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Chevron Corporation (CVX - Free Report) ), a leading U.S. oil firm, has initiated the supply of fuel to Venezuela's state-run oil company, PDVSA, in a significant expansion of the existing oil swap agreements, per a Reuters report.
Chevron and PDVSA had previously adhered to a 2022 agreement that outlined the expansion of certain operations, including a swap of Venezuelan crude for diluents provided by Chevron. This arrangement also encompassed the repayment of debts owed by Venezuela. Under the terms of what appears to be an extension of the initial swap deal, Chevron has started supplying fuel to PDVSA that includes naphtha and gasoline blend stock, per the report.
The first vessel operating under this expanded arrangement arrived at Venezuela's Jose port this week, carrying 450,000 barrels of heavy naphtha destined for PDVSA. Additionally, the report indicates that a second tanker is being chartered this week to transport approximately 240,000 barrels of gasoline blend stock in November.
The report indicates that the details regarding the compensation for these fuel shipments are not yet clear. It remains uncertain whether the payment will be made with Venezuelan crude or through an alternative mechanism. The license granted by the Biden administration facilitates the ability to make and receive payments from Venezuela. It also enables the procurement of goods and services for oil and gas projects.
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’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’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. OII is well positioned to supply equipment for deep-water projects and is active at all phases of the offshore oilfield lifecycle.
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Chevron (CVX) Resumes Venezuela Fuel Supply Amid Sanction Easing
Chevron Corporation (CVX - Free Report) ), a leading U.S. oil firm, has initiated the supply of fuel to Venezuela's state-run oil company, PDVSA, in a significant expansion of the existing oil swap agreements, per a Reuters report.
Chevron and PDVSA had previously adhered to a 2022 agreement that outlined the expansion of certain operations, including a swap of Venezuelan crude for diluents provided by Chevron. This arrangement also encompassed the repayment of debts owed by Venezuela. Under the terms of what appears to be an extension of the initial swap deal, Chevron has started supplying fuel to PDVSA that includes naphtha and gasoline blend stock, per the report.
The first vessel operating under this expanded arrangement arrived at Venezuela's Jose port this week, carrying 450,000 barrels of heavy naphtha destined for PDVSA. Additionally, the report indicates that a second tanker is being chartered this week to transport approximately 240,000 barrels of gasoline blend stock in November.
The report indicates that the details regarding the compensation for these fuel shipments are not yet clear. It remains uncertain whether the payment will be made with Venezuelan crude or through an alternative mechanism. The license granted by the Biden administration facilitates the ability to make and receive payments from Venezuela. It also enables the procurement of goods and services for oil and gas projects.
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’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’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. OII is well positioned to supply equipment for deep-water projects and is active at all phases of the offshore oilfield lifecycle.