Chevron (CVX) Exits U.K. North Sea, Divests Remaining Assets

17.05.24 20:43 Uhr

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Chevron Corporation CVX, the oil and gas supermajor, has recently announced the sale of its U.K. North Sea oil and gas assets. The divestment marks the energy giant’s departure in the region after 55 long years. CVX’s holding in the region includes a 19.4% stake in the Clair oilfield, which has the largest production in the region of 120,000 barrels per day. It will also sell off its minor stakes in the Sullom Voe oil terminal, as well as its stakes in the Ninian and SIRGE pipeline systems.The Claire oilfield lies west of the Shetland region and is operated by BP. The operator has stated that it is deliberating on a third development phase for the field, known as Clair South. Clair South is known to be one of the largest untapped fields in the location.The formal sales procedure is scheduled to begin in June. The sales proceeds could generate up to $1 billion for the company, excluding tax benefits.Chevron had previously sold off its stake in the Rosebank field development to Equinor in 2018. The energy giant also sold many of its assets in the North Sea to Ithaca Energy, reducing its footprint in the region.CVX’s exit from the North Sea follows the trend that several other U.S. oil companies have also exhibited. Since the 2000s, many major oil companies including Exxon Mobil, ConocoPhillips and Shell have sold their assets in the basin owing to the declining production. The U.K.’s oil production has taken a hit from its peak of around 4.5 million barrels of oil equivalent per day (boe/d) in the late 1990s to around 1.2 million boe/d in 2023.The announcement of its departure from the North Sea follows Chevron’s announcement of a $53 billion acquisition of Hess Corporation. Management has stated that this divestment is in line with this overall strategy to focus on its most profitable assets. The company intends to maintain capital discipline across both traditional and new energy sectors, continually reviewing its asset portfolio to ensure that all its assets remain strategic and competitive for future investments.Zacks Rank and Key PicksCurrently, CVX holds a Zacks Rank #3 (Hold).Some better-ranked stocks in the energy sector are Archrock Inc. AROC, SM Energy SM and Eni SpA E. Archrock and SM Energy presently sport a Zacks Rank #1 (Strong Buy) each, while Eni carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.Eni is a leading global integrated energy company with a prominent focus on liquefied natural gas businesses. As natural gas has a lesser carbon footprint compared with other fossil fuel, it will play an important role in the global energy transition process. Eni’s participation in the natural gas market will allow it capitalize on the mounting global demand in the future.Research Chief Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Eni SpA (E): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Analysen zu Chevron Corp.

DatumRatingAnalyst
23.10.2023Chevron OutperformRBC Capital Markets
04.10.2023Chevron NeutralJP Morgan Chase & Co.
15.11.2021Chevron BuyUBS AG
12.05.2020Chevron NeutralUBS AG
01.05.2020Chevron buyJefferies & Company Inc.
DatumRatingAnalyst
23.10.2023Chevron OutperformRBC Capital Markets
15.11.2021Chevron BuyUBS AG
01.05.2020Chevron buyJefferies & Company Inc.
07.04.2020Chevron buyUBS AG
21.08.2019Chevron OutperformBMO Capital Markets
DatumRatingAnalyst
04.10.2023Chevron NeutralJP Morgan Chase & Co.
12.05.2020Chevron NeutralUBS AG
12.02.2020Chevron HoldHSBC
29.08.2019Chevron HaltenIndependent Research GmbH
02.07.2018Chevron Sector PerformRBC Capital Markets
DatumRatingAnalyst
06.07.2017Chevron UnderperformRBC Capital Markets
23.09.2015Chevron UnderperformMacquarie Research
09.09.2014Chevron UnderperformMerrill Lynch & Co., Inc.
24.04.2007Chevron sellDeutsche Securities
05.02.2007Chevron sellDeutsche Securities

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