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) Lags Further in Its Carbon Capture Targets
Read MoreHide Full Article
The American oil and gas giant, Chevron Corporation (CVX - Free Report) , has fallen further behind its CO2 capture and storing targets at its mega gas project in Western Australia.
CVX recently confirmed that it bought and surrendered 5.23 metric tons (Mt) of CO2 offsets to cover the inability to meet its 2021 target at its CCS project in the offshore Gorgon gas field in Western Australia. Nearly all of these carbon offsets are linked to overseas projects to cut down emissions, with only 200,000 tons bought from Australia’s domestic market.
The Government of Western Australia has asked Chevron to capture no less than 80% of CO2 from the gas produced at the Gorgon field and then inject it into a geological formation two kilometers below Barrow Island, situated off the state’s northwest coast.
The $3-billion Gorgon project is one of the world’s largest carbon capture facilities and the only one operating in Australia. In July last year, Chevron stated that it had fallen 5.23 Mt short of the government’s 80% target, which is calculated on a five-year rolling average.
Being liable for capturing CO2 at its plant from July 2016 onward, Chevron could not commence injection until August 2019 due to technical problems. However, 5.5 Mt of CO2 was stored between the later start date and July 2021.
The company mentioned that the latest five-year average would lead to the requirement of buying more offsets. CVX has a 47% stake in the Gorgon LNG project, with partners ExxonMobil and Shell owing a 25% interest each.
Chevron is one of the largest publicly traded oil and gas companies in the world with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, Chevron is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. The company generates around $95 billion in annual revenues and produces more than three million barrels per day of oil equivalent.
Image: Shutterstock
Chevron (CVX) Lags Further in Its Carbon Capture Targets
The American oil and gas giant, Chevron Corporation (CVX - Free Report) , has fallen further behind its CO2 capture and storing targets at its mega gas project in Western Australia.
CVX recently confirmed that it bought and surrendered 5.23 metric tons (Mt) of CO2 offsets to cover the inability to meet its 2021 target at its CCS project in the offshore Gorgon gas field in Western Australia. Nearly all of these carbon offsets are linked to overseas projects to cut down emissions, with only 200,000 tons bought from Australia’s domestic market.
The Government of Western Australia has asked Chevron to capture no less than 80% of CO2 from the gas produced at the Gorgon field and then inject it into a geological formation two kilometers below Barrow Island, situated off the state’s northwest coast.
The $3-billion Gorgon project is one of the world’s largest carbon capture facilities and the only one operating in Australia. In July last year, Chevron stated that it had fallen 5.23 Mt short of the government’s 80% target, which is calculated on a five-year rolling average.
Being liable for capturing CO2 at its plant from July 2016 onward, Chevron could not commence injection until August 2019 due to technical problems. However, 5.5 Mt of CO2 was stored between the later start date and July 2021.
The company mentioned that the latest five-year average would lead to the requirement of buying more offsets. CVX has a 47% stake in the Gorgon LNG project, with partners ExxonMobil and Shell owing a 25% interest each.
Chevron is one of the largest publicly traded oil and gas companies in the world with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, Chevron is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. The company generates around $95 billion in annual revenues and produces more than three million barrels per day of oil equivalent.
Chevron currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include PBF Energy (PBF - Free Report) , Shell (SHEL - Free Report) and CNX Resources (CNX - Free Report) , while PBF and Shell enjoy a Zacks Rank #1 (Strong Buy), CNX sports a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 139% over the past 60 days from $4.14 to $9.90 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings stands at $9.90 per share, up about 496% from the year-ago loss of $2.50.
The Zacks Consensus Estimate for Shell’s 2022 earnings is pegged at $10.80 per share, up about 118.2% from the year-ago earnings of $4.95.
The Zacks Consensus Estimate for SHEL’s 2022 earnings has been revised upward by about 18% over the past 60 days from $9.15 to $10.80 per share.
The Zacks Consensus Estimate for CNX Resources’ 2022 earnings is pegged at $2.98 per share, up 85% from the year-ago earnings of $1.61.
The Zacks Consensus Estimate for CNX’s 2022 earnings has been revised upward over the past 60 days from $2.70 per share to $2.98.