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 Green Lights $5.1 Billion Gorgon Expansion Project
Read MoreHide Full Article
Chevron Corporation (CVX - Free Report) , an integrated oil major, finally announced its intention to proceed with the second stage of its multibillion dollar Gorgon LNG project in Western Australia's north-west coast.
Gorgon LNG project is the largest single resource project in Australia, dealing with the delivery of natural gas to international and domestic customers. The $69 billion project is one of the costliest energy projects, employing more than 10,000 people to construct the processing facility at Barrow Island. The Gorgon LNG project has a shipment capacity of 15.6 million metric tons per year.
The project has faced several hindrances in production since it dispatched its first cargo in March 2016. Since then, more than 250 cargoes have been dispatched to Asia.
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.
Chevron and its partners in the project plan to sink eleven new wells in Gorgon and Jansz-Io fields. They also intend to build offshore pipelines and subsea structures to pipe the gas to the LNG plant on Barrow Island. The drilling is likely to commence next year with the project expected to be completed after 4 years.
The second stage of the project involves a capital investment of around $5.1 billion. The investment in the second stage of the project would fit within Chevron’s planned annual investment of $18-$20 billion through 2020. Apart from leading to creation of jobs and boosting the local economy, the expansion of the project is likely to boost the domestic supply of gas from 200 terajoules (TJ) to about 300 TJ a day.
Zacks Rank and Key Picks
Headquartered in California, 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 carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Meanwhile, one can consider a better-ranked stock, PetroChina Company Limited , which is a Zacks #1 Ranked company within the same industry. The company delivered an average positive earnings surprise of 21.99% in the trailing four quarters.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now. Click here to see them >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Chevron Green Lights $5.1 Billion Gorgon Expansion Project
Chevron Corporation (CVX - Free Report) , an integrated oil major, finally announced its intention to proceed with the second stage of its multibillion dollar Gorgon LNG project in Western Australia's north-west coast.
Gorgon LNG project is the largest single resource project in Australia, dealing with the delivery of natural gas to international and domestic customers. The $69 billion project is one of the costliest energy projects, employing more than 10,000 people to construct the processing facility at Barrow Island. The Gorgon LNG project has a shipment capacity of 15.6 million metric tons per year.
The project has faced several hindrances in production since it dispatched its first cargo in March 2016. Since then, more than 250 cargoes have been dispatched to Asia.
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.
Chevron and its partners in the project plan to sink eleven new wells in Gorgon and Jansz-Io fields. They also intend to build offshore pipelines and subsea structures to pipe the gas to the LNG plant on Barrow Island. The drilling is likely to commence next year with the project expected to be completed after 4 years.
The second stage of the project involves a capital investment of around $5.1 billion. The investment in the second stage of the project would fit within Chevron’s planned annual investment of $18-$20 billion through 2020. Apart from leading to creation of jobs and boosting the local economy, the expansion of the project is likely to boost the domestic supply of gas from 200 terajoules (TJ) to about 300 TJ a day.
Zacks Rank and Key Picks
Headquartered in California, 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 carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Chevron Corporation Price
Chevron Corporation Price | Chevron Corporation Quote
Meanwhile, one can consider a better-ranked stock, PetroChina Company Limited , which is a Zacks #1 Ranked company within the same industry. The company delivered an average positive earnings surprise of 21.99% in the trailing four quarters.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>