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Chevron (CVX), Partners Approve Israel's Tamar Field Expansion
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Chevron (CVX - Free Report) and its partners in the Tamar natural gas reservoir off Israel’s Mediterranean coast recently declared that a final investment decision (FID) has been made for the first phase of the two-phase project, which will expand the natural gas output to meet the rising domestic demand and boost exports to Egypt.
Per the FID, the partners are expected to invest about $673 million in the project. The first phase of the Tamar gas field, which is located approximately 90 kilometers (55 miles) west of Haifa, aims to augment the field’s natural gas production to roughly 1.6 billion cubic feet (bcf).
Moreover, a 150 km pipeline from the Tamar field to the platform will be installed. It is anticipated to have a supply capacity of up to 1.2 bcf per day of natural gas. Phase 1 of the expansion is scheduled for completion in early 2025, while the completion of the second phase is expected in the second half of 2025.
The American oil major is the operator of the field, having a 25% interest in the same. Other partners include Isramco (28.75%), Mubadala Energy (22%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%).
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, CVX is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing.
The Zacks Consensus Estimate for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
The consensus estimate for Patterson’s 2022 earnings is pegged at 55 cents per share, suggesting an increase of about 128.5% from the year-ago loss of $1.93.
PTEN beat estimates for earnings in three of the trailing four quarters, the average being around 169.2%.
The Zacks Consensus Estimate for Par Pacific’s 2022 earnings stands at $7.69 per share, which indicates an increase of about 547% from the year-ago loss of $1.72.
The consensus mark for PARR’s 2022 earnings has been revised upward twice in the past 60 days from $4.96 to $7.69 per share.
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Chevron (CVX), Partners Approve Israel's Tamar Field Expansion
Chevron (CVX - Free Report) and its partners in the Tamar natural gas reservoir off Israel’s Mediterranean coast recently declared that a final investment decision (FID) has been made for the first phase of the two-phase project, which will expand the natural gas output to meet the rising domestic demand and boost exports to Egypt.
Per the FID, the partners are expected to invest about $673 million in the project. The first phase of the Tamar gas field, which is located approximately 90 kilometers (55 miles) west of Haifa, aims to augment the field’s natural gas production to roughly 1.6 billion cubic feet (bcf).
Moreover, a 150 km pipeline from the Tamar field to the platform will be installed. It is anticipated to have a supply capacity of up to 1.2 bcf per day of natural gas. Phase 1 of the expansion is scheduled for completion in early 2025, while the completion of the second phase is expected in the second half of 2025.
The American oil major is the operator of the field, having a 25% interest in the same. Other partners include Isramco (28.75%), Mubadala Energy (22%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%).
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, CVX is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing.
Chevron currently carries a Zacks Rank #3 (Hold). Investors interested in the energy space might look at some better-ranked stocks — DCP Midstream Partners , Patterson-UTI (PTEN - Free Report) and Par Pacific (PARR - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
The consensus estimate for Patterson’s 2022 earnings is pegged at 55 cents per share, suggesting an increase of about 128.5% from the year-ago loss of $1.93.
PTEN beat estimates for earnings in three of the trailing four quarters, the average being around 169.2%.
The Zacks Consensus Estimate for Par Pacific’s 2022 earnings stands at $7.69 per share, which indicates an increase of about 547% from the year-ago loss of $1.72.
The consensus mark for PARR’s 2022 earnings has been revised upward twice in the past 60 days from $4.96 to $7.69 per share.