Chevron (CVX) to Raise Gas Production at LNG Facility Australia
Chevron Corporation (CVX), a major oil and gas producer in the United States, recently announced that it will increase gas production capacity at its Wheatstone liquefied natural gas (LNG) project in Western Australia, per media reports. The company claimed that the name-plate capacity of the project will rise from 205 terajoules per day to 215 following technical adjustments and plant modifications.
According to Chevron Australia managing director Mark Hatfield, plant modifications and subsequent high-rate production trials undertaken over the past year confirmed that the facility was able to maintain safe and reliable domestic gas production at increased rate. Hatfield added that more work would be done in the upcoming months to test the company’s higher domestic gas production rates.
Australia is the world's largest LNG exporter, with Woodside Energy's North West Shelf, Chevron's Gorgon and Wheatstone projects contributing around one-tenth of the global market share.
The news from Chevron comes in as unions for offshore platform workers at Australia’s LNG providers threaten a strike demanding better wages and work conditions. At the Wheatstone and Gorgon LNG plants, a final vote is reportedly scheduled for Aug 24 to determine if workers would let unions to conduct strikes.
Zacks Rank & Key Picks
Currently, Chevron carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy space are CVR Energy Inc. CVI, Evolution Petroleum Corporation EPM and Global Partners LP GLP. While CVI sports a Zacks Rank #1 (Strong Buy), both EPM and GLP carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
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