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CHEVRON CORPORATION

(CVX)
  Report
Delayed Nyse  -  04:03 2022-12-02 pm EST
181.03 USD   -0.80%
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12/01U.S. oil refiner Valero, rivals pursue Chevron for Venezuelan crude
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Chevron, Mitsui to Explore Geothermal Power Potential in Japan

09/26/2022 | 02:33am EST

By Fabiana Negrin Ochoa


Chevron Corp.'s low-carbon fuels unit is teaming up with Mitsui & Co.'s oil-exploration subsidiary to look into the potential of geothermal power generation in Japan, the companies said Monday.

Chevron New Energies International Pte., formed by the U.S. energy giant last year, signed a joint collaboration agreement with Mitsui Oil Exploration Co. to evaluate the effectiveness of advanced closed loop technology for a future geothermal project in Japan.

"Unlike conventional geothermal projects, which use traditional steam turbines requiring high temperatures often found in concentrated locations limited by geological characteristics, ACL can potentially enable access to geothermal resources at a wider range of temperatures and geologies," they said in a statement.

The companies may also consider geothermal opportunities elsewhere.

The collaboration, which aims to combine Chevron's subsurface tech with Mitsui Oil's geothermal expertise, "could unlock tremendous geothermal resources in Japan," said Hirotaka Hamamoto, chief executive of Mitsui Oil Exploration.

Geothermal power plants proliferated in Japan the wake of the Fukushima disaster in 2011 thanks to policy support, but still account for only a sliver of the country's energy output. According to the International Renewable Energy Agency, geothermal power has the potential to be a key driver of the energy transition in Japan, which has the world's third-largest store of the energy source.


Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com


(END) Dow Jones Newswires

09-26-22 0433ET

Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.49% 85.9 Delayed Quote.11.95%
CHEVRON CORPORATION -0.80% 181.03 Delayed Quote.55.51%
MITSUI & CO., LTD. -2.65% 3825 Delayed Quote.40.44%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INC. 0.20% 494 Delayed Quote.66.33%
WTI -1.34% 80.208 Delayed Quote.6.45%
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Financials (USD)
Sales 2022 239 B - -
Net income 2022 37 526 M - -
Net Debt 2022 7 713 M - -
P/E ratio 2022 9,26x
Yield 2022 3,14%
Capitalization 350 B 350 B -
EV / Sales 2022 1,50x
EV / Sales 2023 1,59x
Nbr of Employees 42 595
Free-Float 79,1%
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Number of Analysts 29
Last Close Price 181,03 $
Average target price 191,14 $
Spread / Average Target 5,59%
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Managers and Directors
Michael K. Wirth President-Global Supply & Trading
Brant Thomas Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Eimear Bonner Chief Technology Officer & Vice President
Ronald D. Sugar Independent Director
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