Chevron (CVX) Announces Final Investment Decision to Expand Leviathan Gas Platform with 39.66% Stake
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Businesswire
- Investment Decision: Chevron and its partners have reached a Final Investment Decision to expand production capacity at the Leviathan gas platform in Israel, expected to come online by the end of this decade, reflecting confidence in the region's energy future.
- Production Increase: The expansion project will drill three additional offshore wells and enhance treatment facilities, increasing annual gas delivery from Leviathan to approximately 21 billion cubic meters, addressing the growing energy needs of Israel and surrounding regions.
- Regional Collaboration: Chevron's partnership with Israel will provide essential energy to millions in Israel, Egypt, and Jordan, further solidifying its leadership position in the Eastern Mediterranean energy sector.
- Strategic Implications: This project not only highlights the positive impact of U.S. and regional energy policies but also fosters an investment-friendly environment in the Middle East, enhancing energy security and promoting sustainable development.
Analyst Views on CVX
Wall Street analysts forecast CVX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVX is 177.50 USD with a low forecast of 158.00 USD and a high forecast of 204.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
13 Buy
3 Hold
0 Sell
Strong Buy
Current: 167.240
Low
158.00
Averages
177.50
High
204.00
Current: 167.240
Low
158.00
Averages
177.50
High
204.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
