Yahoo Finance Chevron (CVX) Relinquishes West Canada's Offshore Permits
Chevron Corporation CVX, through its subsidiary, Chevron Canada Ltd, recently announced the voluntary relinquishment of 19 offshore oil and gas permits on Canada's west coast. The permits are within the Scott Islands Marine National Wildlife Area and the Hecate Strait and Queen Charlotte Sound Glass Sponge Reefs Marine Protected Area.
With the relinquishment, the government of Canada may continue to count these areas entirely toward its international marine conservation targets. Around 5,700 square kilometers of the abovementioned offshore oil and gas permits overlap with federally protected marine areas offshore British Columbia.
According to Christopher Mazerolle, president of Chevron Canada, the company has been in talks with Natural Resources Canada since 2020 on the possibility of contributing to the government of Canada's international marine conservation targets. He further stated that CVX has been safely developing Canada’s onshore and offshore oil and gas resources for 85 years and is still committed to providing the country with affordable, clean energy.
Zacks Rank & Key Picks
Currently, Chevron carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, Par Pacific Holdings Inc. PARR, each sporting a Zacks Rank #1 (Strong Buy) and Valero Energy Corporation VLO carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high-value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.
Valero Energy is a global manufacturer and marketer of transportation fuels and petrochemical products. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past seven days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.
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Chevron Corporation (CVX) : Free Stock Analysis Report
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