range of temperatures and geologies through the use of alternative technology above and below the surface.

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.

Chevron currently sports a Zacks Rank #1 (Strong Buy). Some other similar-ranked stocks from the energy space that warrant a look include Chesapeake Energy (CHK - Free Report) , Earthstone Energy (ESTE - Free Report) and Civitas Resources (CIVI - Free Report) , each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Chesapeake’s 2022 earnings is pegged at $17.65 per share. CHK is valued at around $11.1 billion.

Chesapeake Energy beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 24.5%.

The Zacks Consensus Estimate for Earthstone’s 2022 earnings stands at $5.85 per share, indicating an increase of about 368% from the year-ago earnings of $1.25.

ESTE beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 27%.

The Zacks Consensus Estimate for Civitas’ 2022 earnings stands at $14.35 per share, indicating an increase of about 389.8% from the year-ago figure of $2.93.

The consensus mark for CIVI’s 2022 earnings has been revised upward by about 7.5% over the past 60 days from $13.55 to $14.35 per share.

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