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Chevron (CVX) Resumes Tamar Gas Field After Month-Long Halt
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Chevron Corporation (CVX - Free Report) announced the resumption of natural gas supply from the Tamar field, located offshore, after a mandated month-long shutdown due to regional violence in Israel, per a Reuters report.
The Energy Ministry of Israel declared a state of emergency within the sector and directed Chevron to cease operations at the Tamar fieldfollowing an attack by Hamas on Israeli territory on Oct 7. This attack instigated a conflict that erupted in the Gaza Strip and other parts of the region.
The platform, situated within view from the northern Gaza Strip on clear days, falls within the range of rocket fire. Positioned roughly 25 kilometers (15.5 miles) away from Ashdod along Israel's southern Mediterranean coast, this platform has been a focal point of security concerns.
Per the report, Chevron affirmed the resumption of gas supply to customers in Israel and the region from the Tamar production platform. The decision to resume operations was mandated by the Israeli government on Nov 9. The field, crucial for powering Israel's electricity generators, is set to attain full operational capacity within the next few days, according to industry insiders. Approximately 20% of the gas extracted from Tamar is typically routed to Egypt and Jordan.
Leviathan, Israel's largest offshore gas field, has continued its operations uninterrupted amid the ongoing conflict between Israel and Hamas. Chevron operates and maintains a 25% stake in the Tamar field, which contributes approximately 1% to the company's global output.
The cessation of gas supply from Tamar led Israel to rely more heavily on gas supplies from Chevron's Leviathan field, a significant exporter to Egypt, and Energean's Karish field.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty. LBRT has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. The company has witnessed an upward earnings estimate revision for 2023 in the past seven days.
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Chevron (CVX) Resumes Tamar Gas Field After Month-Long Halt
Chevron Corporation (CVX - Free Report) announced the resumption of natural gas supply from the Tamar field, located offshore, after a mandated month-long shutdown due to regional violence in Israel, per a Reuters report.
The Energy Ministry of Israel declared a state of emergency within the sector and directed Chevron to cease operations at the Tamar fieldfollowing an attack by Hamas on Israeli territory on Oct 7. This attack instigated a conflict that erupted in the Gaza Strip and other parts of the region.
The platform, situated within view from the northern Gaza Strip on clear days, falls within the range of rocket fire. Positioned roughly 25 kilometers (15.5 miles) away from Ashdod along Israel's southern Mediterranean coast, this platform has been a focal point of security concerns.
Per the report, Chevron affirmed the resumption of gas supply to customers in Israel and the region from the Tamar production platform. The decision to resume operations was mandated by the Israeli government on Nov 9. The field, crucial for powering Israel's electricity generators, is set to attain full operational capacity within the next few days, according to industry insiders. Approximately 20% of the gas extracted from Tamar is typically routed to Egypt and Jordan.
Leviathan, Israel's largest offshore gas field, has continued its operations uninterrupted amid the ongoing conflict between Israel and Hamas. Chevron operates and maintains a 25% stake in the Tamar field, which contributes approximately 1% to the company's global output.
The cessation of gas supply from Tamar led Israel to rely more heavily on gas supplies from Chevron's Leviathan field, a significant exporter to Egypt, and Energean's Karish field.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty. LBRT has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. The company has witnessed an upward earnings estimate revision for 2023 in the past seven days.