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CHEVRON CORPORATION

(CVX)
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Chevron Shuts Israeli Natural-Gas Field Amid Escalation

05/12/2021 | 09:14am EDT

By Benoit Faucon

U.S. oil major Chevron Corp. has shut a natural-gas facility it operates offshore Israel amid an escalation of the conflict in the Middle-East nation, underscoring the risks faced by hydrocarbons extraction in the prolific yet volatile East Mediterranean.

"In accordance with instructions received from the [Israeli] Ministry of Energy, we have shut-in and depressurized the Tamar Platform," said a spokeswoman for Chevron, which owns 25% in the acreage. She said the company was supplying its customers with the nearby, bigger Leviathan field, which it also operates.

Fighting between Israel and Hamas intensified on Tuesday, with the Palestinian militant group launching hundreds of rockets from Gaza and Israel responding with airstrikes that have now killed more than 25 people, as the two sides prepared for a wider conflict. Hamas's Al-Qassam Brigades said on their Telegram channel Wednesday that they had launched a missile on one of Israel's gas platforms near the Gaza coastline. A person familiar with the situation at Israel's offshore facilities called such claims "fake news."

The discovery of giant natural-gas reserves in the East Mediterranean in recent years has led to hopes the region could become a key energy exporter but has also exacerbated geopolitical tensions, notably between Turkey and its neighbors.

Write to Benoit Faucon at benoit.faucon@wsj.com

(END) Dow Jones Newswires

05-12-21 1114ET

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CHEVRON CORPORATION 0.06% 107.97 Delayed Quote.27.85%
WTI 0.25% 71.201 Delayed Quote.45.60%
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Financials (USD)
Sales 2021 140 B - -
Net income 2021 9 743 M - -
Net Debt 2021 30 857 M - -
P/E ratio 2021 21,1x
Yield 2021 4,91%
Capitalization 208 B 208 B -
EV / Sales 2021 1,71x
EV / Sales 2022 1,60x
Nbr of Employees 47 736
Free-Float 78,9%
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 119,87 $
Last Close Price 107,97 $
Spread / Highest target 25,0%
Spread / Average Target 11,0%
Spread / Lowest Target -7,38%
EPS Revisions
Managers and Directors
NameTitle
Michael K. Wirth Chairman & Chief Executive Officer
Brant Thomas Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Ronald D. Sugar Lead Independent Director
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NESTE OYJ-7.20%51 000