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Chevron (CVX), JX Team Up for CCS Value Chain Development
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Chevron Corporation’s (CVX - Free Report) subsidiary, Chevron New Energies, and JX Nippon Oil & Gas Exploration Corporation have inked a Memorandum of Understanding (MOU). This MOU sets the stage for a comprehensive evaluation of exporting carbon dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) projects, particularly those located in Australia and various other countries within the Asia Pacific region.
The Objective: Evaluating the CCS Value Chain
At the core of this agreement lies the intention to meticulously assess the feasibility of the CCS value chain. This entails the capture of CO2 emissions from industries in Japan, including those affiliated with JX, followed by transportation via ship to Chevron’s portfolio of greenhouse gas storage facilities in Australia. The collaboration also aims to delve into the formulation of transboundary policies and explore the potential establishment of CO2 storage sites across the Asia Pacific region.
A Vision for the Future
Chris Powers, vice president of Carbon Capture, Utilization, and Storage (“CCUS”) at Chevron, expressed anticipation regarding the partnership with JX and ENEOS Group. He emphasized the potential of large-scale CCS value chain projects to propel the region toward its lower carbon goals, highlighting the indispensability of collaborations in this pursuit.
Leveraging Long-standing Relationships
Tetsuo Yamada, executive vice president of JX, attributed the success of the MOU to robust ties with Chevron spanning more than seven decades. He emphasized JX's strategic positioning of CCS as a key initiative, aligning with its comprehensive business strategy.
Yamada reiterated JX's commitment to contributing to a carbon-neutral society, citing experience gained from various CCS/CCUS-related ventures, including the Petra Nova CCUS project in Texas, USA.
Journey Toward Carbon Neutrality
The strategic collaboration between Chevron and JX represents a significant step toward carbon neutrality. By leveraging their respective strengths and expertise, both entities are poised to play a key role in advancing CCS initiatives, not just locally but also across the broader Asia Pacific region.
Navigating the Energy Transition
The energy landscape is changing dramatically as a result of growing environmental concerns and the need to combat climate change. The transition to cleaner, more sustainable energy sources is no longer a choice, but an existential necessity.
Collaborations such as the one between Chevron and JX demonstrate the industry's commitment to embracing innovative solutions and leading initiatives that address today's pressing challenges.
Unlocking Opportunities in Carbon Management
CCS represents integral components of the broader strategy to curb greenhouse gas emissions and combat climate change. By exploring avenues for CO2 export and storage, Chevron and JX are not only mitigating environmental impact but also unlocking new avenues for economic growth and sustainable development.
Creating Pathways to a Greener Future
As global stakeholders intensify their efforts to transition toward a low-carbon future, partnerships between industry leaders become increasingly instrumental. The Chevron-JX MOU exemplifies the proactive approach adopted by key players in the energy sector to drive meaningful change and accelerate progress toward a sustainable, carbon-neutral future.
Conclusion
The MOU between CVX’s subsidiary, Chevron New Energies, and JX Nippon Oil & Gas Exploration Corporation signifies a milestone in the journey toward carbon neutrality.
The collaboration will help explore new carbon management pathways and drive energy landscape changes. This partnership is seen as a beacon of hope in tackling climate change, showcasing the transformative potential of collective efforts.
Murphy USA is valued at around $8.78 billion. In the past year, the company’s shares have surged 64.7%.
MUSA markets retail motor fuel products and convenience merchandise, operating retail stores under the brands Murphy USA, Murphy Express and QuickChek.
Archrock is valued at $2.93 billion. The company currently pays a dividend of 66 cents per share, or 3.53%, on an annual basis.
AROC, together with its subsidiaries, works as an energy infrastructure company in the United States. The company operates under two segments — Contract Operations and Aftermarket Services.
Sunoco is valued at $6.15 billion. It is a major wholesale motor fuel distributor in the United States, distributing over ten fuel brands through long-term contracts with more than 10,000 convenience stores, ensuring consistent cash flows.
SUN’s extensive distribution network across 40 states provides a robust and reliable source of income, and the Brownsville terminal expansion will add to its revenue diversification.
