Chevron Corporation (CVX - Free Report) , a leading integrated energy player, reported that it has lifted the suspension of production at one of its two units of Gorgon liquefied natural gas (LNG) development – located off the coast of Australia – post outage of more than a month.
The Gorgon LNG Train 1 unit of the $54 billion Gorgon project was halted in late Nov 2016 to address some performance variations. This project has seen a string of outages since its start in March 2016. However, output at the plant's Train 2 production unit remained unaltered during the period and it continued to produce and load cargoes.
Chevron is the operator of the Gorgon LNG project with a 47.3% ownership. Exxon Mobil Corporation (XOM - Free Report) – the largest U.S. oil company by market value – and Royal Dutch Shell plc (RDS.A - Free Report) have a 25% stake each in the development. The remaining stake is held by Osaka Gas, Tokyo Gas and Chubu Electric Power.
San Ramon, CA-based Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.
Over the past one year, the Zacks categorized Oil and Gas Integrated International industry has registered a growth of 14.41%. However, the Chevron stock has outperformed the industry by gaining 27.21%.
Chevron currently carries a Zacks Rank #3 (Hold), implying that it will perform in line with the broader U.S. equity market over the next one to three months.
A better-ranked stock in the energy sector is Braskem S.A. (BAK - Free Report) , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.
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