Chevron (CVX) joins non-profit decarbonization organization

The American multinational energy company based in San Ramon, California, Chevron Corporation CLC, announced that it has signed an agreement to become part of the Global Center for Maritime Decarbonization (“GCMD”). The company intends to assist GCMD’s efforts to create scalable low-carbon technologies, including those that enable the use of ammonia as a marine fuel and commercial means to enable their use.

Created with the support of the Maritime and Port Authority of Singapore, GCMD is an independent, not-for-profit organization. GCMD is in Singapore working with the maritime industry to develop pilot project delivery strategies and campaigns for well-designed climate policies and standards.

GCMD CEO, Professor Lynn Loo, said his organization looked forward to working with Chevron and leveraging its experience as an energy producer, supplier and end user to operationalize pilots to help reduce the deployment and adoption time of decarbonization solutions. He further mentioned that the partnership will enable the two entities to work meticulously on future fuels and carbon capture technologies, which are important enablers that will help the sector achieve its net zero goals.

In keeping with its pursuit of a low-carbon future, Chevron Shipping continues to explore newer technologies, energy-efficient equipment and low-carbon fuels. It is also working in partnership with industry organizations on these potential solutions.

Mark Ross, president of Chevron Shipping Company, said that “reducing the carbon intensity of shipping requires fundamental changes across the entire shipping value chain.” He added that the task of reducing the company’s carbon footprint is complex and requires industry-wide collaboration, innovation and well-designed policy. Finally, he explained how GCMD brings together the knowledge and expertise to help achieve this goal and that his company looks forward to working with GCMD towards their shared low carbon vision.

In 2021, Chevron launched Chevron New Energies (CNE) to accelerate low-carbon activities in hydrogen, carbon capture, utilization and storage, offsets and emerging energy opportunities and supporting Chevron’s continued focus on renewable fuels and products. As part of its plan, CNE is focusing on customers in sectors of the economy that are harder to cut than others.

Chevron is one of the largest publicly traded oil and gas companies in the world, with operations around the world. The only energy component of the Dow Jones Industrial Average, CVX is fully integrated as it participates in all aspects of energy, from oil production to refining and marketing. The company generates approximately $95 billion in annual revenue and produces more than three million barrels per day of oil equivalent. It currently produces oil and natural gas at a 59/41 ratio. At the end of 2021, the company had proven reserves of approximately 12.4 billion barrels of oil equivalent.

Chevron currently has a Zacks rank #2 (buy). Other top-ranked energy stocks worth looking at include Conoco Phillips COP, Marathon Oil MRO and PBF Energy PBF, each sporting a Zacks rank #1 (Strong Buy). You can see the full list of today’s Zacks #1 Rank stocks here.

ConocoPhillips is valued at approximately $133 billion. ConocoPhillips’ consensus earnings estimate for 2022 has been revised up 12.4% in the past 60 days.

COP has beaten the Zacks consensus estimate for earnings in each of the past four quarters, averaging 12.6%. ConocoPhillips rebounded about 99% in one year.

Marathon Oil’s stock rose 137.7% in one year. Marathon Oil has beaten the Zacks consensus estimate for earnings over the past four quarters, averaging around 37.4%.

The Zacks consensus estimate for MRO earnings in 2022 is projected at $4.01 per share, up about 155.4% from projected earnings of $1.57 a year ago.

The Zacks consensus estimate for PBF Energy’s earnings in 2022 has been revised up about 80% in the past 60 days, from $1.14 to $2.05 per share. PBF Energy shares rose 90.3% in one year.

The Zacks consensus estimate for PBF earnings in 2022 is projected at $2.05 per share, up about 182% from the projected loss of $2.50 a year ago.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Aubrey L. Morgan