Chevron open to selling Canada oil sands stake

  • Chevron (CVX) would consider selling its 20% stake in the Athabasca oil sands project, CEO Michael Wirth says, as the company faces investor pressure to cut carbon emissions.
  • Athabasca generates "pretty good cash flow" without needing much capital "but I wouldn't deem it a strategic position," Wirth tells a Bernstein investment conference.
  • "If we got what we think is fair value for an asset like that, we've been willing to transact on things that are of that scale and kind of relative importance in the portfolio," Wirth says.
  • Facing pressure to reduce their emissions, several big oil companies including Royal Dutch Shell and ConocoPhillips have sold off their Canadian oil sands holdings in recent years.
  • Chevron shareholders have not been quiet of late, defying the company's board last week to vote in favor of a climate proposal to include Scope 3 emissions in future reduction targets.

    Over the current book year the company from San Ramon could achieve a revenue around 140.07 billion USD (consensus estimates). This is rather significant more than 2020's revenue of 94.47 billion USD.

    Historical revenues and results Chevron plus estimates 2020

    aandelenanalyse

    The analysts expect for 2021 a net profit of 10.25 billion USD. Most of the analysts anticipate on a profit per share of 5.52 USD. The price-earnings-ratio equals 19.65.

    Huge dividend Chevron

    Per share the analysts expect a dividend of 5.31 USD per share. The dividend yield is then 4.9 percent. The average dividend yield of the oil & gas producers is an attractive 3.08 percent.

    Based on the current number of shares Chevron 's market capitalization equals 204.12 billion USD. The Chevron stock was the past 12 months quite unstable. Since last June the stock is 14 percent higher. This year the stock price moved between 65 and 113 dollar.

    Historical stock prices Chevron

    stock prices chevron

    On Friday the stock closed at 108.45 USD.

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