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Chevron (CVX), KazMunayGas Team Up for Low-Carbon Prospects

Zacks Equity Research
·3-min read

The American oil and gas giant, Chevron Corporation CVX, recently announced that it has signed a memorandum of understanding (MoU) with JSC NC “KazMunayGas” (“KMG”) through its subsidiary, Chevron Munaigas Inc., for the exploration of prospective lower-carbon economic opportunities in the Central Asian country of Kazakhstan.

Per the terms of the deal, both Chevron and KMG intend to evaluate the potential of lower-carbon projects in key areas like carbon capture, utilization and storage, hydrogen, energy efficiency and methane management and carbon financial disclosure methodology.

The MoU was signed by the managing director of CVX’s Eurasian Business Unit, Derek Magness, and Magzum Mirzagaliyev, the chairman of the Management Board of KMG, in the capital city of Nur-Sultan on the eve of the 34th Plenary session of the Foreign Investors Council chaired by Kazakh President Kassym-Jomart Tokayev and Chevron’s executive vice president of Upstream, Jay Johnson.

Mirzagaliyev mentioned that at the UN Climate Ambition Summit, the Kazakh President made a statement about his country’s intention to accomplish carbon neutrality by 2060 and that KMG, as part of this objective, has set forth a target to lower its carbon footprint by 15% by 2031 compared with the 2019 levels. He ended by stating that low carbon is an unknown territory for his firm and having a partner in Chevron, which has experience in implementing lower-carbon technologies, helps greatly.

Derek Magness mentioned that CVX believes that it has a crucial role to play in Kazakhstan’s energy transition journey to meet its carbon-reduction goals and that the partnership between the companies will help industries and customers advance their lower-carbon objectives.

The partnership between the two companies is part of the larger effort to assist Kazakhstan’s objective to achieve carbon neutrality by 2060.

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 #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include Enerplus ERF, Earthstone Energy ESTE and PBF Energy PBF, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Enerplus stock has rallied 152.4% in a year. The Zacks Consensus estimate for Enerplus’ 2022 earnings has been revised 33.3% upward over the past 60 days.

The Zacks Consensus Estimate for ERF’s 2022 earnings is projected at $3.44 per share, up about 254.6% from the projected year-ago earnings of 97 cents.

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The Zacks Consensus Estimate for Earthstone’s 2022 earnings has been revised upward by about 41.8% over the past 60 days from $2.80 to $3.97 per share. Earthstone’s stock has increased 107.7% in a year.

The Zacks Consensus Estimate for ESTE’s 2022 earnings is projected at $3.97 per share, up about 217.6% from the projected year-ago earnings of $1.25.

PBF Energy’s stock has rallied 152.3% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 158% over the past 60 days from $2.63 to $6.79 per share.

The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $6.79 per share, up about 371.6% from the projected year-ago loss of $2.50.


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Chevron Corporation (CVX) : Free Stock Analysis Report
 
Enerplus Corporation (ERF) : Free Stock Analysis Report
 
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Earthstone Energy, Inc. (ESTE) : Free Stock Analysis Report
 
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