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Chevron (CVX), California Bioenergy to Produce Biomethane Fuel
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Chevron Corporation (CVX - Free Report) and California Bioenergy LLC recently declared a joint investment in their second holding company to produce and market dairy biomethane as renewable natural gas (RNG) transportation fuel in California.
The holding company — CalBioGas Hilmar LLC — obtained the initial funding from CVX to construct the necessary infrastructure required for dairy biomethane projects in California’s Merced County at the time of signing.
California Bioenergy brings technology and operational experience to help dairy farmers build digesters and methane capture projects to convert the methane obtained from manure storage on dairy farms to RNG for usage. Meanwhile, Chevron will be responsible for the additional funding for seven digesters and one central upgrading facility across a cluster of dairy farms in Merced County.
The cluster of digesters has secured grants from the California Department of Food and Agriculture but will require additional capital to complete the projects. On completion, which is anticipated in 2023, CVX will take 100% of the RNG produced to market it in the California vehicle fuel market.
Andy Walz, the president of Americas Fuels & Lubricants for Chevron, stated that CVX is excited to continue its collaboration with California Bioenergy and work along with local communities and farmers to develop lower-carbon fuel solutions. “The investment underscores our commitment to produce 40,000 MMBTU/D of RNG by 2030 and grow the lower carbon businesses that we believe will be a bigger part of the future,” he added.
Chevron, the American oil and gas supermajor, 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 Zacks Consensus Estimate for MPLX’s 2022 earnings is pegged at $3.28 per share, indicating an increase of about 14.7% from the year-ago earnings of $2.86.
MPLX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 3%.
The Zacks Consensus Estimate for CVR Energy’s 2022 earnings has been revised 20% upward over the past 60 days.
Estimates for CVI’s 2022 earnings are pegged at $5.63 per share, up about 705.4% from the year-ago loss of 93 cents.
The consensus estimate for Liberty’s 2022 earnings is pegged at $1.81 per share, up about 277.4% from the year-ago loss of $1.02.
LBRT beat the Zacks Consensus Estimate for earnings in two of the trailing four quarters, the average being around 31.7%.
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Chevron (CVX), California Bioenergy to Produce Biomethane Fuel
Chevron Corporation (CVX - Free Report) and California Bioenergy LLC recently declared a joint investment in their second holding company to produce and market dairy biomethane as renewable natural gas (RNG) transportation fuel in California.
The holding company — CalBioGas Hilmar LLC — obtained the initial funding from CVX to construct the necessary infrastructure required for dairy biomethane projects in California’s Merced County at the time of signing.
California Bioenergy brings technology and operational experience to help dairy farmers build digesters and methane capture projects to convert the methane obtained from manure storage on dairy farms to RNG for usage. Meanwhile, Chevron will be responsible for the additional funding for seven digesters and one central upgrading facility across a cluster of dairy farms in Merced County.
The cluster of digesters has secured grants from the California Department of Food and Agriculture but will require additional capital to complete the projects. On completion, which is anticipated in 2023, CVX will take 100% of the RNG produced to market it in the California vehicle fuel market.
Andy Walz, the president of Americas Fuels & Lubricants for Chevron, stated that CVX is excited to continue its collaboration with California Bioenergy and work along with local communities and farmers to develop lower-carbon fuel solutions. “The investment underscores our commitment to produce 40,000 MMBTU/D of RNG by 2030 and grow the lower carbon businesses that we believe will be a bigger part of the future,” he added.
Chevron, the American oil and gas supermajor, 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 has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include MPLX LP (MPLX - Free Report) , CVR Energy (CVI - Free Report) and Liberty Energy (LBRT - 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 MPLX’s 2022 earnings is pegged at $3.28 per share, indicating an increase of about 14.7% from the year-ago earnings of $2.86.
MPLX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 3%.
The Zacks Consensus Estimate for CVR Energy’s 2022 earnings has been revised 20% upward over the past 60 days.
Estimates for CVI’s 2022 earnings are pegged at $5.63 per share, up about 705.4% from the year-ago loss of 93 cents.
The consensus estimate for Liberty’s 2022 earnings is pegged at $1.81 per share, up about 277.4% from the year-ago loss of $1.02.
LBRT beat the Zacks Consensus Estimate for earnings in two of the trailing four quarters, the average being around 31.7%.