Chevron Subsidiary Finalizes Investment Decision to Expand Leviathan Gas Production Capacity
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: NASDAQ.COM
- Investment Decision Made: Chevron's subsidiary, Chevron Mediterranean Limited, along with the working interest owners of the Leviathan gas field, has reached a Final Investment Decision to expand the production capacity of the Leviathan platform, indicating a positive outlook on future energy demand by targeting completion towards the end of the decade.
- Project Scope: The expansion will involve drilling three additional offshore wells, adding subsea infrastructure, and enhancing treatment facilities on the Leviathan platform, which is expected to significantly boost output and operational efficiency, thereby solidifying its position in the global energy market.
- Ownership Structure: The working interest owners of the Leviathan gas field include Chevron Mediterranean Limited with a 39.66% stake, NewMed Energy with 45.34%, and Ratio Energies with 15%, a collaborative model that helps mitigate risks and enhances project feasibility.
- Future Outlook: As the project progresses, it is anticipated to provide additional natural gas supplies to Israel and surrounding regions, fostering local economic development while positioning Chevron favorably in the global energy transition landscape.
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.
