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Chevron Halts Gorgon Train Two Operation, Starts Train Three
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California-based integrated energy giant Chevron Corporation (CVX - Free Report) has decided to temporarily suspend production at the Gorgon LNG project’s Train Two plant. However, the company has commenced production from the Train Three plant.
Gorgon LNG project is the largest single resource project in Australia dealing with the delivery of natural gas to international and domestic customers. The $54 billion project has faced several hindrances in production since it dispatched its first cargo in Mar 2016.
A temporary suspension of production at the Gorgon Train Two plant is attributed to the planned turnaround aimed at boosting train capacity and reliability. Although the time of work resumption has not been announced, the rest of the plants continue to maintain production volumes.
Notably, the company has begun LNG production from the third of the three production plants at Gorgon. The production is likely to impact the existing supply glut in the Asian LNG spot market. The Gorgon LNG project has a shipment capacity of 15.6 million metric tons per year, provided all the three trains become functional.
While Chevron is the chief operator of Gorgon LNG project holding 47.3% stake, Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell PLC own 25% interest each. The remaining stakes are held by Osaka Gas, Tokyo Gas and Chubu Electric Power.
Zacks Rank and Key Pick
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.
The company has outperformed the Zacks categorized Oil & Gas-International Integrated industry over the prior six months. During the aforesaid period, shares of Chevron rallied almost 5% while the broader industry gained around 2.5%.
However, the company posted a negative earnings surprise of 65.63% in the last quarter. Moreover, in the trailing four quarters it has reported average negative earnings surprise of 16.46%.
The company currently carries a Zacks Rank #3 (Hold).
Repsol reported positive average earnings surprise of 46.34% in the trailing four quarters.
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Chevron Halts Gorgon Train Two Operation, Starts Train Three
California-based integrated energy giant Chevron Corporation (CVX - Free Report) has decided to temporarily suspend production at the Gorgon LNG project’s Train Two plant. However, the company has commenced production from the Train Three plant.
Gorgon LNG project is the largest single resource project in Australia dealing with the delivery of natural gas to international and domestic customers. The $54 billion project has faced several hindrances in production since it dispatched its first cargo in Mar 2016.
A temporary suspension of production at the Gorgon Train Two plant is attributed to the planned turnaround aimed at boosting train capacity and reliability. Although the time of work resumption has not been announced, the rest of the plants continue to maintain production volumes.
Notably, the company has begun LNG production from the third of the three production plants at Gorgon. The production is likely to impact the existing supply glut in the Asian LNG spot market. The Gorgon LNG project has a shipment capacity of 15.6 million metric tons per year, provided all the three trains become functional.
While Chevron is the chief operator of Gorgon LNG project holding 47.3% stake, Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell PLC own 25% interest each. The remaining stakes are held by Osaka Gas, Tokyo Gas and Chubu Electric Power.
Zacks Rank and Key Pick
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.
The company has outperformed the Zacks categorized Oil & Gas-International Integrated industry over the prior six months. During the aforesaid period, shares of Chevron rallied almost 5% while the broader industry gained around 2.5%.
However, the company posted a negative earnings surprise of 65.63% in the last quarter. Moreover, in the trailing four quarters it has reported average negative earnings surprise of 16.46%.
The company currently carries a Zacks Rank #3 (Hold).
Repsol, S.A. (REPYY - Free Report) is a better-ranked player in the same industry, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1(Strong Buy) Rank stocks here.
Repsol reported positive average earnings surprise of 46.34% in the trailing four quarters.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>