Chevron Subsidiary Finalizes Leviathan Gas Expansion Decision, Boosting Output to 21 Billion Cubic Meters Annually
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: seekingalpha
- Investment Decision Made: Chevron's Mediterranean subsidiary and the working interest owners of the Leviathan gas reservoir have reached a final investment decision to expand production capacity, marking a significant deepening of the company's strategic positioning in Israel.
- Output Increase: The expansion will add three offshore wells and additional subsea infrastructure, boosting annual gas deliveries from the field to approximately 21 billion cubic meters, significantly enhancing energy supply capabilities for Israel and the surrounding region.
- Ownership Structure: The working interest owners of the Leviathan gas field include Chevron Mediterranean (39.66%), NewMed Energy (45.34%), and Ratio Energies (15%), with collaboration among these parties facilitating the project's advancement.
- Regional Asset Portfolio: 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 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.
