Chevron and Exxon Decline to Fund COP28 Methane Reduction Fund

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Chevron Corporation ($NYSE:CVX), formerly known as ChevronTexaco, is an American multinational energy corporation that is involved in every aspect of the oil and gas industry. This includes exploration, production, refining, marketing, and transportation. This fund was set up to reduce and capture methane emissions from oil and gas production sites, thereby helping to address climate change and reduce global warming. According to a statement released by the two oil giants, they believe that their current efforts in reducing methane emissions go beyond what is sought through the fund. Moreover, they are confident that their existing infrastructure and technologies have the ability to significantly reduce methane emissions from oil and gas sites.

However, many environmental activists have expressed concern at this decision from Chevron and Exxon, as they argue that the methane reduction fund could play an important role in tackling climate change and global warming. Despite the criticism of their decision, Chevron and Exxon have stood by their original statement, and currently have no plans to contribute to the methane reduction fund for COP28. It remains to be seen whether this decision will have any impact on the company’s reputation or future activities.

Share Price

On Monday, CHEVRON CORPORATION opened at $144.0 and closed at $144.9, declining to fund the COP28 Methane Reduction Fund. The Fund was set to be used to reduce methane emissions, a major contributor to climate change, around the world. They have also committed to investing in renewable energy sources, such as solar and wind power, in an effort to reduce their carbon footprint. However, their decision not to fund this specific project means that many other countries will have to take the lead in fighting climate change. Live Quote…

About the Company

Income Snapshot

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Cash Flow Snapshot

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Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Chevron Corporation. More…

Key Ratios Snapshot

Some of the financial key ratios for Chevron Corporation are shown below. More…

Analysis

At GoodWhale, we conducted an analysis on CHEVRON CORPORATION‘s fundamentals. According to our Star Chart, CHEVRON CORPORATION is classified as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. Given its strong health score of 10/10, which indicates that it is capable to pay off its debt and fund future operations, CHEVRON CORPORATION could be an attractive investment for value investors looking for steady income. It is strong in dividend, and medium in asset, growth, and profitability. This makes it a solid long-term investment for investors who are looking for steady returns. More…

Peers

The Chevron Corp competes with Exxon Mobil Corp, Occidental Petroleum Corp, and ConocoPhillips. All of these companies are in the business of exploring for, developing, and producing crude oil and natural gas. Chevron is one of the largest of the supermajor oil companies, with operations in more than 180 countries.

– Exxon Mobil Corp ($NYSE:XOM)

Exxon Mobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller’s Standard Oil Company, and was formed on November 30, 1999 by the merger of Exxon (formerly the Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). The world’s seventh largest company by revenue, ExxonMobil is also the seventh largest publicly traded company by market capitalization. The company ranked ninth globally in the Forbes Global 2000 list in 2014.

– Occidental Petroleum Corp ($NYSE:OXY)

Occidental Petroleum Corp is a large American oil and gas company with operations in the United States, the Middle East, and Latin America. The company has a market cap of 63.77B as of 2022 and a return on equity of 29.73%. Occidental Petroleum is one of the largest oil and gas companies in the world and is engaged in the exploration, production, and marketing of crude oil and natural gas. The company’s primary operations are in the United States, but it also has a significant presence in the Middle East and Latin America. Occidental Petroleum is a publicly traded company and its shares are listed on the New York Stock Exchange.

– ConocoPhillips ($NYSE:COP)

ConocoPhillips is an American multinational energy corporation with its headquarters in Houston, Texas. The company is engaged in the exploration, production, marketing, and transportation of crude oil, bitumen, natural gas, and liquefied natural gas. As of December 31, 2019, the company had estimated proved reserves of 8.4 billion barrels of oil equivalent.

ConocoPhillips has a market capitalization of $150.08 billion as of January 2021. The company’s return on equity was 30.9% for the year ended December 31, 2020.

ConocoPhillips is one of the world’s largest independent exploration and production companies, with operations in more than 30 countries. The company’s main business activities include the exploration, development, production, and marketing of crude oil, natural gas, and liquefied natural gas. ConocoPhillips also has a significant refining and marketing business.

Summary

Chevron Corporation is one of the world’s largest integrated energy companies and has recently declined to fund the COP28 methane reduction fund. Chevron is a diversified company that operates across the entire energy spectrum, including upstream, downstream, and midstream activities. The company has various business segments, such as upstream, downstream, and chemicals. Chevron has maintained a strong balance sheet with strong cash flow generation which has allowed it to invest in its businesses and increase shareholder value.

Its upstream operations have grown significantly in the past decade, and it is one of the largest players in the oil and gas business. Furthermore, Chevron has a strong presence in the chemicals sector and continues to focus on new technology to reduce energy consumption. Meanwhile, its downstream operations have been bolstered by long-term supply contracts and refining operations which have helped it to remain profitable and maintain its competitive position.