Chevron (CVX) Finalizes Investment to Expand Leviathan Gas Field Capacity, Targeting 21 Billion Cubic Meters Annually
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Investment Decision: Chevron and its partners have made a final investment decision to expand production at the Leviathan gas field, with the project expected to come online by the end of this decade, significantly enhancing energy supply capabilities in the region.
- Production Increase: The expansion will involve drilling three new offshore wells, upgrading underwater equipment, and improving processing facilities, which will increase gas supply to Israel and surrounding areas to approximately 21 billion cubic meters annually, addressing rising energy demands.
- Ownership Structure: The working interest in the Leviathan field is held by Chevron Mediterranean Limited as operator (39.66%), NewMed Energy (45.34%), and Ratio Energies (15%), reflecting a strategic collaboration among multiple stakeholders.
- Regional Assets: In addition to Leviathan, Chevron's assets in the Eastern Mediterranean include the Tamar gas field and the Aphrodite gas field currently under development, further solidifying its market position and resource integration capabilities in the region.
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.
