We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Chevron (CVX), Cyprus Partner to Unlock Aphrodite Gas Field
Read MoreHide Full Article
Chevron Corporation (CVX - Free Report) , an American multinational energy corporation predominantly specializing in oil and gas, and the Cyprus government have reached an agreement on the development of the Aphrodite gas field. Discovered in 2011, the field is estimated to hold a significant 4.2 trillion cubic feet of natural gas, offering a promising source of energy for the island nation in a breakthrough for Cyprus' energy sector.
Key Points of the Agreement
The agreement outlines a mutually beneficial partnership between Cyprus and Chevron, paving the way for the extraction of the gas reserves. While the specific details of the agreement remain confidential, it reportedly addresses the long-standing debate over the processing of the gas. Chevron initially proposed transporting the gas to Egypt via a pipeline, while Cyprus favored processing it on a floating production facility.
Significance of the Deal
The agreement marks a turning point for Cyprus' energy independence and economic development. The Aphrodite gas field holds the potential to transform Cyprus into a regional energy hub, providing a domestic energy source and generating significant revenues for the government. Additionally, the agreement could attract further investment in Cyprus' energy sector, boosting the country's economic prospects.
Impact on Chevron's Operations
For Chevron, the agreement secures access to a substantial gas reserve, expanding its global portfolio and strengthening its position in the Eastern Mediterranean energy market. The development of the Aphrodite field is expected to generate substantial revenues for Chevron, contributing to its financial performance.
Looking Ahead
With the agreement in place, the focus now shifts to the execution of the development plan. Chevron and the Cyprus government will collaborate closely to finalize the details and initiate the process of extracting gas from the Aphrodite field. The successful development of the field will be a testament to the cooperation between Cyprus and Chevron, unlocking a new era of energy prosperity for the region.
The Williams Companies is valued at $45.35 billion. The company currently pays a dividend of $1.79 per share, or 4.80%, on an annual basis.
WMB, the U.S.-based energy infrastructure company, operates through Transmission & Gulf of Mexico, Northeast G&P, West and Gas & NGL Marketing Services segments.
Oceaneering International is worth $2.08 billion. In the past year, its shares have risen 38.1%.
The company provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries worldwide.
Liberty Energy is valued at $3.34 billion. LBRT currently pays a dividend of 20 cents per share, or 1.01%, on an annual basis.
LBRT is a leading provider of hydraulic fracturing and other auxiliary services to the North American onshore exploration and production companies.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Chevron (CVX), Cyprus Partner to Unlock Aphrodite Gas Field
Chevron Corporation (CVX - Free Report) , an American multinational energy corporation predominantly specializing in oil and gas, and the Cyprus government have reached an agreement on the development of the Aphrodite gas field. Discovered in 2011, the field is estimated to hold a significant 4.2 trillion cubic feet of natural gas, offering a promising source of energy for the island nation in a breakthrough for Cyprus' energy sector.
Key Points of the Agreement
The agreement outlines a mutually beneficial partnership between Cyprus and Chevron, paving the way for the extraction of the gas reserves. While the specific details of the agreement remain confidential, it reportedly addresses the long-standing debate over the processing of the gas. Chevron initially proposed transporting the gas to Egypt via a pipeline, while Cyprus favored processing it on a floating production facility.
Significance of the Deal
The agreement marks a turning point for Cyprus' energy independence and economic development. The Aphrodite gas field holds the potential to transform Cyprus into a regional energy hub, providing a domestic energy source and generating significant revenues for the government. Additionally, the agreement could attract further investment in Cyprus' energy sector, boosting the country's economic prospects.
Impact on Chevron's Operations
For Chevron, the agreement secures access to a substantial gas reserve, expanding its global portfolio and strengthening its position in the Eastern Mediterranean energy market. The development of the Aphrodite field is expected to generate substantial revenues for Chevron, contributing to its financial performance.
Looking Ahead
With the agreement in place, the focus now shifts to the execution of the development plan. Chevron and the Cyprus government will collaborate closely to finalize the details and initiate the process of extracting gas from the Aphrodite field. The successful development of the field will be a testament to the cooperation between Cyprus and Chevron, unlocking a new era of energy prosperity for the region.
Zacks Rank and Key Picks
Currently, CVX carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like The Williams Companies (WMB - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Oceaneering International, Inc. (OII - Free Report) and Liberty Energy Inc. (LBRT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Williams Companies is valued at $45.35 billion. The company currently pays a dividend of $1.79 per share, or 4.80%, on an annual basis.
WMB, the U.S.-based energy infrastructure company, operates through Transmission & Gulf of Mexico, Northeast G&P, West and Gas & NGL Marketing Services segments.
Oceaneering International is worth $2.08 billion. In the past year, its shares have risen 38.1%.
The company provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries worldwide.
Liberty Energy is valued at $3.34 billion. LBRT currently pays a dividend of 20 cents per share, or 1.01%, on an annual basis.
LBRT is a leading provider of hydraulic fracturing and other auxiliary services to the North American onshore exploration and production companies.