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Chevron Corporation CVX recently announced that it has temporarily closed down a separating unit at the offshore processing platform of its Wheatstone LNG export facility in Australia. The decision to shut down the facility was based on an issue that was encountered at the time of routine maintenance inspections.
Per reliable sources, a snag within a nozzle on an inlet separator vessel was detected at the unit, which separates gas from liquids. Though further probe is on, updates on the unit’s reopening are yet to be issued.
Management at this super major informed that all processing trains at the Wheatstone onshore natural gas terminal will remain functional while supplies will continue to be transported to customers in Western Australia.
This state down under already holds a dominant position for its strong domestic gas supply capacity and the Wheatstone project only fortifies its global footing.
Wheatstone project is an endeavor, jointly run by Chevron (operator, 64.14 %), Woodside (13 %), KUFPEC (13.4%), PE Wheatstone (partly-owned by JERA, 8%) and Kyushu Electric Power Company (1.46%).
Chevron-operated Gorgon and Wheatstone natural gas plants are estimated to produce 500 terajoules of domestic gas per day for the Western Australia market, which is sufficient to generate electric power for 4.3 million households.
Apart from the Gorgon and Wheatstone natural gas stations, Chevron owns 16.67% stake in the North West Shelf project in Australia, which it plans to divest to some prospective buyer.
About the Company
Chevron is one of the largest publicly-traded oil and gas companies in the world with operations spread to almost every corner of the globe. A component of the Dow Jones Industrial Average, this energy player is a fully-integrated company, participating in every energy-related aspect, ranging from oil production to refining and marketing.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy space are CNOOC Limited CEO, Noble Corporation NE and Antero Midstream Corporation AM, each presently holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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