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Chevron (CVX) Division and JERA Enter Into MOU for CCS Project
Chevron Corporation (CVX - Free Report) , a major oil company, recently announced that its division Chevron New Energies and JERA, a Japanese energy major, have come together and signed a Memorandum of Understanding (MOU). This MOU establishes a framework for their collaboration on carbon capture and storage (CCS) projects in Australia and the United States.
This Memorandum also reinforces the collaboration between the firms in the lower carbon sector, post the November 2022 announcement of their partnership on the prospective co-development of lower carbon fuel in Australia and the investigation of liquid organic hydrogen carriers (LOHC) in the United States.
According to Chris Powers, Vice President of Carbon Capture, Utilization and Storage at Chevron, the company has a long-standing liquid natural gas (LNG) partnership with JERA that continues to advance with the purpose of providing clients with reliable, economical and ever-cleaner solutions. Chevron is currently focused on building CCS projects all over the world, using its expertise and capability in the subsurface — something that is not possible without long-term partnership with JERA.
The U.S. energy giant claims that this MOU has the potential to strengthen the significant LNG partnership that Chevron and JERA already share. It further exemplifies the companies’ shared commitment to advance low-carbon technologies.
Zacks Rank & Key Picks
Currently, Chevron carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include CVR Energy (CVI - Free Report) and Valero Energy Corporation (VLO - Free Report) both sporting a Zacks Rank #1 and Murphy USA Inc. (MUSA - Free Report) carrying a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the US. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed an upward revision in earnings estimates for 2024.