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CHUBU ELECTRIC POWER COMPANY, INCORPORATED

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Chevron inspecting heat exchangers at Gorgon LNG plant after maintenance

07/22/2020 | 01:02am EDT

SINGAPORE, July 22 (Reuters) - Chevron Corp is inspecting propane heat exchangers on train 2 at its Gorgon liquefied natural gas (LNG) plant in Australia, the company said on Wednesday, following maintenance that was due to be completed by July 11.

The inspections are delaying the restart of the train, two industry sources told Reuters, declining to be named due to the sensitivity of the matter.

The scheduled maintenance work on the train is mechanically complete, a Chevron spokesman said, without giving details on any reason for a delay.

"Inspections are ongoing on the Gorgon LNG Train 2 propane heat exchangers. The relevant regulatory bodies have been informed," he said.

"Maintenance turnarounds are a regular part of safely operating natural gas plants and provide an opportunity to undertake various inspections, repairs and equipment change-outs to ensure safe and reliable operations."

Chevron in May started maintenance on train 2 that was scheduled to be completely by July 11, according to a notice on the company's website.

The three-train Chevron-operated Gorgon project, one of the world's largest natural gas projects, can produce 15.6 million tonnes of LNG a year, the company's website says.

Chevron's Australian subsidiary holds a controlling 47.3% in Gorgon. Exxon Mobil Corp and Royal Dutch Shell each have 25%, and the rest is held by Japan's Osaka Gas , Tokyo Gas and JERA .

Production is continuing at Gorgon's other two trains, according to one of the industry sources. (Reporting by Jessica Jaganathan; Editing by Tom Hogue)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -0.44% 109.79 Delayed Quote.30.61%
CHUBU ELECTRIC POWER COMPANY, INCORPORATED -0.47% 1366.5 End-of-day quote.9.94%
EXXON MOBIL CORPORATION -0.36% 64.1 Delayed Quote.56.07%
OSAKA GAS CO., LTD. -0.97% 2136 End-of-day quote.1.14%
ROYAL DUTCH SHELL PLC -0.48% 17.294 Real-time Quote.18.91%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED -0.29% 348 End-of-day quote.27.94%
TOKYO GAS CO.,LTD. -0.39% 2184 End-of-day quote.-8.39%
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Financials
Sales 2021 2 805 B 25 527 M 25 527 M
Net income 2021 129 B 1 175 M 1 175 M
Net Debt 2021 2 287 B 20 812 M 20 812 M
P/E ratio 2021 8,00x
Yield 2021 3,66%
Capitalization 1 033 B 9 399 M 9 403 M
EV / Sales 2021 1,18x
EV / Sales 2022 1,25x
Nbr of Employees 11 208
Free-Float 95,8%
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Technical analysis trends CHUBU ELECTRIC POWER COMPANY, INCORPORATED
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 1 530,00 JPY
Last Close Price 1 366,50 JPY
Spread / Highest target 24,4%
Spread / Average Target 12,0%
Spread / Lowest Target -4,87%
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Managers and Directors
NameTitle
Kingo Hayashi President & Representative Director
Satoru Katsuno Chairman
Kazuhiro Nabeta General Manager-Technology Development
Jin Mizutani Representative Director & GM-Administration
Takayuki Hashimoto Independent Outside Director
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