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Chevron (CVX), JX Team Up for CCS Value Chain Development
Chevron Corporation’s (CVX - Free Report) subsidiary, Chevron New Energies, and JX Nippon Oil & Gas Exploration Corporation have inked a Memorandum of Understanding (MOU). This MOU sets the stage for a comprehensive evaluation of exporting carbon dioxide (CO2) from Japan to Carbon Capture and Storage (CCS) projects, particularly those located in Australia and various other countries within the Asia Pacific region.
The Objective: Evaluating the CCS Value Chain
At the core of this agreement lies the intention to meticulously assess the feasibility of the CCS value chain. This entails the capture of CO2 emissions from industries in Japan, including those affiliated with JX, followed by transportation via ship to Chevron’s portfolio of greenhouse gas storage facilities in Australia. The collaboration also aims to delve into the formulation of transboundary policies and explore the potential establishment of CO2 storage sites across the Asia Pacific region.
A Vision for the Future
Chris Powers, vice president of Carbon Capture, Utilization, and Storage (“CCUS”) at Chevron, expressed anticipation regarding the partnership with JX and ENEOS Group. He emphasized the potential of large-scale CCS value chain projects to propel the region toward its lower carbon goals, highlighting the indispensability of collaborations in this pursuit.
Leveraging Long-standing Relationships
Tetsuo Yamada, executive vice president of JX, attributed the success of the MOU to robust ties with Chevron spanning more than seven decades. He emphasized JX's strategic positioning of CCS as a key initiative, aligning with its comprehensive business strategy.
Yamada reiterated JX's commitment to contributing to a carbon-neutral society, citing experience gained from various CCS/CCUS-related ventures, including the Petra Nova CCUS project in Texas, USA.
Journey Toward Carbon Neutrality
The strategic collaboration between Chevron and JX represents a significant step toward carbon neutrality. By leveraging their respective strengths and expertise, both entities are poised to play a key role in advancing CCS initiatives, not just locally but also across the broader Asia Pacific region.
Navigating the Energy Transition
The energy landscape is changing dramatically as a result of growing environmental concerns and the need to combat climate change. The transition to cleaner, more sustainable energy sources is no longer a choice, but an existential necessity.
Collaborations such as the one between Chevron and JX demonstrate the industry's commitment to embracing innovative solutions and leading initiatives that address today's pressing challenges.
Unlocking Opportunities in Carbon Management
CCS represents integral components of the broader strategy to curb greenhouse gas emissions and combat climate change. By exploring avenues for CO2 export and storage, Chevron and JX are not only mitigating environmental impact but also unlocking new avenues for economic growth and sustainable development.
Creating Pathways to a Greener Future
As global stakeholders intensify their efforts to transition toward a low-carbon future, partnerships between industry leaders become increasingly instrumental. The Chevron-JX MOU exemplifies the proactive approach adopted by key players in the energy sector to drive meaningful change and accelerate progress toward a sustainable, carbon-neutral future.
Conclusion
The MOU between CVX’s subsidiary, Chevron New Energies, and JX Nippon Oil & Gas Exploration Corporation signifies a milestone in the journey toward carbon neutrality.
The collaboration will help explore new carbon management pathways and drive energy landscape changes. This partnership is seen as a beacon of hope in tackling climate change, showcasing the transformative potential of collective efforts.
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 Murphy USA Inc. (MUSA - Free Report) , Archrock, Inc. (AROC - Free Report) , and Sunoco LP (SUN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at around $8.78 billion. In the past year, the company’s shares have surged 64.7%.
MUSA markets retail motor fuel products and convenience merchandise, operating retail stores under the brands Murphy USA, Murphy Express and QuickChek.
Archrock is valued at $2.93 billion. The company currently pays a dividend of 66 cents per share, or 3.53%, on an annual basis.
AROC, together with its subsidiaries, works as an energy infrastructure company in the United States. The company operates under two segments — Contract Operations and Aftermarket Services.
Sunoco is valued at $6.15 billion. It is a major wholesale motor fuel distributor in the United States, distributing over ten fuel brands through long-term contracts with more than 10,000 convenience stores, ensuring consistent cash flows.
SUN’s extensive distribution network across 40 states provides a robust and reliable source of income, and the Brownsville terminal expansion will add to its revenue diversification.