A unit of Chevron CVX announced a partnership with the waste management firm, Brightmark Energy, to manufacture and market dairy biomethane, which is a type of a renewable natural gas (“RNG”), containing methane emissions. The drive comes as fossil-fuel manufacturers are under intense pressure to lower greenhouse gas emissions to mitigate climate change.

The joint venture will provide funds for the infrastructural developments and commercial transactions of dairy biomethane projects in multiple states of the United States. Chevron will purchase the natural gas produced from these projects to market as transportation fuel. The natural gas is made from emissions from cattle burps. During the digestive process, sheep and cattle release methane, which is used to produce RNG for vehicles.

Chevron’s objective is to improve the development process of reliable and affordable energy and to invest in companies addressing greenhouse gas emissions as stated by Andy Walz, president of Americas Products for Chevron. Currently, the company is working on advancing the use of renewables, making targeted investments and establishing partnerships in emerging sources of energy.

On its part, Brightmark is planning to attain a global net-zero carbon future. Importantly, the company organizes lifecycle carbon-negative projects all over the world to improve ecological health with significantly less waste and for economical advancement.

About Chevron & Price Performance

Chevron, headquartered in San Ramon, CA, is one of the largest publicly traded oil and gas companies in the world, with operations in almost every corner of the globe. Its shares have outperformed the Zacks Oil & Gas Integrated industry in the past 6 months. Shares of Chevron have lost 12.8% compared with the 19.6% decline of the composite stocks belonging to the industry.

 

 

Zacks Rank & Key Picks

The company currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space

Twice over the past two weeks, ExxonMobil
XOM
has made headlines for all the wrong reasons.

Last week the utility NextEra Energy
NEE
surpassed the market capitalization of ExxonMobil to replace it as the largest U.S. energy company.

This week, there was another milestone. At some points over the past decade, ExxonMobil — the biggest of “Big Oil” in the U.S. — was worth as much as $225 billion more than Chevron
CVX
. That size advantage totally disappeared on October 8, 2020, when Chevron’s value closed the day higher than ExxonMobil’s.

If you look at the chart, it’s quite different than the story with NextEra. ExxonMobil’s value fell sharply this year, but NextEra has had a really good year. Chevron, on the other hand, has struggled with the Covid-19 pandemic along with other oil and gas producers. They just haven’t struggled as much as most others.

The past decade has been a tough one for oil producers everywhere, but Chevron has managed to hold its value for most of the decade. Both companies have long been favorites among dividend investors (and note that the chart doesn’t reflect the dividend income generated by these companies), but Chevron held up better and paid more income to investors.

Where did things go so wrong for ExxonMobil? I have often pointed to the company’s ill-timed $36 billion acquisition of natural gas producer XTO Energy in December

  • Chevron employees are being asked to reapply for positions as the oil giant restructures its global operations. 
  • Workers who are not chosen for new assignments will lose their jobs. The restructuring is expected to eliminate up to 15% of the company’s workforce. 
  • Chevron will cut 700 jobs in Houston starting October 23, according to a public filing. 
  • Do you have information about Chevron? Send tips to this reporter at bjones@businessinsider.com or through Signal/text at 1-646-768-1657.
  • For more stories like this, sign up here for our weekly energy newsletter.

(Reuters) – Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

The No. 2 US oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

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Employees who are not chosen for jobs should know within weeks, chief executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

The company took a $1 billion charge to earnings earlier this year to cover severance pay for employees affected by the restructuring. Workers not chosen for new assignments would lose their jobs.

Do you have information about Chevron? Send tips to this reporter at bjones@businessinsider.com or through Signal/text at 1-646-768-1657.

Chevron’s takeover of Noble Energy will result in job cuts 

Chevron recently expanded its 45,000-person workforce by acquiring smaller oil and gas producer Noble Energy, which has about 2,200 workers.

(Bloomberg) — Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more than a century ago.

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The reordering of the oil giants says more about Exxon than Chevron.

The company has been struggling to generate enough cash to pay for capital expenditures, leaving it reliant on debt and putting pressure on its $15 billion-a-year dividend. It pursued a series of expensive projects that promised growth after years of stagnating production. Those became a drag on its cash flow when the pandemic hit. Chevron has meanwhile fared relatively well, having emerged with the strongest balance sheet among its Big Oil peers.

Even so, both Exxon and Chevron are receding into the rear-view mirror of NextEra Energy Inc. The world’s biggest producer of wind and solar power has now surpassed the oil majors, leading a spectacular rally in power stocks as much of the world shuns fossil fuels to fight climate change.



chart: NextEra's market value now exceeds Chevron, Exxon


© Bloomberg
NextEra’s market value now exceeds Chevron, Exxon

NextEra ended Wednesday with a market capitalization of $145.5 billion, topping Exxon’s $141.6 billion. Last month, the power giant eclipsed Chevron, now valued at $142 billion.

Exxon’s shares have tumbled more than 50% this year, and its second-quarter loss was its worst of the modern era. In August, it was ejected from the Dow Jones Industrial Average.

Chevron, meanwhile, has fared relatively well amid a Covid-fueled downturn, having emerged with the strongest balance sheet among its Big Oil peers. It was able to complete its $5 billion acquisition of Noble Energy Inc. last week.

READ: Exxon’s Humbling Fall From Oil Juggernaut to Mediocre Company

NextEra has emerged as the world’s most valuable utility, largely by betting big

The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018. REUTERS/Marco Bello/Files

HOUSTON/NEW YORK (Reuters) – Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

Employees who are not chosen for jobs should know within weeks, Chief Executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

The company took a $1 billion charge to earnings earlier this year to cover severance pay for employees affected by the restructuring. Workers not chosen for new assignments would lose their jobs.

Chevron recently expanded its 45,000-person workforce by acquiring smaller oil and gas producer Noble Energy, which has about 2,200 workers. That $4.1 billion all-stock deal closed this week.

In Houston, about 700 employees will lose jobs starting Oct. 23, according to a notice Chevron sent to the state of Texas. Employees will receive enhanced severance benefits and two-months to leave the company, the letter said. Most of the people not chosen for new posts will depart by the end of the year, a spokeswoman said.

Decisions about Noble employees are likely in several weeks, Wirth said. Reductions are more likely where the two companies overlap, such as west Texas shale and administrative areas, Wirth said.

“Some areas like the Middle East or