Chevron Corporation CVX announced that one of its subsidiaries — Chevron U.S.A. Inc. — delivered the first-ever shipment of offset-paired liquefied natural gas (LNG) cargo to CPC’s terminal located at Kaohsiung in Taiwan from the Gorgon project off the northwest coast of Western Australia.
CVX mentioned that greenhouse gas emissions for the cargo from the Gorgon project will be offset by retiring nature-based and energy-efficiency offsets located in Cambodia, Indonesia and Nepal.
The Scope 1 and 2 emissions for the cargo were calculated based on a methodology jointly developed by Chevron, Pavilion Energy Trading & Supply and QatarEnergy in 2021. Scope 3 emissions, however, were calculated based on the PACE Global report for regas and distribution and the IPCC 2006 emission factor for combustion.
Per John Kuehn, the president of Chevron Supply and Trading, a division of Chevron U.S.A. Inc., “Chevron’s first full lifecycle emissions offset cargo advances our net zero ambitions and represents a significant milestone in Chevron’s relationship with CPC Corporation, Taiwan.”
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.
Chevron currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include CVR Energy CVI, HF Sinclair DINO and Earthstone Energy ESTE, 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 CVR Energy’s 2022 earnings has been revised 20% upward over the past 60 days.
Estimates for CVI’s 2022 earnings are pegged at $5.63 per share, up about 705.4% from the year-ago loss of 93 cents.
The Zacks Consensus Estimate for HF Sinclair’s 2022 earnings has been revised about 18.7% upward over the past 60 days from $12.07 per share to $14.33.
The consensus mark for DINO’s 2022 earnings is pegged at $14.33 per share, up 842.8% from the year-ago earnings of $1.52.
Estimates for Earthstone’s 2022 earnings are pegged at $5.85 per share, indicating an increase of about 368% from the year-ago earnings of $1.25.
ESTE beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 27%.
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